Oil & Gas Corporate News

Dragon Oil (LON:DGO) (DGO, 394.25, ? (0.25%)) announced the completion and initial testing of the Dzheitune (Lam) B/145 development well. This is the second well to be drilled from Dragon Oil's new Dzheitune (Lam) B platform and was drilled to a depth of 3,344m by the Astra jack-up rig. The well tested at an initial rate of 1,054 bopd.

Mining Corporate News

Baobab Resources Plc (LON:BAO) (BAO, 8.75p, ? (1.45%)) announced that scout diamond drilling at the Chimbala prospect continues to progress well with nineteen holes completed to date for an aggregate total of 3,963m. Drilling has intersected significant widths of magnetite-ilmenite mineralisation. Latest analytical results from drill holes TDH0024, 26 and 27 have returned significant mineralised intercepts recording concentrate grades of: TDH0024 - two significant intercepts, totalling 24m, including:12.0m @ 60.6% Fe and 0.66% V[2]O[5] from 77.0m (30.5% mass recovery) TDH0026 - three significant intercepts, totalling 28.5m, including:13.0m @ 62.8% Fe and 0.69% V[2]O[5] from 72.0m (34.5% mass recovery). Approximately 12,000m of combined diamond and reverse circulation drilling has been planned to assess the Chimbala and South zone prospe cts of the Massamba Group trend. The purpose of the campaign is two-fold: to improve confidence in the 400 to 700Mt Exploration Target and to clarify geological domains for continued metallurgical test work. 

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