- Bt Group 313.70 0.00
- Caza Oil & Gas 12.00
+0.25 - Gulf Keystone 151.50 0.00
- Iofina 206.00 0.00
- Itv 139.10 0.00
- Kingfisher 348.60 0.00
- Max Petrol 4.08 0.00
- Sefton Res. 0.48
-0.05 - Tesco 344.60 0.00
Oil & Gas Sector: Xcite is top riser after positive update on pre-production flow test
Wednesday, 11th July 2012
North Sea oil firm Xcite Energy (LON:XEL) was the sector's biggest riser after it revealed that its pre-production flow test is progressing well.It said the planned shut-in period and pressure build-up test began today (11 July) following the initial, successful, clean-up and first oil flow on 9 July.
This planned shut-in period and pressure build-up test is designed to obtain key information about the Bentley reservoir and the mobility of its fluids for use in interpreting the subsequent flow data and for planning the next step of the Bentley field development.
Following this build-up test, the flow test will continue as planned.
Xcite Energy's shares were up by more than 17% in late afternon trading.
The sector's only other double-digit riser was Lansdowne Oil & Gas (LON:LOGP) - up by more than 11%
Mediterranean Oil & Gas (LON:MOG) reported that the offshore Guendalina gas field achieved production (net to MOG 20% WI) of 10.93 million scm in the second quarter, in line with the company's expectations.
This represents net production by the company of 120,000 scm/day.
In addition, the company's onshore Italy gas fields achieved production of 2.38 million scm (net) in the second quarter. This represents net production to the Company of 26,000 scm/day.
The onshore production was approximately 14,000 scm/day lower than expected due to maintenance on the surface production facilities relating to one of the assets. The Company plans to complete the maintenance work during the third quarter.
Total revenues attributable to the company's onshore and offshore gas production in the second quarter amounted to â?¬4.2m (Q1 2012: â?¬4.2m).
The sector's biggest fallers were Gasol (LON:GAS) and Global Petroleum (LON:GBP) - down by nearly 7% and more than 5.6% respectively.
At 4:20pm:
(LON:AUR) Aurum Mining share price was 0p at 3.25p
(LON:BOR) share price was +1.13p at 66.88p
(LON:CHAR) share price was +2.5p at 124p
(LON:DES) Desire Petroleum share price was -0.25p at 21.5p
(LON:DGO) Dragon Oil share price was +4.5p at 571.5p
(LON:ENQ) share price was -1.8p at 110.5p
(LON:FOGL) Falkland Oil and Gas Limited share price was -1.37p at 88.63p
(LON:GAS) share price was -0.05p at 0.68p
(LON:GBP) share price was -0.63p at 10.5p
(LON:GKP) Gulf Keystone Petroleum share price was -1p at 208p
(LON:GPX) share price was +2p at 94.5p
(LON:INDI) share price was -15p at 985p
(LON:LOGP) share price was +5.88p at 56.38p
(LON:MOG) share price was -0.25p at 9.63p
(LON:PET) Petrel Resources share price was -0.25p at 4.75p
(LON:RKH) share price was +5.38p at 274.38p
(LON:RPT) Regal Petroleum share price was -0.25p at 16.5p
(LON:XEL) share price was +11.63p at 79.13p
Story provided by StockMarketWire.com
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