StockMarketWire.com - Victoria Oil & Gas [LON:VOG] has provided an update on its operations for the 3-month period ended 30 June 2015. It intends to provide the market with quarterly operational updates, based on the calendar year and covering all significant activities.

The quarterly updates will not affect VOG's responsibility to release any price sensitive news to the market in a timely manner.

Highlights

· Average gas production of 12.6mmscf/d during the period

· Bassa and Logbaba power stations online and new thermal gas customers connected

· Group cash of $14.2m at quarter end, compared to $15.6m at the end of last quarter - capex spend included $2.6m on gas processing plant acquisition from Expro

· Cash received from gas and condensate sales Q2 $9.8 (Cash received Q1 $5.1m)

· 1,524.60mmscf H1 2015 gas sold (1,273.25mmscf 2014 full year gas sold)

· Two well programme under design for planned commencement of drilling H2 2016 aimed at bringing on additional production Q4 2016

* * *

Bahamas Petroleum Company [LON:BPC] posts an operating loss of $2.3m for the six months to the end of June - down from $2.5m last time.

Highlights:

· Four southern licences exploration period renewed for a further three years to mid-2018 with a requirement to commence an exploration well by April 2017

· Existing applications for new licences resubmitted consistent with strategic and technical focus

· Continued focus to commence responsible and safe drilling operations as soon as possible

· Farm-out discussions continue with parties for a strategic and funding partner

· New petroleum legislation continues to progress positively with the second reading scheduled to take in the current parliamentary term

· Technical and engineering works completed, reducing the anticipated cost of the initial exploration well, targeting a total cost of $50 - $60 million

· Detailed preparation of the required Environmental Management Plan ("EMP") and community engagement programme continues

· Strict focus on cash expenditure continues with further initiatives to be implemented to further reduce costs

· Fully financed for ongoing operations with cash on the balance sheet of $7.8 million and no debt

Chief executive Simon Potter said: "During the first half of the year we have remained focused on our goal to commence responsible and safe drilling operations, as a first step towards realising the potential resource contained in our licence areas, while continuing to operate cost efficient operations.

"The renewal of our core southern licences in the period, coupled with the significant progress made towards the adoption of a new regulatory framework in The Bahamas, provides a clear timeline for well operations. With this in mind we have been busy completing various work programmes focused on the further technical de-risking of the project while preparing for our drilling campaign.

"We are encouraged that these developments have reinvigorated the Company's programme to attract a strategic and funding partner and are confident that we have the right strategy, team and fundamentals in place to deliver significant value to our shareholders."

* * *

Hydrodec [LON:HYR] subsidiary Hydrodec Re-Refining (UK) has entered into an agreement with The Manchester Ship Canal Co on a proposed long term lease of an 9 acre site near Eastham Locks, Port Wirral, Merseyside.

The site would be used by the company for the first phase of its development of a used oil re-refinery in the UK.

Completion of the lease is dependent upon certain conditions precedent, including obtaining a satisfactory Development Consent Order under the Nationally Significant Infrastructure Projects planning regime, the necessary regulatory consents, licences and permits for the construction and operation of the development together with funding.

Subject to practical completion of the first phase development within 3 years of the commencement of the lease, HRR has the option to enter into a further long term lease for an adjacent 7 acre site on equivalent terms to the Lease. Hydrodec chief executive Ian Smale said: "We remain focused on developing the UK's first purpose built used lubricant oil re-refinery producing the highest quality Group II/II+ base oils and are currently fully engaged in the planning, permitting and financing process for the project.

"We considered various potential sites in the UK for the new re-refinery and selected the Eastham site for a number of reasons. In particular, the site is located in an established petrochemicals region and is zoned for employment use, provides good transport links by river and by road, whilst the availability of adjacent storage facilities means that the size of the new plant can be kept to a minimum. This agreement for lease is an important milestone in the project."

* * *

The sector's biggest riser was Stratex [LON:STI] - up by more than 12.2% in late trading - while the biggest faller was Caza Oil & Gas [LON:CAZA] - down by 15%.



At 4:07pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 1.13p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.03p at 3.63p

[LON:BPC] Bahamas Petroleum Company PLC share price was +0.03p at 2.36p

[LON:CAZA] Caza Oil Gas Inc share price was -0.37p at 2.13p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.02p at 7.91p

[LON:DGO] Dragon Oil PLC share price was 0p at 717.5p

[LON:ENQ] EnQuest Plc share price was +0.13p at 40.88p

[LON:FOGL] Falkland Oil Gas Ltd share price was 0p at 25.5p

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

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 9.13p

[LON:HYR] Hydrodec Group PLC share price was -0.25p at 7.13p

[LON:INDI] Indus Gas Ltd share price was -3.5p at 107.5p

[LON:PET] Petrel Resources PLC share price was -0.12p at 2.88p

[LON:RKH] Rockhopper Exploration PLC share price was -1.37p at 63.13p

[LON:RPT] Regal Petroleum PLC share price was 0p at 5.02p

[LON:STI] Stratex International PLC share price was +0.16p at 1.38p

[LON:VOG] Victoria Oil Gas PLC share price was +3.13p at 64.13p

[LON:XEL] Xcite Energy Ltd share price was -0.5p at 31.5p



Story provided by StockMarketWire.com