Oil & Gas Corporate News
Petroneft Resources (LON:PTR) Plc (PTR, 41.8p, ? 1.21%) provided an update on its operations at Licence 61. Highlights included; fifth and sixth production wells successfully drilled; Wells have encountered some of the thickest net pay to date; year-round production expected to commence in August 2010; and Arbuzovskaya exploration rig-up complete.
Kea Petroleum (LON:KEA) Plc (KEA, 16.5p, ? 4.76%) announced that the New Zealand Minister of Energy has given his formal approval, under the Crown Minerals Act 1991, to the acquisition by the Group's wholly owned subsidiary, Kea Oil and Gas Limited, of a 100% interest in Petroleum Exploration Permit PEP 381204 from Genesis Power Limited, a wholly owned subsidiary of New Zealand government owned major energy company Genesis Energy. Under the terms of the deal, Kea will repay Genesis' past costs incurred on the permit out of future revenue generated from the permit, and Genesis will hold a right of first refusal to purchase a portion of gas discovered in the permit. PEP 381204 is an onshore/offshore area of 516 sq km, situated on the eastern margin of the North Taranaki Basin. Kea will complete its technical evaluation over the coming months, prior to the April 2011 date by which a commitment must be made to drill a well; which would then be drilled during the following year.
Mining Corporate News
Anglesey Mining (LON:AYM) (AYM, 24.25p, ? 1.04%) announced that its 41% owned associate company Labrador Iron Mines Holdings Limited (TSX: LIM) has reported that on 27 July 2010 it received Certificates of Approval for the construction of its mining facilities from the Government of Newfoundland and Labrador. The approvals provide for the construction of open pit mining and treatment facilities at the James North, James South, Redmond 2B and Redmond 5 deposits,and include the beneficiation facility, ore, waste rock and overburden stockpiles, settling ponds, access roads, accommodation camp and other associated works for LIM's Schefferville Area direct shipping iron ore project. The approvals also include authorization for the installation and operation of power generators at the James deposit, the Silver Yard beneficiation area and the accommodation camp.
