Oil & Gas Corporate News
Bowleven (LON:BLVN) Plc (BUY, £4.00) (BLVN, 338p, ? (6.46%)) announced a placing of up to 22,000,000 new ordinary shares, expected to be placed with new and existing institutional investors. Proceeds are expected to be used for an extensive exploration and appraisal programme on the company?s Cameroon acreage.
Mining Corporate News
Creat Resource Holdings (CRHL, 4.63p, ? (2.53%)) announced an update on progress at Exploration Licence 30/2002, Western Tasmania. Early work by the Tasmanian Mines Department ( MRT report UR1940_001-14) identified a magnetite- exploration target at the Tenth Legion Prospect of 1.5-3.0Mt @ 60-68% Fe with low levels of deleterious elements. This magnetite occurrence is currently being drilled by the Company with a 5000m diamond drilling programme that commenced in August 2010. The first hole of the programme, drill hole TLC15, intersected magnetite skarn mineralisation from 59m to 63m at an iron grade of 50%. The Company believes the Tenth Legion Project has potential to produce Direct Shipping Ore with grades of around 60% Fe, as well as an additional beneficiated magnetite product. Direct Shipping Ore is defined as ore containing around 60% or more Fe. Beneficiable magnetite is defined as ore which may contain as little as 25% iron, but which is upgradeable to around 60% Fe using separation techniques.
Sylvania Resources Ltd (LON:SLV) (SLV, 45.5p, ? (0.0%)) announced further to previous joint announcements on 2 November 2009 and 4 February 2010, Jubilee and Sylvania are pleased to announce that they have entered into the Volspruit Smelting and Refining Agreement that sets out the respective responsibilities of the Parties and milestone achievements for the next phase of their strategic partnership. The Smelting Agreement seeks to expand on the Framework Agreement whereby the Parties have agreed to extend their joint investigations to progress a study into the design and construction of a smelter and refinery complex allocated to processing concentrate from the proposed Volspruit mine that is currently being developed by Sylvania.
Oilfield Services Corporate News
Petrofac (LON:PFC) (HOLD) (PFC, 1467, ? (1.17%)) The group announced yesterday that it has entered into a strategic alliance with Seven Energy, a leading Nigerian oil and gas production and development company. Petrofac has agreed to invest $100M to acquire a 15% interest…
