Human capital resource consultancy Management Resource Solutions' (LON:MRS) shares soared after its shares resumed trading on AIM following an agreed reverse takeover of Bachmann Plant Hire Pty Ltd for up to AD13.4m. Bachmann is a bulk earthworks specialist with over 50 years of operating history providing civil construction services in Queensland, Australia. Complementary to MRS's service offering, it provides "wet" plant hire (whereby Bachmann supplies both equipment and operators) to a variety of clients in the civil and earthworks sectors and currently employ over 100 staff with a fleet of in excess of 200 vehicles (including scrapers, dozers, excavators, compactors, graders, dump trucks and water trucks). Bachmann turned over AD21,740,000 for the year ended 30 June 2015, producing a profit before tax of A1,957,000. The acquisition constitutes a reverse takeover under AIM rules and is conditional on the approval of shareholders. The company also announced the appointment of Christopher John Berkefeld, 61, as a non-executive director. He has more than 20 years' experience on public and private company boards in New Zealand and Australia and currently holds several non-executive directorships. * * * Rockhopper Exploration (LON:RKH) andFalkland Oil and Gas Limited (LON:FOGL) have announced successful results of the 14/20-2 exploration well on the Isobel/Elaine structure. This was a re-drill of the Isobel-1 (14/20-1) well, which discovered oil in the Isobel Deep reservoir but had to be prematurely abandoned for operational reasons. The well is located on licence PL004a in which FOGL has a 40% working interest. This will increase to 64% following the merger with Rockhopper Exploration, which is expected to complete on the 18 January. The well successfully re-drilled the Isobel Deep reservoir at a location 4 kilometres west of the original Isobel-1 well and reached a total depth of 3014 metres. Although the well was principally designed to re-drill the Isobel Deep sands, it was also able to test other sand bodies within the F3 sand system. The well successfully penetrated five separate fans within the complex, including: Isobel Deep, Isobel, Elaine South, Emily and Irene. All five of these fan systems were oil bearing and no gas was encountered. The well did not encounter an oil-water contact in any of the sands. The well discovered total net pay of 27m in the Isobel Deep, Isobel and Emily reservoirs. A very large oil column (in excess of 480 metres) has now been proven between from the crest of the structure to the current location. The location selected for the re-drill of Isobel Deep was not optimal for any of the other fans. Whilst the data acquired is still to be fully evaluated and integrated, the initial view of the companies is that the Isobel/Elaine complex is likely to contain commercially viable quantities of recoverable oil. The 14/20-2 well will now be plugged and abandoned. Rockhopper Exploration chief executive Samuel Moody said: "Proving oil this far down dip in the Isobel Deep reservoir, in addition to confirming oil bearing sands at a location so close to the edge of the various other fan bodies, is an outstanding result and hugely increases the likelihood that the Isobel / Elaine complex can become a third phase of development in the North Falkland Basin. "Having retained the sub-surface lead for exploration once again I would like to congratulate our team on their unparalleled success rate of 10 out of 12 wells in licences PL004 and PL032 which brings us closer to proving this to be the billion barrel basin that we believe it could be. "The success is of course even more pleasing following the announced merger with Falkland Oil & Gas which will shortly complete seeing our interest in the licence significantly increase to 64%." * * * Gulf Keystone Petroleum (LON:GKP) has confirmed that the company's results for the year ended 31 December are scheduled for release on 17 March. * * * Nighthawk Energy (LON:HAWK) has completed negotiations with its banking partner, Commonwealth Bank of Australia, that have resulted in a series of amendments to the reserve based loan covenants including leverage ratio and elimination of the minimum liquidity requirements. Following the amendments, the company expects to be within covenant parameters for the 31 December 2015 reporting period. The company and CBA will continue to work together going forward in an effort to ensure continued compliance with loan covenants based on existing market conditions. The amendments included the redetermination of the Company's borrowing base to $23 million. As of the date of this release, the Company has $27 million of outstanding borrowings, therefore a $4 million repayment is required. Currently, the Company has approximately $6 million of cash available. Based upon current projections, the Company believes that following the required repayment it will have adequate liquidity to continue its existing operations through 2016. The company says progress of its future water flood project continues. As announced on 10 December, the formal hearing with the Colorado Oil and Gas Conservation Commission is due on 26-27 January. As is common in these hearings, the application is being contested, however, the Company and its lawyers are confident that it has a strong case and expect that the project will be approved. The company also announced that its nominated adviser and broker has changed its registered name from Westhouse Securities Limited to Stockdale Securities Limited. * * * The sector's biggest fallers were Xtract Resources (LON:XTR) and Leed Resources (LON:LDP) - down by more than 28.8% and over 24/1% respectively in late trading. At 4:09pm: (LON:AUR) Aurum Mining PLC share price was 0p at 0.63p (LON:BOR) Borders Southern Petroleum PLC share price was +0.13p at 2.18p (LON:CHAR) Chariot Oil Gas Ltd share price was +0.41p at 5.66p (LON:ENQ) EnQuest Plc share price was -0.62p at 16.13p (LON:FOGL) Falkland Oil Gas Ltd share price was +0.95p at 8.25p (LON:GKP) Gulf Keystone Petroleum share price was -0.37p at 12.63p (LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 3.63p (LON:HAWK) Nighthawk Energy PLC share price was -0.02p at 1.01p (LON:INDI) Indus Gas Ltd share price was -1p at 118p (LON:MRS) Management Resource Solutions Plc share price was +4.75p at 14.5p (LON:PET) Petrel Resources PLC share price was 0p at 3.13p (LON:RKH) Rockhopper Exploration PLC share price was +4p at 28.25p (LON:RPT) Regal Petroleum PLC share price was -0.44p at 3.31p (LON:XEL) Xcite Energy Ltd share price was 0p at 15.25p
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