Wildhorse Energy, the specialist underground coal gasification (UCG) company, has signed a cooperation agreement with the Hungarian government to allow UCG projects in the country. In a statement Wildhorse says: "Both parties believe that this could provide Hungary with an opportunity to develop its extensive stranded coal reserves."
Leni Gas and Oil has sold its Spanish assets for $8m. Neil Ritson, the Chief Executive said of the deal: "The sale of Spain provides (us) 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."
The Austria focused gold explorer Noricum Gold announced "highly encouraging" results from fieldwork at its 37 square kilometre Schonberg project. High grade gold, silver and copper deposits were found in 40 dump and outcrop samples.
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The minerals explorer and producer Red Rock Resources has announced encouraging results from its maiden drill season in Melville Bugt, northwest Greenland. All eight holes dug intersected magnetite which indicates the presence of iron ore.
Roxi Petroleum, a Central Asian oil and gas company with a focus on Kazakhstan, has reported that the NK7 well has delivered a stabilised rate of between 530 and 620 barrels of oil per day (bopd) after a series of tests using an increased sized choke. The NK14 well has reached a total depth of 1,378 metres and a decision over testing will be made after wire logging has been completed.
Norseman Gold is placing 500m shares with institutional investors raising A$20m. The company's major shareholder, Tulla Group, has agreed to underwrite the total issue for cash of A$12m and conversion of existing debt of A$8m. The funds raised from the placing will be used to finance the company's working capital requirements including the reduction of existing creditors.
Leyshon Resources expects to soon finalise terms to acquire a company which holds a 100% interest in the Zijinshan Production Sharing Contract located on the eastern fringe of the prolific Ordos Gas Basin in Central China. In-place estimates at the project range from 1-3.8trn cubic feet. While the opportunity appears attractive it contains significant risk which must be mitigated via the acquisition of appropriate data and completion of a pilot plan. The company also said that at the quarter end it had A$51.0m in cash, and is due A$0.7m in term deposit interest for a total of A$51.7m (£33.5m).
