Oil & Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) (GKP, 145.25p, ? 1.69%) provided an update on its operations in the Kurdistan Region of Iraq. The company announced that the Shaikan-2 deep appraisal well is currently at a depth of 3,166m with the final total depth (TD) still planned for the lower Triassic or the upper Permian. The Sheikh Adi-1 exploration well is currently at a depth of 3,515m in the Triassic Kurre Chine B and a cased hole testing programme will be undertaken once the drilling has reached TD. After spudding on 27 May 2011, the Shaikan-4 deep appraisal well is currently at a depth of 462m. Preliminary results of the Shaikan 3D seismic data interpretation suggest a larger structure (by 5-10%) than originally mapped based on the earlier 2D seismic data. The Bekhme-1 exploration well on the Akri-Bijeel block is drilling ahead at a depth of 2,828 meters.
Mining Corporate News
Afferro Mining (LON:AFF) Inc.(AFF, 11.5p, ? 3.83%)announce an upgrade to its independent National Instrument 43-101 compliant Mineral Resource Estimate at its 100% owned Nkout iron ore project in southern Cameroon. Total Nkout resource grows by 36% to 1.4 BT at 33.6% Fe after less than four months since maiden resource estimate. 700Mt of magnetite banded iron formation (BIF), representing 50% of the resource, promoted to indicated category at Nkout Centre. Estimate now covers a 5.9km section of a 20km long magnetic anomaly. Recent holes to date include: NKGS018 44.1m at 60.9% Fe of potential direct shipping ore (DSO) material, NKDD022 >500m of visual mineralisation intercepted, assays pending. 2011 drilling campaign now expected to exceed 35,000m with 8,500m completed in included in the updated resource. Further resource estimate to include oxidised zone drilling expected in September. Diamondcorp (DCP, 13.13, ? 0.0%) announced it has placed 26,794,397 new ordinary shares in the Company at a price of 13 pence per share to raise approximately £3.48 million before expenses. The proceeds of the Placing are to be applied to the Company's kimberlite exploration activities in Botswana and working capital for activities in South Africa.
Mwana Africa (LON:MWA) (MWA, 4.63p, ? 2.73%) announced an update on the progress of its Phase 2 expansion programme at its Freda Rebecca Gold Mine in Zimbabwe. Completion of the Phase 2 construction programme is on…
