Rift Oil (RIFT) said that drilling on its PUK PUK-1 exploration well in PNG has now reached the upper reservoir objective at a depth of approximately 1760 metres, significantly higher than originally expected. The main reservoir objective, the 'Toro Sand', is now anticipated to be penetrated below 1820 metres.

Oilex (OEX) is very pleased with the initial results of the first drillstem test which flowed oil to surface in the Cambay-19Z well in India. The company added that the well has confirmed the prospectivity of the deeper targets over the area of the Western High Block.

Leed Petroleum's (LDP) Eugene Island A-7 well in the Gulf of Mexico has 181 feet of true vertical thickness of pay in all six pay sands. The first sale of production is expected to occur within three months.

Aminex (AEX) has spud the Sunny Ernst-2 well on its Alta Loma permit in Galveston County, Texas. The well is expected to take 60 days.

Caza Oil & Gas (CAZA) has completed exploration wells on each of its Lynch Property located in Lea County, New Mexico, and the Eland Property located in Wharton County, Texas, and sales gas is now being delivered into local gas gathering facilities.

Caza has also formed a strategic alliance with Wise Oil & Gas that will allow it to accelerate its leasing efforts in southeast New Mexico.

Also in the US, Irvine Energy (IVE) said the Company's current net working interest daily production across all projects is 420 MCFDE.

Rockhopper Exploration (RKH) is talking to a number of rig contractors about drilling in the North Falkland Basin during 2009.

Faroe Petroleum (FPM) expects to drill at least six wells in Norway in next two years, with three planned in 2008. In addition, development sanction for the Trym gas field is expected in late 2008.

Matra Petroleum (MTA) has registered a claim against Kompania Gaz i Neft, Victor Vasilyevich Mogdaluk, Pavel Lvovich Lukachevsky and Oleg Nikolayevich Balagurov in the London Court of International Arbitration. Matra's claim relates to, amongst other things, confirmation of the validity of a Share Purchase Agreement and certain breaches by the Sellers of that agreement.

Matra also announced that "best case" recoverable contingent resources from its Sokolovskoe discovery on the Arkhangelovskoe licence were estimated at 14 million barrels, and test production at the discovery well was being controlled at 250-320 bopd.

Petroceltic International (PCI) has been granted nine exclusive exploration permits in the central Adriatic offshore Italy. The permits in water depth of 30 to 150 meters are located adjacent to existing oil and gas fields.

Offshore Hydrocarbon Mapping (OHM) and TGS Nopec have together completed an extensive multi-client CSEM acquisition programme in the Barents Sea, which coincides nicely with the opening of the Norwegian 20th Licensing Round.

Petroceltic International (PCI) has entered into a strategic alliance and financing arrangement with Iberdrola, to develop the Company's oil and gas assets in North Africa and Italy. Iberdrola will pay $55 milllion for a 22.64% stake in Petroceltic and has the option to provide a further $55 million to acquire a 49% financing interest in any asset in the Petroceltic portfolio.

Serica Energy (SQZ) has reached agreement with Spring Energy Norway AS for the sale of Serica's Norwegian interests, comprising a 20% working interest in Norwegian offshore licences PL406 and PL407.

Aurelian Oil and Gas (AUL) and JKX Oil & Gas (JKX) have executed a Letter of Intent with Gold Point Energy Corp. in relation to the B-Golitza and B1-Golitza licences in Bulgaria, in which Aurelian and JKX each hold 50% interests. Gold Point has agreed to pay 40% of the costs of a 250 square kilometre 3D seismic survey and has the option subsequently to pay 40% of the cost of two shallow test wells to earn a 20% working interest in the block.

Meridian Petroleum (MRP) has completed the acquisition of 60% of the Rozel Energy net revenue interests in the East Lake Verret field in Louisiana. There are 6 currently producing wells in the field and the Company holds differing levels of NRI in each well.

Meridian added that capital expenditure on the Orion 36 well, in Michigan, of some $4 million has been fully recovered. As a result, from July 2008, the Company's NRI will fall from 72.785% to 54.589%.

Frontera Resources (FRR) has completed a private placement of $23.5 million principal amount of its 10% Convertible Notes due July 2013 and secured the release from escrow of the remaining $5 million in proceeds from its May 2007 private placement of convertible notes.

The resulting $28.5 million in newly available capital will be deployed to continue to advance ongoing work programs throughout Frontera's primary business units within its Block 12 license area in the country of Georgia.

And finally, Petrolatina (PELE) and Equator Exploration (EEL) had trading in their shares temporarily suspended this week due to non delivery of Report and Accounts within six months of the year end. The companies blamed the delay on complications arising out of transactions.