Italian oil major Eni SpA (E) said Wednesday it has declared force majeure on some of its Nigerian Brass River crude oil production following unexpected disruption to flows.

Ascent Resources has agreed terms with farm-in partner Otto Energy  for Otto's withdrawal from the Cento & Bastiglia exploration permit in the Po Valley of northern Italy. Under the terms of the withdrawal, Ascent will retain 100% of the license and Otto will immediately contribute funds towards potential restoration costs and forfeit its entitlement to the refund of any value added tax due on the project. 

Total has agreed to sell its interests in the Valhall (15.72%) and Hod (25%) fields to BP. The transaction, amounting to US $991 million, is subject to the partners' consent and approval by relevant authorities in the upcoming weeks.

Hyperdynamics announced that the majority of proceeds from its $10.6 million registered direct offering that closed April 23 will be used to fund the Company's share of costs for the expanded portion of the 3D seismic survey that is targeted for the third quarter of this year.

• Petrel-Makman Joint Venture to re-start to complete the Subba and Luhais oilfield development services contract
• Petrel has received $2 million
• Petrel to receive a further $5 million in 2 tranches over 12 months
• Petrel maintains a profit share but has no further liability or exposure
• This solution clears the way for expansion in Iraq