Aurelian Oil & Gas (AUL) has completed the testing of its Lilieci-1 well in Romania. The well tested a number of sands in a 2,412-2,584m interval at flow rates of 4.6mmscfd. As the objective of the testing was to prove up a minimum quantity of gas to justify investment in a longer production test, additional gas-bearing intervals within the well sequence were not tested.
Aurelian is the operator in the Bacau licence with 41% interest, together with Romgas (40%) and Europa Oil & Gas Plc.
San Leon Energy (SLE) announced a gas discovery in Palo Pinto County, Texas. Reserves estimates are 1.2Bcf from 3 producing zones that flowed 1.3mmscfd. Three more wells are planned on the field with 5Bcf total reserves targeted. San Leon owns a 25% interest in the first well and will own 80% in the remaining three wells.
Baobab Resources (BAO) announces the first round of drilling results from its Tete iron / vanadium / titanium project. Diamond drilling, testing a strike length of 500m of the +8km strike potential of the Massamba Group, has intersected significant widths of shallowly dipping magnetite mineralisation from surface (~80m cumulative thickness per section). Mineralisation remains open down dip on all sections. Significant results include; 20.5m at 65.8% Fe & 0.74% V2O5 (mass recovery of 19.7%) from 62.5m; 19.5m at 64.6% Fe & 0.69% V2O5 (mass recovery of 29.5%) from 99.5m; 28.0m at 62.6% Fe & 0.72% V2O5 (mass recovery of 16.1%) from 106.5m; and 30.0m @ 66.6% Fe &0.72% V2O5 (mass recovery of 18.4%) from 130.5m. Results from the three remaining sections will be announced as they become available and a JORC resource statement is anticipated by the last quarter of this year.
Central African Mining (CFM) has entered into a long-term sales agreement with Zhejiang Galico Cobalt & Nickel Materials Co. Ltd, to deliver its entire annual production of an estimated 6,000 to 8,000 tonnes of cobalt contained in concentrate form, at prevailing market prices, from its Mukondo Mountain cobalt operation in the Democratic Republic of the Congo. Additionally, commissioning of CAMEC's 3,200tpa cobalt SX/EW line is on target to start production by September 2009, with full production expected to be achieved by March 2010. The cobalt SX/EW line will produce cobalt metal and is expected to bring significant cost savings to the overall cobalt operation and increase margins going forward.
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