StockMarketWire.com - Oilex's [LON:OEX] shares soared after it said it has now reached agreement with Zeta Resources Ltd that ends the legal proceedings between the parties.

The terms of the settlement are that each party will no longer pursue its claim against the other, with the legal proceedings to be dismissed on a no admission of liability basis.

Oilex has also agreed to make a payment to Zeta on account of costs of the litigation of $490,000.

In reaching this settlement with Zeta, Oilex has taken into account the significant costs and inherent uncertainty of litigation, and the substantial time commitments and distraction that the litigation presents for the board and management.

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The pilot programme for Nighthawk Energy's [LON:HAWK] planned Arikaree water flood enhanced oil recovery project has been unconditionally approved by the Colorado Oil and Gas Conservation Commission.

Nighthawk had previously received conditional approval from the COGCC on 8 March.

The COGCC approval was subject to the company obtaining 80% approval of the non-cost bearing royalty interest owners within the next six months, using a prescribed revenue allocation method. In an effort to expedite the project, on 29 April the company filed an amendment to the original filing, which reduces the size of the initial water flood area.

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Europa Oil & Gas (Holdings) [LON:EOG] has formally accepted the award of four new licensing options (LOs) as part of phase two of the 2015 Atlantic Ireland licensing round.

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The sector's biggest fallers were Urals Energy [LON:UEN] and Petrel Resources [LON:PET] - down by more than 13.3% and over 8.5% respectively in late trading.




At 4:17pm:

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

[LON:BOR] Borders Southern Petroleum PLC share price was -0.02p at 2.01p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.03p at 8.15p

[LON:ENQ] EnQuest Plc share price was +1.25p at 35.75p

[LON:EOG] Europa Oil Gas Holdings PLC share price was 0p at 4p

[LON:GKP] Gulf Keystone Petroleum share price was -0.13p at 4.52p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 4.38p

[LON:HAWK] Nighthawk Energy PLC share price was +0.08p at 0.99p

[LON:INDI] Indus Gas Ltd share price was +3p at 266.5p

[LON:OEX] Oilex Ltd share price was +0.23p at 0.65p

[LON:PET] Petrel Resources PLC share price was -0.5p at 5.38p

[LON:RKH] Rockhopper Exploration PLC share price was +1.13p at 38.63p

[LON:RPT] Regal Petroleum PLC share price was +0.08p at 3.28p

[LON:UEN] Urals Energy PLC share price was -0.25p at 1.63p

[LON:XEL] Xcite Energy Ltd share price was +0.5p at 11.75p



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