London-listed Gulfsands Petroleum says the Lambouka 1 well offshore Tunisia in the Mediterranean Sea has been suspended.

Shareholders in Dana Petroleum were being sent a letter today from the company's board unanimously urging them to reject the takeover offer from KNOC.

Noreco has been given the green light to start drilling a well in the North Sea with West Alpha.

Battling Dana Petroleum still under the threat of takeover from Korea's KNOC has signalled it is to buy out Suncor's interests in certain UK North Sea assets for £240 million (US $372 m) in cash.

Bahamas explorer BPC which is working with Statoil in the region says newly interpreted seismic data has confirmed the potential for oil in the area.