Oil & Gas Corporate News
Serica Energy (LON:SQZ) (SQZ, 71.5p, ? (1.42%)) announced that drilling operations have commenced at the Oates exploration well location in Block 22/19c in the UK Central North Sea. The well will be drilled by the Ensco 100 jack-up drilling rig to a depth of approximately 10,000ft and is anticipated to take approximately 30 days to drill. Serica has a 50% interest in the well.
President Petroleum (LON:PPC) (PPC, 63p, ? (0.79%)) announced the acquisition of the rights to additional leases on 440 acres at ELV in Louisiana. The rights are for zones deeper than 14,000ft. The US$0.5 million cost of lease acquisition and prospect development is being paid in cash, with President Petroleum currently expecting to take an initial Working Interest of 80% in drilling the first well to casing point and a Net Revenue Interest of approximately 55%.
Mining Corporate News
Highland Gold Mining (LON:HGM) (BUY, £1.71) (HGM, 123p, ? (0.81%)) announced an update on the exploration programmes at its two properties, Unkurtash and Kassan, in Kyrgyzstan. At Unkurtash the exploration project received regulatory approval and the license agreement has recently been renewed. From the start of 2010 a total of 4,000m of drilling have been completed and preliminary drilling results obtained to date underpin the previously established potential of the property for hosting a large open-pit mineable resource with an average grade in the range of 1.4 - 1.7 g/t. Metallurgical test work including a full process flow sheet is being performed on a 1,600kg bulk sample, the results of which are expected by the end of Q3 2010. Within the Kassan property, the Karatube prospect hosts oxidised gold skarn mineralisation which is potentially amenable for heap leaching. Pending approval of the new exploration project by the Kyrgyzstan Regulatory Authorities more than 3,000 metres of exploration drilling are budgeted at Kassan this year.
Ariana Resources (LON:AAU) (AAU, 2.25p, ? (0.0%)) announced the results from the twenty-six most recent Reverse Circulation drill holes completed on the Banu and Derya veins at the Kiziltepe gold deposit. Highlights include gold-equivalent intersections of 12.28 g/t over 2m, 4.59 g/t over 14m and 3.31 g/t over 11m.
European Goldfields (LON:EGU) (EGU, 442.5p, ? (0.67%)) announced that the Environmental Impact Study for the Company's Certej Project in Romania has been submitted. The EIS will now be subject…
