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Noventa Mining, Hardy Oil & Gas, SOCO International, Green Dragon Gas, BPC Ltd, Ncomdezi Coal Company and Minco- Fox-Davies News Flash
Hardy Oil & Gas (LON:HDY) announced its fourth successive gas discovery in the exploration block KG-DWN-2003/1 (D3) of NELP-V. The well KGV-D3-W1 was drilled to a total measured depth of 3,501m at a water depth of 1,653m. A gross gas pay zone of 37.5m was encountered in Pliocene aged sands. The potential of the pay was evaluated by wire-line based modular pressure testing tool and collection of gas samples. The discovery (Dhirubhai-52) has been notified to Government of India and Directorate General of Hydrocarbons. The potential commerciality of the discovery is being ascertained through more data gathering and analysis. The D3 license, in which the Company holds a 10 percent participating interest and is operated by Reliance, is located in the Krishna Godavari basin on the East Coast of India and covers an area of approxim ately 3,288km2.
Comment: An excellent result for the Company despite earlier delays incurred due to a faulty BOP. This is the fourth gas discovery made by operator Reliance and partner Hardy Oil & Gas on Block D3. The pre-drill gross prospective resources estimates of the W1 prospect was estimated in the latest Gaffney Cline report at some 636Bcf with a probability of success of 70%, or net risked prospective resources of 45Bcf for Hardy, representing about 11% of the resources potential of Block D3. Most prospect in the Block have a relatively high probability of success due to the presence of direct hydrocarbon indicators and the de-risking that occurred with previous discoveries. The Company is planning to drill two more wells this year in Block D3 and one well in Block D9, with the latter being a higher risk but higher impact exploration well.
SOCO International (LON:SIA) announced that the Te Giac Den appraisal well, TGD-2X, Block 16-1 in the Cuu Long Basin offshore Vietnam, encountered hydrocarbons in a clastics sequence at approximately 4,450 metres measured depth. Drilled to appraise the "E" prospect discovery, TGD-2X reached total depth of 4,669 metres after penetrating the target hydrocarbon zone in the Oligocene "E" formation. The well logging is ongoing, however, drilling shows and early log interpretation indicate two main reservoir sand intervals. Approximately 40 metres will be tested after a 7" liner is set and cemented. Testing is expected to take approximately three weeks. After the completion of testing there will be a further release with results and mapping a way forward.
Green Dragon Gas (LON:GDG) announced the appointment of CLSA as broker, advising on potential corporate strategies for the Company with a focus on Asian capital markets. GMP Europe's role as the Company's nominated broker expired today.
BPC Ltd (LON:BPC) commented on the decision of the Government of The Bahamas to delay the granting of new applications and review all existing licences to ascertain any legal entitlement for renewal given the drilling bans in place in US waters until the cause of the Macondo blowout are fully determined and appropriate new controls are put in place. The Company said it will continue to process and seismically explore its existing granted licences and that by the time BPC's drilling program is more definitive, the situation brought about by the Marcondo incident will become clear and that appropriate and stringent controls will be in place. The Company reiterated its commitment to work with the Government of the Bahamas to ensure that the highest exploration and environmental standards are in place.
Ncomdezi Coal Company (LON:NCCL) announced an update on the work programme to be carried out over the following 24 months in order to complete a Definitive Feasibility Study on licences 804L & 805L by mid 2012. Since its IPO and fund raising in June 2010, the Company has commenced a number of activities on the Ncondezi Project including Airborne geophysical mapping Percussion drilling; Geophysical logging; and Construction of field office on site. The Company has also recently appointed a number of contractors required to help support and complete the work programme and the DFS. In addition to the commencement of the work programme, the Company has also received a copy of a letter of acknowledgement from the Mozambican Ministry of Mineral Resources regarding the Ncondezi Project.
Minco (LON:MIO) announced that it has raised £1.04M through the issue of 32,015,382 new Ordinary Shares of Euro 0.0125 each at an issue price of £0.0325 per share. The proceeds will be used in part to fund ongoing exploration and drilling activities at the Pallas Green zinc-lead exploration project in Ireland, held in joint venture with Xstrata Zinc, where a major drilling programme is being carried out.
Orosur Mining (LON:OMI) announced the results of the first NI 43-101-compliant resource for the Pantanillo Norte deposit in Chile. The 2010 drill programme at Pantanillo targeted the oxidized and mixed portion of the deposit and has confirmed total measured and indicated resources of 47,093,000 tonnes at a grade of .69 g/t gold, for 1,049,071 ounces of gold. Outside of this initial resource, OMI intends to evaluate the deeper sulphide mineralisation which we believe represents a significant exploration target. This work will be undertaken as part of the scoping studies which are ongoing and follow-up drilling”.
Noventa Mining (LON:NVTA) announced that independent assays on three pits have confirmed an additional deposit, measuring approximately one kilometre square, of very high grade tantalum bearing ore on its existing Marropino mining concession area the. The baseline pit was located at the south western corner of the new area with an 80cm to 1m mineralized horizon, with the remaining two pits located roughly 500m to the north and north east, respectively, of the baseline pit.
