FoxDavies are delighted to welcome to the team: Susan Walker, Corporate Finance; Steven King, Market Making; and Zac Philips, Research.
Oil & Gas News
Roxi Petroleum (LON:RXP) plc (RXP LN, 3.75p, ? 3.45%) announced that it has received approval from the Ministry of Oil and Gas in Kazakhstan for its operating company, Galaz and Company LLP, to conduct gas flaring between 2012 to 2014, which signals the final regulatory consent required before pilot production can begin on its NW Konys Field. Roxi expects to bring Well NK 4 & NK 6 into production in the first quarter of 2012.
Afren (LON:AFR) plc (AFR LN, 85.70p, ? 0.41%) announced that production at its Ebok field offshore Nigeria has been stabilised to a rate of c. 40, 000 bopd following commissioning and ramp up of all production wells in the initial phase of development. The ramp up at the Ebok field has resulted in aggregate net working interest production attributable to Afren at c. 55, 400 boepd, with production rate exceeding the year-end target of 50,000 boepd since 19 December 2011 across the Ebok, Okoro and Cote d?Ivoire operations.
Mining News
Atlantic Coal (LON:ATC) plc (BUY, 1.0p) (ATC LN, 0.44p, ? 4.71%) has announced that it has entered into a lease option agreement with Reading Anthracite Company (?RAC?), an operator in Pennsylvania?s anthracite coal industry, over the 410 acre Pott and Bannon mining property in Schuylkill County, Pennsylvania, 25 miles from Atlantic Coal?s Stockton Colliery operation. The property is already fully permitted. Following completion of due diligence, a consideration of c. US$6M in cash and shares will be paid to Reading Anthracite Company pluse the grant of US$3M worth of warrants in Atlantic Coal at 0.75p/share.
Oilfield Services News
Lamprell (LON:LAM) (HOLD) (LAM LN, 268.0p, ? 0.40%) Lamprell announced on 28 December 2011 that it has received a contract award from ?PEMSA?, a subsidiary of Grupo Mexico, for the construction and delivery of Hull 108, a Friede & Goldman designed, Super M2 self-elevating Mobile Offshore Drilling Platform. The rig is designed to operate in water depths of up to 300 feet and will have a rated drilling depth of 30,000 feet. Hull 108 was under construction by Maritime Industrial Services (MIS) at the…
