Fox Davies Capital Update featuring Serica Energy, Ascent Resources, Salamander and African Aura Mining

Tuesday, May 11 2010 by
Fox Davies Capital Update featuring Serica Energy Ascent Resources Salamander and African Aura Mining

Serica Energy (LON:SQZ) (86p, %u25B2 (1.18%)) has commenced drilling the Conan exploration well in Block 113/26b in the East Irish Sea. The well will be drilled by the Ensco 80 jack-up drilling rig to a depth of approximately 5,000ft and is anticipated to take approximately 24 days to drill.
Ascent Resources (LON:AST) (BUY, £0.20) (AST, 4p, %u25BC (5.88%)) has successfully completed the PEN-101 sidetrack, part of the Penészlek Project, in the Nyírség exploration permits of eastern Hungary. The PEN-101 sidetrack will produce gas from the Miocene tuffaceous gas formation, the target of which was defined by 3-D seismic in 2008. The well was originally drilled in February 2010 to a total depth of 1,500m, however during completion an acid stimulation treatment had broken through a repair to the cement isolation behind the steel casing and allowed water production from a deeper formation. The sidetrack was drilled to overcome this problem and the well has now been successfully completed and perforated, with gas flowed on a short test. Once the rig has been demobilised from the location, the PEN-101 well will be acidized and connected to the adjacent production facility where the PEN-105 gas is already processed.
Salamander Energy Plc (LON:SMDR) (235.7p, %u25B2 (4.94%)) announced the successful completion of Phase IV of development drilling on the Bualuang oil field, Block B8/38, offshore Gulf of Thailand. All three sidetracked horizontal wells, BA02 ST2, BA03 ST2 and BA04 ST2 have been completed in the main producing area of the field with downhole electric submersible pumps and expandable sand screens. The wells each consist of 600-800m horizontal sections, and were successfully landed in the target zone between 3-5m below the top reservoir. All three wells have now been brought on stream, having cleaned up and tested at stepped-up rates to determine well productivities. The wells will be choked back to produce at rates for optimal field management and reserves recovery.
Mining Corporate News
Zincox Resources Plc (LON:ZOX) (44.25p, %u25BC (3.8%)) announced that its chosen operating site in Korea has been officially designated as a Foreign Investment Zone (FIZ) by Korea's Foreign Investment Committee. The designation is for the express purpose of recycling electric arc furnace dust (EAFD) by ZincOx Korea Limited (the Company's wholly owned Korean subsidiary). Designation of its site as an FIZ ensures that ZincOx's KRP will…

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Ascent Resources plc is an independent oil and gas exploration and production (E&P) company. The Company's portfolio consists of European onshore projects. The Company operates through two segments: Slovenia and UK. The Slovenia segment is engaged in exploration and development work. The UK segment includes head office. It operates the Petisovci tight gas project in Slovenia. The Company's project is operated through a local entity in a joint venture. The Petisovci Tight Gas Project is located in an area covering approximately 100 square kilometers in north eastern Slovenia. The Petisovci Tight Gas Project targets the development of tight gas reservoirs, which include Miocene clastic sediments. The structure has over two sets of reservoirs, the shallower Upper Miocene and the deeper Middle Miocene. It is focused on the development of the Middle Miocene Badenian reservoirs. Its subsidiaries include Ascent Slovenia Limited, Ascent Resources doo and Ascent Resources Netherlands BV. more »

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Serica Energy plc is a United Kingdom-based oil and gas company. The Company has exploration and development activities based in the United Kingdom, Ireland, Namibia and Morocco, and an economic interest in an oilfield offshore Norway. The Company's segments include UK, Ireland and Africa. It holds licenses in the Central North Sea and the East Irish Sea, which includes the Columbus Field. It holds Frontier Exploration Licenses for Muckish, Aghla and Derryveagh, and Liffey and Boyne Prospects. The Company also holds interest in Blocks 113/26b and 113/27c, including the Doyle prospect. It holds interest in Block 113/22a, which is operated by Zennor North Sea Limited. The Company has interest in a Petroleum Agreement covering Blocks 2512A, 2513A, 2513B and 2612A in the Luderitz Basin, offshore Namibia in partnership with other companies. The Company has working interest in the Sidi Moussa license. The Company has an economic interest in the potential development of the Vette field. more »

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  Is LON:AST fundamentally strong or weak? Find out More »

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About Fox Davies Capital

Fox Davies Capital

Fox-Davies Capital Limited (FDC) has been advising and raising funds for the natural resource sector since February 2001. The firm specialises in assisting international resource companies to gain access to the UK, European and North American capital markets and has a substantial background in emerging markets particularly in Africa, Asia, Russia and the CIS.  FDC enjoys a successful track record in advising and undertaking fundraising transactions for its clients ranging from private equity to IPO and secondary offerings and works with over 350 specialised institutional resource and emerging markets funds worldwide.  FDC is authorised and regulated by the Financial Services Authority (FSA) and is a member firm of the London Stock Exchange (LSE). more »

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