Date: Monday 28 May 2012
President Petroleum fell 3.4% on Monday after it delayed the period in which it expects to hit initial production targets at its Dos Puntitas Field until the first quarter of 2013. The company said it expected to realise the full value of the Argentinian concession following execution of its work program through 2012 and 2013, and thereafter as production built through field developments programmes.
Australia-focused Thor Mining said it had raised £638,750 through a placing of 51.1m new ordinary shares to 'UK sophisticated clients' of Simple Investments, the company's broker, at 1.25p per share. The proceeds of the placing will be used to fund the company's working capital requirements, it said.
Afferro Mining said a preliminary assessment of its Nkout Iron Ore Project in Cameroon had shown it to be economically viable. The report estimated a net present value post-tax of between $1.1bn and $4.6bn based on an average production rate of 15m to 35m tonnes per annum. The company said it would advance Nkout to a pre-feasibility study during 2013. Its shares rose 3% in morning trading on Monday.
Bayfield Energy, which has oil and gas interests in Trinidad and Russia, widened losses in 2011 to $17.2m, from $7.1m the year before. This amounted to a 9c loss per share in the year when the firm joined the Alternative Investment Market, raising $87m in the process. Profits were hit by problems with production in Trinidad, which led to months of delays. "We believe the operational issues have now been overcome and we expect to see continued production improvement through 2012," Bayfield said.
Shares in Valiant Petroleum took a hit on Monday after it suspended activity at its Tybalt appraisal well. The firm took the decision together with its 40% partner Agora Oil and Gas, a subsidiary of the FTSE 250 company Cairn Energy. "Reservoir testing via MDT was unable to demonstrate the presence of moveable hydrocarbons from the well," Valiant said. "Further technical analysis of the core, log and dynamic test data will be required to assess the size and potential of the Tybalt accumulation." The company's share price was down almost 6% in morning trading, although Cairn was unaffected.
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