Premier Oil (LON:PMO) (PMO, 1179p, %u25B2 (1.46%)) issued an Interim Management Statement for the period to 13 May 2010. The company announced good production performance, with full-year production guidance unchanged at 44kboepd. All of the companys development projects are on target, with Chim Sáo topsides 87% complete, FPSO conversion 40% complete, Gajah Baru 52% complete, and a Letter of Intent signed for FPSO Sevan Voyageur at Huntington. Drilling rigs have been secured for important wells on Oates, Gardrofa and Tuna; with Oates anticipated to spud late June/early July. Eight blocks in the West Orkney Basin were awarded in 25th Licensing Round.
Hardy Oil & Gas (LON:HDY) (BUY, £3.00) (HDY, 185p, (up 4.52%)) issued an Interim Management Statement for the period to 13 May 2010. The company announced that gross daily production from PY-3 is estimated to average 3,000bopd in 2010 (540bopd net). Two additional exploration wells and one appraisal well are expected on D3 this year, and one exploration well is expected on D9 before the end of the year.
Comment: Statement in-line with expectations.
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 18.25p, (0.0%)) has appointed Macquarie Capital (Europe) Limited as joint corporate broker alongside J.P. Morgan Securities Ltd with immediate effect.
Island Oil & Gas (LON:IOG) & shares have stopped trading on AIM as of today.
Mining Corporate News
Eurasian Natural Resources (ENRC, 1095p, (up 3.60%)) announced its May 2010 Interim Management Statement and Production Report for the First Quarter ended 31 March 2010. The group production volumes are significantly ahead of Q1 2009. Ferrochrome and iron ore production at effectively full capacity; aluminium production increased. Further, prices improved for our key commodities compared to Q4 2009. Higher sales volumes for high-carbon ferrochrome and aluminium, partially offset by slightly weaker volumes for other key commodities against Q4 2009.
