Oil and Gas Corporate News
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL, 14p, ? 0.0%) announced that its joint venture partner and PSA operator Africa Oil Corp has signed a landmark contract with Sakson Drilling and Oil Services who will provide a 1,500 horse-power, top drive drilling rig to drill two highly anticipated exploration wells in Puntland, Somalia. The majority of the drilling-related third party service contracts have now been entered into, with the mobilisation of required personnel and equipment to commence, which is expected to allow for the spudding of the first well during the fourth quarter of this year. Drilling locations have been selected over two robust prospects targeting total gross best estimate Prospective Resources of 675mmbbl (135mmbbl net attributable to Range). The first prospect, Shabeel-1, is targeting Prospective Resources of in excess of 300mmbbl of oil (60mmbbl net attributable to Range).
Mining Corporate News
Kefi Minerals (LON:KEFI) (HOLD) (KEFI, 4.05p, ? 12.50%) announced that it has sold the Company's Artvin Project in northeastern Turkey to a Turkish mining company. The Artvin Project comprises 15 Exploration Licences (totalling 254km2) located in the Eastern Pontide Belt in northeastern Turkey. Kackar Madencilik San. Tic. Ltd, the Company's subsidiary holding these licences, has been sold in return for KEFI Minerals receiving an initial Cash payment of US$100,000; and 1% Net Smelter Royalty on all future mineral production from the licences.
African Minerals (LON:AMI) Limited (AMI, 550p, ? 3.68%) announced that it has received credit committee approval from Standard Bank Ltd for the provision of circa $90M of equipment finance credit facility. The facility will have a term of 5 years from drawdown, with quarterly repayment secured on assets up to $100M, specifically carved out of the existing Secured Loan Facility for the purpose of equipment financing, and will have Political Risk Insurance. An update on the Tonkolili project was also given. The Tonkolili Phase I project capacity has expanded from 12Mtpa to 15Mtpa operating capacity, and guidance for 2012 has increased from 10Mt to 12Mt of Direct Shipping Ore (DSO) sales. The 15Mtpa Phase IB wet plant is to be commissioned at the end of January 2012 and ramp up to full production capacity by end of Q2 2012. Excavation and civil works for the railway and the port stockyard are complete…
