logo-loader

Aminex, Stratex International, Sunrise Resources, Hunting and others feature in Fox-Davies Capital Newsflash

Published: 02:45 24 Feb 2011 EST

no_picture_pai

Amerisur Resources (LON:AMER, 24p, ▲ (2.13%)) provided an update on its reserve base and operations. AMER’s certified reserves from the Platanillo acreage in Colombia have increased by 350% to 3.6 MMBO. These 2P reserves have been evaluated by Petrotech as representing an NPV of US$200m undiscounted and a 10% discounted NPV of $115m. The company also informs that the lifting cost at Platanillo has been further reduced and stood at US$9.94 per barrel of oil in January, resulting in netback to the company of approximately US$67 per barrel of oil at current prices. The 3D3C structure map and petrophysical data were analysed in a Monte Carlo simulation and indicated the following prospective resources within the Platanillo Field:  P90 45 MMBO; P50 69 M MBO; and P10 95 MMBO. Environmental licensing processes are well advanced and the Company expects the drilling programme will commence during Q2 2011 and the 6 planned wells are targeting 35 MMBO of 2P reserves and production to 5,000 BOPD by the year end.  Isabel-1 continues on Long Term Test with production levels steady at approximately 20BOPD. Iguasa-1 has received no further treatment since the previous update, and continues to produce intermittently at low rates. The Fronterra study has been delivered and the Company is currently reviewing the conclusions. An additional geological study of the block has also defined a previously undetected structure in the back limb of the block which is under review. The Company has received a number of offers for participation in the Fenix Block, which are being evaluated.  In Paraguay Amerisur has commissioned a 12,800 line km Aeromagnetic survey over its San Pedro block and the Parana basin up to the border with Brazil. T his survey is designed to map the general development of the sedimentary series in the basin, and give detailed data within the San Pedro block, which will allow the Company to refine the structural forms and confirm the sourcing pathways to the block which were indicated by our previous Geochemical work. The selected contractor for this survey is Fugro Geophysical, and a contract is expected to be signed shortly. The Company plans to mobilise the survey during April 2011, with completion during July.
 
Aminex (LON:AEX, 9.13p, ▼ (2.67%)) announced that it has now received formal approval from the Tanzanian Ministry of Energy and Minerals to acquire an additional 15% working interest from Key Petroleum Ltd. in the Nyuni East Songo-Songo Production Sharing Agreement offshore Tanzania. The agreement with Key was announced on 4 February 2011 and was subject only to this single condition. Aminex is acquiring the additional 15% interest through undertaking to pay 20% of the costs of drilling the Nyuni-2 well, due to be spudded in April this year. After the farm-in, Aminex (operator) will have a 65% interest in the Nyuni PSA, held through its wholly-owned subsidiary Ndovu Resources Ltd., including existing gas discoveries. Other interests in the Nyuni PSA will be: RAK Gas Commission 25%, Key 5% and Bounty Oil & Gas Pty Ltd. 5%.
 
Stratex International (BUY, £0.10) (LON:STI, 8.32p, ▼ (6.2%))
announced that they have received a preliminary draft of the Inlice project feasibility study. Stratex and JV partner NTF are reviewing the draft study in detail with a particular focus on the cost assumptions and mining plan and the release of the final report will be delayed until March. The Board does not anticipate a significant delay to the overall project timing.
 
Sunrise Resources (LON:SRES, 3.55p, ▼ (2.07%)) announced that its exploration licence application for the Cue Diamond Project in Western Australia has now been granted. The exploration Licence covers an area of approximately 70 square km and is located 70km to the north-west of the town of Cue in Western Australia. The licence covers diamondiferous kimberlite dykes at the Cue 1 and Soapy Well Prospects and has been granted for an initial 5 year period.
 
Hunting (HOLD) (LON:HTG, 755p, ▼ (0.79%)) 2010 results were at the top of market expectations with underlying PBT at £50.0M (£38.5M in 2009) and EPS at 24.7p. At year end the group’s net cash position was £212M. The good results reflect strong oil prices and shale gas drilling in the US as well as a better than expected performance from its latest acquisition, Innova-Extel. The outlook statement read most positively with management stating that 2011 has seen a continuation in the forward momentum developed throughout 2010 and that the group looks forward to another year of growth. We will be upgrading our forecasts by around 5%.
 
The shares currently trade at a premium compared with both the market and the sector. Hunting is well placed competitively owing to its product focus and global footprint, but that is fully reflected in its demanding valuation. The group is a cyclical play on oil and particularly gas activity, especially in the US, and will benefit as activity grows on expectations of higher oil/gas prices and, consequently, rising global E&P expenditure. We retain our Neutral recommendation.

cloudBuy chief encouraged by Yiwu deal and China opportunities

Ronald Duncan, the founder and chairman of cloudBuy (LON:CBUY), discusses the growth opportunities for the cloud-based online marketplace operator in China. Today the company told investors it MoU with the government of the city of Yiwu, China, to help the region promote its small...

on 08/06/2015