Oil, Gas Roundup

Ithaca Energy (LON:IAE) has confirmed that Stella field start-up will be delayed after a routine inspection found faults on a number of electrical junction boxes on the FPF-1 floating production vessel.

The company says the faults on the vessel's processing facilities have been identified and a programme of necessary repairs is under way.

Ithaca says all other preparations are on plan and start-up is now anticipated in early January, upon completion of this additional work.

Chief executive Les Thomas said: "The safety and integrity of the facility is paramount and we must ensure that everything is done meticulously in advance of the introduction of hydrocarbons into the facility. Although any delay to start-up at this stage is frustrating, the value of a thorough inspection programme has been proven and we look forward to completion of this work and the imminent start-up of production."

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Sound Energy (LON:SOU) yesterday announced the launch of institutionally underwritten Offers to raise £24.1 million at 81p per New Ordinary Share.

"The Company is delighted to announce that following excess applications under the Offers the overall size of the Offers has been increased," it said.

The Company has therefore accepted applications to subscribe for an aggregate of 33,239,323 New Ordinary Shares resulting in gross proceeds of £26.9 million being raised.

The Company has therefore today issued and allotted a total of 33,239,323 New Ordinary Shares to satisfy the Offers and, as a result of the excess applications, application has been made to the London Stock Exchange for an additional 3,440,436 New Ordinary Shares, which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8am on 30 November 2016.

The net proceeds of the Offers are approximately £24.3 million.

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Egdon's (LON:EDR) open offer for up to approximately £2.06 million at 13.5 pence per share was 1.3 times oversubscribed and valid acceptances have been received in respect of the entirety of the open offer Shares.

Qualifying shareholders who have validly applied for open offer shares will receive their full entitlement and applications under the excess entitlements facility will be scaled back in accordance with the terms of the offer.

Application will be made for 15,234,093 open offer shares to be admitted to trading on AIM and it is expected that dealings will commence at 8.00 a.m. on 29 November.

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Westmount Energy (LON:WTE) posts an operating loss of £434,023 for the year to the end of June compared with £222,239 last time.

Chairman Gerard Walsh said it had been another difficult and volatile year for the oil & gas industry and in particular the junior E&P sector.

He added: "The oil price has recovered from the recent lows set in January of this year and recently traded in the $45-$55 range. There is hope that short term supply issues can be resolved by an agreement at the forthcoming OPEC meeting. The recent commodity price improvement and market stability has helped investor sentiment."

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The CI-GNL (Ivory Coast LNG) consortium led by Total (LON:TTA) has been awarded the rights to build and operate a liquefied natural gas (LNG) re-gasification terminal in Ivory Coast with a capacity of 3 million tons per year.

The decision announced by the Government of the Ivory Coast on October 4th was followed by the signature of the shareholders agreement in Abidjan between Total, which will operate the project with a 34% interest, national companies PetroCI (11%) and CI Energies (5%) as well as SOCAR (26%), Shell (13%), Golar (6%) and Endeavor Energy (5%).

Total will use the terminal to supply LNG volumes from its global portfolio in proportion to its participating interest in the project. The re-gasification terminal project is expected to become operational by mid 2018.

" This project illustrates Total's strategy to develop new gas markets by unlocking access to LNG for fast-growing economies," said Philippe Sauquet, President Gas, Renewables and Power of Total.

"Working closely with our partners enabled us to put together an integrated proposal combining LNG supply and import infrastructure through a floating storage and re-gasification unit, " he said.

" We are very pleased to have been selected by the Ivorian authorities to manage this project, which will meet growing domestic and regional needs for gas and power.

"The project involves the construction of a terminal with a floating storage and re-gasification unit (FSRU) in Vridi, Abidjan area, and a pipeline connecting the FSRU to existing and planned power plants in Abidjan, as well as to regional markets connected to the Ivorian network.

"This will enable Ivory Coast to become the first regional LNG import Hub in West Africa, and to meet both regional and domestic demand."

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Exillon Energy's (LON:EXI) output averaged 12,119 barrels per day in October. Average daily production for Exillon Timan-Pechora was 2,726 bpd, and for Exillon West Siberia it was 9,393 bpd during the period. Peak daily production was 12,659 bpd.

At 4:14pm:

(LON:AUR) Aurum Mining PLC share price was +0.05p at 4.25p

(LON:BOR) Borders Southern Petroleum PLC share price was -0.08p at 2.68p

(LON:CHAR) Chariot Oil Gas Ltd share price was +0.34p at 7.66p

(LON:EDR) Egdon Resources PLC share price was -0.13p at 14p

(LON:ENQ) EnQuest Plc share price was -0.37p at 28.38p

(LON:GKP) Gulf Keystone Petroleum share price was 0p at 1.18p

(LON:GPX) Gulfsands Petroleum PLC share price was +0.25p at 3.88p

(LON:IAE) Ithaca Energy Inc share price was -8.75p at 81.75p

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

(LON:PET) Petrel Resources PLC share price was +0.13p at 5.75p

(LON:RKH) Rockhopper Exploration PLC share price was +0.13p at 22.88p

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

(LON:SOU) Sound Energy PLC ORD 1p share price was -1p at 80.5p

(LON:TTA) Total SA share price was +0.01p at 44.09p

(LON:WTE) Westmount Energy Ltd share price was 0p at 5.63p