Tullow Oil Plc (LON:TLW) (TLW, 1127p, ? (1.26%)) announced that the Nzizi-3 well in Uganda Block 2 has successfully appraised the Nzizi gas field and that the Noix de Coco-1 well in Gabon has encountered wet gas but in poor quality reservoir sandstones. The Nzizi-3 appraisal well was drilled 1.2km up-dip and to the east of the Nzizi-2 well in the Kaiso-Tonya region of Uganda Block 2. The well was drilled to a total depth of 974m and results of logging and sampling confirmed a total of 9m of gas pay, and 16m of oil pay. As expected, the gas pay includes a 4m zone in communication with the Nzizi-2 well. The oil pay includes a new discovery in the basal sands where 11m of net pay was encountered without an oil-water contact. The oil discovery will be the subject of further evaluation. The successful outcome of this well proves its viability as a future gas producer for the integrated power project scheduled for first production in late 2011. The Nzizi-3 well will now be suspended and the rig will move to the Waraga-1 discovery well to prepare it for future testing.
 
Mining Corporate News
 
Avocet Mining (LON:AVM) (AVM, 127p, ? (0.40%)) announced that the evaluation of projects in West Africa has identified several known gold mineralised systems in the 100% Avocet-owned Bélahouro group of permits that cover an area of 1,660 square kilometres surrounding the Inata Gold Mine in northern Burkina Faso. These include the 16 kilometre long Souma Trend, 12 kilometre long Damba Trend and near-mine gold prospects at Pali, Filio and Inata North. This work has also identified significant areas of young Saharan sand cover that potentially conceals additional targets.
 
Coburg Group (LON:CGG) (GGG, 2.7p, ? (3.57%)) announced it has now completed the acquisition of it's 50% interest in the Bullabulling Gold Project in Kalgoorlie in Western Australia following the payment of AU$ 1.9M in consideration to Auzex Resources Limited. This includes the AU$ 250,000 already paid to Auzex as announced on 22 April 2010. A further AU$ 600,000 will be payable to the Western Australian Government to replace 50% of the existing security bond. Auzex, the company's 50:50 partner is responsible for the other 50%. Completion of the acquisition follows receipt of approximately £ 1.6 million from China. A total…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here