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Argos Resources, Petra Diamonds, Sierra Rutile plus others feature in today's Fox-Davies Capital newsflash

Last updated: 03:45 19 Sep 2011 EDT, First published: 02:45 19 Sep 2011 EDT

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Oil & Gas Corporate News 

Argos Resources Limited (LON:ARG) announced its interim financial results for the six months ended 30 June 2011.  Highlights: 1415km2 of proprietary 3D seismic data acquired over Licence PL001; Several new stratigraphic prospects already mapped, adding to prospect inventory; Interpretation continues with further prospects expected to be identified; Approximately US$12.8m in cash; and sufficient cash, post seismic, to meet ongoing needs, before drilling capital required.

Frontera Resources Corporation (LON:FRR) announced commencement of a new operations campaign at the Mirzaani Field within its Shallow Fields Production Unit, Block 12, in the country of Georgia.  The new operations campaign that commences with the re-entry of two recently drilled existing wells is currently underway at the #1 and #5 wells at the Mirzaani Field.  These wells both established the presence of large undeveloped areas of the field and are being re-entered in order to perforate additional key reservoir sections that were penetrated by each well.  At the #1 well, situated in the undeveloped southeastern portion of the field, the objective is to re-enter and perforate approximately 10 meters of identified oil bearing sections within reservoir Zone 12.  This will provide important reservoir and production information for planning future drilling operations within this portion of the field.  At the #5 well, situated in the undeveloped northwestern portion of the field, operations will consist of  perforating approximately 11 meters of identified reservoir section within Zone 13.  This work is part of a planned program to finish completion of this well and also obtain reservoir and production information relating to the extensive series of reservoir sandstones that were penetrated by the well.  The Mirzaani Field, which Frontera operates with 100% interest, is locate d in the eastern portion of the Shallow Fields Production Unit amidst a complex of several existing oil fields and currently delivers approximately 90 barrels of oil per day (b/d) from the older and historically developed portion of the field.  

IGas Energy plc (LON:IGAS) announced the signing of a sale and purchase agreement for the acquisition of Star Energy Group Limited ("Star Energy") from PETRONAS International Corporation Limited (the "Acquisition"), and the agreement of a Gas Sales Agreement ("GSA") with PETRONAS Energy Trading Limited. The Acquisition will comprise of the UK onshore production assets of Star Energy but excludes certain non-UK assets and the gas storage busin ess currently conducted by Star Energy.  Key highlights: Purchase consideration £110m, to be funded predominantly by $140m new debt facility and cash generated by Star Energy prior to closing; Existing Group cash continues to be dedicated to IGas Energy's accelerated drilling programme; and Star Energy's assets are estimated by Senergy (an independent reserves assessor) as at 30th June 2011 to comprise 11.1mmboe of 2P reserves, 4.5mmboe of 2C resources and 2,800boepd estimated production in 2011.

Mining Corporate News 

Sierra Rutile Ltd (LON:SRX) announced that it has received an initial report from the consortium of consultants headed by the Snowden Group, and including CPG Resources - Mineral Technologies and Titan  Salvage (the "Consultants") detailing the key initial findings of the strategic review announced on 11 May 2011. The Consultants' study focused on the expansion of SRL to an annualised rutile production rate of 200,000 tonnes per annum, and a pro-rata increase in ilmenite production.

Petra Diamonds Ld (LON:PDL) announces its preliminary results (unaudited) for the 

Year ended 30 June 2011 ("the Period" or "FY 2011"). Revenue: US$220.6 million (FY 2010^5: US$163.7 million) and Profit from mining activity^1: US$76.4 million (FY 2010:  US$67.2 million). Production of 1,117,795 carats relatively flat for the Period (FY 2010: 1,164,856) due to Petra’s strategic focus on ‘value production'. Expansion plans on target to increase production to ca. 4 million carats ("Mcts") by FY 2014 and to over 5 Mcts by FY 2019.

Oilfield Services Corporate News 

TGS NOPEC (LON:TGS) announced it has commenced a new 15,000 km multi-client 2D seismic survey offshore Namibia. The survey grid covers open acreage and images the main prospective plays due for drilling in 2011/2012. The seismic data is being acquired by the M/V Northern Explorer.  Data processing will be performed by TGS and data will be available to clients Q1 2012.

Technip (HOLD) (LON:TEC) announced it has been awarded a contract for providing basic and front end engineering services on a Petrobras grassroots fertilizer complex to be located at Uberaba – State of Minas Gerais, Brazil. The fertilizer complex will comprise a 1,500 metric tons per day ammonia unit based on Haldor Topsoe technology, and the complete utilities and offsites systems necessary for the operation of the complex. The basic engineering design will be developed by Haldor Topsoe and Technip operating center in Rome, Italy while Technip operating center in Rio de Janeiro, Brazil will execute the front end engineering design. The overall engineering activities are sche duled to be completed within the first half of 2012.

Rig Count News. The Baker Hughes Rig Count is the key barometer for the oilfield services industry and in particular the drilling contractors. Last week’s data (week ending 16/09/11) remained overall positive for the industry. The U.S. Rig Count is up 27 from the previous week standing at 1985, and up 324 year over year with the number of land rigs at 1934. The number of oil rigs was up 5 at 1062, Gas rigs were up 20 at 912 with the directional/horizontal rig count up 9 at 1,378. The Canadian rig count was down 13 on the previous week, and up 169 on a year ago.

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