Oil & Gas Corporate News
Gulfsands Petroleum (LON:GPX) (HOLD, £3.50) (GPX, 324p, ? (1.44%)) provided an update on operations in Syria. Testing operations are now complete on the Twaiba-1 exploration well, with recovery of only very high salinity water from the uppermost 5 metres of the interpreted "Shiranish" pay zone, from 1872-1877 metres Measured Depth. This is the interval where the most significant hydrocarbons shows were detected whilst drilling and these shows were further corroborated by subsequent coring and wire-line log evaluation. This well will now be suspended and all the information gathered during the drilling and evaluation operations, in particular the whole core, sample and wire-line log data, will be the subject of extensive analysis to determine the likely source of the very high salinity water that appears to be obstructing the flow of any hydrocarbons to surface and any remedial action that might be taken.
Matra Petroleum (LON:MTA) (BUY, £0.07) (MTA, 3.6p, ? (7.46%)) announced a placing of 50,000,000 new ordinary shares at 3.1p per share to raise GBP1.55 million before expenses. The funds will be applied to working capital. Delek-International Energy has agreed to subscribe for 14,516,129 Placing Shares.
Mining Corporate News
Alexander Nubia (AAN CN, C$0.32, ? (18.5%)) has completed four diamond drill holes of a 25-hole program on its Abu Marawat property in the Abu Marawat concession. The holes twin historical Minex drilling and the company expects that the pending assay results will return similar results.
Ortac Resources (LON:OTC) (OTC, 1.43p, ? (2.40%)) announced that it has raised £8,421,053 via a placing, of 561,403,533 new ordinary shares at a price of 1.5 p per ordinary share. The money raised will be mainly used to advance the development of the Kremnica Gold Project in Slovakia.
Oilfield Services Corporate News
No news to report.
