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1waving

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  1. 1waving

    LENI GAS and OIL

    25 July 2011 LENI GAS AND OIL PLC Farm-in Trinidad Leni Gas & Oil plc today announces an agreement to farm-in to the Advance Oil Company (Trinidad) Limited ("Advance") North Moruga area leases. LGO plans to work-over existing producing wells and drill up to nine (9) new wells on the leases. The Heads of Agreement with Advance sets out the framework for a full farm-in agreement and joint operating agreement by which LGO will: · take over operatorship of the Advance leases, · reactivate production from the existing wells on the leases, · drill a minimum of three (3) exploration and up to six (6) development wells, · obtain an immediate 33% interest in net production revenues, · on conclusion of the farm-in work programme, and depending on the number of wells drilled, earn between 33% and 49% interest in the Advance leases. ------------------------- Full release:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10928936&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Also further production to come on line this week after the workover and perforation over a new 40 metre reservoir zone at their Hontomin well in Spain. CEO Neil Ritson is delivering.
  2. Former BP executive and Regal Petroleum CEO, Neil Ritson took over as CEO at LGO in Nov 2010. Since then the company's fortumes have taken a sharp turn for the good and is already starting to deliver stong production growth at it's Spanish assets. There is major potential in Spain where it is re-developing a known field with 104 million barrels OIP (P50)  Discovered in 1964 by Chevron  Largest onshore field in Spain, 53 wells  37oAPI fuel oil grade low sulphur crude  Total production 17 mmbbls, peak in 1969  Remaining oil in place 104 mmbbls (P50)  Original facilities handling 10,000 bopd  Acquired by LGO in October 2007  Future potential in EOR and deeper targets Latest operations update demonstrates strong production increase from a workover of just 7 of the 53 wells. Latest ops update:-- http://tools.euroland.com/investortools/rnsclient/LoadAnnouncement.aspx?aID=10906923&tidm=LGO&cid=51437&transLang=en&sesLang=&source=rns Will be developing on existing Trinidad production within months and announcing a further acquisition there shortly. Has a small interest in a Gulf of Mexico producing field with further production to come there also. Further interest in an offshore exploration project in the Mediterranean with MOG Latest Presentation http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf'>http://www.lenigasandoil.com/images/presentations/document_LGO_Corporate_Overview_June_2011.pdf Very strong potential here for major increase in the SP. The new mangement have started to transform this company and are delivering. Chart looking ready for a strong upside break -- Further production update expected soon in Spain and farm‐in to exploration and production leases in Trinidad at HoA stage -- expect announcement shortly. Website:-- http://www.lenigasandoil.com/ DYOR -
  3. Surely this series of reports belong in the Investor Education & Beginners Forum.
  4. 1waving

    The Fuel Cell thread

    Further major fuel cell advances for ITM Power:- "A step change from the current state of the art has been achieved " -- " more than doubling the power density performance presently available on the market. " RNS 1st February 2011 ITM Power plc High Power Density Fuel Cells Test Update ITM Power (AIM: ITM), the energy storage and clean fuel company, is pleased to announce an early technical result from the initial phase of the high power density fuel cell membrane testing, an ambitious technology development project supported with GBP108,000 of research funding from the Carbon Trust. ITM Power has demonstrated exceptionally high power densities by developing its proprietary hydrocarbon membrane materials for hydrogen/oxygen fuel cells. A step change from the current state of the art has been achieved, with what is believed to be the highest power density ever recorded for a PEM fuel cell (5.5W/cm2 and 10A/cm2) using pure oxygen. ITM Power has now successfully demonstrated the performance of the membrane in a hydrogen/air fuel cell developing over 2.1W/cm2 and 4A/cm2, more than doubling the power density performance presently available on the market. While the Company's initial investigations focused on hydrogen and oxygen fed fuel cells, a commercial fuel cell system for deployment in a vehicle requires air to be used as the oxidant. This early result with air exceeds the ambitious target of 1.5W/cm2 which was defined as part of the Carbon Trust project and is further evidence of the potential for ITM Power's materials to offer a step change in performance. ---------------------------------- Major car manufacturers will be taking note for their hydrogen fuel cell cars of the future -- ITM's patented membrane has much lower cost and substantially higher performance. Full RNS:-- http://www.londonstockexchange.com/exchang...mentId=10776553
  5. 1waving

    The Fuel Cell thread

    ITM Power driving ahead at the moment and Interims due this Thursday, 20th Jan. ITM has been involved in a trial with the Royal Mail -- Article in The Guardian today looks very promising:-- 'The nation's posties have used the greenest kinds of transport for generations, relying on their feet and their distinctive fleet of red bicycles to make their rounds. Now their delivery vehicles, too, could go green. For the last few months, it has emerged, the Royal Mail has been secretly testing new zero-carbon vehicles on one of the remotest delivery rounds in Britain, in the Outer Hebrides. Instead of diesel-belching vans, postal staff on the Isle of Lewis have been driving hydrogen-powered Ford Transits, converted at a total cost of £100,000. They fill up in Stornoway, at one of the UK's few hydrogen refuelling stations.' Full article:-- http://www.guardian.co.uk/uk/2010/sep/07/r...brides-hydrogen Further Hydrogen On Site Trials/refuelling station trials with very major companies and organisations starts in March with BAA Stansted Airport. Others follow, such as Scottish and Southern Electicity, RAC, Vestas, Autoglass, DHL, May Gurney, Southampton City Council to name a few. Many other projects in the pipeline --- should be a very high profile and active year for ITM.
  6. 1waving

