- Compass Group 887.00 0.00
- Croda Intl. 2,529.00 0.00
- Eurasian 254.80 0.00
- Hsbc Hldgs.uk 726.00 0.00
- Next 4,580.00 0.00
- Woburn Energy 1.50 0.00
- Xtract 0.13 0.00
Oil & Gas Sector: Essar Energy up after unit renews sale and purchase deal with BPCL
Thursday, 26th April 2012
Essar Energy (LON:ESSR) subsidiary Essar Oil Ltd has renewed a major product sale and purchase agreement with Bharat Petroleum Corporation.The renewed four-year agreement, running up to 2016, is for the supply of diesel, petrol, kerosene and aviation turbine fuel to BPCL from Essar Oil's Vadinar refinery.
It also entitles Essar Oil to purchase products from BPCL and gives the two companies the option of sharing each other's distribution infrastructure. Essar Oil chief executive, marketing, S Thangapandian, said: "We are delighted to further cement our long-term relationship with BPCL.
"Essar Oil has emerged as the biggest supplier for fuels for BPCL. With our expanded capacity coming on stream, we are fully geared to serve the growing demands of high quality fuel for the nation."
Borders & Southern Petroleum (LON:BOR) has raised £46,468,800 through a placing of 55,320,000 new ordinary shares at £0.84 apiece.
These funds will be used to acquire additional 3D seismic within the company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well.
Total (LON:TTA) has outlined further significant steps taken to stop the Elgin gas leak.
This includes the installation of a key piece of equipment on the G4 well to divert leaking gas away from the wellhead platform.
Known as a diverter, this specially manufactured device has been connected to the G4 wellhead and is now carrying the flow of leaking gas, via four flexible hoses, away from the wellhead and the platform.
The fitting of this device ensures that there is no gas accumulating around the G4 wellhead or the platform.
This reinforces the safety of the well intervention operation and helps alleviate restrictions on helicopter landings on the platform from now on.
Due to the unfavourable weather conditions, a team of experts from Total and specialist contractors were able to make only two further flights to the Elgin platform this week.
During these visits, in addition to installing the diverter, they were able to continue laying down essential equipment for the well intervention and undertook further monitoring and inspection.
The state-of-the-art, dynamically positioned drilling rig, the West Phoenix, will be used as the main support vessel for the well intervention operation and is preparing for the operation while located on the edge of the 2 nautical mile Elgin exclusion zone.
The Skandi Aker, currently still in Peterhead harbour, will have a complementary supporting role during this operation.
Next steps will be the manoeuvring of the West Phoenix alongside Elgin complex to be in a position to start the well intervention operation as soon as possible.
In parallel, drilling of the first relief well by the Sedco 714, 2 km east of the Elgin complex, is progressing according to plan.
EnQuest (LON:ENQ) has agreed with First Oil the proposed acquisition of a further 15% interest in blocks 9/2b and 9/2c including the Kraken oil discovery.
This brings EnQuest's total interest in Kraken to 60%.
The agreement is subject to the normal regulatory and partner consents and is also conditional on EnQuest shareholder approval.
Exillon Energy (LON:EXI) has concluded a settlement with the FSA in relation to an investigation - which will see the company fined £292,950.
Exillon accepts the FSA's decision, which was in connection with failing to identify and notify to the FSA certain Related Party Transactions in 2010. These transactions were disclosed in April 2011 in the Group's 2010 Financial Statements.
The FSA did not conclude that any officer of Exillon Energy had acted improperly, or to suggest that any party benefited financially or that Exillon's shareholders suffered any losses.
In setting the penalty, the FSA noted that:
1) remedial steps have been taken by Exillon after the breach was identified to bring its related party compliance procedures to a high standard;
2) Exillon's cooperation with the FSA went well beyond the typical level of cooperation required by the FSA;
3) repayments with interest were made in full before it was brought to Exillon's attention that they constituted related party transactions.
Fortune Oil's (LON:FTO) attributable profits to shareholders rose by 39% to a record £18.2m in the year to the end of December.
Revenues - including its share of jointly controlled entities - increased by 10% to £625m and operating profits rose by 11% to £27.4m.
Chairman Qian Benyuan said: "Fortune Oil delivered another strong performance in 2011 and continued to make significant progress across all core businesses.
"The company's strong position, significant industry experience and clear strategic focus has allowed us to benefit from opportunities that have arisen and we remain confident of continue success in the coming years.
"We are very excited about the growth prospects for Fortune Oil.
"We continue to strengthen our position in the China gas industry while still seeking opportunities in the oil sector.
"Given Fortune Oil's attractive position within China's expanding energy and resource markets, we remain confident of delivering further success in the future."
At 4:19pm:
(LON:AUR) Aurum Mining share price was +0.01p at 3.13p
(LON:BOR) share price was +1.88p at 85.88p
(LON:CHAR) share price was -2.37p at 181.63p
(LON:DES) Desire Petroleum share price was -0.5p at 27.75p
(LON:DGO) Dragon Oil share price was -3.5p at 596.5p
(LON:ENQ) share price was +1.4p at 123.4p
(LON:ESSR) share price was +7.4p at 133.5p
(LON:EXI) share price was +0.75p at 137.75p
(LON:FOGL) Falkland Oil and Gas Limited share price was -0.25p at 88.75p
(LON:GKP) Gulf Keystone Petroleum share price was -2.62p at 225.38p
(LON:GPX) share price was +0.75p at 128.75p
(LON:INDI) share price was +0.25p at 910.25p
(LON:PET) Petrel Resources share price was +0.38p at 6.25p
(LON:RKH) share price was +0.13p at 350.38p
(LON:RPT) Regal Petroleum share price was +0.25p at 28p
(LON:TTA) share price was +0.53p at 36.45p
(LON:XEL) share price was -1.25p at 105p
Story provided by StockMarketWire.com
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