- Sound Energy [LON:SOU] was one of the sector's biggest risers after it said its farm in agreement with the Moroccan Oil and Gas Investment Fund in relation to the Tendrara Lakbir Licence has now been completed, with required ministerial approval.

It also announced the agreement of commercial terms with Entrepose Drilling Morocco for the supply of a HH300 rig and the initiation of the procurement process for long lead items for the drilling of the first two appraisal wells on the Tendrara Licence.

The Company intends to commence ground works on the drill site for the first Tendrara well shortly after receipt of EIA approval - which the Company expects to receive in January 2016.

The Company announced that it had signed a term sheet with Schlumberger Production Management ("Schlumberger") in relation to the Tendrara Licence on 21 October 2015.

The Company continues to work with Schlumberger in developing the strategic collaboration between Sound Energy and Schlumberger and the Company looks forward to updating shareholders, as appropriate, in due course.

* * *

Ascent Resources [LON:AST] is pleased with progress being made towards producing gas from the Petišovci field by the third quarter of 2016.

The company has been in discussions with new industry partners to explore alternative routes that would ultimately enable it to generate income from the sale of gas from the field in 2016, without the need to construct a new gas treatment works.

The company believes that the most viable route will be through using a combination of new and existing pipelines to contract out the processing of the gas from the Petišovci field.

Ascent says initial technical and legal due diligence is progressing satisfactorily and discussions remain in an advanced stage. The company is working to conclude a binding agreement during Q1 2016, with a view to producing gas by Q3 2016.

The company said it remains a medium term objective to construct a new gas treatment works on the Petišovci field. However, before construction work on this facility can commence an integrated pollution prevention and control permit is required.

The permit was first applied for in June 2014. This was approved, subject to public consultation in December 2014 and following the consultation process, the permit was provisionally awarded in June 2015.

Two organisations subsequently appealed to the environment ministry but these were rejected in November.

One of these organisations has accepted this decision but the remaining organisation has decided to appeal through the courts.

The appeal to the Slovenian courts is the final step in the determination of the IPPC permit.

Ascent says guidelines suggest that the process should be completed within six to nine months but in practice it is not possible to estimate with certainty how long the process could last.

As far as the company is aware this latest and solitary appeal contains no further new information. Based on legal advice and the consistent rulings of the various regulatory bodies concerned to date, the board remainsconfident that the permit will be awarded in 2016.

Chairman Clive Carver said: "We are pleased with the progress that is being made towards our goal of producing gas from the Petišovci field by Q3 2016 and generating income. Whilst the final appeal will delay the granting of the permit and the construction of the gas treatment works we are confident that the alternative route to market represents the better option for the company, at present."

* * *

Bowleven [LON:BLVN], the Africa focused oil and gas exploration group, has submitted the Bomono exploitation authorisation application to the Cameroon authorities as planned. The BEAA outlines plans to develop Bomono following completion of the ongoing extended well testing programme.

* * *

The sector's biggest riser was Egdon Resources [LON:EDR] - up by more than 17.8% in late trading - while the biggest faller was Bahamas Petroleum [LON:BPC] - down by more than 19.9%.

At 3:55pm:

[LON:AST] Ascent Resources PLC share price was +0.03p at 0.98p

[LON:AUR] Aurum Mining PLC share price was 0p at 0.73p

[LON:BLVN] BowLeven PLC share price was +0.13p at 21.38p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.1p at 1.45p

[LON:BPC] Bahamas Petroleum Company PLC share price was -0.24p at 0.97p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.33p at 5.2p

[LON:EDR] Egdon Resources PLC share price was +1.25p at 8.25p

[LON:ENQ] EnQuest Plc share price was +0.13p at 19.63p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.36p at 7.14p

[LON:GKP] Gulf Keystone Petroleum share price was +0.38p at 15.88p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.25p at 2.88p

[LON:INDI] Indus Gas Ltd share price was 0p at 116.5p

[LON:PET] Petrel Resources PLC share price was 0p at 3.25p

[LON:RKH] Rockhopper Exploration PLC share price was -2.25p at 26.25p

[LON:RPT] Regal Petroleum PLC share price was -0.18p at 3.75p

[LON:SOU] Sound Energy PLC ORD 1p share price was +1.5p at 14.25p

[LON:XEL] Xcite Energy Ltd share price was 0p at 15.25p

Story provided by