Lochard Energy (LON:LHD) jumped 6% to 12.75p during early trading after Views from the Trading Floor highlighted them as potentially cheap compared to other companies within the same North Sea Athena field asset yesterday. Holders here are still waiting to see the outcome of the potential Ithaca Energy (LON:IAE) bid and the news that the FPSO has arrived on site. The shares are still a long way off the highs from the summer last year.
Bahamas Petroleum (LON:BPC) pushed 5.50% to 12.5p continuing its bullish bounce from the 10.5p support line. Volumes have been creeping better over the last few trading sessions, and if the shares can break the 13p resistance level a retest of the previous high of 16p.
TXO (LON:TXO) had traded 4 times the average daily volume by the time the budget had started and were trading 11% better at 0.70p. The company has been rather quiet over the last few months with regards to updating holders on investments. The last update came on the 7th of March that said 'In addition Empire has confirmed it is making preparations to drill its Bellevue prospect early April. TXO has recently visited the Tasmanian operations and can verify that plans are advanced in this regard subject to government approvals and available funding being satisfactory to the drilling contractors. We cannot verify at this stage that these conditions have been completely satisfied and we expect Empire to clarify these conditions precedent shortly.' Possibly the market is getting ready for an update to clarify this snippet.
Serica Energy (LON:SQZ) slipped 7% to 40p as profit takers finally showed up to the party. The shares have been on a very bullish run since the company announced the BP Farm-In agreement on the 15th of March, pushing from 23p up to the recent high of 46.5p on huge volumes. Trading today was a little on the thin side so it will be interesting to see how the shares react over the next few sessions.
Xtract Energy (LON:XTR) jumped 13% to 1.35p on decent volume, continuing its rebound after pretty much halving in price after the company announced it had found no hydrocarbons at the Luna well. Shares did find a decent support line at the 1p level, and have risen over 30% since touching it. We will be watching the news wires for any update on what the companies next move will be.
Magnolia Petroleum (LON:MAGP) started to bounce after the recent fall, jumping 9% to 1.4p on almost 5 times the average daily volume. Possibly one of the reasons the stock is moving could be this little snippet from the last update 'Hunton Formation, Oklahoma Magnolia, with its 1.057% working interest, participated with Avalon Oil & Gas III, LLC in an infill well, Zenyatta 2-6, located within the same spacing unit as Zenyatta 1-6, to test the Upper Hunton interval. Further to its announcement of 21 February 2012, the Company has been informed by the operator that the drilling of Zenyatta 2-6 has now been completed. Production figures for the well are expected to be received in due course.' Possibly the market is getting ready for these production figures?
Bluebird Energy (LON:BBE) continued to push another 5% better to 1.14p during lunchtime trading on decent volume. The shares have been a good market since Total bid for Wessex Exploration (LON:WSX) a company in which Bluebird owns 9%. Possibly holders here are getting bullish as to what the company could do with the funds should the Wessex takeover go through.
Written by Steven Asfour, Sales Trader at Fox-Davies