Randgold Resources (LON:RRS) has had a disappointing year according to Fox Davies analyst Peter Rose, however he reckons things will improve for the South African miner. Rose has retained his ‘buy’ recommendation for Randgold however he has cut his price target from £65 to £60.75 a share.
Tullow Oil (LON:TLW) said that its Gharabi-1 well in Block 6 offshore Mauritania will now be plugged and abandoned after intersecting poorly developed water-bearing reservoirs. The well was drilled by the Maersk Deliverer in water depths of 1,787 metres to a total depth of 4,433 metres.
BG Group (LON:BG) has made another discovery in Brazil with the Macuinama well striking oil in its 25% interested Block BM-S-10 in the Santos Basin.
GAME Group (LON:GMG) today gave investors a peek into the key points of its revamped strategy, prompting Investec (LON:INVP) to put its forecasts and target price for the video game retailer under review.
Coal bed methane specialist Green Dragon Gas (LON:GDG) this morning announced plans to split off its drilling services business, Greka Drilling. Investors will receive three Greka shares for every Green Dragon share they currently own in the form of a dividend. Trading in the new shares begins on March 8. Greka will be handed US$50 million of additional capital which will help fund an ambitious 25 rig expansion programme. The group will also have a US$12.5 million revolving credit facility.
Ascent Resources’ (LON:AST) first well in Slovenia beat expectations as it encountered gas in all six target reservoir intervals and also found an extra, unforeseen, gas reservoir. The first phase of drilling is now complete but the rig is on standby to drill a horizontal production sidetrack, although this will depend on Ascent’s findings after further analysis.
Norseman Gold (LON:NGL, ASX:NGX) has successfully completed a private placement of 22.22 million new shares at a price of 45 pence per to raise £10 million before costs. The cash call - a 13 percent discount to Friday’s closing price - was announced earlier this week.
Max Petroleum (LON:MXP) has started drilling on the ASK-1 exploration well on the Asanketken prospect in Kazakhstan. It is the company ninth exploration well in a fifteen well program on pre-salt prospects on blocks A&E in Western Kazakhstan.
Synchronica (LON:SYNC, TSX-V:SYN) said that Bright Telecom India has launched a new range of handsets, powered by its mobile messaging infrastructure software Mobile Gateway, to deliver push mail, instant messaging and social networking. The OGO 0-77 Konnect (On-the-GO) and 0-78 Touch models are targeting India's young professionals and consumers.
Range Resources (ASX:RRS, LON:RRL) said today it has secured a drilling rig to begin work in the Republic of Georgia, paving the way for the company’s first exploration well in the former Soviet state.
Sirius Minerals (LON:SXX) has laid out potential of by-product opportunities at the York potash project. It said the project will produce Magnesium Hydroxide - by processing potassium sulphate with anhydrous ammonia - which will be a key product that can used as a ‘more environmentally sensitive’ substitute for Caustic Soda.
Medavinci (LON:MVC) has agreed a deal to take full control of its gold exploration business, Orogen Gold. The former medical investment group switched tack in recent months. Back in August 2010 it acquired a 49 percent stake in Orogen, which has an interest in the Deli Jovan gold project in Serbia.
Rambler Metals & Mining (LON:RMM, TSX-V:RAB) is on track to start mining at its projects as scheduled with the Ming copper and gold mine in Canada set to commence production in H2.
Providence Resources (LON:PVR) has agreed a placing to raise £41 million to fund a ‘multi-year, multi-well’ exploration programme across its entire portfolio. It will issue just over 16 million new shares at 255 pence each. The placing is being arranged by Cenkos Securities and J&E Davy.
Helius Energy’s (LON:HEGY) proposed biomass project in Rothes, Morayshire in Scotland, has taken a major step forward. Today the Royal Bank of Scotland (LON:RBS) and Lloyds Banking Group (LON:LLOY) approved an application for project financing.