Source - SMW
Roxi Petroleum (LON:RXP) said the oil-bearing intervals identified at Well A6 are larger than those previously identified at Deep Wells A5, which is believed to be in the same structure, and at Deep Well 801.

"We now plan to move to the all important 90 day flow test without delay," said executive chair Clive Carver in a statement.

Deep Well A6 was spudded in November 2015, targeting the same structure as Deep Well A5 in the Middle and Lower Carboniferous, and reached a revised Total Depth of 4,528 meters in October 2016.

From the analysis of wireline logging, gross oil-bearing intervals totalling 127 meters have been identified. 

These are in two intervals, the first of 72 meters between depths of 4,313 meters and 4,385 meters. 

The second is of 55 meters between depths of 4,450 and 4,505 meters. Further analysis will be conducted to determine the portion of these intervals that are capable of producing commercial volumes of oil ( net pay ).

"We now plan to complete the well by cementing a 5-inch liner to the Total Depth of the well," the company said. "Following this we intend to perforate the interval between 4,450 - 4,505 meters to allow a 90 day flow test to commence without delay."

* * *

Global Petroleum (LON:GBP)  says environmental decrees have been published by the Italian authorities in relation to two of the company's four applications: for d 82 F.R-GP and d 83 F.R-GP. 

The company expects the environmental decrees in respect of the remaining two applications - d 80 F.R-GP and d 81 F.R-GP - shortly. 

Publication of environmental decrees is the final administrative stage before grant of the permits.

* * *

Tower Resources (LON:TRP) has unveiled a series of changes to its board as part of the previously announced restructuring of its cost base.

Graeme Thomson has notified the company of his decision to step down as Chief Executive Officer of the Company, with effect from 31 October, in order to help deliver the necessary reduction in costs. 

"We are pleased to announce that Graeme has agreed to continue with the Company as a Non-Executive Director. From 1 November, Jeremy Asher will assume the combined role of Chairman and Chief Executive Officer."

Nigel Quinton, Exploration Director, has relinquished his role as Exploration Director with effect from 26 October, but will remain available to the Company, as required, on a consultancy basis. 

In addition, Non-Executive Directors Philip Swatman and Philip Frank have offered to resign from the Board, and the Company has accepted these resignations with effect from 31 December 2016.

"In total, the effect of these changes will be to reduce the company's payroll costs substantially. 

"The only cost to implement these changes, Graeme Thomson and Nigel Quinton having waived any contractual notice entitlements, will be around £40,000 of legal and settlement expenses, and the issuance of 1.5 million fully vested stock options (at a strike price of 2.25p with an expiry date of 26 October 2021) to Nigel Quinton as part of establishing the new consultancy arrangements."

Following these changes the Board will be comprised as follows:

Jeremy Asher (Chairman and Chief Executive Officer)

Peter Taylor (Non-Executive Director)

Graeme Thomson (Non-Executive Director)

* * *

Management Resource Solutions (LON:MRS) said Paul Morffew has ceased to be Chief Executive Officer and a director of both the company and its subsidiaries with immediate effect.

It said that Joe Clayton, chief executive of recently acquired SubZero, has agreed to act as interim chief executive of the company and all group companies with immediate effect. 

* * *

Xcite Energy (LON:XEL) said, following the announcement of the suspension of its shares on AIM, Liberum Capital Ltd is resigning as Nominated Adviser and Broker with immediate effect. 

"In view of the proposed liquidation of the Company, the Company does not intend to appoint a replacement Nominated Adviser," Xcite said. 

"Therefore under the AIM Rules, the cancellation of admission of the Company's ordinary shares to trading on AIM is expected to take place one month from today."

** *

Tullow Oil confirms the successful completion of the six-monthly redetermination of its Reserve Based Lend (RBL) facility. 

The debt capacity generated by the asset base remains in excess of commitments and, following the scheduled amortisation at the beginning of October, available credit under the RBL is now $3.3 billion.

Tullow also confirmed that it has secured $345 million of new commitments from its existing lenders by exercising an accordion facility embedded in the existing RBL which will take effect from 1 April 2017. 

The new commitments will largely offset the impact of the scheduled amortisation in April 2017 and will ensure Tullow has appropriate headroom throughout 2017 as it refinances its bank facilities.

Overall, Tullow's capital commitments have reduced substantially following the completion of the TEN Project. 

During the fourth quarter, the Group will be generating free cash flow from its producing assets and can start paying down its debt. 

At the beginning of October, and excluding the additional commitments above which take effect next year, the Group has free cash and unutilised debt capacity of $0.9 billion with no near term maturities, and overall net debt of approximately $4.7 billion.

* * *

Indus Gas (LON:INDI)  has confirmed that all resolutions proposed at its annual general meeting today were passed. 








At 4:25pm:

(LON:AUR) Aurum Mining PLC share price was +0.9p at 3.9p

(LON:BOR) Borders  Southern Petroleum PLC share price was +0.05p at 2.35p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +0.55p at 8.83p

(LON:ENQ) EnQuest Plc share price was -0.62p at 28.38p

(LON:GBP) Global Petroleum Ltd share price was +0.13p at 1.63p

(LON:GKP) Gulf Keystone Petroleum share price was +0.02p at 1.29p

(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3.38p

(LON:INDI) Indus Gas Ltd share price was -28.87p at 420.88p

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

(LON:RKH) Rockhopper Exploration PLC share price was -0.12p at 26.38p

(LON:RPT) Regal Petroleum PLC share price was -0.01p at 3.73p

(LON:RXP) Roxi Petroleum PLC share price was +0.88p at 10.5p

(LON:TRP) Tower Resources PLC share price was 0p at 2.38p