Mining News
Discovery Metals (LON:DME) Limited (HOLD, 106p) (DML ASX; DME LN, 105p, ? 1.41% ) reported that it has been granted four new Prospecting Licences in the Kalahari Copperbelt of North West Botswana. The PLs are situated within the vicinity of the D?Kar and Ghanzi communities and will be referred to by the Company as the D?Kar Prospecting Licences. The D?kar PLs increase the Company?s total landholding in the Kalahari Copperbelt to 11,872 square kilometres.
Hambledon Mining (LON:HMB) Plc (BUY, 19p) (HMB LN, 3.28p, ? 2.96%) announced the results of the Extraordinary General Meeting held on the 17 February 2011. The Directors authorities' to allot shares was duly passed and therefore the placing announced on 1 February 2012 to raise US$ 9.06 million (US$8.56 million net of expenses) will proceed and application to the London Stock Exchange for admission to trading on AIM for 177,507,699 ordinary shares has been made. Dealings are expected to commence at 8.00 am on 20 February 2012. Following this allotment, the total issued share capital of the Company has increased to 920,926,805 ordinary shares with voting rights.
Minera IRL (LON:MIRL) Limited (BUY, 137p) (MIRL LN, 71.0p, ? 0.0%) announced that it has obtained a receipt for an offering of ordinary shares of the Company for gross proceeds of up to C$30 million. The net proceeds will be used to advance the Company's Ollachea and Don Nicholas projects in Peru and Argentina, to assist the Company in funding exploration programs on its portfolio of properties and for working capital and general corporate purposes.
Oil and Gas News
Xcite Energy (LON:XEL) Limited (XEL LN, 154.5p, ? 6.3%) Reserve Upgrade. The Company has announced a resource upgrade. Oil reserves of the type 1P, 2P and 3P for the Core Area of approximately 96 mmstb, 116 mmstb and 140 mmstb, respectively; NPV10 (after tax) for the Core Area of $1.076 billion, $1.464 billion and $1.921 billion on a 1P, 2P and 3P basis, respectively; Prospective resources for seven prospects on the Company Assets remain unchanged and those assigned were, in the aggregate, approximately 18 mmboe on a risked best estimate basis. It is believed that the field is expected to contain significant upside potential from future appraisal of the non-Core Area…
