- Nostra Terra [LON:NTOG] shares were up in late trading after it noted an extension to April 29 of the closing date for the proposed acquisition of a 60% interest in producing assets in the Permian Basin of New Mexico from Alamo Resources II.

As payment for this extension Nostra Terra will issue 118,626,040 new shares in the company at 0.10 pence each to Alamo Resources II, immediately. The payment on closing of the Proposed Acquisition will be reduced by US$130,000.

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Bankers Petroleum [LON:BNK] says it achieved a first quarter 2016 production average of 17,363 barrels of oil per day (bopd), which is 4% below the fourth quarter 2015 average of 18,137 bopd.

During Q1, the Company said it continued to optimize current production levels and monitor the economic return of all wells in accordance with the current oil price environment.

Other highlights from the Company's Q1 operational update include:

Sales and Oil Prices

In the first quarter of 2016, oil sales averaged 17,280 bopd, compared to the fourth quarter sales in 2015 of 18,558 bopd. Crude oil inventory at March 31, 2016 increased to 266,000 barrels compared to 258,000 barrels at December 31, 2015.

Bankers' first quarter average oil price was approximately USD21.07 per barrel (representing 62% of the Brent oil price of USD33.89 per barrel), as compared with the fourth quarter 2015 average oil price of USD33.62 per barrel (representing 77% of the Brent oil price of USD43.69 per barrel).

Sales to the export market during the first quarter 2016 represented 96% of total sales. Sales prices were lower than expected in the first quarter due to temporarily reduced pricing in February at the request of our export crude buyer as Brent prices reached levels of $30 per barrel. March crude sales recovered towards better pricing as the Brent oil price improved and we are expecting continued improvement as we enter into the second quarter and seasonally higher demand for heavy crude oil on both the export and domestic markets.

Bankers has hedged 5,000 bopd under costless collar contracts with an average floor of USD52.09 per barrel and an average ceiling of $54.64 per barrel (all prices are referenced to Dated Brent) for the balance of 2016. In the first quarter of 2016, the hedge program generated proceeds of $7.4 million. The remaining 2016 hedge program at March 31, 2016, is valued at $16.2 million. These contracts are designed to protect Bankers against further volatility in oil prices in 2016.

Drilling Update

Due to the low oil price environment, Bankers elected to defer drilling activity at the start of the year in order to protect the strength of the Company's balance sheet. Drilling activity will resume as pricing improves.

Enhanced Oil Recovery (EOR) Program

Bankers continues to monitor the existing polymer flood and water flood patterns which continue to perform to reservoir model expectations. The average incremental production over primary decline in the month of March coming from EOR patterns is approximately 3,219 bopd (representing about 19% of total production). The total production coming from these EOR patterns is close to 4,952 bopd (or 29% of total production). The Company converted one (1) producing well to injection in the first quarter and has forty-nine (49) polymer and five (5) water flood patterns implemented at the end of the first quarter 2016.

Infrastructure Development

In the first quarter of 2016, Bankers focused on completing existing projects that will help to optimize operations and capture additional cost savings. The commissioning of the north emulsion gathering flowlines was completed early in the quarter and is now fully operational. Construction of the west emulsion gathering system was also completed in the quarter and is expected to be commissioned along with the necessary expansion at satellite facility Pad D in the second quarter.

Credit Facility Update

The expiry date for the Company's existing USD18 million credit facility from Raiffeisen Bank has been extended until May 31, 2016 (from March 31, 2016). This will allow sufficient time for Raiffeisen Bank to continue with their due diligence requirements pursuant to Bankers' recently announced corporate transaction.

Corporate Transaction Update

Pursuant to the March 20, 2016 announcement of the acquisition of the Company by affiliates of Geo-Jade Petroleum Corporation, Bankers advises that the Special Meeting of Shareholders is currently scheduled on May 31, 2016. The meeting materials will be distributed on or before April 26, 2016. Additionally, the parties have commenced preparation of the various applications for the necessary regulatory approvals.

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Petroceltic International [LON:PCI] has provided the following operational update on development drilling on the Ain Tsila gas and condensate field in Algeria:

Development well AT-10, the first well of the Ain Tsila development drilling campaign, is located in the north of the field approximately 3.4 km from the field discovery well AT-1, and 2.0 km from the appraisal well AT-8. AT-10 is the first of up to 24 new development wells on Ain Tsila expected to be required to establish and maintain the currently approved annual average wet gas plateau rate of 355 MMscfpd.

