Source - SMW
Global Energy Development (LON:GED) was the sector's biggest faller after  posting  an operating loss of $2.8m for the six months to the end of June - up from $2.7m last time.

Revenues fell to $84,000 from $217,000 but the cost of sales declined to $269,000 from $411,000. Pre-tax losses from continuing operations fell to $2.3m from $2.8m.

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 EnQuest's (LON:ENQ)  talks over the potential sale to Delek of an interest in the Kraken development have been terminated.  EnQuest and Delek have ultimately been unable to reach an agreement.

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Sound Energy (LON:SOU) announced its unaudited half year report for the six months ended 30 June 2016.



- Significant gas discovery with the potential for a multi Tcf connected gas field, at Tendrara (onshore Morocco)

- First Tendrara well, TE-6, encountered approximately 28 metres of net gas pay in the TAGI reservoir, flow achieved pre-simulation, 17 mmscf/d achieved on test

- Significant near term development plan to secure near term cash flow

- Oil & Gas Investment Fund (OGIF), the partner on the licence, expressed interest to fund a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe (GME) pipeline

- Second well on Tendrara, was spud on 25 August 2016, with a view to proving a sub-horizontal drilling concept

- Secured the Meridja exploration permit, adjacent to Tendrara

- Acquisition and farm-out of Sidi Moktar licences


- Final Badile drilling permission received in May 2016

- First farm-out secured with Schlumberger who will fund €7.5m of first well at Badile in exchange for an option on 20% of the licence

- Memorandum of Understanding regarding a rig contract in relation to Badile signed with Pergemina SPA


- Brian Mitchener, a proven world class hydrocarbon finder, joined the team as executive vice-president, Exploration

- Inclusion in FTSE AIM UK 50 Index with effect from Monday 19 September 2016 and migration of trading to SETS, the LSE premier electronic trading service

- Completion of group debt-refinancing with issue of 5-year €28.8 million bonds


- TE-7 drilling results and extended well test

- Planned drilling of an outpost well on Tendrara with a view to proving the multi Tcf potential

- Countdown to second Strategic Play, Badile

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Aminex (LON:AEX) posts a pre-tax loss of $2.4m for the six months to the end of June - up from $606,000 a year ago.

Revenues rose to $255,000 from $166,000 but total administrative expenses increased to $1.4m from $763,000.

Operating highlights include:

- Gas sales agreement with the Tanzania Petroleum Development Corporation signed in January allowing the group to become an African producer for the first time

- Kiliwani North produced first gas in April, the well is currently producing in line with management expectations and into the new Songo Songo Island Gas Processing plant

- Ruvuma Production Sharing Agreement terms extended by one year with work programme changed to allow the Company to focus on appraisal and development

- Ruvuma appraisal drilling programme is expected to commence in 4Q 2016 Post period, the company received the first payment from TPDC for gas at a set price of $3.00 per mmBTU. The price for gas is set by the US Consumer Price Index and is not linked to any commodity price so importantly is unaffected by current commodity market conditions. And it says cash flow from Kiliwani North-1 will allow the company to support operations and further strengthen the balance sheet.

Chief executive Jay Bhattacherjee said: "The period saw the transition of the company from developer to producer in East Africa and moves us into a position of cash generation and towards a period of sustainable growth. Kiliwani North not only ensures a consistent revenue stream that strengthens the balance sheet but also means we can now focus on our exciting drilling programme in the Ruvuma Basin.

"We are now in a much stronger position than we were at the beginning of the year and I am pleased we now have a new major and supportive shareholder. The board and management are very excited about what lies ahead for the company and look forward to updating shareholders in the second half of the year."

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Amerisur Resources (LON:AMER) posts a pre-tax loss of $6.8m for the six months to the end of June compared with $5.8m a year ago,

Revenues fell to $24.4m from $40.3m last time and operating losses rose to $7.1m from $6.5m.

Chairman Giles Clarke said: "We have made great strides in the first half, further diversifying our portfolio within the Putumayo region of Colombia, with activity levels across many blocks increasing as we deploy the capital raised in March. 

"I am particularly pleased the OBA pipeline is now fully completed and undergoing final commissioning checks before entering operation within days and as a result we are once again drilling wells on the Platanillo field to increase reserves and production and leverage the significantly reduced opex per barrel using the pipeline for oil evacuation. We would like to thank shareholders for their patience in what has been an exceptionally complex undertaking.

"Amerisur now has a cluster of assets around the OBA pipeline including the Platanillo field, Put-8 to the West of Platanillo and Put-12 to the East.

"Following our successful placing of approximately $35 million in March, we have the capital to invest in drilling new wells at Platanillo, to increase both reserves and production and to move forward our acreage elsewhere in the portfolio such that Amerisur anticipates producing commercially from more than one oil field during 2017. 

"Production in the second half is expected to ramp up (whilst preserving the integrity of the reservoir) and we are targeting a 2016 exit rate of 7,200 BOPD.

"We are prepared for an exciting second half and beyond. The Board looks to the future with confidence."

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Rockhopper Exploration (LON:RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, notes the agreement of a joint statement on areas of mutual cooperation (including the oil and gas industry) between the UK and Argentina governments.  

At 4:17pm:

(LON:AEX) Aminex PLC share price was -0.1p at 1.75p

(LON:AMER) Amerisur Resources PLC share price was +0.38p at 23.88p

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

(LON:BOR) Borders  Southern Petroleum PLC share price was 0p at 1.8p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +0.5p at 6.45p

(LON:ENQ) EnQuest Plc share price was -0.87p at 27.13p

(LON:GED) Global Energy Development PLC share price was -3.5p at 24.5p

(LON:GKP) Gulf Keystone Petroleum share price was 0p at 2.05p

(LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 3.13p

(LON:INDI) Indus Gas Ltd share price was +0.01p at 429.88p

(LON:PET) Petrel Resources PLC share price was 0p at 7.13p

(LON:RKH) Rockhopper Exploration PLC share price was +0.5p at 29.25p

(LON:RPT) Regal Petroleum PLC share price was +0.25p at 3p

(LON:SOU) Sound Energy PLC ORD 1p share price was -3.37p at 93.63p

(LON:XEL) Xcite Energy Ltd share price was -0.14p at 2.5p

Related Charts

Aminex (AEX)

-0.08p (-4.11%)
delayed 14:13PM

Amerisur Resources (AMER)

-1.00p (-3.33%)
delayed 14:14PM

EnQuest (ENQ)

+0.13p (+0.45%)
delayed 14:14PM

Global Energy Development (GED)

-0.75p (-2.88%)
delayed 13:39PM

Sound Energy ORD 1p (SOU)

-1.50p (-1.79%)
delayed 14:13PM