Xcite Energy (LON:XEL) was the sector's biggest faller - down by more than 67.6% in late trading - after it issued an update on the restructuring of its $135 million senior secured bonds issued by Xcite Energy Resources plc.
As announced in its full year results for the year ended 31 December 2015 on 21 March 2016, the Company has been in discussions with its principal Bondholders with respect to a potential restructuring of the bonds and, on 16 June 2016, it subsequently announced an extension to the maturity of the Bonds until 30 September 2016 in order to continue those discussions and allow it to resolve terms for restructuring the bonds.
At the time of this maturity extension, the Company highlighted that while those discussions had been constructive, no terms had yet been agreed, and that should agreement on the terms of a restructuring be reached, it was likely that this would involve a reduction in the balance of the Bonds in return for an equity stake in the company.
Whilst terms of the restructuring have still to be agreed, the Company now believes that there will be a minimal residual equity stake attributed to the Company's existing shareholders following the restructuring.
The Company will update shareholders as soon as any further information relating to the restructuring of the Bonds can be made available.
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PetroNeft Resources (LON:PTR) was the sector's other double-digit faller - down by more than 12.3% - while Gulk Keystone Petroleum (LON:GKP) was down by over 9.5%. The biggest riser was President Energy (LON:PPC) - up by more than 10% while Pantheon Resources (LON:PANR) - up by 5.6%.
(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 +0.08p at 5.83p
(LON:ENQ) EnQuest Plc share price was -0.62p at 28.13p
(LON:GKP) Gulf Keystone Petroleum share price was -0.22p at 2.03p
(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3.13p
(LON:INDI) Indus Gas Ltd share price was +4.63p at 424.63p
(LON:PANR) Pantheon Resources PLC share price was +4.75p at 89.5p
(LON:PET) Petrel Resources PLC share price was +0.13p at 7.25p
(LON:PPC) President Energy Plc share price was +1.26p at 13.63p
(LON:PTR) Petroneft Resources PLC share price was -0.28p at 1.95p
(LON:RKH) Rockhopper Exploration PLC share price was -0.62p at 28.38p
(LON:RPT) Regal Petroleum PLC share price was 0p at 3p
(LON:XEL) Xcite Energy Ltd share price was -5.48p at 2.77p