Oil & Gas Corporate News
Max Petroleum (LON:MXP) (BUY, £0.50) (MXP, 13.75p, ? (3.51%)) published its annual accounts for the year ended 31 March 2010 and announced that its AGM will be held on September 27th in London. The Company posted revenue of US$43.3m, up 11% from US$39.2m in 2009 from total sales volumes of 756,000 bbl of crude oil, up 6% from 710,000 bbl sold in 2009. Average realised price was US$57.35 per bbl, up 4% from US$55.21 per bbl in 2009. Net cash flow from operations amounted to US$10.1m, compared to US$14.1m in 2009. The Net attributable loss was US$253.4m, compared to a loss of US$12.3m in 2009. The current year loss includes US$116.2m of impairment charges related to writing down the Astrakhanskiy Licence, and US$101.9m of non-cash charges arising from the restructuring of the Group's mezzanine credit facility with Macquarie Bank and the Group's outstanding convertible bonds. There is also a recognised liability for tax claim in Republic of Kazakhstan of US$16.7m, which can be paid over nine months beginning July 2010. In June 2010, the Company appealed the tax claim to the Supreme Court of Kazakhstan, which has agreed to review the case. It is expected to take up to six months to resolve from the date of initial appeal.
Mining Corporate News
Stratex International (LON:STI) (BUY, £0.07) (STI, 3.1p, ? (0.0%)) announced an update on progress at the Companys Inlice and Alt?ntepe gold projects in Turkey. The company is fast-tracking the Inlice project towards production by Q4 2011 and the Alt?ntepe project through scoping and feasibility, with production targeted for Q4 2012. The current combined oxide gold resource of approximately 570,000oz. The feasibility study continues at Inlice with two bulk samples of talus material shipped to USA for metallurgical test work by Kappes, Cassiday & Associates. The feasibility is due to be completed in Q4 2010. The scoping study continues at Alt?ntepe with infill drilling completed at the Kayatepe Zone and drilling now underway on the Extension Ridge Zone producing some good results.
Rambler Metals & Mining (LON:RMM) (RMM, 28.5p, ? (0.88%)) announced positive results from the Feasibility Study on its 100% owned Ming Mine Project, located at Baie Verte, in Newfoundland and Labrador, Canada. The Feasibility Study was compiled by a number of 3rd party consultants including Stantec for the mining and economics of the project. The…
