By Eithne Treanor Abundant oil supply on the global market kept the oil price steady this week though a rise in US inventories was bearish. Stocks have been building for the past six-week in a climate of continuous production with little change in demand. In early trading on Friday, Brent crude was priced around US$60…
By Alastair Ford There’s a new mining minister in Tanzania, after the previous incumbent left amid allegations of impropriety in a multi-million dollar energy scandal that’s already claimed the scalps of several other government ministers. But in spite of that, Grant Pierce, Executive Director, Projects at Kibaran Resources, doesn’t expect any major disruption at the…
By Amy McLellan Excitement is mounting for backers of AIM-listed onshore drillers Europa Oil & Gas, Egdon Resources and Union Jack Oil as the second of the three intervals being tested at the Wressle-1 discovery in the East Midlands has come good. The Wingfield Flags reservoir has flowed free oil at rates of up to…
By Amy McLellan There were high hopes for Kea Petroleum when it was founded by the ex-Rift Oil management team. They had made money in Papua New Guinea, selling up to Talisman Energy in 2009 in a £114.8m cash deal that was a 30 per cent premium on the stock price, and hoped to replicate…
By Stewart Dalby Speaking at an Oilbarrel conference last November Joel “Monty” Pemberton, CEO of AIM-listed Trinity Exploration & Production said that, the tiny nation of Trinidad, with massive offshore gas reserves, was propelled to become the methanol power house of the world, the sixth largest LNG exporter in the world and a partner to…
By Alastair Ford “Indaba was good for us”, says Aureus Mining’s David Reading. It was a smaller Indaba this year to be sure, but that wouldn’t have put Aureus off. It’s one of the few companies around these days that’s actually putting something into production and the rarity of that in itself meant that it…
By Amy McLellan Aberdeen’s Dana Petroleum has clocked up more success in the North Sea. The oil company, which was acquired by KNOC in 2010, has successfully appraised the Lille John oil discovery in Licence 12/06 in the Danish North Sea, with the vertical appraisal well flowing at a maximum rate of 1,400 barrels per…
The quality of Mwana Africa’s Freda Rebecca gold mine in Zimbabwe is such that on one site visit a few years ago one analyst wondered why on earth the company was bothering with its other major asset – a nickel business at all. That same analyst also took his clients out of Northland Resources well…
By Stewart Dalby Throughout the bruising few years when PetroNeft was battling against going under because of a pile of suffocating debt, seemingly unsatisfactory production growth and takeover threats, the management was working on a plan on how to go forward if the group should find some form of bail-out. Two thousand and fourteen marked…
By Amy McLellan Shares in Bahamas Petroleum Company surged almost 20 per cent higher on Monday morning after the explorer provided a positive update on its frontier exploration project in The Bahamas. Key was the news that the long-awaited Petroleum Act is making its progress through the Bahamian Parliament and is expected to become law…
