COMPANY SNAPSHOT including Leni Gas & Oil, Fastnet Oil & Gas, Tullow Oil, Red Rock Resources and Minera IRLJuly 18 2012, 7:52am
Oil stocks were in focus on London today with Leni Gas & Oil (LON:LGO) revealing the terms of a deal to sell its Spanish assets to a private buyer for €8 million.
It comes as the company turns its attention to its assets in Trinidad. It had flagged the potential sale earlier this year after it initially sought a new partner.
"The sale of Spain provides LGO with a strong balance sheet and enables the company to focus on significantly increasing its oil production in Trinidad which will now be the focus of operations,” said chief executive Neil Ritson.
Elsewhere, newly listed Fastnet Oil & Gas (LON:FAST) announced the acquisition of Pathfinder Hydrocarbon Ventures Ltd for an initial consideration of US$8.0 million, which it described as a "potentially transformational" deal.
The accompanying licence area provides the opportunity for near-term high impact drilling and the interest currently being shown by the industry in offshore Morocco provides the firm with an option to farm out any drilling activity, while still retaining a high impact material position, it told investors.
Chief executive of Fastnet Dr.Steve Staley said: "We are very pleased to have completed this transaction which is in-line with our stated strategy so soon after IPO.
"Through this acquisition, we are exposing our shareholders to near term drilling activities offshore West Africa in a very exciting frontier basin."
Meanwhile, oil major Tullow Oil (LON:TLW) revealed that its Wawa-1 exploration well in the Deepwater Tano licence offshore Ghana had struck oil and gas-condensate.
The well will now be suspended for possible future use in appraisal and development operations.
In other news, Red Rock Resources’ (LON:RRR) first drill programme in Greenland is beginning to yield results. The company found thick intersections of ‘banded iron formations’ (BIF) in the first five holes drilled at the Melville Bugt project.
The work was focused on the Havik East prospect.
Red Rock says the BIF horizon has an estimated of up to 56 metres on this section with potential thickening in the ‘fold hinge’.
Minera IRL (LON:MIRL, CVE:IRL) said drilling had confirmed the resource estimate within the Minapampa Zone at its Ollachea gold project in Peru.
A total of 12,840 meters of infill drilling in 31 holes since August 2011 has confirmed excellent continuity of the gold bearing horizons at Minapampa, providing high confidence in this resource estimate.
The indicated Minapampa resource is now confirmed at 10.6 million tonnes grading 4.0 grams per ton gold for 1.4 million ounces, effectively unchanged from the June 2011 estimate.
Sticking with the yellow metal, Noricum Gold (LON:NMG) this morning unveiled a positive update to initial fieldwork carried out on the Schonberg precious metals project in Austria.
Best results from 40 dump and outcrop samples included 28.6 grams of gold per tonne, 44 grams of silver and 3.57 per cent copper.
Managing director Greg Kuenzel told investors: "The positive results from our most recent field work at our Schonberg tenure not only confirm the presence of an attractive exploration target, but also further our knowledge of the area following the identification of several phases of gold and copper mineralisation”.
Elsewhere, Hummingbird Resources (LON:HUM) said it had hired Thomas Hill as finance director with immediate effect.
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