Gulf Keystone has begun drilling on the Bakrman-1 exploration well spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq. It is the third exploration well to be drilled at the site as part of an appraisal of the Bijell discovery. The appraisal is part of a much larger exploration programme which also includes the drilling of the Gulak-1 exploration well and three additional appraisal wells.
Edenville Energy, a coal-focused African energy exploration and development company, has reported that the drill rig it intends to use on its drilling programme will arrive on site the week beginning May 14th. The programme is aimed at upgrading and expanding the inferred resource at the Mkomolo site, which currently stands at 39m tonnes, to a JORC (Joint Ore Reserves Committee) compliant measured and indicated resource. The company will also begin drilling at the Muza rection of the Rukwa Coalfield Project in South Western Tanzania and will drill the Nanwele deposit. A 15 - 18 hole programme has been laid out which is anticipated to take approximately three months to complete. The drill rig will then be moved to Namwele and then Muze.
Nostra Terra Oil and Gas has entered into a loan facility of up to $3.0m with YA Global Master, with an initial advance of $1.0m. The interest rate will be 10% per annum and is for a period of 360 days, with the interest payable over ten monthly installments beginning July of this year.
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Shanta Gold has reported "very encouraging" results from its operations at its flagship project in Tanzania, the New Luika Gold Mine. An increase in both depth and strike expression will be incorporated into a forthcoming resource update due in the second half of this year, the firm said. The project remains on schedule for gold production in the third quarter of this year.
Oil and gas group President Petroleum saw its revenues more than double in 2011 to $7m (2010: 3.4m), but the firm booked an impairment charge of $15.8m (2010: $2.9m), mainly to cover an unsuccessful well, which resulted in an operating loss of $21.9m (2010: $7.2m). Loss before tax more than tripled from $6.6m to $21.4m, with losses per share at 19.1c (2010: 11.6c). Despite an "eventful" year, the company was keen to emphasise that it has a foundation in place for growth prospects and a successful future.
Silver Mines has requested that an immediate suspension be put in place on the trading of its shares on the Australian Stock Exchange ahead of an announcement relating to recent metallurgical test results in order to "maintain an orderly market" in its securities.
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