Oil & Gas Corporate News
Oilex (LON:OEX) (OEX, 27.13p, ▲ 0.46%) advised that the La Rocca-1 well, WA-388-P offshore Western Australia, drilled to section total depth of 2,220 metres and run and pressure tested casing. Current operation is waiting on weather. The La Rocca-1 well, the first exploration well in the permit, will drill the La Rocca prospect in the Intra Mungaroo channel zone. The well, in the south-western part of the permit, was spudded on 30 April 2011 and is being drilled with the "Ocean Patriot" drilling rig. The well is operated by Apache Northwest Pty Ltd ("Apache").
Nighthawk Energy (LON:HAWK) (HAWK, 5.5p, ▲ 3.77%) announced that Richard Swindells has agreed to join the Board of Directors as Chief Financial Officer to work alongside Chief Executive Tim Heeley and Executive Chairman, Mike Thomsen. Richard will join Nighthawk from Ambrian Partners Limited where he acts as broker and Nominated Adviser to a number of oil and gas and other resources companies. During his three years at Ambrian, he has been responsible for Ambrian's oil and gas investment banking activities and has been involved in raising in excess of GBP275 million in this sector.
Sound Oil (LON:SOU) (SOU, 4.82p, ▲ 2.12%) announce the appointment of Andrew Raymond Hockey as a non-executive director of the Company with effect from today. Mr. Hockey has worked in the energy industry for more than 25 years, both as a petroleum geologist and as an asset manager. He is currently General Manager, Joint Ventures and New Business at Fairfield Energy Limited which he joined from Eni in Milan where he worked on the Kashagan Project between 2002 and 2005. Before joining Eni, Mr. Hockey was responsible for Lasmo plc's portfolio in Algeria, Tunisia and Morocco. He was previously employed as Exploration Manager, Algeria for Monument Oil and Gas and also worked as an exploration geologist for Fina in the North Sea and internationally.
Mining Corporate News
Bellzone Mining (LON:BZM) (BZM, 63.5p, ▼ 0.39%) announced an initial inferred JORC oxide resource at its Kalia Mine Project in the Republic of Guinea. The resource totals 111 million tonnes grading at 38% Fe which can be beneficiated using a standard gravity process to produce a 58% Fe fines product. The oxide resource is located above the existing 3.74 Bn tonne magnetite JORC resource and must be removed prior to starting the magnetite mining operations.
Condor Resources (LON:CNR) (CNR, 7.75p, ► 0.0%) announced assay results from the first 12 diamond core drill holes on the La India Project. The 12 drill holes for a total of 1,045m of drilling were drilled to test for strike and depth extensions to the existing resource at four localities: an infill between two resource blocks on the Guapinol Vein; the eastern and western strike extension of the America-Constancia resources; and the depth and eastern strike extension of the Tatiana Vein. At Constancia, drilling has extended the strike of mineralisation by 300m to the east. Best result was 1.4m at 17.6g/t gold. At Tatiana an infill hole returned an intercept of 0.8m at 10.8g/t gold thereby extends the known strike length of the high grade shoot by 100m.
Frontier Mining (LON:FML) (FML, 3.67p, ▼ 8.13%) announced today that it has signed a Sale and Purchase agreement to acquire the Subsurface Use Contract for the mining deposit known as South Benkala for a total consideration of US$2.5 million. The South Benkala deposit is located approximately 10 kilometres south of the Company's existing Benkala license area. The sale is subject to the Republic of Kazakhstan declining to use its pre-emptive right to acquire. A C2 reserve estimation was done by Soviet geologists in 1979 using drilling data from holes drilled in 1978-79. The deposit is crossed by a railway line that restricts access to approximately 40-50% of the Sulphide (Primary) deposits. In order to access all deposits this railway line will need to be relocated between approximately four to seven years from commencement of mining operations at an estimated cost of approximately $12 million. The Company will now consider two options: to either extend the life of the SX-EW plant at Benkala from 7 to 11 years, or to increase the production capacity of the Benkala plant from 20,000 to 30,000 tonnes per year.
Oilfield Services Corporate News
Rig Count News. The Baker Hughes Rig Count is the key barometer for the oilfield services industry and in particular the drilling contractors. Last weeks data (week ending 06/05/11) remained overall positive for the industry. The U.S. Rig Count is up 18 from the previous week standing at 1836 close to its recent peak level-, up 334 year over year.
Technip (HOLD) (TEC FP, EUR70.90, ▲ 1.16%) has been awarded by Statoil a EUR55M contract, for the Vigdis NE field development located in the Norwegian Sea. The contract covers: welding and installation of flowlines, including a 1.5 kilometre pipe-in-pipe production flowline and a 9 kilometre plastic-lined water injection flowline and subsea equipment installation.
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