Fox Davies Capital Update featuring Stratex, Bahamas Petroleum Company (LON:BPC), Cadogan Petroleum (LON:CAD), Kea Petroleum (LON:KEA)
Aurelian Oil & Gas plc (AUL, 17.50p, ▲ 1.45%) announced the acquisition of additional 10% equity in Cybinka and Torzym concessions on Polish Reef Oil Play taking interest to 45% in each. Aurelian is paying €337,724 and €368,177 respectively for the additional 10% interests in Cybinka and Torzym. The partner group plans to spud the first well on the Torzym concession in Q1 2012 which is targeting gross 35 million bbls mid case STOIIP. Results are expected by the end of Q2 2012.
Bahamas Petroleum Company (LON:BPC) plc (BPC, 7.50p, ► 0.0%) announced that the acquisition phase of its 3D seismic programme has been completed with a final total area of 3,075km2 having been surveyed. The acquisition area was expanded during the engagement in response to early encouraging results and good data quality. Processing has already begun, with initial indications that the data sets are of a very high quality. Preliminary results are expected to be available early in the New Year 2012 and will allow the Company to form a better understanding of the complete section of potential play-types from the Tertiary through to the Jurassic. This interpreted data will provide potential drilling locations down to below 20,000 feet and thus the finalisation of safe drilling locations.
Cadogan Petroleum (LON:CAD) plc (CAD, 41.00p, ▼ 4.65%) announced that Gordon Stein, Chief Financial Officer, has agreed to leave the Company by mutual consent, and has resigned as a director. This is due to personal reasons associated with the Company's increased focus and workload in Ukraine.
Europa Oil & Gas (Holdings) plc (EOG, 10.25p, ▲ 2.50%) announced the financial results of the Company for the 12 months to 31 July 2011. Operational highlights: drilled West Firsby-9 and Barchiz-1 wells; assumed operatorship of Brates concession; remapped Berenx structure using controlled beam migration processed 3D seismic; gained interest in PEDL182 containing the Broughton prospect through deal with Egdon & Celtique; and participated in seismic acquisition in 3 Romanian concessions. Financial performance: revenue of £3.8m (2010: £3.1m); pre-tax profit from continuing operations £0.3m (2010: loss of £1.7m); and net cash £1.9m (2010: debt of £0.5m). Post reporting date events: HGD Mackay was appointed as a director on 6 September 2011, and as CEO on 10 October 2011; Horodnic-1 well spudded on 11 October 2011; award of two licensing options over acreage in the 2011 Irish Atlantic Margin Round 17 October 2011; and Paul Barrett resigned as a director effective 21 October 2011.
Kea Petroleum (LON:KEA) plc (KEA, 5.00 ► 0.0%) announced the appointment of Mr John Dennehy to the Board of the Company as Commercial Director, with immediate effect. Based in New Zealand, John will share the responsibility of the day to day running of Kea with David Bennett, who will assume the title of Director of Exploration. John Dennehy has an extensive track record in international banking and finance, including as co-founder of McAuley, Dennehy & Tolley, one of the UK's leading independent structured asset finance houses.
Mining Corporate News
Tanzania plans to raise royalty payments on exports of gold by the end of this year as it seeks to restructure the mining sector, Minerals and Energy Minister William Ngeleja said on Wednesday. Africa's fourth-largest gold producer has been undertaking major reforms of its mining sector following growing criticism over the industry's relatively minor contribution to economic growth. Tanzania's annual gold exports have tripled to $1.5 billion in the past five years as gold prices have risen, but government revenues have remained at around $100 million a year. The 2010 Mining Act increased the rate of royalty paid on minerals such as gold from 3% to 4% and required the government to own a stake in future mining projects.
Stratex (LON:STI) International Plc (BUY, 13p) (STI, 6.88p, ► 0.0%)announced that AngloGold Ashanti Ltd and Thani Ashanti have subscribed for additional shares in the Company in order to maintain their equity stakes following the private placement by Antofagasta plc. AngloGold has subscribed for 1,550,000 Stratex Ordinary shares at 7.72p raising GBP119,660. This maintains their percentage shareholding at 11.5%. Thani has subscribed for 1,200,000 Stratex Ordinary shares at 7.72p raising GBP92,640. This maintains their percentage shareholding at 2.2%. Read More
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