Oil, Gas Roundup

Europa Oil & Gas's (LON:EOG) proposed sale of a 3.34% working interest in PEDLs 180 and 182 in North Lincolnshire to Union Jack Oil for a cash consideration of £600,000 has been approved by the Oil and Gas Authority.

The licences cover the Wressle discovery (PEDL180) and the Broughton North prospect (PEDL182).

Following OGA approval of the transaction, Europa retains a 30.00% interest in the licences alongside Egdon Resources UK Limited (25.00%), Celtique Energie Petroleum Limited (33.33%) and UJO (11.67%).

Based on the terms of the transaction, Europa's 30.00% interest in the Licences has an implied mark to market valuation of £5.4 million.

The £600,000 cash consideration, which has been received by the Company, will help fund Europa's share of the costs associated with bringing the Wressle discovery into production in early 2017, expected to be at a gross rate of 500 bopd.

At this level, Europa's anticipated net share of 150 bopd will more than double the company's existing production.

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The sector's biggest risers were Solo Oil (LON:SOLO) and Petro Matad (LON:MATD) - up by more than 29.5% and over 12.3% respectively in late trading. The biggest fallers were Chariot Oil & Gas (LON:CHAR) and Independent Resources (LON:IRG) - down by more than 6.6% and over 5.4% respectively.

At 4:00pm:

(LON:AUR) Aurum Mining PLC share price was -0.98p at 4.03p

(LON:BOR) Borders Southern Petroleum PLC share price was +0.11p at 2.58p

(LON:CHAR) Chariot Oil Gas Ltd share price was -0.53p at 7.5p

(LON:ENQ) EnQuest Plc share price was +0.63p at 28.88p

(LON:EOG) Europa Oil Gas Holdings PLC share price was 0p at 4.5p

(LON:GKP) Gulf Keystone Petroleum share price was 0p at 1.22p

(LON:GPX) Gulfsands Petroleum PLC share price was +0.01p at 3.38p

(LON:INDI) Indus Gas Ltd share price was -0.12p at 289.88p

(LON:IRG) Independent Resources PLC share price was -0.01p at 0.09p

(LON:MATD) Petro Matad Ltd share price was +0.45p at 3.9p

(LON:PET) Petrel Resources PLC share price was -0.25p at 5.38p

(LON:RKH) Rockhopper Exploration PLC share price was +0.13p at 24.38p

(LON:RPT) Regal Petroleum PLC share price was +0.01p at 3.74p

(LON:SOLO) Solo Oil PLC share price was +0.06p at 0.28p