LONDON (ShareCast) - Trapoil, the North Sea gas and oil explorer, has reported that operations have begun on the Orchid exploration prospect, where it has a 15% interest. This marks the start of the firm's 2012 exploration programme, which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of around 14.3m barrels of oil equivalent. Valiant Petroleum also has a 30% stake in Orchid.

Global Petroleum has completed the sale of its 15% working interest in the Olmos asset, which is part of the Leighton Project in Texas, USA, for $2.8m. The interest has been sold to US outfit SV Resource Partners, who have also bought up the interests in the Leighton Project from Texon Petroleum, the major participant in the project.

San Leon Energy has begun drilling at the Szymkowo-1 well on its Szczawno Concession in the Baltic Basin, Poland. The well is designed to test the deep unconventional gas potential of the Lower Silurian, Ordovician and Upper Cambrian strata. This is the third well in the initial three well programme in the Baltic Basin with Talisman. The Szymkowo-1 well will be the southernmost and deepest penetration of the Paleozoic section in the Baltic Basin.

Mediterranean Oil and Gas has signed a gas sales contract with Repower Italia covering the entirety of its Italian subsidiary the Medoilgas's net gas production from the Guendalina gas field. The contract lasts for one 'thermal' year, commencing from October 1st 2012, and will be automatically renewed by a further year unless terminated by either party.

Altona Energy has reported a loss of £0.795m for the half year ended December 31st, compared to £0.909m the same period the previous year. Despite this the firm was keen to emphasise that it is entering a "very exciting period" and said its provisional aquisition of two advanced coal exploration licences in China represents "a very real opportunity to secure the future of the company". Preparations are also underway to start drilling at the company's flagship Arckaringa coal-to-liquids project in South Australia.

Sovereign Mines of Africa has identified wide intervals of significant gold, including 6.40g per tonne (gpt) over nine metres, 2.58 gpt over 14 metres and 2.08 gpt over 24 metres. In addition, the firm has finished another 4,000 metres of drilling one week ahead of schedule as part of its Phase 2 campaign to test the proximal strike extensions of the mineralized zones.

North River Resources, a multi-commodity company, has announced positive results from testwork completed on samples from the Malachite Pan Copper Project within the Dordabis Licence Area. The firm said there are "excellent" copper and silver recoveries achievable at Malachite Pan, where testing revealed recovery rates of 82.4% copper and 77.7% silver from the oxide sample and 92.8% and 83.5% were achieved from the sulphide sample.

Oil and gas outfit Roxi Petroleum has today provided an operational update for its Galaz and BNG contract areas. Hydrocarbons were detected at a depth of between 1,334 and 1,340 metres in the former and intermittent oil flowed from the main reservoir at between 1,292 and 1,304 metres. Long-term testing will continue, so as to monitor well productivity. Oil shows were encountered between 2,442 and 3,008 metres in Galaz. However, further evaluation is needed for testing. Roxi funded the drilling activities on Well 136 in the absence of a replacement farm-out partner. The board expects to announce the appointment of a new farm-out partner in the next few weeks.

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