The price of rebar, or reinforced steel, points to a fresh downturn in the price of iron ore, the key commodity for the world’s largest mega-miners, Rio Tinto (RIO) and BHP Billiton (BLT). Iron ore has collapsed dramatically from a record high of $185 per tonne in 2011 to a decade low of $47.08 in…
“It blindsided the market,” says David Archer, chief executive of Savannah Resources. “There was no speculation around it, everyone was surprised and people were impressed that we were able to negotiate a deal with Rio Tinto.” Shares in Savannah shot 98.8 per cent higher on Monday on news that the company, an AIM-listed minnow valued…
LONDON: Shares in Sirius Minerals have gone into free-fall in London, opening 9 per cent lower in early trading on Wednesday, down 40 per cent in a week. The collapse is a setback for those betting on a resurgence in mining in the UK: Sirius is hoping to develop a vast open-pit potash project set…
Exciting if nerve-wracking times for backers of Falkland Oil and Gas Limited, which this weekend spudded the Humpback exploration well on its acreage to the south and east of the Falkland Islands. This is a big well for the AIM-quoted explorer, which has a 52.2 per cent stake in the wildcat – the only well…
Shares in Petro Matad edged higher last week after the Government of Mongolia formally approved the farm-out of a portion of Petro Matad’s Blocks IV and V in Central Mongolia to BG Group. This satisfies one of the key conditions of the BG Group farm-in, which was announced in April 2015. There is now just…
Victoria Oil & gas has added three new thermal customers to its gas network in the industrialised Douala region of Cameroon, adding another 0.7 million cf per day of demand. The connections include the new Dangote cement clinker plant located on the southern shore of the Wouri River, Douala. The construction of the 1.5 million…
Despite finding gas, initial results from Sound Oil’s important second appraisal well at the Nervesa field in northern Italy have disappointed. While the AIM-quoted company has successfully perforated and completed seven intervals in the lower section of the reservoir where the most significant gas shows were identified, initial gas flows have shown that multiple perforated…
Having reinvented itself as an Alaska-focused explorer, Perth-based 88 Energy has been encouraged in its new venture by the results of a Repsol/Armstrong joint venture on nearby acreage. The Repsol/Armstrong JV was testing conventional play fairways that may extend into the ASX-listed company’s Project Icewine, a near 90,000 acre tract on the North Slope in…
While Circle Oil continues to make headway on the ground, with strong production from its fields in Egypt and Morocco, it is clear that lower oil prices have taken their toll on the AIM-quoted E&P. Last year production averaged just over 4,897 barrels of oil equivalent per day (boepd) and 4.24 million cubic feet of…
Exciting times for backers of ASX-quoted Pura Vida Energy, with news that the Atwood Achiever drillship has spud the MZ-1 wildcat offshore Morocco. The well is being drilled in more than 2,000 metres of water to a depth of 5,600 metres with the potential to deepen to 6,150 metres in order to test up to…
