Oil and Gas

Oil and gas explorer and producer Ithaca Energy (LSE:IAE) announced Monday, the “successful” commencement of oil production from the Athena Field in the UK Continental Shelf, welcomed by its joint venture partners, Trap Oil Group (LSE:TRAP) and Lochard Energy Group (LSE:LHD). “The initial operations phase of the field is in line with management’s expectations and […]

Shares of engineering firm Lamprell (LSE:LAM) lost nearly two-thirds of its market value in trading today, after the company said its profit margin for 2012 will be “below the Board’s original expectation”, making it one of the biggest losers on the London Stock Exchange. At 12:00 GMT, Lamprell lost £1.77, or 60% of yesterday’s closing […]

Shares of exploration and production company Bayfield Energy Holdings (LSE:BEH) plunged 25% on the Alternative Investment Market following the company’s announcement its EG7 exploration well in Trinidad & Tobago encountered water instead of oil. The second exploration well in the Galeota Licence Area, EG7 was drilled at a depth of 5,280 feet and encountered all […]

Genel Energy (LSE:GENL) has further enlarged its interests in the Kurdistan Region of Iraq by securing 23% stake in the Bina Bawi exploration licence through the acquisition of A&T Petroleum Company Ltd. for US$175 million. The company has made the acquisition, still subject to “various consents, approvals, and assurances”, especially from the Kurdistan Regional Government […]

Oil and gas explorer Xtract Energy (LSE:XTR) declared £4.3 million net after tax loss in a year that saw the change of the company from an investment company to an operating and trading business, prompting shares of the AIM re-enlisted company to drop 15.5% at the close of trading in London. “2011 has been a […]

Wood Group (LSE:WG.) announced this morning that it has been awarded an engineering and procurement support contract for the world’s largest semi-submersible central processing platform. The Contract The contract was awarded to Wood Group’s Mustang subsidiary by Samsung Heavy Industries. The processing plant, weighing in at 70,000 tonnes with a deck measuring 156 metres by […]

Oil giant firm Royal Dutch Shell (LSE:RDSA)(LSE:RDSB) raises its offer to acquire Cove Energy (LSE:COV) at US$1.8 billion, in what may become a bidding war to take over the newly discovered oil and gas deposits east of Africa. The revised terms presented by Shell on Tuesday, 24th April, rivals Thailand’s PTT Exploration & Production’s offer […]

Oil exploration and development company Jupiter Energy (LSE:JPRL) disclosed they have commenced trial production on two of its wells in their sole asset in Kazakhstan, whilst preparing trial licences for the other two wells. Domestic Production J-50 and J-52 wells are expected to produce 600 barrels of oil per day (bopd), with the oil to […]

Upstream oil and gas explorer Afren plc (LSE:AFR) announced it has encountered “significant oil accumulation” in its Ain Sifni asset in the Kurdistan Autonomous Region of Iraq, sending shares up 10% in early morning trading to 148 pence per share. Basing the results from drilling, wireline logs, and sidewall core sampling, the Simrit-2 exploration well […]

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% […]