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Forte Energy,Xcite Energy,Northern Petroleum,Dragon Oil and others feature in Fox-Davies Capital Newsflash

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 Amerisur Resources plc (LON:AMER, 22.25p, ▼ 5.32%) announced an update on operations in Colombia and Paraguay. In Colombia, the Company applied for a modification of the Platanillo Global Environmental License to the Ministry of Environment, Housing and Territorial Development (MAVDT) on 21st January 2011. That modification contemplated the construction of an access road to the southern part of the field and 8 new drilling locations within that section. The Company has maintained a close contact with MAVDT and has promptly provided all the information and assistance required by the environmental authorities. The proposal is under review by MAVDT. It is expected that the drilling programme will be underway during Q4 2011. Given the delays occasioned by the permitting process the Company expects to complete 3 new wells during 2011, however the drilling programme wo uld continue consecutively should results merit, thus completing the total of 6 new wells during H1 2012. In Paraguay, the Company has completed the 13,000 km Aeromagnetometry programme over the San Pedro Block on time and on budget and Fugro is well advanced with the data processing. The Company expects to begin interpretation during July 2011. 

Dragon Oil plc (LON:DGO, 534.50p,▼ 0.19%) announced that the Group has recently refitted the previously stacked Rig 40 and commenced drilling on the Dzheitune (Lam) 13 platform. The rig has spudded the Dzheitune (Lam) development well 13/160, the first of four wells planned to be drilled from this platform. Two wells and one sidetrack are expected to be completed by the end of 2011 with the remaining two wells and another sidetrack to be completed in 2012. Later, the Rig 40 will be stacked pending consideration of options for its further use. 

Northern Petroleum plc (LON:NOP, 82.75p,▼ 1.05%) announced an update to its preliminary examination, dated 2 July 2010, of the environmental proposals as first detailed in a posting on the official Ministry of the Environment web-site in late June 2010 and attributed to Environment Minister Stefania Prestigiacomo. Legislative Decree 128/10 came into force with effect from 26 August 2010. In summary, Legislative Decree 128/10 ("the Decree"): Has no impact on Northern's current reported reserves of 53.2 mmboe in Italy; Has no significant effect on the exploration prospectivity of the Southern Adriatic; Continues to have no significant impact on the exploration prospectivity of the West of Sicily Thrust Belt, however a successful application was submitted to reshape part of one application which fell within the zone covered by the Decree; and has had a greater, but larg ely limited, effect upon other offshore areas where near shore gas is the predominant target. The new legislation covers liquid hydrocarbons activities within five nautical miles of the coast baseline and all hydrocarbon activities within twelve nautical miles of a marine or coastal protected area. The majority of Northern's permit areas are further offshore.

Oilex Ltd (LON:OEX, 21.38p, ▼ 3.93%) provided an operational update for Cambay-76H tight reservoir well in India.  The operations are continuing to demobilise the Black Pearl rig and associated drilling equipment. Mobilization of the equipment required to conduct the large volume multi-stage fracture stimulation of the Y Zone tight gas reservoir is near completion and rigging up is progressing. In total, 16 zones will be stimulated in 8 stages over the length of the horizontal section of the well bore (approximately 600 metres).

Xcite Energy (LON:XEL, 175.50p, ▲ 0.72%) announced that the "Rowan Norway" deep water jack-up rig, scheduled for use on the Company's Bentley field, has been delivered by the Keppel FELS shipyard in Singapore to Rowan Companies, Inc. The rig will now be transported to Dundee using the OHT Hawk heavy lift vessel, where it will undergo final testing and will be crewed and equipped for its deployment onto the Bentley field. Preparations for the submission to the Department of Energy and Climate Change of a Field Development Plan for the Bentley field remain on track and are consistent with the rig deployment timing. 

Copper Development Corporation (LON:CDC, 33.38p, ▼ 0.37%) announced that is has acquired, by way of a private placement, additional shares in Crazy Horse Resources Inc. in order to maintain its 11.8% shareholding in the company. CDC has subscribed for an additional 823,975 common shares of Crazy Horse Resources at a price of C$0.75 per common share for an aggregate subscription amount of C$617,981. Crazy Horse Resources owns the Taysan Project, an advanced copper-gold porphyry deposit located 100 km south of Manila in the Philippines. The Taysan Project has a 24 year mine life, with an NI43-101 compliant inferred mineral resource of 944 million tonnes at 0.23% Cu and 0.11 g/t Au, containing 4,720 million pounds of copper and 3.3 million ounces of gold using a 0.10% Cu cut off. The closing price per common share of Crazy Horse Resources was C$0.76 as at the close of business on 12 July 2011.

