Oil & Gas Corporate News
Chariot Oil & Gas (CHAR, 192.75, ? (3.35%)) announced its unaudited interim results for the period ended 31 August 2010. During period the addition of the Central block volumes increased gross mean unrisked prospective resources from 5.2 to 8.5Bbbl and that number now stands at 10.1Bbbl. The farm-out process is ongoing, the number of dataroom attendees exceeded expectations and a second dataroom was opened in London to accommodate all interested parties. The results of a CPR by NSAI have been published confirming Company?s estimates of resources.
Leni Gas & Oil (LENI, 2.92p, ? (1.68%)) has signed a binding Non-Disclosure and non-binding Commercial Terms Agreement setting out the potential terms of an agreement to cooperate with Sorgenia International B.V and Rohöl-Aufsuchungs Aktiengesellschaft ("RAG") to assess a potential joint venture for the exploitation of unconventional gas opportunities in Spain. As previously reported in May 2010, LGO has identified unconventional gas prospectivity in the Lower Jurassic within the acreage held by the Company which spans over 550 sqkm in the proven Basque-Cantabrian basin in northern Spain. These prospects are currently being assessed. Sorgenia is a major European conglomerate engaged in the production, import and sales of electricity and gas, and is actively seeking shale gas acquisitions to increase its gas supply in Europe. RAG is major European gas exploration and production company with operations in Austria, Hungary, Germany and Poland and is a recognised leader in shale gas exploitation in Europe Under terms of the Agreements, LGO, Sorgenia and RAG have agreed an exclusivity period of 10 weeks to complete their assessment of the Company's unconventional gas opportunities in Spain and finalise full terms and conditions of a formal three way agreement between the parties based on the Commercial Terms Agreement.
Mining Corporate News
Avocet Mining (LON:AVM) (AVM, 188.5p, ? (7.25%)) announced that gold production for the September quarter was 67,792oz, up from 52,870oz in the previous quarter. Total cash cost reduced by 12% to US$619/oz compared with US$701/oz in the previous quarter.
Discovery Metals Ltd (LON:DME) (BUY, £1.02) (DME, 76.5p, ? (0.0%)) announced that it has successfully completed the institutional placement component of the equity raising announced on 4 November 2010 (Placement). The A$51M offer was priced at a 10% discount to the last trading price on…
