Source - SMW
Gulf Keystone Petroleum (LON:GKP)  posts a pre-tax loss of $59.6m for the six months to the end of June - down from $77.2m a year ago.

Revenues rose to $102.1m from $30.1m last time.

Chief executive Jon Ferrier said: "Upon completion of the Restructuring we will be able to effectively relaunch Gulf Keystone. We will benefit from an enhanced balance sheet, a well understood field which continues to perform above expectations and a clear path to significantly increasing production and growing value over time.

"With a regular payment schedule, Gulf Keystone will be in the strongest position it has been in for a number of years and faces the future with renewed confidence."

* * *

Total (LON:TTA) chairman and chief executive Patrick Pouyanne has presented the company's strategy and outlook to the financial community.

He says that in an environment where oil and gas prices have fallen significantly and remain volatile, the company is focused on being excellent at everything it can control:

- Increasing Opex savings from $3 to $4 billion by 2018

- Delivering growth with Capex at a sustainable level of $15 to $17 billion per year from 2017, $2 billion less than previous guidance due to further Capex discipline and cost deflation

- Growing production by an average rate of 5% per year from 2014 through to 2020 (rather than to 2019 in previous guidance).

Results for 2015 and the first 6 months of 2016 demonstrate the strength of the Groups integrated business model and the progress it is making to reduce its breakeven and deliver growth projects.

Total says it is managing its portfolio and allocating investment to position itself for profitable medium term growth with the following priorities:

- Lowering the breakeven of oil portfolio, both Upstream and Downstream

- Expanding along the full gas value chain

- Capitalising on customer-focused culture to grow its marketing and services positions

- Positioning in low carbon energy business

* * *

Argos Resources (LON:ARG) will hold its annual general meeting at the Falkland Islands Chamber of Commerce, West Hillside Estate, Stanley, FIQQ 1ZZ on 27 October at 5.00 p.m. (local time).

* * * 

Xtract Resources' (LON:XTR) shares plunged following its decision to relinquish its option and mining rights at the Chepica gold/copper mine in Chile.

It said that after a review it has determined that the underlying fundamentals and the risk associated with the project are no longer supportive of continuing investment by the company.  

"On this basis, the Company has advised the option holder that it will not make future option payments," it said in a statement. 

"The next option payment is due on 15 October 2016 following which the Company will relinquish its option and mining rights at Chepica."

* * *

The sector's biggest riser was Chariot Oil & Gas (LON:CHAR) - up by 15.4% in late trading.




At 4:25pm:

(LON:ARG) Argos Resources Ltd share price was 0p at 4.5p

(LON:AUR) Aurum Mining PLC share price was +0.2p at 1.25p

(LON:BOR) Borders  Southern Petroleum PLC share price was +0.05p at 1.9p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +1.49p at 11.13p

(LON:ENQ) EnQuest Plc share price was +0.13p at 26.63p

(LON:GKP) Gulf Keystone Petroleum share price was +0.07p at 2.09p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3p

(LON:INDI) Indus Gas Ltd share price was +0.26p at 455.13p

(LON:PET) Petrel Resources PLC share price was 0p at 7p

(LON:RKH) Rockhopper Exploration PLC share price was -0.12p at 29.63p

(LON:RPT) Regal Petroleum PLC share price was -0.04p at 3.46p

(LON:TTA) Total SA share price was +1.12p at 43.22p

(LON:XEL) Xcite Energy Ltd share price was 0p at 2.13p

(LON:XTR)  Xtract Resources Plc  share price was -0.01p at 0.03p



Related Charts

Argos Resources (ARG)

0.00p (0.00%)
delayed 18:15PM

Chariot Oil & Gas (CHAR)

-0.23p (-2.61%)
delayed 18:15PM

Gulf Keystone Petroleum (GKP)

+121.70p (+9,361.54%)
delayed 18:15PM

Total SA (TTA)

+0.39p (+0.85%)
delayed 18:15PM

Xtract Resources (XTR)

0.00p (0.00%)
delayed 18:15PM