Block Energy’s CEO Paul Haywood on firm’s ‘very positive’ progress as it heads towards 900bopd production (BLOE)

Block Energy (LSE:BLOE) currently sits at 3.1p after receiving a boost earlier this week when it revealed strong initial production results at its Norio oilfield in Georgia. The news was particularly significant because it demonstrated the initial success of a specialist perforation technique, which is being used in Eastern Europe for the first time. Here,…

Touchstone Exploration reveals ‘monumental’ resource potential at Ortoire block (TXP)

An independent evaluation of Touchstone Exploration’s (LSE:TXP) Ortoire block has confirmed that prospects identified by the business (LSE:TXP) are of ‘significant size’. Touchstone released details of the Prospect Evaluation report, conducted by GLJ Petroleum Consultants, on Thursday. GLJ estimates that Touchstone’s contingent resource targets have a 95% chance of commerciality. The consultant suggests that Touchstone’s…

Patisserie Valerie accounts were significantly manipulated with ‘thousands of false entries’ (CAKE)

On Wednesday afternoon, Patisserie Holdings (LSE:CAKE) dropped the bombshell news that ‘thousands of false entries’ had been entered into the company’s books. The high street baker’s forensic accountants have revealed extensive misstatement of its account involving ‘very significant’ manipulation of the balance sheet and profit and loss accounts. Patisserie first notified investors that potentially fraudulent…

Gulf Keystone hits 2018 production guidance but delays Shaikan ramp up target (GKP)

The Gulf Keystone Petroleum (LSE:GKP) share price gained 4% settling at £2.18 per share on Wednesday, as investors responded positively to a solid operational update. The company revealed gross production averaged 31,563 barrels of oil per day (bopd) in 2018, hitting the upper end of its 27,000-32,000 bopd guidance. The organization also highlighted it had…

Tullow ‘well-placed to deliver growth’ but debt reduction falls short (TLW)

Tullow Oil’s (LSE:TLW) share price remained flat in early trading on Wednesday after it released a trading statement and operational update. The company reported full-year production of 88,200 barrels of oil per day (bopd) in 2018, generating revenue of around $1.8bn. Tullow’s full-year free cash flow totalled $410m in 2018, significantly below the $700m forecast…