Oil & Gas Corporate News
Gulf Keystone Petroleum (LON:GKP) (GKP, 114.25p, ? (0.88%)) announced the commencement of drilling operations on its Shaikan-3 appraisal well. This is a shallow appraisal well, very close to the Shaikan-1 well, the site of last year's discovery of the giant Shaikan oil field. The Company has a 75% working interest in the Block. The Shaikan-3 well will be drilled to 1,100m, and drilling and testing is expected to take two months.
Caza Oil & Gas (CAZA, 22p, ? (12.82%)) announced that scheduled drilling has commenced on the initial test well at the Windham (Wolfberry) prospect in Upton County, Texas. Caza's partner and the operator on this project, Devon Energy Production Company, commenced drilling of the Caza 158 #1 test well this week. The Well is designed to drill to approximately 11,500ft to test the Spraberry and Wolfcamp (Wolfberry) formations and should take approximately 35 days to drill.
SOCO International (LON:SIA) (SIA, 476.6p, ? (1.57%)) announced that it has reached total depth on the wildcat exploration well Nganga 1 in the Nganzi Block, onshore the Democratic Republic of Congo (Kinshasa). The well was drilled to 2,175m Measured Depth reaching the Basement as prognosed. The well encountered approximately 500m of source rock with significant hydrocarbon shows and approximately 245m of good quality porous sand with an average porosity of ca. 17.5% in the primary target. However, petrophysical interpretation of the logs acquired across the reservoir interval indicates that these sands are water bearing. Currently preparations are being made to plug and abandon the well, and subsequently move to the Kinganga Nyanya 1 exploration well, previously designated the "D" prospect. This well, in a different part of the basin with a different margin geometry, is further away from this localised sand and is not expected to be impacted by it.
Mining Corporate News
Creat Resource Holdings (CRHL, 1.63p, ? (0.0%)) announced that its shareholder Creat Group Limited has provided a US$14M bridging loan to support the development of a lithium carbonate processing plant being built in Jiangsu Province, China by Australia's Galaxy Resources Ltd. CRHL has a 19.99% shareholding in Galaxy, which is quoted on the ASX in Sydney. The bridging loan has been arranged as short-term finance until Galaxy completes the documentation process on a planned US$105 million project finance facility from China Development Bank and Austria's Raiffeisen Zentralbank Österreich AG. Galaxy…
