Resources round-up: Noricum, Nostra Terra, Mediterranean Oil

Noricum Gold, an exploration and development company, has delivered 'highly positive' results from surveys covering 28 square kilometres of the prospective Rotgulden licence area in Austria. The results re-affirmed the huge old and multi-element potential of the Rotgulden licence area and identified 40 new targets in four main areas underpinning the prospectivity of the area. The firm said the data underlines the scale of the projects and supports its belief that it is dealing with a new gold province with the Rotgulden area.

Noricum's house broker Fairfax commented on the update: "The EM [electro-magnetic] survey has been successful, confirming the prospectivity of existing targets and creating a number of new opportunities. Drill programmes at Rotgulden underground site and at Altenberg should go ahead once approvals are in place. The company is likely to look at JV [joint venture] agreements to fund the other targets identified. The historical data and new findings are promising for a number of the prospects identified and once the company start a comprehensive drill programme, we anticipate more positive news and the licences should start accruing value."

Nostra Terra, an oil and gas producer in the US, has begun drilling on the first horizontal well in the Chisholm Trail Prospect, located in Oklahoma. The firm owns a 0.47% working interest in the well, which is expected to take 30 days to drill and will be followed by completion and initial production testing. A further two wells are planned for drilling by the end of the year, including one in which the company holds a 20% working interest.

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Mediterranean Oil and Gas (MOG) has released a statement saying it continues to refute the suggestion by Leni Gas and Oil (LGO) that MOG "may have misrepresented to LGO the factual position prior to the sale by LGO to MOG of its 10% working interest in Malta Area 4. MOG's legal advisers have written to LGO's legal advisers to set out, in detail, why any suggestion of misrepresentation is unfounded, and why the sale of LGO's working interest in Malta Area 4 to MOG is unaffected. Last week LGO announced that its lawyers had started preparing to assess its grounds for rescission of the sale on the grounds of misrepresentation.

NR