Oil and Gas Corporate News
Range Resources (LON:RRL) Limited (UNDER REVIEW) (RRL, 15.75p, ? 0.0%) announced that it has spudded the Mukhiani 1 well in Georgia overnight. Mukhiani 1 is targeting the Vani 3 prospect with a mean estimate of undiscovered oil in place (STOIIP) of 115 million barrels (with 46 million barrels attributable to Range's 40% interest). The drilling operations will run 24 hours with a team of between 40-50 personnel and is expected to take approximately 45-55 days with a target depth of circa 3,500m. The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target. Following the completion of the Mukhiani 1 well, the rig will then move on to spud the Company's second exploration well as part of the two well highly prospective drilling program in Georgia. The Companys partners are Red Emperor Resources (20%) and Strait Oil & Gas (UK) Ltd (40%).
Kea Petroleum (LON:KEA) plc (KEA, 5.13p, ? 15.75%) was informed that Thornaby Limited, a company wholly owned by the trustees of the I R Gowrie-Smith Family Settlement, of which I R Gowrie-Smith, the Chairman of Kea Petroleum, is a beneficiary, purchased 1,500,000 Ordinary Shares of 1p each in Kea at a price of 4.75p per share on 13 July 2011. Following this transaction Thornaby Limited's total beneficial interest in Kea is 68,500,000 Ordinary Shares, representing approximately 13.45% of its issued share capital.
Mining Corporate News
Condor Resources (LON:CNR) Plc (CNR, 5.75p, ? 2.22%) announced it has completed it's full independent report on the JORC Compliant Mineral Resource of 988,000 oz of gold at 6.4g/t for the La India and Espinito San Pablo concessions, together known as "La India Concession", in Nicaragua, in which Condor has an attributable interest of 790,400 oz. Condor's concession holdings currently contain a JORC compliant inferred resource base of 1,092,000 ounces of gold in Nicaragua and 747,000 ounces of gold and 22 million ounces of silver in El Salvador.
Mariana (LON:MARL) Resources Ltd (MARL, 17.63p, ? 2.78%) announced the final 18 hole drilling results totalling 2,747m from its Q1/Q2 2011 drilling programme at the Calandria Sur target at its Las Calandrias Gold-Silver Project in southern…
