Oil & Gas Corporate News
Mediterranean Oil & Gas plc (LON:MOG) announced that Stephen Matthew Clarke (aged 48) has been appointed to the Board as a Non-Executive Director, effective immediately. Matthew Clarke has over 20 years of experience in the financial markets as a corporate lawyer and as a banker. He has considerable experience in the financing of oil and gas businesses and was instrumental in the refinancing of the Company in May this year. He is currently also a Partner of Merlin Partners LLP, an FSA registered corporate finance firm which specialises in oil and gas financings. Mr Clarke brings to the Board considerable experience within the oil and gas industry and a broad range of skills from his legal and banking background.
Tower Resources plc (LON:TRP) announced that it has raised US$4m (£2.59m) before expenses through a placing with institutional and other investors (the 'Placing') of 103,700,000 new ordinary shares (the 'Placing Shares') at a price of 2.5p per Placing Share. The Placing is consistent with the Interim Results released on 30 September 2011 in which it was stated that the Company's intention was to issue only the smallest amount of equity for the time being, consistent with working capital requirements, while the Uganda farm-out process continues. In total, the Directors of the Company have subscribed £782,500 in the Placing, of which £770,000 represents the conversion of US$1.2m of director loans as detailed in the Interim Results. It is intended that the proceeds of the Placing will be used to finance the Company's working capital requiremen ts until September 2012.
Mining Corporate News
Zambia will negotiate larger shareholding in foreign mining companies and plans to revise the tax collection mechanism to improve transparency and maximize benefits for the country, the minister of mines said. "We would like to increase our shareholding to at least 35 percent in all the projects but that will depend on how well we negotiate with the mining firms," mines minister Wylbur Simuusa told Reuters in an interview late on Wednesday. Simuusa said the decision to seek a higher stake in the mines did not amount to nationalization of the mining sector in Africa's top copper producer.
Mariana Resources Ltd (LON:MARL) announced the commencement of its fourth drilling programme at the Sierra Blanca Gold-Silver Project. The programme comprises a minimum of 5,000 metres of diamond drilling aimed at targets derived from earlier drilling at Veta Chala and recently completed Induced Polarisation (IP) geophysics. Initial targets are veins and vein-breccias at Chala, Lucila and Vetarr on.
Following the drilling campaign at Sierra Blanca the rig will return to the Las Calandrias Project.
Noricum Gold Limited (LON:NMG)announced the results of the first two drill holes of the recent 1,800m drilling programme at its Rotgulden project. The programme is now complete with the most significant intersections being 3.1m @ 11.69g/t Au and 0.5m @ 6.68g/t Au. The company is awaiting results from three further drill holes.
Orosur Mining Inc. (LON:OMI) announced results for the first fiscal 2012 quarter ended August 31, 2011. Production for the quarter was 12,488 ounces in line with management expectation but cash operating costs increased to US$ 944. The company had revenues of US$ 21.0m (US$ 18.2 m in Q1 2010/11), an increase of 15% with realized gold price up significantly to US$ 1,612/oz. Net profit after tax for the quarter was US$ 4.4m (US$ 3.5m in Q1 2010/11), an increase of 25 per cent. The Company's forecast gold production for the 2011/2012 financial year remains in the range of 57,500 to 60,000 ounces at an operating cash cost per ounce of approximately US$ 810 per ounce.
Oilfield Services Corporate News
Hamworthy (LON:HMY) The group’s trading update is positive and reiterates continued favourable trading dynamics for the oilfield services industry.
‘…The Group's order book remains healthy at £256M as at 30/08/2011….. The improvement in performance of the Inert Gas and Oil & Gas Systems businesses witnessed in the second half of last financial year continued. As anticipated, the performance of the Water Systems business has been impacted by increased investment in research and development, primarily focused on developing solutions for the ballast water treatment market.
Market conditions remain largely unchanged from those reported at the Group’s AGM in July. Investment in the oil exploration and production market remains robust and the Group has been successful in winning orders in this area, most notably two contracts worth around £11 million in aggregate for FPSO flare gas recovery systems for use in Brazil. The LNG market remains dynamic with high levels of contracting of new build carriers this year and a sustained interest in the developing market for offshore regasification facilities. The wider new shipbuilding market has remained subdued. Hamworthy continues to experience strong demand for its Aftersales products and services. The Board r emains confident of meeting expectations for the current financial year ending 31/03/12.