Oil & Gas Corporate News
Afren (LON:AFR) (AFR, 125.1p, ? (1.42%)) announced that analysis has been undertaken of the log and test data acquired from the Okwok-9 well, and together with the seismic data, indicates that the primary objective of establishing the minimum economic field size in order to commercially develop the Okwok field, estimated by management at 25MMbbl, has been met. Furthermore, information obtained from the well is consistent with, and supports, Afren's subsurface model for the field. The results suggest that well productivity under a development completion scenario from a horizontal well would be consistent with production rates typically expected in the area of 2,000-4,000bopd per well. Work is now focused on defining the next steps in the ongoing evaluation of the field, and in particular working up conceptual development solutions that may include stand-alone options and also development as a satellite to the nearby Ebok field.
Amerisur Resources Plc (LON:AMER) (AMER, 15p, ? (1.69%)) announced that despite unprecedented weather conditions in Colombia as a whole and in the Putumayo area in particular, which has led to the President declaring a state of National Calamity, production operations have continued without interruptions over the last few months. Daily oil production has averaged 573bopd over the last 15 days. The 3D3C seismic programme has experienced a slight delay in the face of these conditions, as the Platanillo area has been affected by flooding which has complicated access in both the southern area near the Rio Putumayo and the central area, around the Rio Pinuna Blanco. It is now expected that the recording of data in the southern section of the data volume will be completed during December, with well locations identified in time for drilling during the first quarter of 2011, so long as ground conditions allow the required civil works to go ahead.
Mining Corporate News
Stratex International (LON:STI) (BUY, £0.07) (STI, 6.82p, ? (11.89%)) announced a new joint venture partnership with Turkish company Aydeniz Group to fast-track drilling of the Company?s Muratdere porphyry copper-gold-molybdenum project in western Turkey in order to capitalise on current elevated metal prices. Muratdere is a substantial copper-enriched porphyry system extending almost 4,000m. The previous best drilling return was 284.7m averaging 0.30% copper, 0.13 g/t gold,…
