Oil & Gas Corporate News
Bowleven (LON:BLVN) plc (BUY, 550p) (BLVN, 75.25p, ? 4.14%) announced the discovery of oil at the Sapele-3 exploration well drilling in the Douala Basin, offshore Cameroon. Highlights: 11 metres of independently assessed net hydrocarbon pay intersected within upper part of Deep Omicron interval; up to further 11 metres (net) is currently interpreted as having either a high residual hydrocarbon or a hydrocarbon bearing response from logs; Majority of reservoir located in two gross sand packages exhibiting high net to gross ratios and good quality reservoir; packages appear to correlate back to earlier Sapele wells; Samples confirm excellent quality oil bearing sands encountered at current TD; intention to continue drilling to base of Deep Omicron interval; Confirmed presence of oil in the Deep Omicron interval at Sapele-3 extends fairway significantly beyond current mapped area; Consequently, a significant upward revision to Deep Omicron volumetrics is now anticipated; and additional gas/condensate discovery made in high quality reservoir at D1-r equivalent level; extent and size of discovery is worthy of further evaluation.
Argos Resources (LON:ARG) Limited (ARG, 27.00p, ? 4.85%) issued a new Competent Persons Report ("CPR") prepared by Senergy (GB) Ltd ("Senergy"). Highlights: New prospective resource estimate of 2,107mmbo; The six structural prospects mapped from earlier 2D seismic data confirmed; 22 new stratigraphic prospects identified, creating significant new opportunities; Good quality sandstones predicted, with several prospects, including Rhea, exhibiting similar seismic anomalies to those seen at Sea Lion; Progress made towards being drill ready in late 2011 / early 2012; and various financing options to fund drilling costs are being actively considered. The new CPR identifies considerable additional prospectivity resulting from the interpretation of the Company's recently acquired 3D seismic data over its 100% owned licence PL001. Based upon this report the total Best Estimate of unrisked potentially recoverable prospective resource on the Argos licence area amounts to 2,107 million barrels of oil (mmbo), an uplift of 182% on the previous resource estimate of 747mmbo.
Mining Corporate News
Red Rock (LON:RRR) Resources plc (RRR, 5.00p, ? 6.54% ) announced a Measured Mineral Resource Estimate at the Macalder Tailings at the Migori gold/copper project in Kenya. The updated resource is classified as Measured with 1.286 Million tonnes of tailings material at 1.65 g/t Au and 33.5 g/t Ag, which contains 68,000 ounces…
