Oil & Gas Corporate News
Salamander Energy Plc (LON:SMDR) (SMDR, 229.2p, ? (3.8%)) announced the spudding of the Tom Su Lua-1X exploration well in Block DBSCL-01, in the Vinh Chau Graben system, offshore southern Vietnam. The DBSCL01-TSL-1X well will be drilled to a depth of approximately 1,400m and is targeting oil in the Eocene-Oligocene clastics as well as pre-Tertiary basement. The mean gross pre-drill estimate of prospective recoverable resource is c. 60MMbbl. The well will be drilled by the PVD-1 jack-up rig in a water depth of 15m. It is expected to take approximately 25 days to complete on a dry hole basis. Salamander holds an operated 75% interest in Block DBSCL-01, which was the subject of a previously announced farm out arrangement between Salamander and Origin Energy in December 2009.
Ithaca Energy Inc (LON:IAE) (IAE, 152p, ? (4.83%)) announced a further significant increase in reserves in the current year post the success of the recent Stella well. 1P reserves have increased 30.6% from 15.99Mmboe to 20.88Mmboe and 2P reserves have increased 12.8% from 37.19MMboe to 41.96MMboe. The increase in reserves is due to the updated evaluation of the Stella field based on the results of a successful appraisal well (30/6a-8) drilled in Q1 2010. In the latest reserves report as at April 30 2010 prepared by Sproule International Ltd, net 1P reserves associated with the Stella field increased c. 118% from 4.69MMboe to 10.23MMboe and net 2P reserves increased c. 61%, from 8.94MMboe to 14.37MMboe. Combined net 2P reserves for the Greater Stella Area, which also includes the satellite Harrier and Hurricane fields, now totals more than 30MMboe. The overall uplift in Stella reserves is attributed to the additional hydrocarbon column height, the nature of the fluids found within the structure and the larger area now defined by the appraisal well.
Mining Corporate News
African Eagle Resources (LON:AFE) (AFE, 4p, ? (0.0%)) announced that it has completed its programme of infill and definition drilling at the main Wamangola Hill Deposit at the Dutwa Nickel Project in Tanzania. The Company has now received results from a programme of 71 infill geostatistical Reverse Circulation (RC) drill holes for 4,003m and a further 27 definition holes, all from the main Wamangola Hill Deposit at the Dutwa Nickel Project. This brings the total resource drilling programme at the Dutwa project, including the Wamangola and Ngasamo Deposits, to…
