By Amy McLellan Twelve months on from its demerger from Leyshon Resources, and Chinese gas explorer Leyshon Energy is planning to return more than US$15 million in cash to shareholders and cancel its AIM listing. It follows a run of poor results from its Zijinshan project in China and the failure to bring in partners…
By Alastair Ford “We’re pushing forward”, says Orosur Mining’s Ignacio Salazar, in the wake of the company’s results for the second quarter, the three months to 30th November. “We said the first half was going to be more difficult, and we knew that the numbers were going to be tight.” Sure enough, Orosur turned in…
By Our Man in Oz Minews. Good morning Australia, you seem to have had quite a week with gold stocks leading the way once again. Oz. It was a good week for gold, but not for much else. Iron ore stocks lost much of their hard-won gains and copper stocks were hit hard by the…
By Stewart Dalby Pura Vida Energy is not one of those start-ups which adopts a model of finding some production to generate enough cash flow to keep the lights on, as they say. Nor has it decided, for the moment to acquire development opportunities to spread risk before it goes for the big one with…
By Amy McLellan E&P companies may be reeling from the rout in the oil price but biofuel producers are also feeling the pain as greener fuels struggle to compete with US$50 oil. Even before the price slump, however, some biofuel producers were on the ropes. AIM-quoted Maple Energy, for example, was last year hit hard…
By Eithne Treanor It was another week of doom and gloom on the oil market, but the International Energy Agency hinted that the market was in a rebalancing phase and OPEC called for stronger cooperation. The oil price got a slight and temporary reprieve late this week when prices climbed more than half a dollar.…
By Amy McLellan, The oil price is continuing to inflict pain across the sector, with even the biggest companies pulling projects, shedding jobs and cutting back on expenditure. FTSE100 company Tullow Oil on Thursday announced US$2.7 billion of pre-tax write-offs and impairments and slashed 2015 spending plans from US$1 billion at the start of 2014…
By Alastair Ford Copper prices have fallen sharply in the wake of a downgrade from the global economy from the World Bank, and as the number of put options in the market multiplies. The World Bank’s revised figures show the global economy growing at three per cent over 2015, as against the 3.4 per cent…
By Amy McLellan The highly anticipated Badada-1 wildcat in Block 2B in Kenya’s Anza Basin has spudded, a potential play-opener that will be closely watched by shareholders in Canada’s Taipan Resources and AIM-quoted Tower Resources. Legal wrangles had threatened to delay the drill in November but, as predicted by the parties involved, an injunction was…
By Stewart Dalby A year ago the managers of LGO Energy, which was then called Leni Gas & Oil, talked about production from Trinidad, and in particular from the flagship Goudron field, reaching 2000 bopd. But it seemed more like a wistful dream rather than a meaningful target. LGO had been picking the low lying…
