Oil & Gas Corporate News
Coastal Energy Co (CEO, 291p, ? (0.0%)) announced an update of its operations in Thailand. At Songkhla A the workover of the Songkhla A-04 is nearing completion. The Company expects the well to begin producing within the next two days. At Songkhla B, the top drive on the rig has been repaired and is currently being rigged up, and drilling operations on the Songkhla B-02 sidetrack are expected to recommence on Wednesday. The Si That-3 well has been suspended following completion of a Production Logging Tool (PLT) survey. Despite gas flow to the surface being measured during testing, no free gas flow was detected by the PLT tool from the reservoir above the water zone.
Mining Corporate News
African Minerals Ltd (AMI, 377.75p, ? (0.59%)) announced that the JORC complaint iron ore resource at its Tonkolili project in Sierra Leone has grown to 10.5Bt. 9.7Bt of the resources has a grade of 30.1% iron, with the remainder at 16.8%. Metallurgical testwork performed by independent consultants is also reported. A tonnage scale pilot plant test has confirmed that Tonkolili magnetite is upgradable to an iron ore concentrate with a grade of 70.3% Fe at a mass recovery of 26.5%.
Gma Resources (GMA, 3.25p, ? (4.00%)) announced that has raised £479,662.02 for the Company (before expenses) by way of a subscription for 10,659,156 ordinary shares in the capital of the Company at a price of 4.5p.
