Oil & Gas Corporate News
Bowleven (LON:BLVN) (BLVN, 137.75p, ? (0.36%)) announced that the Etinde Permit farm-out transaction entered into with Vitol E&P Limited has completed. The farm-out transaction announced on 12 August 2009 comprises the acquisition by Vitol of an initial 25% interest in Etinde in return for funding a $100m gross work programme. Vitol also has an option (exercisable on or before 30 September 2010) to acquire a further 25% interest in Etinde in return for funding a further $100m gross work programme and paying $25m in cash to Bowleven to progress Etinde activities.
Valiant Petroleum (LON:VPP) (VPP, 707.5p, ? (2.39%)) announced that the second Tybalt exploration well (211/8c-4Z) has been successfully tested, delivering a post clean-up peak rate of 5,400bopd and 4MMscfd on a 56/64" choke representing a combined rate in excess of 6,000boepd. The well was subsequently choked back to 52/64'' and delivered a stabilised average rate of 4,600bopd and 3.3MMscfd over an 11 hour flow period. Oil samples taken during the test confirm the crude to be light at 38-40oAPI. The well will now be suspended for potential use as a future appraisal or development well. Technical evaluation will now focus on defining the extent and nature of the Upper Magnus reservoir in the area in order to indentify the location for the appraisal drilling program which Valiant intends to pursue in the next twelve months.
Mining Corporate News
Nyota Minerals (LON:NYO) (NYO, 17.25p, ? (7.81%)) announced further results from additional reverse circulation and diamond drill holes of the ongoing exploration program at the Company's flagship Tulu Kapi gold project in Ethiopia. Diamond drill results have confirmed the presence of a new mineralized structure beneath the current Inferred Resource of 1.38 million ounces of gold. Four deep diamond holes were drilled below the current resource which sits at a maximum depth to date of 200 metres and comprises two mineralized lodes. The deeper holes have intersected sulphide mineralization in structures stacked beneath these known lodes. Highlights of assays for the hole TKBH-038 include: 2.55m at 3.78g/t gold, and 8.7m at 8.9g/t gold. Results for the remaining three holes are yet to be received. Highlights of mineralized intersections for 15 additional infill and expansion RC holes indicate additional mineralization is present and as a result the Company is planning to continue to extend DD and RC drilling further to…
