Oil & Gas Corporate News
Range Resources (LON:RRL) (BUY, £0.08) (RRL, 4.88p, ? (0.0%)) announced that Independent Petroleum Engineers, Lonquist & Co LLC, have completed an independent reserves and valuation report on East Texas Cotton Valley Prospect in Red River County, Texas, USA. Reserves report estimates total gross commercially recoverable Reserves (1P, 2P and 3P) of the East Texas Cotton Valley Prospect as 5.4mmbbl of oil (attributable to Range - 0.7 mmbbls). Range holds a 13.56% interest in East Texas Cotton Valley Prospect, with Crest Resources Inc. as operator. Development of the shallow oil reservoir in the Cotton Valley formation is expected to begin in 3Q 2010, with the drilling of a horizontal appraisal well in the field.
Tower Resources (LON:TRP) (HOLD, £0.02) (TRP, 1.48p, ? (1.98%)) provided a brief update of its current operations in advance of its. In Uganda, the aero gravity gradiometry survey has acquired 5586km out of the programmed 8437km of data. Interpreted data should be available within 2-3 weeks of completion and this will be used to determine the proposed seismic programme. In Namibia, the seismic vessel, "Geowave Master", arrived on location on Monday 28th June and is preparing to begin the 3-D seismic acquisition programme. A Competent Person's Report, providing an independent assessment of the resources in Licence 0010, should be finalised within the next week.
Salamander Energy Plc (LON:SMDR) (SMDR, 240.5p, ? (0.12%)) announced that it has plugged and abandoned the Tom Su Lua-1X exploration well in Block DBSCL-01, in the Vinh Chau Graben system, offshore southern Vietnam. The well, which was the first exploration well in the basin, has been drilled to a total vertical depth sub-sea of 1,380m. Following the completion of wire-line logging operations, the well has been plugged and abandoned as a dry hole. The well encountered both potential seals and high quality reservoir sandstones which were water-wet in the Tertiary clastic section. The PVD-1 jack up rig will now move approximately 25km south to drill the 31-Tom Hum Xanh-1X exploration well in Block 31. This well is targeting an oil prospect with a mean gross pre-drill recoverable resource estimate of c. 80mmbbl.
Mining Corporate News
African Diamonds (LON:AFD) (AFD, 33.25p, ? (3.10%)) announced the receipt of the updated Feasibility Study on the Boteti Mining (Pty) Ltd AK6 project in Botswana. AFD hold 40% of Butte,…
