FoxDavies views from the trading floor - Aminex, SOLO Oil and Lochard Energy

Aminex (LON:AEX) and SOLO Oil (LON:SOLO) finally issued a drilling update from the NTORYA-1 well, and it did not make for pleasant reading. The company said that its Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania didn't find oil or gas at the depths it anticipated, and it will now run tests on the well and check data to determine whether to carry on drilling or not. It said the well is designed to test the oil-bearing sands previously encountered in the Likonde-1 well, 14 kilometres to the north. The well was drilled to 2,500 meters but was expected to find oil or gas shows at between 1,800 meters to 1,900 meters. Support at 2.7p on Aminex does look to be the main area of interest here, with 0.50p looking to be major support for SOLO Oil.

Lochard Energy (LON:LHD) the oil & gas exploration company focused on the North Sea, jumped 6% before lunch to 9.75p. Volume shave been rather thin over the last few trading sessions as holders wait for further developments on the Ithaca Energy (LON:IAE) bid. Volumes have just started to pick up once again, with over a million shares changing hands before lunch, and that helped push the stock through resistance at 9.35p. Next line resistance looks to be around the 11p area, and could well test it if the volume continues in this fashion.

Nostra Terra Oil & Gas (LON:NTOG) jumped 8% to 0.46p mid-price just before lunch, as holders started to get ready for the spudding of the companies Bale Creek asset. In the last update the company said 'Bale Creek update, Following 3D seismic interpretation at Bale Creek, locations of the initial wells have been adjusted. Site construction is now underway, and spudding is expected to follow. Further updates on both the foreclosure process and Bale Creek will be made in due course.' With volumes increasing, and the price rising, could we be in store for an update here? Big brother is watching.

Gulfsands Petroleum (LON:GPX) were a little weaker today, trading 5p easier at 170p before lunch. Volumes have been nothing to shout about recently, and major support looks to be around the 165p area. Obviously any update on the situation in Syria, or any update on Gulfsands receiving the funds owed to them this one could light up. I will be watching the news wires for updates and shall report back accordingly. One for the watch list.

Sterling Energy (LON:SEY) pushed 4% better to 39.5p on almost 10 times the recent average daily volume. Shares have been very quiet since the last update back on the Ntem Farmout agreement in Cameroon with Murphy Cameroon Ntem Oil Co. If the shares can break the 40p major resistance, then it would seem that a retest of 44p could be on the cards. An old punters favourite to keep a close eye on.

Magnolia Petroleum (LON:MAGP) started to move again today, pushing 7% better to 1.5p before lunch. The shares have been on a fantastic run ever since the company announced an update on the drilling of the two Eckelberg wells in the Bakken / Three Forks Sanish Formations in North Dakota, in which it participates with leading US oil and gas operator, Marathon Oil Company. Now for a company the size of this to have any dealings with Marathon Oil it can only be a bullish sign. On 19 January 2012, the Company received confirmation from Marathon that both wells have been spud: the Eckelberg 14-23H on 6 December 2011; and the Eckelberg 14-23TFH on 31 December 2011. The two Eckelberg wells are now being drilled and further updates will be provided to the market as and when they become available. We will be watching this one very closely for the updates as they appear.

Xcite Energy (LON:XEL) have slowly slipped back to major support of 90p today, albeit on very thin volume. Holders here continue to watch for developments and updates on its Bentley Field in the North Sea. These seem to be stuck in a tight range between 90p and 100p. It does look as though these will need a positive update to get them firmly through the 100p resistance.

Petrolatina (LON:PELE) have been stuck between 15p and 17p for the last few months, as holders sit and wait for updates on the seismic acquisition programme on the Putumayo-4 block. An interesting point to note here is, that there are only 32.3 million shares in float according to Bloomberg, so any news flow here does tend to swing this one about aggressively. We will be watching for the seismic update here.

Written by Steven Asfour, Sales Trader at Fox-Davies