Oil & Gas Corporate News
Falkland Oil & Gas (LON:FOGL) (BUY, £4.00) (FOGL, 243.5p, ? (12.73%)) announced that results from the Toroa F61/5-1 exploration well, spudded on 31st May, have been delayed due to some minor operational issues and weather related downtime. The company now expects preliminary results during the week commencing Monday 12th July.
Encore Oil (LON:EO.) (EO/, 58p, ? (13.17%)) announced that the Catcher South West Appraisal (28/9-1Y) sidetrack well, located in the UK Central North Sea, has successfully encountered excellent quality oil bearing Cromarty sandstones. The well was drilled to a total depth of 6,255ft Measured Depth and initial analysis indicates 68ft of net hydrocarbon pay over a gross vertical reservoir interval of 261ft. A vertical hydrocarbon column of 173ft was encountered with an oil water contact coincident with that seen in the Catcher Discovery well. The 28/9-1Y appraisal well completes this phase of the Catcher area drilling. However, Premier and its co-venturers have decided to acquire additional site surveys over potential drilling locations in block 28/9 and further exploration wells are planned for later this year or early 2011, subject to rig availability. Encore has 15% equity in the 28/9 licence, with Nautical Petroleum (LON:NPE) holding 15% and Premier Oil (LON:PMO) holding 35%.
Mining Corporate News
Minera Irl Ltd (LON:MIRL) (BUY, £0.94) (MIRL, 58p, ? (0.0%)) announced an update on the Phase 1 exploration at its Bethania Gold-Copper Porphyry Project, Peru. Minera has the option to earn 100% ownership in this project. Six drill holes intersected broad zones of gold copper molybdenum mineralization, characteristic of the targeted porphyry system. The best drill hole results, from RC10-BET10 intersected 276m from surface averaging 0.38g/t gold, 0.09% copper and 30ppm molybdenum including, also from surface, 72m at 0.66g/t gold, 0.13% copper and 40ppm molybdenum. Hole RC10-BET07 averaged 0.32g/t gold, 0.09% copper and 32ppm molybdenum over the entire 426m of the hole and included a better zone of 124m at 0.39g/t gold, 0.10% copper and 22ppm molybdenum from 260m down hole. Drill hole RC10-BET09 recorded two intersections, 90m from surface at 0.46g/t gold, 0.15% copper and 54ppm molybdenum plus 64m from 216m down hole grading 0.41g/t gold, 0.11% copper and 25ppm molybdenum. Drill hole RC10-BET11 averaged 0.29g/t gold, 0.10% copper and 30ppm molybdenum for 424m from surface.
EMED Mining (BUY, £0.62) (EMED, 8.13p, ? (0.0%)) announced the European Commission has…
