StockMarketWire.com - Europa Oil & Gas [LON:EOG] was one of the sector's biggest risers after it signed a farm-out agreement on its 40% interest in the PEDL143 licence in the Weald Basin with Union Jack Oil and Gas.

PEDL143 contains the conventional Holmwood prospect which has estimated gross mean unrisked prospective resources of 5.6 mmbo in Portlandian and Corallian sandstones and a P90 P10 range of resources of 1 to 11 mmbo.

Planning permission is in place for a deviated exploration well to be drilled at Holmwood and drilling operations are anticipated to commence in late 2016 / H1 2017.

UJO will acquire a 7.5% working interest in PEDL143 from Europa.

UJO will pay 15%, and Europa 25% of the costs to drill an exploration well at Holmwood up to a gross well cost of GBP3.2 million.

For gross well costs above the GBP3.2 million cap, UJO will pay 7.5% and Europa 32.5% In the event of a discovery of petroleum on the licence UJO has agreed to make a deferred payment to Europa of GBP159,375 covering back costs plus a 25% uplift.

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Chariot Oil & Gas [LON:CHAR] will hold its annual general meeting at the offices of finnCap, 60 New Broad Street, London EC2M 1JJ on 5 July at 10.00 a.m.

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Petroceltic International [LON:PCI] said wireline logging results from the AT-13 well, on the Ain Tsila gas and condensate field in Algeria, indicate excellent reservoir quality, in line with the pre-drill prognosis, and similar to that encountered at AT-8.

"Well test results will be confirmed later in 2016 when planned batch completion, stimulation and testing activities are undertaken. The well was drilled within scheduled time estimates and under budget," the company said in a statement.

The Sinopec Rig will now move to the AT-11 development well, located in the north of the field approximately 4.2 km from AT-8 and 1.8km from the AT-1.

AT-11 is targeting the Ordovician reservoir and will be drilled as a vertical well to a planned total depth of 2050m 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.

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Lansdowne Oil & Gas [LON:LOGP] is to seek shareholder approval for a capital reorganisation at a general meeting on 9 June with the value of existing ordinary shares cut from 2.12p to 0.1p and the issue of deferred shares of 4.9p.

Shareholders will also be asked to give authority for the directors to allot new ordinary shares and for the adoption of new articles of association.

The company announced on 13 April that trading on AIM was being temporarily suspended in advance of a final decision of the Court of Appeal in relation to an appeal lodged by Transocean Drilling UK against the judgement of Mr Justice Popplewell, which was notified by the Company on 22 December 2014.

Details of the COA Ruling were notified by the Company on 13 April 2016, being a ruling in favour of Transocean.

The company further announced on 13 April that the company, through its 20 per cent. interest in the Barryroe field, will need to raise capital (i) to meet any liabilities arising from the COA ruling, and (ii) for its ongoing working capital requirements. And temporary suspension of trading on AIM was continued pending clarification of the Company's financial position.

The company says it is essential that it raises additional funds to continue its ongoing business and the directors have, since 13 April, been exploring a range of options.

One option currently being explored is an equity fundraising through the issue of new ordinary shares.

The company is also proposing to undertake the share capital reorganisation.

As at 21 May, the company had 161,741,795 Ordinary Shares in issue, with an Ordinary Share having a share price on 13 April 2016, being the date on which trading in the Company's Ordinary Shares on AIM was temporarily suspended, of 2.12 pence per Ordinary Share. The Directors anticipate that the issue price of New Ordinary Shares pursuant to a Potential Fundraising will likely be at a significant discount to the above share price, and certainly below the nominal value of the Existing Ordinary Shares (being 0.05 per such share).

The Company is prohibited from issuing new shares at a price below their nominal value. Accordingly, the Company proposes to carry out the Share Capital Reorganisation, which will ultimately have the effect of reducing the nominal value of each Ordinary Share, to avoid a contravention of the relevant provisions of the Act in the event that the Directors resolve to proceed with a Potential Fundraising. It is proposed that the Share Capital Reorganisation be effected by each Existing Ordinary Share being sub-divided and converted into one New Ordinary Share of 0.001 and one Deferred Share of 0.049. The New Ordinary Shares will continue to carry the same rights as are attached to the Existing Ordinary Shares.

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SeaEnergy [LON:SEA] has noted today's announcement by Lansdowne Oil and Gas, in which it holds an 18.67% interest, concerning a proposed share capital reorganisation, authority for the directors to allot new ordinary shares and the adoption of new articles of association.

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Xtract Resources [LON:XTR] chief executive Jan Nelson will be unable to present at the Shares Investor Evening on Wednesday (25 May), due to changes to his travel schedule.




At 4:02pm:

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

[LON:BOR] Borders Southern Petroleum PLC share price was +0.03p at 1.95p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.22p at 8.59p

[LON:ENQ] EnQuest Plc share price was -0.5p at 34.75p

[LON:EOG] Europa Oil Gas Holdings PLC share price was +0.25p at 4.38p

[LON:GKP] Gulf Keystone Petroleum share price was -0.29p at 5.01p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 4.88p

[LON:INDI] Indus Gas Ltd share price was 0p at 171.5p

[LON:PET] Petrel Resources PLC share price was -0.13p at 4.25p

[LON:RKH] Rockhopper Exploration PLC share price was +1.5p at 37.25p

[LON:RPT] Regal Petroleum PLC share price was +0.35p at 2.8p

[LON:XEL] Xcite Energy Ltd share price was +0.01p at 13.38p



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