Source - SMW
Tower Resources (LON:TRP) was the sector's biggest faller after raising  £1.03m through a placing of 45,919,084 new ordinary shares at 2.25 pence per share.  

As part of the placing, chairman Jeremy Asher has entered into an agreement to subscribe for, in aggregate, 14,111,112 new ordinary shares to raise proceeds of £317,500.

In addition a total of 1,795,382 new ordinary shares have been issued to certain directors and a former director in lieu of fees.

Tower's shares were down by more than 47.7% in late trading.

* * *

The American Carbon Registry has approved Hydrodec's (LON:HYR) patented technology as a carbon offset project in the voluntary carbon offset market.

This creates an incremental revenue stream for the company and establishes Hydrodec, as far as the board is aware, as the only oil re-refining business in the world to receive carbon credits for its output.

This is the final stage in a process that began prior to the recommissioning of the Canton plant and the approval allows the Company to generate, and monetise, carbon credits.

Hydrodec of North America is now generating offsets through the re-refining of used transformer oil, which would otherwise ordinarily be incinerated or disposed of in an unsustainable manner. 

The ACR has recognised 165,000 credits for HoNA's previous production between 2009 and 2014. The Company anticipates that it will generate 50,000 to 60,000 tons of carbon offset annually going forward. Whilst the historical credits may only generate nominal sums through trading, the ongoing generation of such credits could realise up to US$5 per ton.

Chief executive Chris Ellis said: "ACR approval means that Hydrodec now produces the only oil globally which generates a carbon credit. It is a further demonstration of the world leading nature of our technology and product and reinforces the sustainability element of it to the primary users of transformer oil. 

"Although the initial direct financial contribution of trading the credits may be modest, strategically I expect that over time this will enable Hydrodec to further develop commercial relationships with key transformer manufacturers and utilities in our target markets."

Chairman Colin Moynihan added: "The last nine months have seen the continued turnaround and transformation of Hydrodec. Today marks a further important milestone in the Company's progress. Carbon credit approval seals Hydrodec's objective to establish a key role as a clean tech company with genuine market leadership; the first proven 'green oil' technology in the world with the capacity to treat and re-refine used and contaminated oil into high quality, renewable transformer oil."

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Hardy Oil and Gas (LON:HDY) has confirmed that all resolutions proposed at its annual general meeting today were passed.

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Victoria Oil & Gas (LON:VOG) said subsidiary Gaz du Cameroun S.A has entered into a confidential settlement that resolves all outstanding issues concerning the previously disclosed Reserve Bonus Payment Agreement and a 1.2% royalty due pursuant to the Contingent Payment Agreement agreed prior to VOG's involvement with the Logbaba Gas Project.

CEO Ahmet Dik said:

"We are very pleased with the Settlement, which draws to a conclusion an area of uncertainty within the business, without putting undue pressure on the Group's financial resources. 

"The termination of the CPA as part of the Settlement is a significant benefit to shareholders in terms of future profitability. The Board and I continue to look for areas to take costs out of the business and improve returns for shareholders."

* * *

Sound Energy (LON:SOU) said the second Tendrara well has now been drilled successfully through the salt cap to the second casing point at a measured vertical depth ("MVD") of 2,203 metres and that the 9 5/8" casing is now being set and cemented at the top of the Triassic Lower Salt formation. 

It will now proceed to drill towards the third and final casing point, directly above the reservoir.


At 4:14pm:

(LON:AUR) Aurum Mining PLC share price was 0p at 1.05p

(LON:BOR) Borders  Southern Petroleum PLC share price was +0.05p at 1.8p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +0.18p at 5.83p

(LON:ENQ) EnQuest Plc share price was -0.37p at 28.38p

(LON:GKP) Gulf Keystone Petroleum share price was +0.08p at 2.15p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3.13p

(LON:HDY) Hardy Oil  Gas PLC share price was +0.01p at 17.88p

(LON:HYR) Hydrodec Group PLC share price was 0p at 3.38p

(LON:INDI) Indus Gas Ltd share price was -1p at 405p

(LON:PET) Petrel Resources PLC share price was -0.25p at 7.13p

(LON:RKH) Rockhopper Exploration PLC share price was +0.13p at 29.88p

(LON:RPT) Regal Petroleum PLC share price was +0.25p at 3.25p

(LON:SOU) Sound Energy PLC ORD 1p share price was +2p at 78p

(LON:TRP) Tower Resources PLC share price was -2.63p at 2.88p

(LON:VOG) Victoria Oil  Gas PLC share price was +0.26p at 36.13p

(LON:XEL) Xcite Energy Ltd share price was +0.01p at 6.89p

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Hardy Oil & Gas (HDY)

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Hydrodec Group (HYR)

-0.05p (-2.11%)
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Sound Energy ORD 1p (SOU)

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Tower Resources (TRP)

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Victoria Oil & Gas (VOG)

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