Oil and Gas Corporate News
Bowleven (LON:BLVN) (BUY, £5.50) (BLVN, 342.25p, ? 4.19%) provided an operational update on activities on the Etinde Permit, offshore Cameroon. Etinde PSC Extension: In accordance with the provisions of the Etinde PSC, Ministerial approval has been received from the Government of Cameroon for a one year extension to the exploration phase of the Etinde PSC (to 21 December 2012). The Etinde Permit comprises blocks MLHP-5, 6 and 7 and planning for continuing exploration and appraisal activities during 2012 across the Etinde Permit is already underway. Cameroon LNG: The GDF Suez and SNH initiative to advance the monetisation of the substantial undeveloped gas resource within Cameroon via an in-country gas aggregation scheme to supply an LNG facility is progressing. On 30 June 2011, GDF Suez, SNH and the Etinde joint venture signed a term sheet that includes the principles intended to govern the sale and purchase of gas to the proposed LNG facility. Sapele-2 testing programme: The Sapele-2 well was drilled to appraise both the Lower and Deep Omicron discoveries and a testing programme is ongoing. Mechanical difficulties, which have now been resolved, were encountered during testing activities and consequently results are now expected in around two weeks.
Faroe Petroleum (LON:FPM) (FPM, 173p, ? 2.37%) announced the signing of two new banking credit facilities, which provide substantial additional finance to underpin the Company's growth plans. The two facilities are: NOK 1 billion Norway Exploration Financing Facility, of which NOK 500 million is initially committed by the participating banks, and a further NOK 500 million is available on uncommitted accordion basis, this facility will mature on 31 December 2014; and US$250 million Reserve Base Lending Facility, of which US$125 million is initially committed by the banks and a further US$125 million is available on an uncommitted accordion basis, this facility will mature on 30 June 2016, with an amortising repayment profile from June 2013. At 1st July 2011, the Group had cash balances of approximately GBP84.2 million.
Mining Corporate News
Sylvania Platinum Limited (SLP, 35p, ? 1.41%) announces the conclusion of a strategic review regarding its iron assets, which are located on the Northern limb of the Bushveld Complex in South Africa. It has shown that the magnetite layers are present across the entire northern limb Properties held by Sylvania Platinum. In those areas where Sylvania…
