Resource round-up: Lochard Energy, Magnolia Petroleum, Leni Oil & Gas

Lochard Energy has put itself on the block in a bid to boost interest in a farm out of its Thunderball and Moby discoveries. The firm has had a turbulent year that resulted in the ousting of its board and a AUS$9m fine that wiped out any profits that could have come from the AUS$1.8m revenues it pulled in during the year to the end of June.

By MoneyWeek

published 3 September 2012

Magnolia Petroleum, a US onshore-focused oil and gas exploration and production company, said it continued to make progress towards its target of 100 producing wells by the year end, with a corresponding increase in revenues. "The company continues to receive new drilling opportunities and we believe that, as these locations are progressively drilled, we remain on course to build a significant oil and gas company," it said in a trading update.

Leni Oil & Gas is threatening Mediterranean Oil & Gas with legal action over the sale of the former's 10% interest in Malta Offshore Area 4 PSC. Leni said it was "concerned that representations other than the factual position may have been made to it prior to agreeing to sell and before signing the sale". The firm said if necessary it would turn to the courts to assess grounds for rescission of the sale.