OilVoice Morning Movers - Falkland Oil and Gas, SOCO International and Magnolia Petroleum

Tuesday, September 25, 2012

Falkland Oil and Gas (LON:FOGL) announced this morning that it has begun drilling the Scotia exploration well. The Scotia well is testing a prospect within a mid Cretaceous fan play. The company says it will take around 75 days to complete 5,000 metres of drilling.

Falkland Oil and Gas are currently trading at 68.75 pence a share, up 1.48% on opening.

SOCO International plc (LON:SIA) announced this morning that it has entered into a conditional agreement with Quill Trading Corporation wherein SOCO will sell its 80% majority interest in SOCO Cabinda Limited to Quill, which holds the remaining 20% interest. SOCO Cabinda has a 17% participating interest in the Cabinda North Block, onshore the Angolan enclave of Cabinda.

Ed Story, President and CEO of SOCO, said: "This proposed Disposal is consistent with our strategy of re-focusing the asset portfolio on projects where SOCO has larger equity interests and adding new ventures, which can potentially create more value for shareholders."

SOCO International plc, are currently trading at 346.70 pence a share, down 0.69% on opening.

Magnolia Petroleum (LON:MAGP) shares have risen by 12.04% this morning and are currently trading at 3.16 pence a share.

Nighthawk Energy (LON:HAWK) shares have risen by 8.32% this morning and are currently trading at 5.81 pence a share.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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