Premier Oil (PMO) has completed drill stem testing of the Ca Rong Do oil discovery on Block 07/03, offshore Vietnam. The reservoir section comprises approximately 90m of multiple stacked oil-bearing sands. Two of those reservoir zones have been tested, they flowed 3,265b/d of oil and 8.1MMcfd of gas through a 48/64” choke. No water was produced from either zone. The company intends to carry out a 3D survey to delineate the structure more accurately before embarking on an appraisal programme. The plan is to resume exploration drilling subsequently as soon as Q4 2009. Premier has 30% and is the operator, while Vamex and PearlOil have respectively 40% and 15%.
Gulf Keystone Petroleum (GKP) gave an encouraging update on the Shaikan-1 exploration well in Iraqi Kurdistan. Live oil shows were encountered during drilling. Despite difficult open-hole conditions drilling is continuing as planned. Gulf has 75% and is the operator, while Texas Keystone and MOL have respectively 5% and 20%.
Lydian International (LYD) announced that it has commenced its 2009 drilling program at the Amulsar gold discovery in Armenia. The Company has contracted International Drilling Services (IDS) for 14000m of combined diamond and reverse circulation drilling with the aim being to delineate the extents and reveal the size potential of the gold mineralized system at the Amulsar discovery. To achieve this objective IDS have provided two new track-mounted multi-purpose rigs equipped to drill reverse-circulation and diamond drill holes of at-least 300m down-hole depth. Drill holes will step out systematically from a centre corresponding to the current 1M ounce resource and will follow extensions of known surface gold mineralization and corresponding subsurface geophysical anomalies over an area of at-least 6km2.
Comment: Whilst we remain confident that Lydian will expand the size of its resource at Amulsar, the question is, will it become large enough to really interest Newmont?
Zincox Resources (ZOX)) announced that it has issued 88,000 ordinary shares of 25p each pursuant to an exercise of options. It is expected that these shares will be admitted to AIM on 29 June 2009. Following admission the Company will have 77,722,620 shares in issue.
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