Oil & Gas Corporate News
Victoria Oil & Gas (BUY, £0.08) (VOG, 4.83p, ? (1.63%)) announced an update on its Logbaba gas and condensate project in Douala, Cameroon. Open-hole logs have been run at Well La-105 and the well has been cased with a 7-inch production liner between 5,950-8,750ft measured depths. The logs have indicated the presence of at least 65ft of very good quality gas-bearing sandstone reservoir plus at least an additional 260ft of gas-bearing sands that may prove to be productive when tested. La-105 is now being completed as a production well. Immediately following the La-105 completion the rig will be moved and the La-106 appraisal/development well will be spudded. La-105 will be flow tested during the La-106 drilling operations.
Egdon Resources (EDR, 15p, ? (0.0%)) announced that the Company has reached agreement to farm-out 10% interests in its Nottinghamshire licences PEDL118 and PEDL203 to subsidiaries of Angus Energy Limited. In PEDL118, Angus Energy Eakring Development Limited will earn a 10% interest in the licence in return for paying 20% of the costs of the currently drilling Dukes Wood-1 well. Following completion Egdon will hold a 65% operated interest in the licence. As part of the agreement Egdon has also granted Angus an option to acquire up to a further 10% interest in the licence on commencement of drilling of the second well on the licence. In PEDL203, Angus Energy Kirklington Development Limited will earn a 10% interest in return for paying 20% of the cost of the forthcoming sidetrack of the Kirklington-2 well. Following completion Egdon will hold a 65% operated interest in the licence.
Mining Corporate News
Vane Minerals (VML, 4.75p, ? (0.0%)) announced that its wholly-owned subsidiary, VANE Minerals (US) LLC, has purchased the Coyote Basin project, located in Moffat and Rio Blanco Counties in northwest Colorado, USA, from Uranium One Americas, Inc. ("U1"), a wholly owned subsidiary of Uranium One Inc. Under the terms of the purchase agreement, U1 retains a 2% gross royalty on the federal lode claims and a 1% gross royalty on the State Lease. In addition, U1 may elect to convert the royalties to working interest of from 10%-35% prior to feasibility. The Agreement, which covers approximately 4900 acres and is subject to terms, comprises 213 federal lode claims and one Colorado State Lease. The area has undergone widely-spaced exploration drilling in the 1970s that discovered high-grade…
