Oil & Gas Corporate News
Dominion Petroleum (LON:DPL) (DPL, 5.6p, ? (0.53%)) announced the spudding of the Ngaji-1 well in Uganda, Block EA4B. The well will target a depth of 2,000m, and should be completed during July. An Environmental and Social Impact Assessment for a follow-on seismic programme has also been initiated for subsequent appraisal work on the acreage later in the year, followed by more drilling in 2011.
Mining Corporate News
Coal Of Africa (LON:CZA) (COA, 116.5p, (2.60%)) confirmed yesterday that it had issued 50,000,000 ordinary shares to sophisticated and institutional investors who are clients of J.P. Morgan Securities Ltd, Macquarie First South Advisers (Pty) Limited, Evolution Group Securities Limited and Mirabaud Securities LLP at an issue price of 110 pence per share. Following the admission of the Shares, the number of Ordinary Shares on issue will be 530,514,663.
Chaarat Gold (LON:CGH) (CGH, 41p, (1.23%)) announced encouraging drilling results from its underground and surface drilling programme at its 100% held, 604 square kilometre, Chaarat Gold Property in Kyrgyzstan. The drilling programme is taking place on the central Chaarat target which hosts three parallel striking mineralisation trends, the Main, the Contact and the Tulkubash Zones at the Chaarat Project, for which a JORC compliant resource estimate of 4.009M ounces at 4.14 g/t of gold has been reported. The Main Zone consists of seven projects with a total current resource of 1,874,000 ounces at a grade of 4.15 g/t Au. One of these projects, M3000, hosts a total of 730,000 ounces at 4.24 g/t Au and represents the largest potential for an open pit operation within the Main Zone. The hole reported above was drilled within a "pit shell" proposed by SRK, Chaarat's mining advisers and the Company expects it will add to the open-pittable resource potential.
