Oil & Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) (BUY, £2.00) (GKP, 92.5p, ? (3.35%)) announced the results of further testing of the Butmah (1783-1814m) section of the Jurassic on its Shaikan-1 discovery well. Final production rates during this week's re-test were measured at 4,650bopd with an API gravity of 17.68 degrees and a gas oil ratio of 34 standard cubic feet per barrel of oil at a flowing wellhead pressure of 295psi. This is in line with the previously estimated rate. The Mus (1627m to 1667m) section of the Jurassic will be re-tested next, followed by the Sargelu (1450-1510m), which will then also be configured for long term production testing.
Cove Energy (LON:COV) (CVE, 61.25p, ? (8.92%)) announced that progress on the Ironclad well in East Africa had been slowed due to adverse sea current conditions at the well location. When the currents subside, normal drilling operations and well evaluation activities will resume. Consequently the Company now anticipates that final Ironclad well results will be known in two to four weeks time when it is expected that an appropriate announcement will be made. Cove owns an 8.5% stake in the well.
Petrolatina Energy Plc (LON:PELE) (PELE, 51.5p, ? (0.48%)) announced that it has yesterday agreed to place 8,143,662 new ordinary shares of which 1,302,812 Ordinary Shares were placed at a placing price of 37.57 pence per share, and 6,840,850 Ordinary Shares were placed at a placing price of 40 pence per share to raise approximately US$5 million. The net proceeds from the Placing will be used to finance the group's ongoing work programme and exploration expenditure in Colombia and for general working capital purposes.
Leni Gas & Oil Plc (LON:LGO) (LGO, 1.98p, ? (1.25%)) announced that the drill rig to spud the Hontomin well and commence an extended well test on the Hontomin oil discovery in northern on-shore Spain is scheduled arrive on or around the 16th August 2010.
Mining Corporate News
Kryso Resources (LON:KYS) (KYS, 16p, ? (1.54%)) announced that it has appointed Andre Gaston as its Chief Operating Officer. In his role of Chief Operating Officer, Andre will not have a board position but will have responsibility for managing the ongoing exploration programme at Pakrut, finalising the Pakrut project BFS being carried out by the Beijing General Research Institute of Mining and Metallurgy and preparing…
