Aurelian Oil & Gas Plc (LON:AUL) (AUL, 39.5p, ? (0.64%)) and Europa Oil & Gas (EOG, 12.25p, ? (2.0%)) provided an update of well testing operations on the Voitinel gas discovery, situated in northern Romania, specifically on the analysis of the results of the fracture stimulation of the `1650' gas sand. The frac was performed and the well flow tested at a stabilised rate of 2.5MMscfd after three days, a 67% improvement on the October 2009 stabilised rate. The frac has significantly increased the effective drainage area of the well and it is now believed that each development well on the Voitinel structure will have the potential to produce up to 6Bcf of gas at an average first year production rate of 2.5MMscfd. The next step in the overall appraisal process for the Voitinel/Solca trend will be, following pressure build-up analysis for the current zone, to mobilise equipment and recomplete to the `1400' sand also encountered in Voitinel-1. This sand will then be tested with results expected during June 2010. Aurelian has a 33.75% interest, Europa has a 28.75% interest, and Romgaz holds the remaining 37.5%.
Mining Corporate News
Stratex International (LON:STI) (BUY, £0.07) (STI, 3.5p, ? (4.76%)) announced positive results from detailed sampling of the Company's Megenta hot spring gold discovery, located in the prospective Afar region of Ethiopia where the Company holds a 2,245 sq km land position.
Nyota Minerals (LON:NYO) (NYO, 15.5p, ? (1.59%)) announced that it intends to divest its interest in the SwaziGold project and that, in preparation for a potential sale of the Project to interested parties, Nyota's 50% interest in Swazi Gold Ventures (Pty) Ltd has been transferred to the Company’s joint venture partner Savinara Company SA ("Savinara") for nominal consideration of US$1.
Stellar Diamonds (LON:STEL) (STEL, 13.75p, ? (0.0%)) announced that it has now signed the share purchase agreement with Petra Diamonds Limited in respect of the acquisition of 51% of the Kono kimberlite project in Sierra Leone. Stellar has issued 4,500,000 new ordinary shares to Petra as consideration for the agreed purchase price of £900,000, at a price of 20 pence per share. Petra, which now holds shares representing 4.45% of the issued capital, has agreed not to dispose of any of these shares for 12 months. Application has been made…