Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) (HOLD, £3.00) (GPX, 306p, ? (3.03%)) announced that the Lambouka-1 exploration well has been drilled to a measured depth of approximately 1780m in 12? hole section. Preliminary evaluation of the MWD petrophysical logs suggests that the first reservoir target for the Lambouka prospect, the Tertiary aged Birsa Sand, has been encountered. Our initial interpretation based on the MWD logs is that the sands encountered to date are water-bearing. While this interpretation represents a result considered disappointing, the presence of a seal and reservoir sand within this interval is a favorable result for the remaining prospects and leads in the block. Forward operations are to complete the drilling of the current 12? hole section, run wireline logs and then set the 9 5/8" casing prior to drilling ahead to the primary target Cretaceous aged Abiod Formation in 8? hole. Gulfsands is acquiring a 30% participating interest in the Kerkouane Licence and Pantelleria Permit. Gulfsands also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest. ADX Energy Ltd is the operator of the Kerkouane Exploration Licence offshore Tunisia and the adjacent Pantelleria Exploration Permit in Southern Italy.
Cairn Energy Plc (LON:CNE) (CNE, 468.3p, ? (3.42%)) announced it had entered into a conditional agreement with Vedanta, for the sale of a maximum 51% of the fully-diluted share capital of Cairn India. Cairn is expected to receive a cash consideration of between US $8,480m for 51% sold and US $6,651m for 40% sold), depending on both the number of shares comprised within the fully-diluted share capital of Cairn India at completion and the size of the interest in Cairn India sold to Vedanta pursuant to the Proposed Transaction.
Mining Corporate News
Mariana Resources (LON:MARL) (MARL, 25.5p, ? (4.28%)) announced that its subsidiary Sociedad Contractual Minera Mariana de Chile, has commenced drilling at the Buenaventura Iron-Oxide-Copper-Gold Project in Northern Chile. The programme, consisting of up to nine diamond drill holes for approximately 2,000m is testing a number of IOCG targets generated from 3D modelling of a high resolution magnetic survey carried out over the property in the June quarter and compilation of previous exploration data. The assay results are expected to be received from late September 2010 onwards.
