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Proactive weekly oil and gas news summary - Kea Petroleum, Dragon Oil, Sound Oil, 88 Energy

Dragon Oil (LON:DGO) kicked off the week by revealing that its first quarter production was 23% higher than it was last year.

For the month of March average production from Cheleken, its asset in Turkmenistan, totalled 89,600 bopd, and the run-rate for April thus far amounts to 93,000 bopd.

Another dragon, Green Dragon Gas (LON:GDG) then told investors it expects production to rise by 50% this year as drilling steps up a pace at its unconventional gas assets in China.

Kea Petroleum (LON:KEA) said it will turn to the crowd as it aims to raise £3mln to pay for new drilling and cover working capital.

The company has now joined up to Darwin Strategic’s online funding platform PrimaryBid.com, which enables crowdfunding for AIM placings.

On Wednesday, Rose Petroleum (LON:ROSE) told investors that Ty Watson is taking over the running of its US shale operations to replace John Blair, who has resigned.

It was then announced that Andrew Morris, the non-executive chairman of Madagascar Oil (LON:MOIL), had joined the board of Gulfsands Petroleum (LON:GPX) as a non-executive director.

Russian oil company Urals Energy (LON:UEN) jumped by a fifth on Thursday as it repeated its view that its current market value is too low.

Victoria Oil & Gas (LON:VOG) chairman Kevin Foo is confident the group can meet this year's production target in Cameroon. The aim is to achieve an average production rate of 10.5 million standard cubic feet gas for the 2015 calendar year.

Friday proved to be the biggest news day for small cap oil and gas investors.

Oil drilling in the Falklands was halted due to a problem the blow-out preventer (BOP) on the Eirik Raude rig.

Drilling of the Isobel Deep well has now been suspended at a depth of around 1,273 metres.

Before that, Sound Oil (LON:SOU) told investors it has begun drilling its second well at the Nervesa project, in northern Italy.

Exploration and production firm Ithaca Energy (LON:IAE) said it is selling its Norwegian assets in a deal worth up to US$90mln.

88 Energy (LON:88E) highlighted that its newly accelerated drill plans are enhanced by the use of an existing gravel pad as the drilling location.