StockMarketWire.com - Shell (RDSA/RDSB) said the Burger J exploration well, at Alaska 's Chukchi Sea, will be sealed and abandoned in accordance with US regulations after indications of oil and gas were decided insufficient to warrant further exploration.

"Shell will now cease further exploration activity in offshore Alaska for the foreseeable future. This decision reflects both the Burger J well result, the high costs associated with the project, and the challenging and unpredictable federal regulatory environment in offshore Alaska," it said.

"The company expects to take financial charges as a result of this announcement. The balance sheet carrying value of Shell's Alaska position is approximately $3.0 billion, with approximately a further $1.1 billion of future contractual commitments. An update will be provided with the third quarter 2015 results."

Shell holds a 100% working interest in 275 Outer Continental Shelf blocks in the Chukchi Sea. Operations will continue to safely de-mobilize people and equipment from the Chukchi Sea.

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Baron Oil (BOIL), the AIM-listed oil and gas exploration and production company primarily focused on opportunities in Latin America, has reported that in the six month period to 30 June 2015, the company experienced an operating loss of £983,000 (30 June 2014: £2,010,000; 2014 year: £3,311,000).

Revenues were £1,015,000 (30 June 2014: £1,188,000; year 2014: £2,830,000).

In volume terms, oil sales held up well but the major decline in the oil price led to lower revenue compared to same period in the preceding year.

Although operating costs at its wells were greatly reduced, at current oil price levels it continues to show a gross loss on oil sales.

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Union Jack Oil (UJO) has widened its H1 pretax loss to £0.26m, from a loss of £0.22m. Revenue was nil. Administrative expenses were mostly responsible for the losses.

Executive chairman David Bramhill commented:

"Union Jack is well placed to take advantage of the dislocation that currently exists within the oil and gas market.

"The Company's strategy is to continue focusing on its low-cost UK onshore portfolio and similar opportunities, with a view to generating additional value for its shareholders.

"To that end the Company has already utilised its robust balance sheet position to increase its interests in drill-ready projects at Biscathorpe and North Kelsey and to acquire an interest in the producing Keddington oilfield at an attractive entry point post period end."

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Rose Petroleum (ROSE) has booked an H1 pretax loss of $6.5m, from a year-ago loss of $1.5m. Revenue was $1.2m, from $2.3m. The result included an impairment of intangible exploration and evaluation assets of $2.34m, from nil.

It issued the following statement:

"With the uncertainty of the current market conditions, the Board has initiated a review of its strategy, assets and cost base to ensure that its existing capital is optimally deployed across the Group.

"As a result, the operational plans that were put in place twelve months ago have been revised to reflect the current operating environment and a rationalisation of expenditure across the Group has been carried out.

"While the cost cutting has been radical and far-reaching, the Group has retained an operational capability sufficient to meet its commitments for the foreseeable future. We believe the Group is now well-positioned to maintain its assets.

"As well as protecting the existing asset base, we are confident that the Group can take advantage of potential acquisition opportunities that might arise due to the current challenging environment in the sector. The Company is utilising two investment banks to help develop and fund these potential opportunities.

"A full review of the developments over the period is outlined below. It explains the development chronology and rationale behind the current strategy. Additionally, a review of the non-oil and gas assets is provided. These assets are constantly being assessed to ascertain the most effective way of realising value."

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Hague and London Oil (HALO), the hydrocarbon exploration company, has reported that for the half-year ended 30 June 2015 there was a loss before taxation of £0.76m (6 months ended 30 June 2014: loss £0.67m).

It said that the integration and restructuring of the company following the acquisition by Wessex Exploration PLC was now completed.

Andrew Cochran, chairman and interim CEO, commented: "The first six months following the integration of HALO were an extremely busy period for us. We have identified, analysed and progressed on selective basis a wide number of acquisition opportunities to capitalise on the challenging market environment.

"Discipline has been at the core of our efforts and consequently we believe, we have now executed on the best opportunity in the current environment. As a result, HALO has announced the expansion of the Southeast Asia shallow-water appraisal portfolio with the inclusion of an 85% interest in the Duyung PSC, offshore Indonesia.

"We believe that such a lower-risk, lower-cost approach in energy-hungry economies is the correct path to value creation today within this challenging market situation."

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Global Petroleum (GBP) has reported a loss after tax of $4,469,837 (2014: loss $13,527,822) for the year ended 30 June 2015.

These losses reflected impairment write-downs of $354,695 (2014: $10,128,690).

The company said it has reassessed its strategy of looking for frontier exploration opportunities, and concluded that it would balance its existing higher risk/reward portfolio in Namibia and prioritise exploration in proven hydrocarbon provinces, especially onshore, and investment in discovered contingent resources.

It has begun a programme to reduce corporate costs in response to the lower oil price environment and the time it has taken to find a value enhancing acquisition.

The Board says it remains confident that it will be able to grow the business with attractive new assets in due course.

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KMG (KMG), which is among the top three Kazakh oil producers, has appointed Kurmangazy Iskaziev as its new chief executive officer.

Mr Iskaziev previously held the position of CEO of JSC Embamunaigas, one of the core production assets of KMG.

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Petroceltic International has said that it welcomes today's ruling from the High Court of Ireland granting an injunction prohibiting Worldview Capital Management SA from proceeding with its unlawful attempt to hold an extraordinary general meeting of Petroceltic shareholders that had been scheduled for 5th October 2015.

As such, the Worldview-convened EGM will not now proceed.

Robert Adair, Chairman of Petroceltic commented:

"We are pleased that the court has upheld Petroceltic's application to prohibit Worldview's attempt to convene a further EGM and we now look forward to focusing on running the Company to deliver value for all shareholders.

"Petroceltic remains committed to responding to legitimate concerns raised by any shareholder and furthering the conversation with all of our shareholders in a constructive manner."

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At 4:02pm:

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

[LON:BOIL] Baron Oil share price was +0.03p at 0.65p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.12p at 3.28p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.06p at 7.26p

[LON:ENQ] EnQuest Plc share price was -0.62p at 27.63p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.87p at 24.13p

[LON:GKP] Gulf Keystone Petroleum share price was +0.38p at 28.5p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.13p at 5.25p

[LON:HALO] HaloSource DI share price was +0.01p at 20.63p

[LON:INDI] Indus Gas Ltd share price was 0p at 119p

[LON:PET] Petrel Resources PLC share price was +0.25p at 2.75p

[LON:RDSA] Royal Dutch Shell share price was -36p at 1516p

[LON:RKH] Rockhopper Exploration PLC share price was -1.25p at 38.75p

[LON:ROSE] Rose Petroleum Plc Ord 0.1p share price was -0.03p at 0.16p

[LON:RPT] Regal Petroleum PLC share price was -0.08p at 3.88p

[LON:UJO] Union Jack Oil Plc Ord 0.025p share price was +0.02p at 0.18p

[LON:XEL] Xcite Energy Ltd share price was +0.25p at 21p



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