Oil and Gas Corporate News
Heritage Oil (LON:HOIL) plc (HOLD) (HOIL, 225.20p, ? 6.13%) announced that the drilling and testing of horizontal well 363 has been completed in the Zapadno Chumpasskoye Field in Russia, resulting in a significant increase in production. Highlights: Production from the field has increased from 431 bopd in the first quarter to a current level of c.1,600 bopd; Oil is light gravity (39? API) and sweet; The well tested at rates of up to 1,405 bopd and is currently producing 1,205 bopd; Maximum well potential calculated to be 2,365 bopd; and further horizontal drilling is planned with the next well scheduled to spud in the fourth quarter.
Petroceltic (LON:PCI) International plc (PCI, 5.20p, ? 1.70%) announced its Interim Results for the six months to 30th June 2011. Highlights: Enel $100 million plus investment underscores scale and value of Ain Tsila discovery; Enlarged Algeria appraisal programme in progress with further results due in September; Entry to highly prospective blocks in Kurdistan Region of Iraq in partnership with Hess Corporation; Transfer of operatorship of Carisio Permit in Western Po Valley to ENI; Successful placing in May raised $60 million; Strong cash position with balance of $90 million at 30th June 2011; and current cash balance of $84 million and no debt.
Mining Corporate News
Petmin (LON:PTMN) (PTMN, 23p, ? 0.0%) announced through its partner on the Sivas Copper Project in Turkey, Red Crescent Resources, results from exploration activity in the period May to July 2011. RCR has confirmed the presence of extensive oxide and sulphide copper mineralization on the project, which is in the Sivas region of north-east central Turkey. Detailed surface mapping of the Main Mineralized Zone (MZ) is well advanced, confirming the extent and expression of the mineralization over a continuous strike length of at least 2.4km and with an average width of approximately 100m. Mapping of the South East Zone (SEZ) is due to commence shortly. The presence of both oxide and sulphide mineralization in the system has been confirmed in the MZ and SEZ, with both being strongly exhibited, particularly in the SEZ. The well developed copper bearing mineralization contains azurite, chalcocite, malachite and bornite which can be clearly seen with the naked eye. Pursuant to the receipt of relevant environmental and forestry permits, which are expected to…
