Sound Energy (LON:SOU) said it and PetroMaroc Corp. have revised the terms relating to the former's acquisition of a 50% operated stake in in three onshore gas permits in Morocco, together known as the Sidi Moktar Licences.
It said there have been a number of developments that have impacted the companies' original agreement, including the recent increase in its share price.
"The parties wish to ensure that their respective interests are protected in a reasonable and fair manner and have therefore entered into a revised binding agreement," Sound Energy said.
PetroMaroc will now receive all proceeds from sale(s) up to 50p per consideration share and sale proceeds in excess of 50p per Consideration Share will be shared equally between PetroMaroc and Sound Energy.
In addition, the long stop date for completion of the Acquisition has been extended to 31 December 2016 or such later date as is necessary to satisfy the remaining conditions precedent.
* * *
Aminex (LON:AEX) has signed a rig contract for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin.
The Caroil 2 drilling rig is currently on the Ntorya 1 well pad and preparations are under way to mobilise the rig and equipment to the Ntorya 2 pad, which is 1500m away.
The contract is for one firm well with an option for a second well. The company has a 75% working interest and is the operator of this well, which is positioned approximately 1500m southwest of the Ntorya-1 discovery well, which flow tested at 20 mmcfd with 139 bbls associated condensate. The company remains on track to spud Ntorya-2 during Q4 2016.
* * *
Solo Oil (LON:SOLO) has been told by the Ruvuma Petroleum Sharing Agreement (PSA) operator, Aminex plc, that a rig contract has now been signed for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin.
The Carol#2 drilling rig, which is currently on the Ntorya-1 well pad, will shortly be mobilised to the Ntorya-2 pad which is located approximately 1.5 kilometres to the southwest.
The contract is for one firm well, with an option for a second well.
The Company has a 25% working interest in the Ruvuma PSA and the Ntorya-2 well is a key appraisal of the Ntorya-1 discovery which flowed 20 million standard feet per day with 139 barrels of associated condensate.
Aminex further advises that it remains on track to spud Ntorya-2 during Q4 2016.
* * *
Tullow Oil (LON:TLW) said that Hull & Machinery insurance cover has been confirmed for the FPSO Kwame Nkrumah by its reinsurers following the failure of the Jubilee turret bearing earlier this year.
The Hull & Machinery policy, which is procured on behalf of the Joint Venture, covers relevant operating and capital costs associated with both current operating procedures at the FPSO and the long-term solution.
As operator of the Jubilee field, Tullow will now work closely with the loss adjusters and reinsurers to establish an efficient payments schedule as remedial work continues.
Tullow also continues to work with its Business Interruption reinsurers on confirming cover for loss of production and revenue caused by the turret bearing failure.
* * *
The sector's biggest riser was Xtract Resources (LON:XTR) - up by more than 18.1% in late trading - while the biggest faller was LGO Energy (LON:LGO) - down by over 10.7%.
(LON:AEX) Aminex PLC share price was +0.08p at 1.83p
(LON:AUR) Aurum Mining PLC share price was +0.6p at 1.85p
(LON:BOR) Borders Southern Petroleum PLC share price was 0p at 1.9p
(LON:CHAR) Chariot Oil Gas Ltd share price was -0.63p at 10.5p
(LON:ENQ) EnQuest Plc share price was -0.62p at 26.38p
(LON:GKP) Gulf Keystone Petroleum share price was +0.1p at 2.16p
(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3p
(LON:INDI) Indus Gas Ltd share price was +0.13p at 455.13p
(LON:PET) Petrel Resources PLC share price was 0p at 7p
(LON:RKH) Rockhopper Exploration PLC share price was -0.25p at 29p
(LON:RPT) Regal Petroleum PLC share price was +0.01p at 3.47p
(LON:SOLO) Solo Oil PLC share price was +0.01p at 0.24p
(LON:SOU) Sound Energy PLC ORD 1p share price was +9.75p at 88.5p
(LON:TLW) Tullow Oil PLC share price was -2.35p at 225.75p
(LON:XEL) Xcite Energy Ltd share price was +0.03p at 2.08p
(LON:XTR) Xtract Resources Plc share price was +0.01p at 0.03p