StockMarketWire.com - LGO Energy's [LON:LGO] shares fell despite revenues more than doubling to £6,610,000 in the six months to the end of June, up from £3,230,000 last time. Oil sales in the period totalled 208,209 barrels net to LGO, (1H 2014: 64,754 barrels), an increase year on year of over 200%.

Gross profit rose by more than 150% to £2,062,000 (1H 2014 £797,000).

Pre-tax group loss for the period was £2,525,000 (1H 2014 loss of £2,489,000) and pre-tax group loss for the period excluding non-cash items was £187,000 (1H 2014 loss of £2,176,000).

LGO says a total of 3 new wells were drilled at the Goudron Field by 30 June. A further 4 wells have been drilled to their total depth at the time of issue of this report with over 20,000 feet drilled year to date

New reserves report issued for Goudron, updating the 2012 report, increasing oil in place over 500% to 805 million barrels (mmbbls), and 1P reserves by 110% to 1.54 mmbbls.

Chief executive Neil Ritson said: "LGO has had a strong first half to 2015 with continued operational success at its flagship Goudron Field development in Trinidad. We have drilled seven new wells using the knowledge acquired from the 2014 campaign to improve our drilling technique. Our focus now is on ensuring the optimum production management strategy implemented based on the extensive well testing we have undertaken. "Looking ahead, we have a clear set of objectives for the second half of the year, most importantly, to continue to manage costs to ensure robust economic growth despite the low oil price environment."

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PetroNeft [LON:PTR] non-executive director Vakha Sobraliev has decided to retire from the conclusion of the annual general meeting earlier today to concentrate on his other business interests.

PetroNeft is an oil and gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67. Sobraliev has been a director since November 2005 and introduced Licence 61 to the company at its formation in 2005. He was also key to the establishment of the company's operations and experienced team in Tomsk.

Chairman David Golder said: "On behalf of the company and its shareholders I would like to place on record our appreciation for Vakha's service and advice over the years and in particular to his contribution to the original set up of operations in Tomsk. I wish him every success in the future."

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Sefton Resources [LON:SER] chief financial officer Raylene Whitford has announced her immediate resignation from the board for personal reasons.

The company says that she will remain in her position as CFO in a non-board capacity.

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President Energy [LON:PPC] has appointed Peel Hunt LLP as joint broker with immediate effect. RBC Capital Markets will continue to act as nominated adviser and joint broker.

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Petroceltic Int'l [LON:PCI] noted Worldview's open letter of Sept. 17 and confirmed it has no knowledge of any investigation by the Bulgarian authorities, nor has it been contacted by the Bulgarian State Prosecutor's office.

In accordance with Petroceltic's established procedures it will review all allegations, overseen by external counsel, and further announcements will be made as appropriate.

In the event any matters arising from this review require public disclosure, the company will issue such disclosure without delay.

The company - which specialises in oil and gas exploration, development and production in North Africa, the Mediterranean and Black Sea regions - could not comment further on speculation.





At 3:51pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 0.88p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.08p at 3.08p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.44p at 7.49p

[LON:ENQ] EnQuest Plc share price was -0.87p at 29.38p

[LON:FOGL] Falkland Oil Gas Ltd share price was -1.12p at 23.88p

[LON:GKP] Gulf Keystone Petroleum share price was -1.12p at 28.13p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 5p

[LON:INDI] Indus Gas Ltd share price was 0p at 108p

[LON:LGO] Leni Gas Oil PLC share price was -0.1p at 1.2p

[LON:PCI] Petroceltic International PLC share price was +1.63p at 62.63p

[LON:PET] Petrel Resources PLC share price was +0.13p at 2.63p

[LON:PPC] President Energy Plc share price was +0.12p at 9.77p

[LON:PTR] Petroneft Resources PLC share price was -0.02p at 4.58p

[LON:RKH] Rockhopper Exploration PLC share price was -0.62p at 43.38p

[LON:RPT] Regal Petroleum PLC share price was +0.01p at 4.03p

[LON:SER] Sefton Resources Inc share price was +0.01p at 0.06p

[LON:XEL] Xcite Energy Ltd share price was +0.63p at 23.63p



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