Oil & Gas Corporate News
Coastal Energy Co (CEO, 378.5p, ? (4.27%)) announced the results of the Songkhla B-01 exploration well on Block G5/43 in the Gulf of Thailand. The Songkhla B-01 well was drilled to a total measured depth of 9,050ft and encountered oil-bearing sands in the Lower Oligocene formation. The well encountered a breached trap in the Lower Oligocene formation and as a result logged only 10 feet of net pay. The Eocene formation contained substantial hydrocarbon shows but with low porosity and permeability. The Company plans to temporarily abandon the well and will return to complete it dependent upon commercial discoveries in the Songkhla B area.
Serica Energy (SQZ, 72.75p, ? (2.02%)) announced that it has reached agreement with Agora Oil & Gas for the farm-out of UK East Irish Sea Blocks 113/26b and 113/27c, which contain the Conan and Doyle prospects and in which Serica presently holds a 100% interest. The agreement is subject to UK government approval. An exploration well on the Conan prospect, 70% funded by Agora, is planned to be drilled in the second quarter of 2010 to a depth of approximately 5,000 feet. In return for this funding, Agora will earn a 35% interest in the blocks. Serica will retain a 65% interest and operatorship of the blocks.
Soco International (SIA, 1467p, ? (0.61%)) announced its intention to conduct an accelerated bookbuild, non pre-emptive placing of up to 7,234,347 new ordinary shares. Placing proceeds to give SOCO additional funds for its major development, appraisal and exploration programmes over the next 12 months.
Mining Corporate News
Connemara Mining Plc (CON, 18.5p, ? (0.0%)) announced that a step-out drill hole at the Stonepark North zone intersects more high grade zinc-lead ore. Results indicate the presence of a continuous zone of zinc-lead mineralisation at approximately 200-220 metres depth. A second hole intersected zinc-lead mineralisation 400 m south of previous drilling. Significantly, all the intersections in the Stonepark North zone are at a similar depth and stratigraphic level within the host Waulsortian Limestone unit. The zone is still open in a number of directions. Drilling to-date has defined what appears to be a stratiform zone of continuous zinc-lead mineralisation at the shallower, up-dip end of a much larger mineralising system on the Stonepark Project.
