- Iofina's [LON:IOF] shares soared after it reaffirmed its first half output guidance.

Iofina says it produced a total of 124.6 metric tonnes (MT) of crystalline iodine in Q1 2016 from its five IOsorb plants, compared to 127.9MT of crystalline iodine produced from six plants in Q1 2015 of which over 5.5MT was produced at the now closed IOsorb IO#1 plant.

The company added that the net iodine production in Q1 from its Oklahoma operations increased year on year.

The Board reaffirms its production target of 250-270MT of crystalline iodine in H1 2016.

* * *

Cairn Energy [LON:CNE] reports further exploration and appraisal success in its latest well in the ongoing evaluation programme offshore Senegal.

The BEL-1 well was targeting the Bellatrix exploration prospect and appraising the northern extent of the SNE field discovered in 2014.

Based on the positive campaign results to date, the joint venture has agreed a fourth well location, SNE-4, which will commence operations shortly.

The BEL-1 well targeted a shallower 'buried hill" exploration play which is one of multiple exploration play types that have been identified across the block.

The BEL-1 well exploration results confirm the presence of shallower regionally extensive reservoirs also encountered in the SNE-3 well more than 9 km away.

These well results, along with the latest 3D seismic acquired in Q4 2015, will be incorporated into block wide remapping to look at possible new plays and down-dip oil potentially associated with the shallower reservoirs. Cairn says that in light of the success of the ongoing appraisal programme, the JV has agreed that the Ocean Rig Athena will now drill SNE-4, located 5km south-east of the SNE-1 discovery well, to appraise the eastern extent of the field and aiming to confirm the nature of the upper reservoirs in the oil zone.

Cairn chief executive Simon Thomson said: "The drilling programme in Senegal continues to provide positive evidence of the scale and extent of the SNE field.

"The BEL-1 appraisal results have provided definitive information confirming the northern extent of the high quality reservoirs seen in the other wells and demonstrated an increased oil column in this area of the field.

"Operations have been safely and successfully completed and significant data gathered to help the joint venture partners establish the ultimate size of the significant resource base. The evaluation programme continues with the SNE-4 well."

* * *

Roxi Petroleum [LON:RXP] said it remains pleased with the progress at its shallow wells and continues to work to allow the commencement of testing of the two completed deep wells A5 and 801.

"At Deep Well A6 we look forward to the findings from the drilling of the potentially oil bearing section."


Shallow Wells

Recent activity at our shallow wells has been focused on Well 143, which is currently producing at the rate of 623 bopd through a 5mm choke. Later this week a 6mm choke will be tested. Total production from our shallow wells is running at the rate of 865 bopd (510 bopd net to Roxi).

Deep Well A6

Deep Well A6 was spudded in early November 2015 and is to be drilled to a planned total depth of 5,000 meters.

Following a pause to set casing to a depth of 3,727 meters and the installation of high pressure blowout preventers drilling has resumed and has reached a depth of 3,835 meters.

Based on our interpretation of seismic surveys and the experience from the two previous deep wells we expect to reach a potentially oil bearing zone after a further 300 meters.

Deep Well A5

Deep Well A5 was drilled to a depth of 4,442 meters, and for brief periods of up to two hours at a time the well flowed oil at the rate of 2,000 bopd before becoming blocked by the accumulation of unrecovered heavy drilling fluids becoming set in the oil pipe.

The rig initially identified for testing was used on other activities but is now back on site for a new attempt to clear the blocked well using coil tubing equipment.

Deep Well 801

As previously reported Deep Well 801, which was drilled to a depth of 5,050 meters, has suffered from blockages caused by excess drilling fluids.

Following extensive chemical cleaning the pressure in the well has grown to 240 bar. Our intention is to open the well for testing once the pressure reaches 300 bar.

* * *

The sector's biggest fallers were Oilex [LON:OEX] and Tower Resources [LON:TRP] - down by 15% and more than 8.6% respectively in late trading.

At 3:46pm:

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

[LON:BOR] Borders Southern Petroleum PLC share price was +0.19p at 1.81p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.13p at 10.38p

[LON:CNE] Cairn Energy PLC share price was -0.9p at 198.7p

[LON:ENQ] EnQuest Plc share price was +1.88p at 27.38p

[LON:GKP] Gulf Keystone Petroleum share price was +0.03p at 6.78p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.38p at 8.63p

[LON:INDI] Indus Gas Ltd share price was +3.13p at 131.13p

[LON:IOF] Iofina PLC share price was +5.18p at 10.05p

[LON:OEX] Oilex Ltd share price was -0.15p at 0.85p

[LON:PET] Petrel Resources PLC share price was +0.01p at 4.13p

[LON:RKH] Rockhopper Exploration PLC share price was -0.12p at 28.88p

[LON:RPT] Regal Petroleum PLC share price was -0.01p at 2.32p

[LON:RXP] Roxi Petroleum PLC share price was -0.5p at 9.25p

[LON:TRP] Tower Resources PLC share price was -1.25p at 13.25p

[LON:XEL] Xcite Energy Ltd share price was +1p at 14.75p

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