- Europa Oil & Gas (Holdings) [LON:EOG] shares were up in late trading after confirming it is seeking a farm-in partner for the recently awarded Licensing Option 16/2 (LO 16/2) in the southern Porcupine Basin, offshore Ireland.

This includes three new prospects mapped on 3D seismic with gross mean unrisked prospective resources of 895 million barrels of oil equivalent (boe).

As announced on 12 February 2016, Europa was awarded a 100% interest in LO 16/2 as part of Phase 1 of the 2015 Atlantic Ireland Licensing Round.

Chief executive Hugh Mackay said: "This licence award provides four clear benefits to Europa: firstly we have grown our acreage position in a basin that is now clearly of interest to major oil companies; secondly we have diversified our portfolio by adding three new pre-rift prospects to our existing Cretaceous fan prospects; thirdly there is strong technical and commercial synergies with our on-going farm-out of FELs 2/13 and 3/13; and finally we already have 3D seismic over LO 16/2 which was acquired in 2013 as part of the carried work programme previously performed on our behalf by Kosmos Energy and, as a result, our technical work on the new licence is already very advanced.

"At this early stage in the exploration of the Porcupine Basin, we are particularly excited to have gained exposure to the pre-rift play which has proved very successful in the Flemish Pass basin offshore Newfoundland. Together with the entry of major oil companies into the basin these are exciting times for Europa.

"Clearly there is now a much better appreciation of the prospectivity of the basin by the global oil industry. However, to realise this potential we need successful exploration drilling to take place in the basin.

"Thanks to our 100% interest in FEL 2/13, FEL 3/13 and LO 16/2, which have combined gross mean un-risked prospective resources of approximately 3 billion boe, and a growing acreage position, Europa is well placed to play its part in the opening of what could be a major new hydrocarbon province. With this in mind, our focus remains on landing a farm-in partner with whom to drill exploration wells.

"At the same time we will invest further technical work to mature the three pre-rift prospects to drillable status and deliver a CPR to add to the one we already have over FEL 3/13. I am very excited by this strategic addition to our Irish acreage position and the arrival of a significant number of major oil and gas companies in the Porcupine Basin and look forward to providing further updates on our progress."

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Frontera Resources Corporation [LON:FRR] has drawn down USD1,104,250.94 under its previously announced standby equity distribution agreement with YA Global Master SPV Ltd.

The draw down has been undertaken at GBP0.004801 per share in accordance with the terms of the SEDA, and will result in the issue of 165,015,665 new ordinary shares.

* * *

Bankers Petroleum [LON:BNK] has confirmed that, following its 31 December 2015 independent reserves evaluation, the Company has 202 Million Barrels of Proved plus Probable (2P) Reserves including 21 Million Barrels of EOR Reserves; NPV of USD1.4 Billion.


- EOR reserve volumes doubled in the Patos-Marinza oilfield increasing to 4.6, 14.7, 21.1 and 27.3 million barrels on a Proved Developed Producing (PDP), Proved (1P), Proved plus Probable (2P), and Proved Probable plus Possible (3P) basis, respectively;

- 1P Reserves remained constant at 125 million barrels with after tax value (discounted at 10%) down 12% to USD648 million (representing CAD3.42 per share);

- 2P Reserves remained constant at 202 million barrels with after tax value (discounted at 10%) down 21% to USD1.4 billion (representing CAD7.49 per share);

- Reserves volume increases in the core area of the oilfield resulted from additional future development in the Marinza formation due to horizontal drilling on reduced spacing (100 metres) and the addition of future EOR patterns.

- Reserves volume decreases and overall valuation decreases are attributable to the lower price forecast and resulting reduced development plan in non-core areas, specifically in the Driza Formation in the southern region of the Patos-Marinza oilfield.

- 2015 Company average production was 19,384 bopd for an annual total volume of 7.1 million barrels (6% of total proved reserves);

- Reserves Life Index for 1P and 2P is 18 years and 29 years, respectively.

David French, President and CEO commented:

"The 2015 Reserves update represents a continuation of our successful development plan over the past several years. The doubling of our booked Enhanced Oil Recovery (EOR) barrels demonstrates the success of the EOR programme, and our dedication to prioritise EOR as the most efficient dollars we can spend in this pricing environment. It also marks an inflection point in our Finding and Development Costs, as the transition to EOR development will reduce our forward capital requirements to sustain and grow the business. We have a deep inventory of future drilling locations and injector conversions, and even modest changes in oil price put us in a very enviable position of low cost operations and development."

* * *

San Leon Energy [LON:SLE] has secured the funds to complete the Mart Resources Inc arrangement agreement announced on 22 January, and the extensions announced on 18 and 25 February. Completion of the arrangement agreement is subject to necessary approvals.

* * *

Alba Mineral Resources [LON:ALBA], Doriemus [LON:DOR], Evocutis [LON:EVO], Regency Mines [LON:RGM], Solo Oil [LON:SOLO], Stellar Resources [LON:STG] and UK Oil & Gas [LON:UKOG] have issued a further update on the Horse Hill-1 flow test.

The companies said they had been informed by Horse Hill Developments Limited that the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd.

The well was shut in at 0600 01 March for a 12-hour pressure build up test. As previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.

* * *

The sector's biggest riser was Caza Oil & Gas [LON:CAZA] - up by more than 29.4% in late trading - while the biggest faller was Prermier Oil [LON:PMO] - down by over 9.6%.

At 4:04pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 0.95p

[LON:BNK] Bankers Petroleum Ltd share price was 0p at 50p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.12p at 2.17p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.25p at 6p

[LON:ENQ] EnQuest Plc share price was -0.12p at 14.38p

[LON:EOG] Europa Oil Gas Holdings PLC share price was +0.25p at 4.13p

[LON:FRR] Frontera Resources Corporation share price was +0.01p at 0.51p

[LON:GKP] Gulf Keystone Petroleum share price was -0.5p at 13p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.25p

[LON:INDI] Indus Gas Ltd share price was +0.13p at 131.13p

[LON:PET] Petrel Resources PLC share price was 0p at 2.88p

[LON:RKH] Rockhopper Exploration PLC share price was -0.12p at 26.88p

[LON:RPT] Regal Petroleum PLC share price was +0.01p at 2.63p

[LON:SOLO] Solo Oil PLC share price was 0p at 0.42p

[LON:XEL] Xcite Energy Ltd share price was +0.75p at 13.25p

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