Ferrum Crescent Limited (LON:FCR, 13.50p, ▼ 2.70%) announced the appointment of Mr Robert Hair as Managing Director of the Company, effective immediately. Robert William Hair is a lawyer with over 22 years experience in the resources sector. From 2008, Mr Hair was a director of what is now the Company's subsidiary, Ferrum Metals Pty Ltd. Since January 2010, Mr Hair has been an executive member of the Ferrum Crescent team as joint company secretary. 

Forte Energy NL (LON:FTE, 4.55p, ▼ 7.14%) announced the appointment of Scott Yelland as Chief Operating Officer. Scott joins Forte Energy from Berkeley Resources Ltd, Mr Yelland is a mining engineer with over 28 years experience in the mining industry. His appointment will be effective from the 1st of September 2011 although he will be involved earlier in exploration strategy. Scott replaces Brad George, who has left Forte Energy to pursue other interests. 

Minco plc (LON:MIO, 4.25p, ▼ 2.86%) announced that it has entered into a conditional agreement, subject to approval of Minco shareholders and receipt of other regulatory approvals and consents, for the sale of Minco's interest in the Pallas Green Project to Xstrata for a cash payment of US$19.4 million. Minco holds a 23.6% interest in the Pallas Green zinc-lead exploration project, near Limerick, Ireland, with Joint Venture partner, and project Manager, Xstrata Zinc. In February 2011, Xstrata provided Minco with a revised JORC compliant resource estimates of 25.9 million tonnes of inferred resources at an average grade of 7.51% Zn and 1.38% Pb (8.89% Zn eq), at a 4% zinc equivalent cut off.

MDM Engineering Group (LON:MDM, 100p, ► 0.0%) announced that it has been awarded the engineering, design, project and construction management (EDPCM) for Kalagadi Manganese Ltd’s crushing and screening plant, for their Umtu Project currently under construction at Hotazel in South Africa. MDM has  been involved  with the  project since  2007 with  the award  of  the Bankable Feasibility  Study  (BFS)  which  was completed  in  2008.  MDM also completed the Front End Engineering and Design (FEED) for this project in early 2009.  This award is an extension of the current EDPCM contract awarded to MDM in November 2010.  The project scope that MDM is responsible for is increased by an estimated value of around $50M.

 Amerisur Resources plc (LON:AMER, 22.25p, ▼ 5.32%) announced an update on operations in Colombia and Paraguay. In Colombia, the Company applied for a modification of the Platanillo Global Environmental License to the Ministry of Environment, Housing and Territorial Development (MAVDT) on 21st January 2011. That modification contemplated the construction of an access road to the southern part of the field and 8 new drilling locations within that section. The Company has maintained a close contact with MAVDT and has promptly provided all the information and assistance required by the environmental authorities. The proposal is under review by MAVDT. It is expected that the drilling programme will be underway during Q4 2011. Given the delays occasioned by the permitting process the Company expects to complete 3 new wells during 2011, however the drilling programme wo uld continue consecutively should results merit, thus completing the total of 6 new wells during H1 2012. In Paraguay, the Company has completed the 13,000 km Aeromagnetometry programme over the San Pedro Block on time and on budget and Fugro is well advanced with the data processing. The Company expects to begin interpretation during July 2011. 
 
Dragon Oil plc (LON:DGO, 534.50p,▼ 0.19%) announced that the Group has recently refitted the previously stacked Rig 40 and commenced drilling on the Dzheitune (Lam) 13 platform. The rig has spudded the Dzheitune (Lam) development well 13/160, the first of four wells planned to be drilled from this platform. Two wells and one sidetrack are expected to be completed by the end of 2011 with the remaining two wells and another sidetrack to be completed in 2012. Later, the Rig 40 will be stacked pending consideration of options for its further use. 
 
Northern Petroleum plc (LON:NOP, 82.75p,▼ 1.05%) announced an update to its preliminary examination, dated 2 July 2010, of the environmental proposals as first detailed in a posting on the official Ministry of the Environment web-site in late June 2010 and attributed to Environment Minister Stefania Prestigiacomo. Legislative Decree 128/10 came into force with effect from 26 August 2010. In summary, Legislative Decree 128/10 ("the Decree"): Has no impact on Northern's current reported reserves of 53.2 mmboe in Italy; Has no significant effect on the exploration prospectivity of the Southern Adriatic; Continues to have no significant impact on the exploration prospectivity of the West of Sicily Thrust Belt, however a successful application was submitted to reshape part of one application which fell within the zone covered by the Decree; and has had a greater, but larg ely limited, effect upon other offshore areas where near shore gas is the predominant target. The new legislation covers liquid hydrocarbons activities within five nautical miles of the coast baseline and all hydrocarbon activities within twelve nautical miles of a marine or coastal protected area. The majority of Northern's permit areas are further offshore.
 
