Oil and Gas Corporate News
Aurelian Oil & Gas (AUL, 60.25, ? 0.42%) provided the following operational update: the second Siekierki Multi Fracced Horizontal Well Trzek-3 has been successfully drilled and completed with a cemented liner and a 1,060m horizontal section of Trzek-3 is now complete with 142m Rotliegendes gas column encountered throughout. Good porosities and gas indications were encountered throughout the horizontal section. Fraccing is expected to commence in early July taking up to six weeks to complete. The First Siekierki South-West well, Krzesinki-1, is to be spudded following rig move from Trzek-3.
The acquisition of 200km of 2D seismic in Block 208 adjacent to the Siekierki Tight Gas Project has also been completed, with a focus on the Rotleigendes and Zechstein plays along trend. Processing and interpretation should be finished by the end of Q1 2012.
The company also announced that the first Bieszczady well has produced gas and oil from fourth drill stem test in secondary target. A short term drill stem test of a 31m zone produced gas and oil indicating potential commerciality. The current depth is 3,946m, with primary targets between 4,000-4,800m.
Mining Corporate News
Lonrho (LON:LONR) (LONR, 19p, ? 2.56%) announced that it has completed a share purchase agreement to acquire a 51% equity interest in seafood wholesaler Fish On Line (Pty) Limited ("Fish On Line"). The Company has acquired the stake in Fish On Line for ZAR 3.5 million (£320,000) in cash. Pursuant to the share purchase agreement, the sellers have been granted a put option to sell their remaining 49% to Lonrho three years after the signature date at a purchase price of a 6x multiple of Fish On Line's profit before tax for the 2014 financial year end, which is capped at a maximum of ZAR 35.0 million.
Stratex (LON:STI) International plc (STI, 6.80p, ? 0.0%) announces a maiden assessment prepared in accordance with the guidelines of the JORC Code (2004) for the Muratdere multi-metal porphyry copper-gold project in western Turkey. The project is being developed through a joint venture with leading Turkish construction company Aydeniz Group ('Aydeniz'). Highlights include, JORC-compliant Inferred Resource of at least 51 million tonnes grading 0.36% copper ('Cu'), 0.12 g/t gold ('Au'), 2.40 g/t silver ('Ag'), 0.0125% molybdenum ('Mo'), and 0.34 ppm rhenium ('Re') with the total metal contents of 186,000 tonnes Cu, 204,296 oz Au,…
