Source - SMW
Gulf Keystone Petroleum (LON:GKP) has launched a scheme of arrangement in respect of holders of its guaranteed notes and convertible bonds in connection with the balance sheet restructuring transaction announced on 14 July.

A directions hearing was held yesterday at the Chancery Division of the High Court with the company granted an order to convene meetings of the holders of the guaranteed notes and the convertible bonds to consider and, if thought fit, approve the scheme.

As the holders of the guaranteed notes and the holders of the convertible bonds form separate classes there will be two scheme meetings, one for each class. 

The meetings will be held on 22 September at the offices of Paul Hastings (Europe) LLP, Ten Bishops Square, London E1 6EG at 10.30 a.m. in respect of the guaranteed notes and 11.00 a.m. in respect of the convertible bonds.

* * *

President Energy (LON:PPC) has updated on its operations in Argentina and Louisiana.

ARGENTINA:

- Drilling operations ongoing at DP1002 S/T Puesto Guardian Concession, Argentina

- Subject to successful execution, the well is targeted to be hooked up and in full production during first part of October adding, as a base case, 500 bopd, which would double existing production from the Concession

- Current production at Puesto Guardian Concession of 510 bopd with July average of 440 bopd

- Coiled Tubing campaign to commence mid-September on four old and currently shut in wells at Puesto Guardian to add incremental new production and expand producing well stock

- President engaged with fellow E&P Company in cost sharing and procurement

LOUISIANA:

- Net production expected to return to 250 bopd by end September after two wells come on-stream

* * *

Roxi (LON:RXP), the Central Asian oil and gas company with a focus on Kazakhstan, has announced a reserves update as at 31 December 2015 of BNG's South Yelemes fields. 

The update covers the company's shallow fields at its BNG asset and does not include its deeper prospects that are subject to drilling at its wells A5, A6 and 801.

Roxi says Gaffney, Cline & Associates has conducted an independent audit examination, as of 31 December, 2015, of the crude oil reserves of BNG's South Yelemes fields. 

The South Yelemes fields consist of two independent hydrocarbon accumulations (southeast and northwest). 

The fields are currently in a pilot stage of production (post salt reservoirs only) and appraisal testing and are currently producing around 600 - 800 bopd. Roxi has confirmed to GCA that the current obligations under the assessment licence have been fulfilled (due to expire in 2018) and a full 25-year production licence is expected to be awarded, running till 2043. 

* * *

The sector's biggest riser was Northern Petroleum (LON:NOP) - up by 10% in late trading - while the biggest faller was Xcite Energy (LON:XEL) - down by more than 7.8%. 


At 4:17pm:

(LON:AUR) Aurum Mining PLC share price was +0.05p at 1.05p

(LON:BOR) Borders  Southern Petroleum PLC share price was +0.01p at 1.71p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +0.05p at 5.72p

(LON:ENQ) EnQuest Plc share price was +0.88p at 27.13p

(LON:GKP) Gulf Keystone Petroleum share price was -0.12p at 3.38p

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

(LON:INDI) Indus Gas Ltd share price was 0p at 405p

(LON:NOP) Northern Petroleum PLC share price was +0.3p at 3.3p

(LON:PET) Petrel Resources PLC share price was 0p at 6.13p

(LON:PPC) President Energy Plc share price was +0.13p at 11.38p

(LON:RKH) Rockhopper Exploration PLC share price was -1p at 30.75p

(LON:RPT) Regal Petroleum PLC share price was +0.13p at 3.25p

(LON:RXP) Roxi Petroleum PLC share price was +0.75p at 10.75p

(LON:XEL) Xcite Energy Ltd share price was -0.54p at 6.38p



Related Charts

Gulf Keystone Petroleum (GKP)

-1.25p (-0.96%)
delayed 13:10PM

Northern Petroleum (NOP)

-0.02p (-0.40%)
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President Energy (PPC)

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Roxi Petroleum (RXP)

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Xcite Energy (XEL)

0.00 (0.00%)
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