Oil & Gas Corporate News
Aminex (LON:AEX) (AEX, 7.5p, ? (0.0%)) announced the placing of 17,200,000 new ordinary shares at a price of 7p per share, raising proceeds of c. £1.2m. The placing was completed to take advantage of an offered participation in an exploration project by a major regional operator in Louisiana, with leads and prospects identified by 3D seismic across 140,000 acres.
Tullow Oil Plc (LON:TLW) (TLW, 1104p, ? (1.16%)) announced results from the Mahogany-5 appraisal well immediately to the southeast of the Jubilee Field offshore Ghana. The results of drilling, wireline logs and reservoir fluid samples show that the well penetrated a total net oil pay of 23m in sandstone reservoirs over a gross interval of 51m. Reservoir fluid samples recovered 28-32o API oil and pressure data have confirmed reservoir communication with the previously drilled Mahogany-4 well.
Matra Petroleum (LON:MTA) (BUY, £0.07) (MTA, 1.5p, ? (7.69%)) announced that data acquisition for well-13 on the Arkhangelovskoe license in Russia is now complete and the production casing has been run and cemented. There will be a further period utilising the drilling rig to clean out cement inside the casing, pressure test and run a cement bond log. The drilling rig will then be released and demobilised. Demobilisation will take about three weeks after which a smaller rig will be utilised to complete, perforate and acidize the well. Production is expected to commence in August. In the meantime seismic remapping has already begun in order to verify the impact on volumetrics of finding oil deeper than expected in A-13. This is expected to take several weeks. Having complied with all the requirements for the issue of the Production Licence, the Company remains in constant contact with the authorities and is confident that the Production Licence will be issued shortly. On this basis, a work over of well-12 will be scheduled directly after the well-13 completion with production targeted for the middle of August.
Mining Corporate News
Oxus Gold (LON:OXS) (BUY, £0.30) (OXS, 7.5p, ? (13.12%)) announced that on 8 June 2010 an amendment to the Agreement was signed which has removed the signing of the FIA as a condition to the financing. Accordingly, upon receipt of the relevant approvals from the Chinese Government, the consortium will make the initial investment of approximately $85M by way of the issue of new Ordinary Shares…
