Mining News
Condor Resources (LON:CNR) (CNR LN, 6.50p, ? 1.89%) announced the results of trenching and the first exploratory drilling on the Central Breccia. Trench intercepts include 41.9m at 1.59g/t gold and 49m at 1.26g/t gold from two trenches located 25m apart on the Central Breccia. Best results from the drilling include 102m at 0.31g/t gold and 130m at 0.12g/t gold.
Oil and Gas News
San Leon Energy (LON:SLE) (SLE LN, 11.0p, ? 4.76%): Drilling results support commercial development of Polish shale. The successful completion of the firms second shale gas exploration well in the Baltic Basin (Poland) should keep the stock buoyant today. The Talisman Energy operated Rogity-1 well, on the Braniewo-S Concession, has been drilled to a depth of 2,788 meters. During drilling continuous gas shows were encountered over more than 500 meters of the Lower Silurian, Ordovician, and Middle Cambrian sections. The rich gas shows consisted of heavy hydrocarbons, including C1-nC8. The richness of the gas shows is consistent with a wet gas system, confirming the Company?s regional model of the eastern side of the basin being in the oil window. The strongest gas shows, along with indications of oil, were encountered in the Lower Silurian interval, which is estimated to be over 100 meters thick. Oil shows were also encountered in Ordovician limestones and shales, and in Middle Cambrian sandstone. 334 meters of continuous core were taken in the well to evaluate the reservoir properties and mechanical properties of the Lower Silurian, Ordovician, and Middle Cambrian sections. In addition an extensive open hole logging program was also performed to further evaluate the potential of the well. Evaluation and interpretation of the core and logs is expected to take about three months in preparation for continued operations in the latter parts of 2012. The well was completed and cased for future operations, which could include pressure testing of the formations (DFIT test) and a possible vertical frac across several intervals. Future operations in the Braniewo-S Concession are expected to include a long offset horizontal well as well as a multistage frac. Talisman will next move the rig to the Szczawno concession to drill the Szymkowo-1 well. The Baltic Basin licences comprise 600,000 acres where SLE holds 100% of three concessions including Gdansk-W, Braniewo-S, Szczawno - with a pending application on the Czersk…
