StockMarketWire.com - Petrofac (PFC) has received an award notification for Kuwait Oil Company's (KOC) manifold group trunkline (MGT) system in the north of Kuwait.

The lump-sum engineering, procurement and construction (EPC) project, valued at approximately $780m, is integral to KOC's plans to increase and maintain crude production over the next five years.

Three new gathering centres (GCs), which form part of the broader project, are already under construction with Petrofac executing the EPC contract for GC 29.

Due for completion towards the end of 2017, the MGT system will provide the feedstock to each of the GCs via three independent networks of intermediate manifolds and pipelines.

Each of the three GCs will be capable of producing around 100,000 barrels of oil per day together with associated water and gas.

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Savannah Petroleum (SAVP) has raised about $36m in a placing of 61.7m new shares at 38p each. Of this, 17.1m placing shares would be subscribed direct with the Company.

The Placing Shares being issued represent approximately 47% of Savannah's existing issued ordinary share capital.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Placing Shares.

The Placing Shares are to be issued in two tranches.

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Sefton Resources (SER) said James Ellerton, its former executive chairman, yesterday filed an Involuntary Petition under Chapter 7 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Colorado in an attempt to force the Company into bankruptcy proceedings.

The Company has previously announced that Ellerton initiated legal proceedings in the State of Colorado against the Company in May 2015.

"The Company believes that Mr. Ellerton has filed the Petition in bad faith, and that the Petition is invalid under the US Bankruptcy Code (the "Code"), a view supported by the Company's US legal counsel," the Sefton said in a statement.

"The Company will move to dismiss the Petition, and will seek all available remedies under the Code, including attorneys' fees, costs, and compensatory or punitive damages.

"Under the Code, nothing about the current Petition impedes the Company's ability to conduct business as usual, including the Company's ability to continue to pursue the current Development Agreement and provisional Kansas transaction. In any event, the Company has recently raised funding and remains solvent.

"Further, it is the Company's understanding that the filing of the Petition will not hinder the Company from pursuing all available counterclaims and remedies in the original Ellerton Action, which the Company fully intends to pursue."

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At 3:54pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 1.15p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 4.38p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.38p at 9p

[LON:DGO] Dragon Oil PLC share price was -1p at 727p

[LON:ENQ] EnQuest Plc share price was +2p at 42p

[LON:FOGL] Falkland Oil Gas Ltd share price was 0p at 28.25p

[LON:GKP] Gulf Keystone Petroleum share price was -0.25p at 34.75p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 9.88p

[LON:INDI] Indus Gas Ltd share price was 0p at 112.5p

[LON:PET] Petrel Resources PLC share price was +0.01p at 2.63p

[LON:PFC] Petrofac Ltd share price was +17.5p at 869p

[LON:RKH] Rockhopper Exploration PLC share price was 0p at 63.5p

[LON:RPT] Regal Petroleum PLC share price was -0.01p at 5.48p

[LON:SAVP] Savannah Petroleum Plc Ord Gbp0.001 share price was +0.75p at 38.5p

[LON:SER] Sefton Resources Inc share price was +0.01p at 0.09p

[LON:XEL] Xcite Energy Ltd share price was +2p at 32.5p



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