Oil & Gas Corporate News
Sefton (LON:SER) Resources Inc (SER LN, 3.05p, ? 0.81%) today announced that the drilling of four new wells has begun at the Tapia Canyon oil field in California. The four wells were spudded on Wednesday 16 November 2011 and are expected to take approximately five weeks to complete. Oil production in early 2012 is thus expected to rise by up to 75% to an estimated 240 barrels of oil per day, once the new wells are on stream. An Interim report from Dr. Farouq Ali on the Tapia Canyon steamflood model reinforces earlier findings that Tapia Canyon has the potential to become an up to 1,750 barrels of oil per day operation. In Kansas, further progress has been made in the development of Sefton?s gas operations. Sefton believes it is close to achieving a significant strategic advantage in its gas operations which will lead to the creation of significant cash flow and earnings opportunities.
Salamander Energy (LON:SMDR) PLC (SMDR LN, 198.10p, ? 1.93%) announced that it has agreed to acquire the full authorised share capital of Elnusa Chariot International Limited ("Chariot"), which holds an 11% interest in the Bangkanai PSC. Salamander is the operator of the Bangkanai PSC and on completion of the transaction will hold an 80% interest in the licence. Salamander is acquiring Chariot from PT. ElnusaPatra Ritel for a cash consideration of US$6 million. The Bangkanai PSC is located in Central Kalimantan, Indonesia, one of the Group's core focus areas. It contains the Kerendan gas field development where a Gas Sales Agreement was signed in 1H 2011 for the supply of 20 Bnbtu per day for a period of 20 years.
Mining News
FoxDavies will be attending the Mines and Money London event this year and will be at Stand C5 from 6 to 7 December. If you would like to make an appointment to meet us during the conference please contact; Lisa Caires, Investor Relations (Tel: +44 (0)20 3643 5065, email: lisa.caires@fox-davies.com) Jonathan Evans, CF (Tel: +44 (0)20 3643 5016, email: jonathan.evans@fox-davies.com) Simon Leathers, CF (Tel: +44 (0)20 3643 5022, email: simon.leathers@fox-davies.com) Juan Alvarez, Research (Tel: +44 (0)20 3643 5035, email: juan.alvarez@fox-davies.com)
Berkeley (LON:BKG) Mineral Resources Plc (BMR LN, 2.30p, ? 3.37%) announced that verification and assessment work is continuing on its…
