Oil and Gas Corporate News
Petroneft (LON:PTR) Resources plc (PTR, 32.5p, ? 2.99%) announced its largest single discovery to date, a new oil field at Sibkrayevskaya in Licence 61. Highlights: Sibkrayevskaya No. 372 well makes significant oil discovery in main Upper Jurassic target; Approximately 12.6 metres of net oil pay in J1 interval - exceeding pre-drill estimates; Good reservoir properties indicated with oil saturation throughout; Unstimulated open hole inflow test of 170 bopd; Development drilling at Lineynoye continues to push field boundary significantly further north and encounters materially thicker pay; An additional well is now planned to be drilled 500 metres beyond the most northerly well to date; and current indications are that the ultimate recoverable reserves in the field could be significantly larger than the 44 million barrel pre-drill target defined by Ryder Scott for the prospect. The company also announced that exploration on Licence 67 is due to commence shortly. It is expected that the well will be spudded later this month. The well is targeting objectives at the Upper, Middle and Lower Jurassic horizons following up on previously drilled wells. The well will take up to two months to complete drilling and testing.
New World Oil and Gas plc (NEW, 5.88p, ? 0.13%) provided an operational update for its Blue Creek Project in the Petén Basin in Northwest Belize. Highlights: Phase 1 of the 2-D seismic data programme completed ahead of management expectations and within budget with acquisition of 45.80 km spread over three lines; Data tapes sent for processing with results expected by the end of August 2011 - preliminary results show good data quality; Phase 2 of the 2-D seismic programme commenced - an initial two lines completed - expected to resume end August 2011, subject to improved weather conditions; Updated Competent Persons Report expected by the end of September 2011 incorporating the results of the first five lines (68 km) of seismic data; and formal assignment of 12.5% of the Product Sharing Agreement to New World currently being drafted for approval from the Government of Belize.
Mining Corporate News
African Consolidated Resources (LON:AFCR) plc (AFCR, 4.5p, ? 0.0%) announced a JORC Compliant Resource upgrade on its Gadzema Gold Project in the northern midlands district of Zimbabwe. The Resource upgrade relates to drilling strike extensions on two zones covering approximately 400m and 700m…
