StockMarketWire.com - Ascent [LON:AST] says the export production pipeline which runs from the Petisovci field to the Croatian border has been recertified at the operating pressure required for production.

This pipeline will be connected to wells Pg10 and Pg11A via the existing processing plant and used to transport gas produced from the Petisovci field to Croatia. A purchase order for the connection of the pipelines has been approved and planning work is under way.

Chief executive Colin Hutchinson said: "I am pleased that another task has been successfully completed and that the pipeline can be used without the need for refurbishment; we will continue to progress the remaining work programmes required to make the wells ready for production and look forward to revenues in early 2017."

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Tower Resources' [LON:TRP] registered office address has changed to 127 Cheapside, London, EC2V 6BT. with immediate effect.

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Quadrise Fuels International [LON:QFI] will hold its annual general meeting at the DoubleTree by Hilton Hotel, 2 Bridge Place, Victoria, London SW1V 1QA, on 2 December at noon.

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Faroe Petroleum [LON:FPM] has confirmed that Njord facilities have been selected as the preferred concept for Pil & Bue development in Norway.

Faroe says the partners in the Pil & Bue discoveries (licence PL586) have decided that a subsea development solution tied back to the Njord (Faroe 7.5%) platform in the Norwegian Sea is the preferred concept for development of the Pil & Bue discoveries (Faroe 25%).

Three competing concepts were considered in the process leading to the final selection by the licence partners.

A subsea installation tied back to the Njord platform has emerged as the best option and with the full support of the Njord partners. Going forward, the development solution will be matured through the front end engineering design (FEED) stage towards a formal field development plan.

The Njord production facility is currently in Kvaerner's Stord facility in Norway undergoing extensive modifications in order to increase materially its operating life and accommodate a number of new satellite field tie-back developments including Pil & Bue.

Faroe Petroleum chief executive Graham Stewart said: "I am very pleased to announce that the Njord facilities have been chosen for the development of the material Pil & Bue discoveries. This is a significant step in the maturation of these high quality discoveries and the fact that they will be tied back to infrastructure we know well, and are joint venture partners in, further consolidates one of our core areas in Norway.

"We look forward to cooperating with our partners on the Njord licence as we progress this important project towards development."

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LGO Energy's [LON:LGO] third quarter production averaged 526 barrels of oil per day.

LGO said 48,358 barrels were produced during the quarter; 38,354 barrels at Goudron, 1,232 barrels at Icacos and the balance of 8,772 barrels in Spain, all net to LGO's interest.

LGO said production in Trinidad was materially affected by a number of electrical power outages in the field caused by seasonal storm activity including Tropical Storm Matthew.

Underlying production, corrected for these seasonal variations, was flat quarter to quarter.

The work-over activities carried out by the company as previously announced fully counteracted declines in the base production at Goudron and, during October, production has risen as those wells have cleaned up and continued to perform strongly.

In Spain production was lower than in second quarter, at an average of 95 bopd compared to 123 bopd, due to both planned and unplanned rig maintenance on the Company-owned work-over rig.

During periods of rig downtime a number of wells, including the key Ayo-37 well, were offline and impacted on production in the quarter, however these have now been returned to production and all wells are currently online.

Monthly sales of crude oil as fuel oil to the Verallia-owned glass factory in Burgos have continued and are agreed through until at least end year.

Terms for the sale of the oil stocks totalling approximately 10,000 barrels of treated sales oil, have been agreed subject various administrative and tax clearances required by the buyer, and completion of the sale awaits those steps. The Company will report further on that sale in due course.

A biennial rig recertification has recently been completed on the company's Spanish work-over rig at Ayoluengo and it is expected to be returned to service shortly. Two work-over rigs from Altech Limited continue to be available at the Goudron field and are deployed on an as needed basis to carry out both well maintenance and recompletion work.

Chief executive Neil Ritson said: "Seasonal variations in production in Goudron are a feature of the field although this year the wet season in Trinidad has been more disruptive than we have previously experienced. All wells and equipment are now back online across the Group and we look forward to a more stable production period to end year.

"LGO also continues to advance its re-financing of the BNP Paribas debt, now standing at approximately US$2.6 million, and the company will update the market on that process as soon as possible."




At 4:07pm:

[LON:AST] Ascent Resources PLC share price was +0.08p at 1.33p

[LON:AUR] Aurum Mining PLC share price was +0.08p at 4.53p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.13p at 2.58p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.43p at 8.28p

[LON:ENQ] EnQuest Plc share price was -0.37p at 25.13p

[LON:FPM] Faroe Petroleum PLC share price was -2p at 76p

[LON:GKP] Gulf Keystone Petroleum share price was -0.03p at 1.22p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 3.38p

[LON:INDI] Indus Gas Ltd share price was -11.12p at 375.38p

[LON:LGO] LGO Energy PLC share price was -0p at 0.1p

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

[LON:QFI] Quadrise Fuels International PLC share price was -0.25p at 10.63p

[LON:RKH] Rockhopper Exploration PLC share price was +0.13p at 25.38p

[LON:RPT] Regal Petroleum PLC share price was 0p at 3.76p

[LON:TRP] Tower Resources PLC share price was 0p at 2.38p



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