Oil and Gas

Matra Petroleum (LSE:MTA), an independent oil exploration and production company with major operations in Russia, announced today that it has entered an agreement with Mr. Maxim Barskiy. Barskiy has agreed to buy 575 million new shares at a price of 0.8p per share, totalling £4.6 million. Pending shareholder approval, Mr. Barskiy will obtain a 29.8% […]

UK’s oil giant BP (LSE:BP.) is one step closer to its US$38 billion divestiture programme as the company announced it is giving up its southern gas assets in the North Sea for US$400 million. Europe’s second largest oil company, BP has been selling off assets since 2010, to fund costs resulting from the most expensive […]

Drilling at a controversial BP (LSE:BP.) deepwater oil well off the coast of the Shetland Islands could begin within days in spite of recent controversy over the well’s environmental impact. The oil giant was given the go ahead to begin drilling after thorough review of the well’s environmental impact and emergency contingency plans by the […]

3Legs Resources (LSE:3LEG) announced in a company update this morning that ConocoPhillips will be exercising is call option for three of its exploration concessions in the Baltic Basin region of Poland.  Share prices has risen about 7% by midday on the London Stock Exchange. What the Update Mean 3Legs entered into an agreement with ConocoPhillips in 2009 […]

Tullow Oil (LSE:TLW) released a statement at noon today announcing that it has found water-bearing reservoirs with oil shows at two of its exploratory wells.  Tullow is trying to add reserves after successfully unlocking nearly 4 billion barrels of oil in new provinces in Uganda, Ghana, and French Guiana.  Share prices have been volatile today, rising and falling modestly […]

Despite the Board of Directors positive spin on Sirius Petroleum’s (LSE:SRSP) drilling update this morning, shareholders may not share the company’s enthusiasm as shares dropped more than 6% by midday. The Background Sirius commissioned a Competent Person’s Report (CPR) on the Ororo oil field in January 2012.  The Ororo oil field was originally discovered in […]

Independent oil and gas explorer and producer Gulf Keystone Petroleum (LSE:GKP) saw its shares drop nearly 30% on the London Stock Exchange as news from the Middle East and Asia appeared to extinguish a potential takeover bid from Exxon Mobil. The share price had been on the increase as rumours of a takeover were spreading […]

The share price of Lansdowne Oil & Gas (LSE:LOGP) jumped over 20% today, trading at 7.12p, following their announcement this morning regarding the success of their joint-venture Barryroe appraisal well project in the North Celtic Sea, off the shore of Ireland. About the Well Lansdowne owns a minority interest (20%) in the Barryroe well under […]

AIM-listed Tower Resources (LSE:TRP) saw its shares tumbled down 24.5% from its previous value at 2:00 PM, London Time, after a report that no oil was found in its Ugandan asset. Why has this occurred? The Mvule-1 well, the last of the three wells under the company’s 100% interest in the EA5 licence was drilled […]

Europe’s largest oil company, Royal Dutch Shell, declared its firm intention to acquire the British oil explorer Cove Energy for a tag price close to a £1 billion, official statements from both companies reported on Wednesday, 22nd February. Royal Dutch Shell, through its wholly-owned subsidiary, Shell Exploration and Production (“Shell Bidco”), is offering 195 pence […]