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In better news, the company has signed a memorandum of understanding of the block adjacent to the EG8 discovery with Repsol E&P which will see the companies establish a joint technical team for the potential accelerated development of the accumulations of oil and gas identified by EG8. This, the company said, could ultimately lead to a reclassification of prospective and contingent resources.

Furthermore, the P Sand section of EG1 has been proven to be water bearing and therefore is no longer recognised with the EG1 resourc

Elsewhere, there was more bad news with three reservoirs at the EG7 site found to be predominantly water bearing and just one was found to be oil bearing. These results reduce the company's contingent resources volumes assigned to the EG1 structure, reducing it by 5.9m barrels from a net 24.67m barrels.

The company opted to switch to "open hole" drilling which allowed it to complete two long sidetrack wells, one of which is currently producing around 350 barrels of oil per day (bopd) and the other 200 bopd

Bayfield Energy lost a fifth of its value in morning trading on Monday after admitting that production at the Trintes field in the first quarter was constrained by a number of operational and technical factors. These included a catch-up on a backlog of essential maintenance work as well as the suspension of the programme of new development wells designed to ramp up production for a three week period, following a series of recurring issues with one of the rigs

This indicates that the well is in contact with a larger-than-anticipated reservoir, with no pressure depletion seen in the reservoir. Gas production is also said to be stable. The firm said: "The results to date not only indicate that the well is economic and would meet all the company's current working requirements, but also that there is scope for improvement."

Enegi Oil's latest results from tests at the PaP-1 well indicate that the connected oil and gas in place associated with Garden Hill South is in excess of 61.5m barrels of stock tank oil initially in place and 117bn cubic feet gas initially in place, with the absolute openhole flow potential expected to increase from 310 barrels of oil per day (boepd).

after the British engineer said that it was on course to increase profits by more than a fifth on the back of a renaissance in the civil aviation market. Deliveries of Boeing and Airbus aircraft were 20% better in the first trading quarter of the year. Boeing has got its nose cone in front with a 32% year-on-year lift to 137 aircraft delivered, while Airbus was 10% better at 131, according to The Times

None of the jetliners criss-crossing global skies are built in the UK - but providing parts for the giant manufacturers of Boeing and Airbus is proving good business for British suppliers. Shares in Senior took wing to a 14-year high yesterday, 8½p better at 212p,

But it has emerged that the company executive who approved the payments could not speak English, and therefore apparently would not have been able to read the rules concerning the disclosure of payments to directors, none of which had been translated into Russian. A Financial Services Authority investigation has concluded that although there was nothing wrong technically in the company paying the cash to its former chairman but that Exillon should be censured for failing to disclose the payments, The Telegraph reports.

Russian oil company Exillon Energy paid out nearly £1m on private jets, school fees and credit card payments for its former chairman Maksat Arip - but failed to disclose the payments. The money was used to fund Mr Arip's international lifestyle shuttling between Britain, Russia and Dubai, and for his children's private education.

Argentina vowed to press criminal and civil charges on British oil companies exploring off the Falkland Islands if they do not "justify their actions" by a May 2 deadline. In its latest escalation of rhetoric over the disputed islands, Argentina said it had written to Falkland Oil & Gas (FOGL), Borders & Southern, Rockhopper, Desire Petroleum and Argos Resources on April 17, to "notify them of their illicit actions and their consequences. In case of failure to offer a response and once the deadline expires, administrative sanctions will be imposed to each company within the framework of an Energy Secretariat resolution which deems these activities illegal. The Argentine government will also press criminal and civil charges," it said, according to The Telegraph.

Rank Group is poised to agree the acquisition of Gala Casinos for about £200m - only six weeks after previous talks fell apart with each side blaming the other. The Times understands that, despite the acrimonious breakdown of the discussions, Rank and Gala Coral Group quickly returned to the negotiating table. Analysts said there had been two main sticking points first time around - Gala Casinos' pension liability and property-related issues over casinos no longer owned by Gala. Solutions to both appear to have been agreed. The purchase, which is unlikely to be announced by Rank alongside a scheduled trading update today, would add Gala's 24 casinos to its existing estate of 35 clubs, allowing it to leapfrog Genting UK to become Britain's biggest casino operator.

In so doing Compass looks to be turning into something of an emerging markets play with relatively defensive qualities – an attractive combination. In March, Compass maintained full year profits guidance despite a prediction of slowing H1 growth, so if this is maintained at the interim stage, the share price should continue with the recent outperformance

Recent trading updates have revealed the extent of the challenge, something the company has tackled through a series of acquisitions in areas as diverse as the Czech Republic, Japan and South Africa.

A mix of key corporate news and numbers are due this week. Wednesday sees catering giant Compass Group (CPG) reports interims, as it attempts to appeal to customers delivering their own brand of austerity whilst ensuring its own margins continue to grow.

A £500m plus loss was reported in the 6 months to September last year, with the only plus points being the reduction in group debt by over £100m to £395m in January and new investments holding steady near the previous £510m level in 2011. However, with the current chaos in Europe it is difficult to believe that 3i can do anything more than tread water for the rest of this year.

Understandably, macro economic uncertainties as well as recession have taken their toll on private equity group 3i (III) - factors certainly evident in both the November and January updates.

due from both National Grid (NG.) and Scottish & Southern (SSE). In the case of the former, observers will be looking for any update on January’s promise of 4% dividend growth from the start of 2013, particularly given the recent share price rise. With SSE, news that its customers are cutting back on gas and electricity usage has been offset by the promise in March to raise its dividend by up to 2% above the RPI.

Utilities stocks are likely to be more in the spotlight for their defensive attractions this week if the FTSE 100’s decline continues. Finals are due from National Grid (NG.)