- Europa Oil & Gas's [LON:EOG] wholly owned subsidiary has agreed to farm-out a 10% interest in its PEDL180 and PEDL182 licences in North Lincolnshire with Upland Resources (UK Onshore) Limited.

The licences cover the Wressle discovery (PEDL180) and the Broughton North prospect (PEDL182).

- Upland to acquire a 10% working interest in the Licences from Europa for a consideration of £1.85 million comprising an initial consideration of £1.6 million and a contingent consideration of £0.25 million.

- The initial consideration will be met via a payment of £1.3 million in cash and the issue to Europa of 23,076,923 new ordinary Upland Resources Limited shares to the value of £0.3m (at the issue price of 1.3p per share).

- The contingent consideration is subject to certain production milestones being met by June 2025 and will be met by the issue of 19,230,769 new ordinary Upland Shares to the value of £0.25m (at the issue price of 1.3p per share).

- Completion of the SPA is conditional upon inter alia approval from the Oil & Gas Authority and approval of the Wressle Field Development Plan

- Wressle is anticipated to commence production at a gross rate of 500 bopd in early 2017

- Post completion of the transaction, Europa's anticipated net 100 bopd from Wressle combined with existing UK onshore production is expected to increase the Company's overall production to around 220 bopd

- At 220 bopd it is expected that Europa will have a positive cash flow from operating activities at oil prices above US$30 per barrel.

Europa chief executive Hugh Mackay said: "Europa is delivering on its strategy to actively manage its portfolio and realise value for shareholders. So far this year we have farmed out part of our interest in PEDL143 (Holmwood) to Union Jack Oil; consolidated our position at PEDL299 (Hardstoft) through deals with Shale Petroleum and Upland; acquired an increased interest in PEDL346 (Cloughton) from Shale Petroleum; and sold portions of our interest in PEDL180/182 (Wressle) to Union Jack Oil and now Upland.

"The £1.3 million cash consideration from this transaction together with the £0.6 million cash consideration received from the previous sale of Wressle to Union Jack will be used to fund ongoing exploration in the UK and Ireland including drilling the Holmwood well during 2017, which we rate as one of the best undrilled conventional prospects onshore UK. Following this transaction we value our remaining 20% interest in Wressle at £3.7 million.

"Europa holds a portfolio of high quality exploration licences in both onshore UK and offshore Ireland. We continue to advance and monetise our multistage portfolio of licences, and in the process generate value for our shareholders. It is public knowledge that we are in the process of farming out in Ireland where any one of our seven licences and licensing options has the potential to be a company maker for Europa.

"Whilst we do not provide running commentaries on farmout activity the market should feel assured that we are talking to the right parties and seeing strong interest. The recent series of transactions in the UK demonstrates that we are both active in the market and capable of closing deals on attractive terms."

* * *

Frontera Resources [LON:FRR], an independent oil and gas exploration and production company with assets in Georgia, has announced further information regarding its recent successful Moldova licence bid. As noted in that announcement, Frontera's fully owned subsidiary Frontera Resources International LLC has been awarded a bid for exploration and production of hydrocarbons in Moldova.

The bidding was announced by the government of Moldova in July and was organised and conducted by the Agency of Geology and Mineral Resources at the Ministry of Environment.

The bidding process was overseen by a select committee comprised of representatives of various ministries and governmental agencies of the Republic of Moldova.

In accordance with the set procedures, Frontera Resources International LLC submitted its bid on 27 September and, upon completion of the procedures, was notified that it had been chosen as the successful bidder.

The next step pursuant to Moldova legislation is to enter into a concession agreement with the government of the Republic of Moldova regarding hydrocarbon exploration and development.

