PAIV:Wednesday's most followed: Petro Matad, Global Energy, Cluff Gold, Circle Oil
Mongolia-focused oil group Petro Matad (LON: MATD) saw its shares ease after it issued an update on its drilling activities on the group’s Davsan Tolgoi Prospect on Block XX in Eastern Mongolia.
Drilling operations on the DT-5 well have been completed to a depth of 1,954m below surface with numerous thin zones of hydrocarbons identified.
Global Energy (LON:GED) announced a significant uplift in its oil production as a result of a successful workover programme of its Tilodiran 2 and 3 wells within the Colombian Rio Verde contract.
Subsequent to the workover programme, total gross oil production has reached sustainable levels of approximately 2,200 barrels of oil per day.
Circle Oil (LON:COP) announced the 2011 update to Ultimate Recoverable Resources for the NW Gemsa Concession, Egypt, and the Sebou Permit, Morocco, which indicates a significant increase over the 2010 URR estimates for both permits.
“I am very pleased to report this significant uplift in resource numbers for the oil and gas discoveries on our NW Gemsa and Sebou blocks...it highlights the way in which the Company has been utilizing the funds raised from the placing in 2010 to create value for our shareholders. Our drilling success rate over the past three years has been excellent,” said chief executive Chris Green.
Shares in the company soared nearly 60 percent on the news.
Mariana Resources (LON:MARL) and Hochschild Mining (LON:HOC) have begun drilling work on the Los Amigos gold-silver project in the highly prospective Deseado Massif area in Santa Cruz, Argentina.
A 2,000 metre drill programme is now testing a new high priority target, known as Bajo, in the western part of the joint venture area. In total 13 holes will be drilled and the results are expected in the third quarter of 2011.
Oilex Ltd (ASX:OEX, LON:OEX) has spudded the Cambay-76H horizontal well in India.
The Cambay-76H proof-of-concept well will evaluate the production potential of the Y Zone interval of the extensive Eocene tight reservoirs in the onshore Cambay Production Sharing Contract in Gujarat State.
Cluff Gold PLC (LON:CLF, TSE:CFG) said it has amicably settled the labour dispute at its Kalsaka mine in Burkina Faso.
Normal operations resumed yesterday, June 7, and the temporary disruptions have not affected the company's annual production guidance of 70,000 ounces from Kalsaka in 2011.