Oilex Ltd (LON:OEX, 21.38p, ▼ 3.93%) provided an operational update for Cambay-76H tight reservoir well in India.  The operations are continuing to demobilise the Black Pearl rig and associated drilling equipment. Mobilization of the equipment required to conduct the large volume multi-stage fracture stimulation of the Y Zone tight gas reservoir is near completion and rigging up is progressing. In total, 16 zones will be stimulated in 8 stages over the length of the horizontal section of the well bore (approximately 600 metres).
 
Xcite Energy (LON:XEL, 175.50p, ▲ 0.72%) announced that the "Rowan Norway" deep water jack-up rig, scheduled for use on the Company's Bentley field, has been delivered by the Keppel FELS shipyard in Singapore to Rowan Companies, Inc. The rig will now be transported to Dundee using the OHT Hawk heavy lift vessel, where it will undergo final testing and will be crewed and equipped for its deployment onto the Bentley field. Preparations for the submission to the Department of Energy and Climate Change of a Field Development Plan for the Bentley field remain on track and are consistent with the rig deployment timing. 
 
Copper Development Corporation (LON:CDC, 33.38p, ▼ 0.37%) announced that is has acquired, by way of a private placement, additional shares in Crazy Horse Resources Inc. in order to maintain its 11.8% shareholding in the company. CDC has subscribed for an additional 823,975 common shares of Crazy Horse Resources at a price of C$0.75 per common share for an aggregate subscription amount of C$617,981. Crazy Horse Resources owns the Taysan Project, an advanced copper-gold porphyry deposit located 100 km south of Manila in the Philippines. The Taysan Project has a 24 year mine life, with an NI43-101 compliant inferred mineral resource of 944 million tonnes at 0.23% Cu and 0.11 g/t Au, containing 4,720 million pounds of copper and 3.3 million ounces of gold using a 0.10% Cu cut off. The closing price per common share of Crazy Horse Resources was C$0.76 as at the close of business on 12 July 2011. 

Ferrum Crescent Limited (LON:FCR, 13.50p, ▼ 2.70%) announced the appointment of Mr Robert Hair as Managing Director of the Company, effective immediately. Robert William Hair is a lawyer with over 22 years experience in the resources sector. From 2008, Mr Hair was a director of what is now the Company's subsidiary, Ferrum Metals Pty Ltd. Since January 2010, Mr Hair has been an executive member of the Ferrum Crescent team as joint company secretary. 
 
Forte Energy NL (LON:FTE, 4.55p, ▼ 7.14%) announced the appointment of Scott Yelland as Chief Operating Officer. Scott joins Forte Energy from Berkeley Resources Ltd, Mr Yelland is a mining engineer with over 28 years experience in the mining industry. His appointment will be effective from the 1st of September 2011 although he will be involved earlier in exploration strategy. Scott replaces Brad George, who has left Forte Energy to pursue other interests. 

Minco plc (LON:MIO, 4.25p, ▼ 2.86%) announced that it has entered into a conditional agreement, subject to approval of Minco shareholders and receipt of other regulatory approvals and consents, for the sale of Minco's interest in the Pallas Green Project to Xstrata for a cash payment of US$19.4 million. Minco holds a 23.6% interest in the Pallas Green zinc-lead exploration project, near Limerick, Ireland, with Joint Venture partner, and project Manager, Xstrata Zinc. In February 2011, Xstrata provided Minco with a revised JORC compliant resource estimates of 25.9 million tonnes of inferred resources at an average grade of 7.51% Zn and 1.38% Pb (8.89% Zn eq), at a 4% zinc equivalent cut off.

MDM Engineering Group (LON:MDM, 100p, ► 0.0%) announced that it has been awarded the engineering, design, project and construction management (EDPCM) for Kalagadi Manganese Ltd’s crushing and screening plant, for their Umtu Project currently under construction at Hotazel in South Africa. MDM has  been involved  with the  project since  2007 with  the award  of  the Bankable Feasibility  Study  (BFS)  which  was completed  in  2008.  MDM also completed the Front End Engineering and Design (FEED) for this project in early 2009.  This award is an extension of the current EDPCM contract awarded to MDM in November 2010.  The project scope that MDM is responsible for is increased by an estimated value of around $50M.

 

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