Solo Oil (LON:SOLO) said its joint venture partner Reef Resources (CVE:REE) has started testing the Ausable No.5 well in South Western Ontario.
Reef previously announced the log analysis on the Ausable No.5 well, which indicated 72 metres net pay of oil and natural gas liquids (NGL) in the Guelph and A2 formations.
“We are delighted that the programme is now underway and we look forward to the results of this important testing in the next few weeks,” said executive director of Solo Oil Neil Ritson.
Aminex (LON:AEX) has spudded the Nyuni-2 well offshore Tanzania. The well will target the same Neocomian sandstones which form the reservoirs in the nearby Songo-Songo gas field and in the company's own Kiliwani North gas field reservoir.
An additional target is an Aptian/Albian sandstone reservoir which was logged as gas-bearing in the Nyuni-1 well, which was drilled but not tested in 2004.
Beacon Hill Resources (LON:BHR) has completed the first phase of the drilling programme at its Arthur River magnesite project in north-west Tasmania. The company said that the resource holes drilled further confirmed and expanded on historic drilling results and should “demonstrate the significant size and quality of the resource.”
Beacon Hill reported that the analysis of transport logistics and transport infrastructure has been completed and other key requirements of the scoping study are “advancing encouragingly”.
The scoping study is on track to be completed before the end of the current year.
Shares in Provexis (LON:PXS) tanked 22.5 percent to 2.1 pence as investors were disappointed with the company’s 2010 financial results and further dilution as it announced a share placing and an open offer.
The AIM listed food supplement specialist has placed over 160 million shares to raise £2.5 million to help it fund the acquisition of Science in Sport (SiS) for £8 million in cash and shares, which was announced this morning.
An additional revenue stream would be very useful for the company, which made losses of £2 million and had revenues of £50,086 in the financial year to 31 March 2011. Provexis made £4.6 million in revenues in 2010 and posted a £0.2 million profit.
IndigoVision (LON:IND) slid 31 percent on a profit warning this morning. The group said that profits for the year to 31 July will be significantly below current market expectations.
While IndigoVision continues to expect that full year sales will exceed last year’s revenue of £28 million, they will fall short of internal forecasts, while gross margins for the year are expected to be 2 percent lower than last year.
Investors cheered the long awaited award of the first exploration licence in Saudi Arabia to KEFI Minerals (LON:KEFI), sending shares in the company up 43 percent to 7.1 pence in morning trade.
The licence, which was granted to KEFI’s Gold & Minerals (G&M) joint venture, is for the Selib North project in a highly prospective part of the Arabian shield.
The AIM listed gold and copper explorer has also secured approval for two further licenses from the kingdom’s Deputy Ministry for Mineral Resources (DMMR). These have been sent for final approval from the Supreme Committee of Concessions in Riyadh.
A further three exploration license applications (ELA) are at an advanced stage of the approval process with KEFI expecting them to be granted in the near future.