The well began drilling on 21 February 2016 and on 31 March 2016 it reached a total depth of 2005m MD, with a planned 61m penetration of a fully gas and condensate bearing Ordovician formation. Wireline logging results from the well indicate that reservoir quality is in line with the pre-drill prognosis, with an expected initial off-take rate comparable to AT-1 and AT-8 wells, each of which delivered flow rates in excess of 30 MMscfpd on test. Well test results will be confirmed later in 2016 when planned batch completion, stimulation and testing activities are undertaken.

The Sinopec Rig is now moving to the AT-13 development well, located in the north of the field approximately 1.8 km from the appraisal well AT-8, and 6.1 km from the appraisal well AT-1. AT-13 is targeting the Ordovician reservoir and will be drilled as a vertical well to a planned total depth of 2004m MD.

Petroceltic holds a 38.25% interest, Sonatrach a 43.375% interest, and Enel an 18.375% interest in the Isarene PSC. Petroceltic continues to benefit from a carry of its development costs in respect of Ain Tsila following the completion of the sale of an 18.375% interest to Sonatrach in July 2014.

Commenting on the update, Brian O'Cathain, CEO of Petroceltic said:

"We are delighted that AT-10 result confirms the success of earlier wells in the highly productive northern part of the field. The Sinopec Rig performed above expectations on its first well and we have a number of improvement initiatives planned to reduce future well costs, mitigate development risks on Ain Tsila and maintain momentum towards first gas. We anticipate further operational updates and enhancements to the development plan in the near future."

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PetroNeft Resources' [LON:PTR] board has welcomed a report by corporate governance advisory institution ISS (Institutional Shareholder Services) which has recommended that shareholders vote against all resolutions proposed by Natlata Partners at the extraordinary general meeting on 18 April.

PetroNeft says another corporate governance advisory institution, Glass Lewis, recommends against the removal of any directors.

The company has been engaging extensively with shareholders since the EGM circular was issued and is very encouraged by the support to date. Chairman David Golder said: "These independent Corporate Governance groups have completed detailed analysis of the situation and have taken the views of both sides into consideration. We welcome these conclusions and would urge all shareholders to submit their votes for the EGM in accordance with the board's recommendations."

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Royal Dutch Shell [LON:RDSA] has confirmed that it will release its first quarter results and first quarter interim dividend announcement for 2016 on Wednesday, 4 May.

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One of three claims against Nighthawk Energy [LON:HAWK] by Running Foxes Petroleum has been removed and the court has indicated it intends to find in Nighthawk's favour on a second.

Nighthawk said that on 30 March theUS District Court of Colorado granted the company's motion for summary judgment on two of the litigation claims. Accordingly, on the breach of contract claim, this claim has been removed from the litigation.

On the second claim regarding RFP's claim for breach of the implied covenant of good faith and fair dealing, the court regards that RFP's inability to prove a loss to be "fatal to its claim" and intends to enter judgment in favour of Nighthawk. However, the court has granted RFP 21 days to provide further evidence and a further announcement will be made based upon the court's findings.

One further claim exists under the litigation as to RFP's claim of an overriding royalty interest on a lease. The company continues to believe that the plaintiff has no reasonable claim and plans to continue to defend the claim vigorously. Further information will be made available at the appropriate time.

At 3:57pm:

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

[LON:BNK] Bankers Petroleum Ltd share price was 0p at 100.5p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.13p at 1.51p

[LON:CHAR] Chariot Oil Gas Ltd share price was +1.24p at 7.76p

[LON:ENQ] EnQuest Plc share price was -0.37p at 23.63p

[LON:GKP] Gulf Keystone Petroleum share price was -0.15p at 6.6p

[LON:GPX] Gulfsands Petroleum PLC share price was -0.5p at 7.38p

[LON:HAWK] Nighthawk Energy PLC share price was -0.03p at 1.25p

[LON:INDI] Indus Gas Ltd share price was -5.62p at 121.38p

[LON:NTOG] Nostra Terra Oil Gas Company PLC share price was +0p at 0.08p

[LON:PET] Petrel Resources PLC share price was 0p at 3.75p

[LON:PTR] Petroneft Resources PLC share price was -0.03p at 2.03p

[LON:RDSA] Royal Dutch Shell share price was -33.25p at 1644.25p

[LON:RKH] Rockhopper Exploration PLC share price was 0p at 28p

[LON:RPT] Regal Petroleum PLC share price was -0.13p at 2.32p

[LON:XEL] Xcite Energy Ltd share price was -0.5p at 13.13p

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