Oil & Gas Corporate News
Providence Resources (LON:PVR) (PRL, 2.43p, ? (2.8%)) announced the appointment of Mr. John O'Sullivan to the Board of Directors with immediate effect. John has previously served as Exploration Manager of Providence Resources (LON:PVR) since 2002. He has over 20 years experience in the oil and gas exploration and production industry having worked previously for Mobil Oil Corporation and Marathon Oil and he is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. He is a Geology graduate of University College Cork and holds a Masters in Geophysics from The National University of Ireland, Galway.
Oil India Limited (OIL) and Indian Oil Corporation Limited (IOC) have reiterated the statements made on 4 May 2010 and 6 May 2010 that OIL and IOC do not intend to make an offer to acquire the entire issued share capital of Gulfsands (HOLD, £3.00) (GPX, 257p, ? (5.22%)). This statement follows inaccurate reporting of comments attributed to Mr N M Borah, Chairman and Managing Director of Oil India Limited yesterday.
BG Group (LON:BG.) (BG/, 1015.5p, ? (3.2%)) announced today that it has received the written consent of the Government of the United Republic of Tanzania to farm-in to blocks 1, 3 and 4 offshore southern Tanzania currently owned solely by Ophir Energy Plc. On completion of the farm-in agreements BG Group (LON:BG.) will acquire 60% of Ophir's interests in each of the offshore blocks by contributing 85% towards costs which include an initial work programme. Blocks 1, 3 and 4 offshore Tanzania cover more than 27,000km2 of the Mafia Deep Offshore Basin and northern portion of the Ruvuma Basin, located in water depths ranging from around 100 metres to in excess of 3 000m. Completion of the farm-in agreements is expected in June 2010.
Mining Corporate News
Ormonde Mining (LON:ORM) (ORM, 4.5p, ? (0.0%)) announced that further evaluation work and a report by independent consultants CSA Global Pty Ltd have very substantially increased and upgraded the Mineral Resource estimate for the Barruecopardo Tungsten Project in Salamanca Province, Spain. The Tungsten Mineral Resource more than doubles from 5.2 Mt to 10.9 Mt (JORC compliant), and critically, 6.5 Mt or 60% of the 10.9 Mt tungsten resource is now classified in Indicated Mineral Resource category (JORC). Major increase in tungsten resource will facilitate higher…