Frontera and the government have already started this process and expect that it will be completed within the next several weeks prior to the year-end. Frontera's objectives in the country are to undertake technical evaluation related to the onshore Dobrudga Basin, an underdeveloped geologic province situated in the southern portion of the country. Chairman and chief executive Steve C. Nicandros said: "We are very pleased to have this opportunity to expand our operations into Moldova as part of our greater Black Sea strategy. The government has created a very welcoming environment for US foreign direct investment into its oil and gas sector. Moreover, its continued progress related to the European Union Association Agreement that it entered into in 2014 provides an attractive foundation for new US foreign investment initiatives such as ours.

"With this, we look forward to becoming part of the country's domestic energy landscape and to building a synergistic relationship with the government of Moldova in our pursuit of the sustainable exploration and production of hydrocarbons from our awarded area for many years to come."

The company also announced today that it has drawn down on its previously announced Standby Equity Distribution Agreement with YA II PN, Ltd. (Yorkville) in the amount of £289,170.25, at a price of £0.000950 per share resulting in the issue of 304,389,734 new ordinary shares, and issued 187,533,040 new ordinary shares to Yorkville as part of fees due to Yorkville under previously announced SEDA-backed Loan Agreement.

The funds raised through the draw down will be used to advance work programs of the company.

* * *

Hardy Oil and Gas [LON:HDY] posts a loss of $1.2m for the six months to the end of September - down from $4.2m last time. Cash and short-term investments at 30 September 2016 amounted to $15.9 million. Hardy has no debt.

* * *

Sound Energy [LON:SOU] confirms a successful second well at its Tendrara licence, onshore Morocco.

As announced by the Company on 7 October 2016, the Company's second Tendrara well (TE-7) was drilled successfully to a total measured depth of 3,459 metres, corresponding to a vertical depth of 2,611 metres.

TE-7 has a total contact length through the TAGI reservoir of some 837 metres, including a 700 metres sub-horizontal section.

The Company has now completed operations and is pleased to announce that it has achieved a gas flow rate towards the end of the clean up process, post stimulation, of 32 MMscf/d with a flowing tubing head pressure of 230 bar on a choke of 40/64.

This rate is significantly above the Company's pre-drill expectations. Based on the clean up phase, the well's potential is predicted by the Company to be significantly above 40 MMscf/d with a 50% drawdown.

The Company will now proceed with the planned extended well test of TE-7 to confirm production sustainability and to aid comprehensive field development planning.

The TE-7 bottom hole reservoir pressure and its correlation with the gas gradient of the other Tendrara wells will be announced after conclusion of the the extended well test.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

* * *

Range Resources [LON:RRL] said David Yu Chen has tendered his resignation as non-executive director, effective immediately. As a result, Resolution 2, the re-election of Chen, tabled for Range's Nov. 25 AGM, has been withdrawn.

The withdrawal of Resolution 2 will not affect the validity of the proxy form attached to the Notice of Annual General Meeting announced on 21 October 2016 or any proxy votes already made.

At 4:03pm:

[LON:AUR] Aurum Mining PLC share price was +0.1p at 4.2p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.26p at 2.76p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.13p at 7.33p

[LON:ENQ] EnQuest Plc share price was +0.38p at 28.63p

[LON:EOG] Europa Oil Gas Holdings PLC share price was +0.13p at 4.63p

[LON:FRR] Frontera Resources Corporation share price was 0p at 0.09p

[LON:GKP] Gulf Keystone Petroleum share price was +0.01p at 1.19p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.63p

[LON:HDY] Hardy Oil Gas PLC share price was 0p at 18.25p

[LON:INDI] Indus Gas Ltd share price was -0.12p at 289.88p

[LON:PET] Petrel Resources PLC share price was +0.13p at 5.63p

[LON:RKH] Rockhopper Exploration PLC share price was +0.13p at 23.38p

[LON:RPT] Regal Petroleum PLC share price was +0.01p at 3.74p

[LON:RRL] Range Resources Ltd share price was -0.04p at 0.35p

[LON:SOU] Sound Energy PLC ORD 1p share price was -0.37p at 81.13p

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