StockMarketWire.com - LGO Energy [LON:LGO] says recent loan re-financing and equity placement have positioned the Company for an early return to drilling in the Goudron Field with the imminent signing of an initial two well contract, including options to extend for further wells, in order to drill production wells to the ubiquitous Mayaro Sandstone oil pay interval.

It says: "After retendering the rig and services it has been possible to obtain a small footprint conventional drilling rig on a turnkey basis, which is considered to offer a lower risk and lower cost solution compared to previously proposed solutions using large conventional or heavy workover rigs. The Company owned workover rig, Columbus #1, is now expected to be deployed to routine well service operations.

"This initial Mayaro drilling program will get underway as soon as practical in 2017 and is expected to be followed by further drilling to the Mayaro Sandstone oil pay where up to 70 infill target locations have been identified of which 45 wells have already received outline approval. During the proposed work program the Company expects to issue regular updates on progress, including the spudding and results of each well. The Company will continue to announce Group production on a quarterly basis once oil sales volumes have been fully fiscalised and audited.

"The Company's Goudron subsidiary, Goudron E&P Limited, also expects to submit the formal application for a waterflood enhanced oil recovery ("EOR") project to the competent authorities in Trinidad during early 2017 with a view to commencing the initial phase of waterflood in the C-sands at Goudron in late 2017. The proposed initial scheme involves the use of existing C-sand wells (two injectors and six producers) and the results of this EOR pilot will determine the detailed form of the wider EOR development in future years."

Chief executive Neil Ritson said: "After a difficult period with low oil prices and a senior debt facility that was difficult to service effectively from field operations, which themselves were constrained by limited available funds, we can now look forward to the imminent return to development drilling and the deployment of capital to increase production at the Company's flagship Goudron Field. During the recovery period some very difficult decisions had to be made on the deployment of funds and shareholder equity and we appreciate the commitment and support of our shareholders during this process."

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Aminex [LON:AEX] has started drilling the Ntorya 2 appraisal well in the Ruvuma Basin, Tanzania. The well is being drilled to an estimated total depth of 2860 metres and is targeting the same channel complex as Ntorya 1 but further updip of the reservoir.

The well location is a 1,500-metre step-out from the Company's Ntorya 1 discovery which flow-tested gas at 20 mmcf/d, with 139 barrels of associated condensate, from a 3.5-metre sand interval. The company has a 75% operating interest in the well and initial results are expected early next year.

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Xtract Resources[LON:XTR] intends to raise £220,000 gross via a company-organised placing with private and institutional investors of 1.33bn shares at a price of 0.0165p each.

The investors included chairman Colin Bird and a company associated with him.

In addition, the company would issue 666,666,666 placing warrants to the placees on a one-for-two basis, exercisable in whole or in part at 0.02p until 21 December 2017.

The funds raised by way of the Placing Shares would be used for general working capital purposes.

The proposed placing price of 0.0165p represents a premium of 10% to the closing price of 0.015p on AIM on 19 December 2016, being the business day preceding the day on which the placing is being arranged.

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Management Resource Solutions [LON:MRS] announces the appointment of Joe Clayton as its full-time chief executive with immediate effect.

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Solo Oil [LON:SOLO] has confirmed that the Ntorya-2 appraisal well in the Ruvuma Basin, Tanzania, has now spudded as expected.

Chairman Neil Ritson said: "We are delighted to have confirmation of the start of drilling at the Ntorya-2 appraisal well in the Ruvuma Basin. This low risk step-out from the discovery well is anticipated to provide significant encouragement for the development of the field and the results are eagerly awaited." The well is being drilled to an estimated total depth of 2,860 m targeting the same sandstone channel complex found at Ntorya-1. The well location is 1.5 km from the Ntorya-1 discovery which flowed gas and condensate on test in 2012. The company has a 25% non-operating interest in the well, operated by Aminex plc. Initial results are expected early next year.






At 4:22pm:

[LON:AEX] Aminex PLC share price was +0.03p at 2.17p

[LON:AUR] Aurum Mining PLC share price was -1p at 4.75p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.02p at 2.82p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.91p at 8.96p

[LON:ENQ] EnQuest Plc share price was -0.62p at 40.88p

[LON:GKP] Gulf Keystone Petroleum share price was -0.75p at 127.75p

[LON:GPX] Gulfsands Petroleum PLC share price was -0.63p at 8.13p

[LON:INDI] Indus Gas Ltd share price was +17.63p at 305.13p

[LON:LGO] LGO Energy PLC share price was +0p at 0.11p

[LON:PET] Petrel Resources PLC share price was 0p at 5.5p

[LON:RKH] Rockhopper Exploration PLC share price was 0p at 22.25p

[LON:RPT] Regal Petroleum PLC share price was -0.01p at 3.48p

[LON:SOLO] Solo Oil PLC share price was -0.01p at 0.27p

[LON:XTR] Xtract Resources Plc share price was 0p at 0.02p



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