Oil & Gas Corporate News
Caza Oil & Gas (CAZA, 27p, ? (0.92%)) announced that the Caza 158 #1 well in Upton County, Texas, operated by Devon Energy Corporation, reached a total depth of 11,012ft on September 17, 2010. Electric logs indicated multiple potential pay sands in the Wolfcamp, Spraberry and Atoka formations. The production casing has been set and Devon is preparing the 158 well for further completion operations. Following the success of the 158 well, the rig has moved onto the Caza 162 #1 well location and commenced drilling. The 162 well will test the western portion of the Windham Wolfberry Prospect.
Mining Corporate News
Avocet Mining (LON:AVM) (AVM, 160.5p, ? (0.31%)) announced a new Proven and Probable Ore Reserve at the Inata Mine in Burkina Faso. Reserves now stand at 16.3Mt at a grade of 2.06 g/t gold, which equates to 1,081,500 ounces of gold. This reserve increase has extended the mine life to 2018 at an average annual production of 120,000 ounces.
Petra Diamonds (LON:PDL) (PDL, 82p, ? (1.68%)) announced it has now signed final loan agreements with IFC and Rand Merchant Bank with regards to the new secured debt facilities of approximately US$78M. The Agreements provide Petra with a US$40M loan from IFC and a US$38.7M loan from RMB as well as the extension of the Company's existing US$12.9M RMB group overdraft facility.
