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  Fox-Davies Capital Newsflash including Maghreb Minerals, Premier Oil, Range Resources, Stratic Energy, Kenmare and others
Reported by Proactive Investors on Thursday, 19 November 2009 (on November 19, 2009)
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Premier Oil (PMO) released an IMS detailing the work programme for the next 12m, focused on Asia and the North Sea. The Company plans to drill 12 wells with an unrisked resources potential of 250MMboe; the programme is fully funded through cash and available bank facilities. Range Resources (RRL) announced an update at its Smith-1 well in Texas, USA. Following reaching a total depth of 13,975ft, a production liner has been run to bottom and the liner has been successfully tied back to the surface. Preparation is underway to move a completion rig in whereby testing of the well can commence. Geopark Holdings (GPK) announced the placing of 3,784,000 new ordinary shares at a price of 323p per share. The gross proceeds amount to US$20.5m, and will be used to accelerate growth on the company’s assets in Chile and for acquisition purposes. The Company is targeting a spend of US$75m on 18-22 wells, 3D seismic as well as production infrastructure. Stratic Energy (SE) provided an update on reserves and operating performance of its West Don field in the North Sea. The results of an independent reserves review indicate that ultimate recoverable reserves from the field will be approximately 9% lower than previously anticipated, and net remaining recoverable reserves at December 31, 2009 are now estimated to be 1.72MMbbl at the proved level and 2.84MMbbl at the proved and probable level. Stratic believes that first indications of pressure support from water injection are now evident in both West Don wells and production levels are beginning to improve. Work to improve the reliability of gas lift equipment ahead of the planned tie in to the Thistle facilities continues, and the tie in remains on schedule for the first quarter of 2010. Urals Energy (UEN) announced the signing of the previously approved divestiture agreement between Sberbank and Urals in relation to the Company's stake in OOO Taas Yuriakhnefegazodobycha ("Taas"). According to the divestiture agreement signed today, Urals has transferred its 35.3% stake in Taas to OOO Sberbank Capital, a wholly owned subsidiary of OAO Sberbank, in return for full discharge of the outstanding portion of the US$500m debt that was taken on in connection with Urals' acquisition of Taas in November 2007. The transaction is subject to filing which is expected to be completed in the next several days. The Company will then be able to publish its annual report and accounts, hold an AGM and resume trading on AIM. Salamander Energy (SMDR) has embarked on an exploration and appraisal programme of 14 wells with an unrisked resources potential of 450MMboe. The programme is focused on Asia and will be carried out between now and the end of 2010. Kenmare (KMR) announced that production from its Moma titanium minerals mine in Mozambique has continued to improve quarter on quarter. Third quarter production of heavy mineral concentrate from the mine was 230,000 tonnes, up 30% compared with quarter two. The mine is currently operating at full design production levels with 97,000 tonnes of heavy mineral concentrate produced in October.The mineral separation plant is now capable of operating at the target feed rate of 135tph and plant optimisation work is underway to further improve recovery rates. Ilmenite production in the third quarter was 130,000 tonnes, up 23% compared to the second quarter. October production at 51,000 tonnes continues this improvement. Zircon production for the third quarter remained static at 6,000 tonnes, mainly as a result of delayed delivery of additional equipment and disruption associated with the implementation of circuit changes.Titanium feedstock demand, which declined in the first two quarters of 2009 due to a combination of weak demand and inventory de-stocking, showed signs of recovery in the third quarter as the major pigment producers reported expectations of more favourable market conditions for the remainder of 2009. The industry forecast for 2010 is for a further rebound in pigment demand. Beowulf Mining (BEM) announced it has received results from ongoing metallurgical tests, at bench scale, of ore grade material from its 100%-owned Ruoutevare iron ore deposit in Northern Sweden which validate the previously confirmed reduction technique process showing a final high grade product of sponge iron containing 90% iron and 1.5% titanium. Metallurgical test results are acceptable to potential international clients. The present tests produced a sponge iron powder with a grade of 90% Iron, 1.4% Titanium and less than 0.02% Vanadium, with a metallisation level of iron up to 96% and the exchange of iron above 90%. The results from these further studies will provide the basis for a preliminary economic evaluation of the project following which pilot plant studies can then be planned. Conroy Diamonds (CDG) announced it has raised £250,000 by way of a subscription for 7,142,857 new ordinary shares at 3.5p each from T1ps Smaller Companies Growth Fund and T1ps Smaller Companies Gold Fund. T1ps Smaller Companies Growth Fund and T1ps Smaller Companies Gold Fund are both managed by T1ps Investment Management Limited, a subsidiary of Rivington Street Holdings Limited. The Company intends to use the proceeds of the share issue primarily to fund the ongoing work programmes at its gold prospects in Ireland and for working capital generally. Maghreb Minerals (MMS) announced that, following the Extraordinary General Meeting of the Company held on 12 November 2009, and in accordance with the Subscription provisions contained in the circular sent to Shareholders on 20 October 2009, the Company has allotted 20,000,000 new ordinary shares of £0.006 each in the Company at a price of 1.5p per share. Aquarius Platinum (AQP) announced that Phase 2 of the re-establishment project at Everest Platinum Mine has commenced. Phase 2 includes the establishment of all underground and surface infrastructure required for a resumption of operations. Aquarius has been committed to bring the Everest mine to a state of readiness to resume production and this position has more recently been supported by the improvement in the current market conditions. It is therefore now envisaged that the mine will restart immediately following the completion of the re- establishment project. Phase 1 of the project is currently ahead of schedule, and this early approval of Phase 2 will enable a parallel implementation, reducing the remaining project timeframe to nine months of this date. This will enable Everest to be in a position to resume milling operations in the latter part of the first quarter of next financial year. The capital expenditure for Phase 1 and 2 remains at R 259M.
Links: Full news story
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