Oil & Gas Corporate News
Sefton (LON:SER) Resources (SER, 2p, ? (0.0%)) announced that continuous steamflood operations have commenced at its wholly-owned subsidiary, TEG Oil & Gas USA, Inc. in the Tapia oilfield near Castaic, California on the Hartje Lease in the central portion of the oilfield. This continuous steam injection pilot is part of an ongoing steam study being conducted prior to the implementation of the field-wide steamflood development of Tapia. Steam is being injected into the Hartje #10 well, which was formerly idle after it was converted to accept the steam injection process by the installation of a new slotted liner across the Yule oil reservoir at a depth of approximately 1,100ft and which was achieved at a cost significantly lower than drilling a new injector. The Hartie #10 well is surrounded by six other producing wells which the Directors believe will also benefit from the heat and pressure caused by the local steam injection. Each well will be carefully monitored during the process and the data will be input into the steamflood simulation modelling developed by Dr. Farouq Ali. These refinements to the model, along with a newly developed geologic and reservoir model, will allow TEG USA to identify the most efficient methods and injection patterns for the steamflood on a full field basis. Additionally, TEG USA anticipates the benefit of increased oil production rates on the Hartje Lease and eastern portion of the adjacent Yule lease as a direct result of the steam injection. The Company has also confirmed that it has reaffirmed and extended the bank borrowing facility.
Lansdowne Oil & Gas (LOGP, 31.5p, ? (5.97%)) announced yesterday that it has reached agreement with certain existing loan holders to extend the repayment date of loans from those lenders. Major shareholders SeaEnergy PLC and Lampe Conway have extended the repayment dates of their existing loans to 15 April 2011.
Mining Corporate News
Alexander Mining (LON:AXM) (AXM, 14.63p, ? (2.50%)) announced that it has completed the sale of its wholly owned subsidiary, Alexander Gold Group Limited, the holding company for the Company's Argentina assets, for a total consideration of US$2.2 million.
Allied Gold (LON:AGLD) (AGLD, 46.88p, ? (9.01%)) announced that Gold Ridge project in the Solomon Islands has begun commissioning, with first gold expected in early March. All major project…
