Resources round-up: Forte Energy, Ferrum, Gold Oil...

Forte Energy, a uranium company, has announced positive assay result from the final seven holes from the recent reverse circulation drilling programme completed at the A238 Prospect in Mauritania. The assay results from the programme have confirmed the mineral resource extension at a depth below the existing resources in the southern section of the A238 prospect. Thirteen of the holes have identified mineralisation extending to over 200 metres from surface over a strike length of 1.2 kilometres.

By MoneyWeek

published 15 March 2012

in Features

Ferrum Crescent has reported a jump in revenue for the six months ended December 31st, rising from $16.96m to $128.03m, sending the company into the black. The firm made a profit before tax for the period of $5.16m compared to a loss of $3.47m the previous corresponding half year. Earnings per share rose from a loss of 1.47 cents to a profit of 2.11 cents.

Gold Oil, an oil and gas exploration and development firm, has received a competent person's report which provides new volume and valuation estimates for twelve prospects identified by Gold Oil on the block. The mean prospective resources certified total a combined 2.02bn barrels of oil with a mean potential net present value of $2.6bn. The firm also said the farm out process is progressing well with the data room open and available to prospective partners from early February.

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ENK has announced the completion of the in-fill drilling programme and nickel limonite and saprolite resource update for the Acoje Project, which has indicated resources of 40.9m tonnes with grading of 1.08% nickel and 0.05% carbon monoxide, and 29.0m tonnes with grading of 0.96% nickel and 0.06% carbon monoxide. This represents an increase of 36% in contained nickel from the November 2008 resource estimate.

Serica Energy has signed a contract with Polarcus Seismic to hire the 10-streamer vessel Polarcus Nadia for an extensive 3D seismic acquisition survey in four of Serica's Luderitz Basin Blocks, located offshore Namibia. The full cost of the survey is to be met by oil giant BP, who will earn a 30% interest in the licence under a farm-out agreement. The survey, planned to commence in early April and cover an area of up to 4,150 square kilometres, will considerably exceed Serica's obligations for seismic acquisition under the licence terms.

Global Petroleum has recorded a profit before tax of $0.22m (2010: loss of $0.8m) for the second half of 2011. The turnaround is mainly attributable to several Leighton Project wells commencing production. Revenue for the period was $1.15m (2010: $0.57m), an increase of 101% resulting from production commencing in the second Eagle Ford well and further wells commencing production in the Leighton Olmos area. Cash fell from $25.95m at the end of 2011 to $22.4m at the end of 2010.

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