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29th June 2012

Georgia-focused oil company Frontera Resources' (LON:FRR) shares were down by nearly 13% after it reported a big rise in net losses for 2011.

Crude oil sales fell from $8.3m to $7.4m while restructuring resulted in a net loss of $119.9m - up from $63.9m last time.

Chairman and chief executive Steve Nicandros said: "2011 was a truly transformative year for Frontera as the company was able to successfully simplify its balance sheet, add new capital for our ongoing work programs and build a new foundation that is the basis for our current progress.

"We look forward to advancing our initiatives during the remainder of this year with an objective of achieving profitability from the significant potential that our programs hold."

Aminex (LON:AEX) was another faller after it revealed that ongoing seismic survey of the ‘transition zone’ in the Nyuni area production sharing agreement in Tanzania, has been hit by rough seas.

Aminex is acquiring 335 km of 2D seismic data in the transition zone of the Nyuni area licence using ocean bottom cable technology.

To date approximately 141 kilometres of full-fold data has been acquired, equivalent to 42% of the entire survey.

It adds: "In recent weeks the survey has experienced downtime due to rough seas in the shallow waters of the transition zone as a result of seasonal weather."

Aminex said that to reduce downtime costs and ensure optimum data quality, it has reached a mutual agreement with the seismic contractors to suspend temporarily the survey until late October when survey work in the transition zone is expected to resume.

In the meantime, Aminex is in discussion with seismic contractors to acquire conventional 2D marine seismic in the deep-water portion of the Nyuni area licence.

Faroe Petroleum (LON:FPM) has plugged and abandoned the Clapton exploration well in the Norwegian North Sea.

The well was drilled to a vertical depth of 2,619 m below sea level and was terminated in the Cretaceous Hidra Formation.

The primary target was encountered on prognosis, but the reservoir was thinner and of poorer quality than prognosed.

The Shetland Group chalk reservoir contained no hydrocarbons of producible quantities.

Oil shows were present in the Neogene section and in the upper part of the Ekofisk.

Data acquisition and sampling has been carried out and the well will now be plugged and abandoned.

This well, which is Faroe Petroleum's first operated well in Norway, was drilled using the Maersk Guardian jack-up rig. The well came in on budget and was drilled safely without any serious incidents.

Solo Oil (LON:SOLO) has drawn down £300,000 from the three-year £10m equity line facility with Dutchess Opportunity Cayman Fund to continue funding the developments and flow testing programme at the Ntorya-1 discovery well in Tanzania.

Chief executive Neil Ritson said: "The excellent results from the testing at Ntorya-1 confirm our view that the Ruvuma PSA (prdocution sharing agreement) has very considerable potential for both commercial gas and possibly oil production.

"Additional working capital is required, although the bulk of the funding for the future programme is planned to come from a farm-down."

Solo holds a 25% working interest in the Ruvuma PSA.

Solo has issued and allotted 66,666,667 new ordinary shares at 0.45p apiece under the drawdown.

The biggest riser was Bahamas Petroleum (LON:BPC) - up by nearly 20%






At 4:23pm:

(LON:AEX) Aminex share price was -0.15p at 4.28p

(LON:AUR) Aurum Mining share price was +0.01p at 2.88p

(LON:BOR) share price was +1.88p at 59.88p

(LON:BPC) share price was +1.56p at 9.21p

(LON:CHAR) share price was +3.63p at 102.13p

(LON:DES) Desire Petroleum share price was +0.75p at 22p

(LON:DGO) Dragon Oil share price was +16.75p at 543.25p

(LON:ENQ) share price was +3.35p at 108.55p

(LON:FOGL) Falkland Oil and Gas Limited share price was -1.37p at 86.38p

(LON:FPM) Faroe Petroleum share price was -3p at 148p

(LON:FRR) share price was -0.08p at 0.54p

(LON:GKP) Gulf Keystone Petroleum share price was +20p at 161.75p

(LON:GPX) share price was +0.13p at 84.38p

(LON:INDI) share price was +136p at 972.5p

(LON:PET) Petrel Resources share price was 0p at 5p

(LON:RKH) share price was +12.88p at 257.38p

(LON:RPT) Regal Petroleum share price was -0.12p at 16.13p

(LON:SOLO) share price was 0p at 0.48p

(LON:XEL) share price was +4.25p at 75.5p



Story provided by StockMarketWire.com