Oil & Gas Corporate News
Melrose Resources (LON:MRS, 291.45, ? (4.43%)) announced a new exploration discovery and commencement of seismic data acquisition in Egypt. The South Damas No.1 exploration well has been successfully drilled to test a prospect in the Sidi Salim formation in the South East Mansoura concession, in which Melrose holds a 100% working interest. The well encountered the top reservoir at a depth of 4345ft and penetrated 76ft of net gas pay with good reservoir properties. The discovery well will be completed and tied-back for production to existing facilities and is expected to be on stream within six months at an initial rate of in excess of 12MMcfepd. Following the completion of the South Damas No.1 well, the EDC-9 rig will be used to drill another Sidi Salim prospect in the South East Mansoura concession called Tall Rak
Mining Corporate News
Kirkland Lake Gold Inc (LON:KGI, 400p, ? (3.61%)) announced the closing of its previously announced bought deal private placement for gross proceeds of C$32,014,125. The net proceeds of the Offering will be used for exploration and development of the Company's mineral projects, working capital, and general corporate purposes.
