- Europa Oil & Gas (Holdings) [LON:EOG] has completed the acquisition of Shale Petroleum (UK) Limited for a nominal consideration of £1.

As consequence of this acquisition Europa has increased its equity interest in PEDL299 and PEDL343 exploration licences awarded in the 14th UK Landward Licensing Round to 33.32% and 45.0% respectively.

Europa has purchased 100% of the issued share capital of Shale Petroleum (UK) Limited, a subsidiary of Shale Petroleum Limited (SPL) a privately held Canadian independent oil & gas explorer headquartered in Calgary.

SPL set up the subsidiary Shale Petroleum (UK) Limited in order to apply for exploration licences in the 14th UK Landward Licensing Round.

Subject to the approval of the Oil & Gas Authority (OGA), Europas interest in INEOS-operated PEDL299, which contains the Hardstoft oil field, will increase from 16.66% to 33.32%. Europas interest in Third Energy-operated PEDL343, where the objective is to appraise the Cloughton gas discovery, will increase from 22.5% to 45%. In light of its increased equity exposure to associated work programmes in PEDL299 and PEDL343 Europa has elected not to accept the award of PEDL286 Goole in the southern Cleveland Basin (where interest would have increased from 50% to 100%).

* * *

Leed Resources [LON:LDP] expects trading in its ordinary shares to be cancelled from trading on the AIM market on 16 August.

Leed says that as anticipated in the company's last announcement on 1 July, the directors have not been able to implement the investing policy in accordance with AIM rules.

Following an extensive review of High Mannor Pty Ltd (HM), for the reasons outlined in the company's announcement of 1 July 2016, Battalion International Ltd (Battalion), the majority shareholder in HM, has sent HM a proposal for a comprehensive restructuring of the ownership and debt of HM.

Leed holds A$1.68 million of convertible loan notes in Battalion and, as a result of any restructuring, Leed is expected to become the largest shareholder of Battalion, and hence HMs Australian operations.

* * *

Ithaca Energy's [LON:IAE] output averaged 9,378 barrels of oil equivalent per day (93% oil) in the six months to the end of June.

This was ahead of guidance and largely as a result of solid performance from the Cook and Dons Area fields.

Full year base production guidance, excluding any contribution from start-up of the Stella field during 2016, remains unchanged at 9,000 boepd. The additional production contribution resulting from the start-up of Stella during the year will depend on the exact timing of first hydrocarbons from the field. Prompt ramp up of production is anticipated following first hydrocarbons, leading to an expected initial annualised production rate of approximately 16,000 boepd net to Ithaca.

The company says that despite an approximate 30% fall in Brent and lower production primarily resulting from removal of high cost assets from the portfolio, the business delivered $82 million cashflow from operations in H1-2016.

Adjusting for the one-off hedging gains realised in Q1-2015 and onerous contract provisions, H1-2016 cashflow from operations has remained broadly flat compared to the same period in 2015. This performance highlights the benefit of the commodity hedges the Company has in place and significant operating costs savings that have been secured through re-setting of the cost base.

The company's future commodity hedged position remains unchanged from that announced at the previous quarter's financial results. During H1-2016 approximately 13,500 boepd (55% oil) of commodity hedges were realised at an average price of $59/boe. This resulted in hedging cash gains of $58 million during the period. Revenues after hedging totalled $126.8m - down from $226.5m a year ago.

Net debt reduced from a peak of over $800 million in the first half of 2015 to $606 million at 30 June this year.

* * *

Ascent Resources [LON:AST] has issued 36,828 new ordinary shares following the conversion of 327 convertible loan notes.

* * *

The sector's biggest riser was Range Resources [LON:RRL] - up by more than 11% in late trading. The biggest faller was Nostra Terra Oil & Gas[LON:NTOG] - down by more than 9.5%.

At 4:17pm:

[LON:AST] Ascent Resources PLC share price was +0.1p at 1.38p

[LON:AUR] Aurum Mining PLC share price was 0p at 1p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 1.66p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.1p at 5.77p

[LON:ENQ] EnQuest Plc share price was +0.88p at 28.88p

[LON:EOG] Europa Oil Gas Holdings PLC share price was 0p at 4.63p

[LON:GKP] Gulf Keystone Petroleum share price was -0.3p at 4.95p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.13p

[LON:IAE] Ithaca Energy Inc share price was +1.5p at 66p

[LON:INDI] Indus Gas Ltd share price was -12.37p at 385.13p

[LON:PET] Petrel Resources PLC share price was 0p at 6.38p

[LON:RKH] Rockhopper Exploration PLC share price was +1.5p at 32p

[LON:RPT] Regal Petroleum PLC share price was +0.03p at 3.15p

[LON:RRL] Range Resources Ltd share price was +0.05p at 0.55p

[LON:XEL] Xcite Energy Ltd share price was +0.06p at 8.43p

Story provided by