    The Fuel Cell thread

    Outstanding advances for hydrogen/oxygen fuel cells announced in ITM RNS today -- World beating patented technology:-- High Power Density Fuel Cells 2 November 2010 ITM Power plc ITM Power has demonstrated exceptionally high power densities by developing its proprietary hydrocarbon membrane materials for hydrogen/oxygen fuel cells. A step change from the current state of the art has been achieved, with what is believed to be the highest power density ever recorded for a PEM fuel cell (5.5W/cm2 and 10A/cm2). ------ In order to ensure effort is directed most effectively, ITM Power is now seeking partnerships with commercial end users to provide input to the development process. A successful project would provide a pathway towards continued development and qualification of ITM Power’s materials as a commercial alternative to the existing membrane materials currently utilised in automotive fuel cell applications. In this context, this project is considered a first step in the process of justifying a more comprehensive onward development programme with OEM commercial partners. ----------------------------------- Full release:-- http://www.itm-power.com/news/40/High+Powe...Fuel+Cells.html
  7. 1waving

    XTRACT ENERGY ---- XTR

    RNS --- Sarikiz-3 a duster "The production test at Sarikiz-3 did not encounter hydrocarbons in recoverable quantities and Extrem Energy does not consider the well to be commercial. Further evidence of a working hydrocarbon system in the basin was gained, and the well results will be combined with recently completed additional seismic to help determine how best to continue the exploration of the licence area. Further updates will be provided as appropriate." http://www.londonstockexchange.com/exchang...mentId=10471128 Despite having what appears to be a good set of assets, prolonged delays all round and today's failure questions management's strategy and abilities. Brings them under fire - deservedly. Presenting at the Proactive Investors forum in London then Manchester in early June. Management may come in for harsh criticism at the forum unless they can pull something off before then. ---- Suppose they could delay their presentation until the next forum though. ---
  8. One to look out for -- Very positive production testing in today's announcement from the Sarikiz area, with even greater expectations from other projects , Candarli Bay in Turkey being one. 6 July 2009 AIM: XTR XTRACT ENERGY PLC ('Xtract' or the 'Company') DRILLING UPDATE - Extrem Energy Further to the announcement made on 1 July 2009, Xtract Energy Plc ('Xtract') is pleased to provide the following update on the progress of the production test being carried out at Sarikiz-2 by its Turkish joint venture Extrem Energy A.S. ('Extrem Energy'). Following the test of the interval at 1728-1733m which was found to produce associated carbon dioxide, further technical interpretation was carried out. This revealed the existence of a minor fault which was causing carbon dioxide from deep levels to penetrate the deeper oil reservoirs. The fault did not appear to extend further upwards. The new interpretation has been validated by the test of the interval between 1710-1715m which was completed on 6 July 2009. After recovery of the drilling fluids, the production test flowed oil without associated carbon dioxide. Initial indications are that a pumped oil flow rate of approximately 180bbl/day could be achieved from that interval alone. With the benefit of the new interpretation, the number of intervals still to test has been increased to eight, representing a further 57.5m of reservoir thickness compared with 6.5m of thickness in the interval just tested. The remaining sandstone intervals lie in a structure between the depth range 1483m to 1697m. Log indications are favourable for the remaining intervals but the ability to produce from them will remain unknown until they are tested. At this time, it is reasonable to expect that the total production flow rate from the well will meet or exceed the pre-drill estimate of 500bbl/day. Further progress updates will be provided as appropriate. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. Xtract holds 27% of Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of US$1.75m before 5 August 2009. The above information has been reviewed and approved by Ongun Yoldemir, Managing Director of Extrem Energy, who has a masters degree in geological engineering and worked as an explorationist in the oil and gas sector in the Middle East, Kazakhstan, Azerbaijan, and North Sea, has over 28 years' experience in the resource and energy sector and is a member of the American Association of Petroleum Geologists, European Association of Geologists and Engineers, the Society of Exploration Geophysicists and several related Turkish institutions. --------------------------- Would now expect XTR to take up that additional 7% in Extrem Energy. http://www.xtractenergy.co.uk/
  9. 1waving

    The Fuel Cell thread

    ITM Power ---- Quite a dynamic rise over the last few days as a range of new hydrogen producing products are released. Video on website explains the products:-- http://www.itm-power.com/
  10. 1waving

    XTRACT ENERGY ---- XTR

    Xtract shows confidence in their Turkish JV with Merty, Extrem Energy, increasing it's stake from 34% to 50% :-- 12 February 2010 AIM: XTR XTRACT ENERGY PLC Investment update - Extrem Energy Xtract Energy Plc ("Xtract" or "the Company") is pleased to announce that on 11 February 2010 it entered into a further agreement with its Turkish partners Merty Energy ("Merty"). Under the terms of the agreement, Xtract will acquire from Merty a further 16% of the issued capital of its Turkish associate company Extrem Energy A.S. ("Extrem"), taking Xtract's overall share of the business to exactly 50%, with the other 50% held by Merty shareholders. Consideration for the transfer is staged payments by Xtract of US$4.9 million to Merty, which will apply US$0.9 million of the consideration to subscribe for 30 million new ordinary shares in Xtract. In addition, Xtract and Merty have each agreed to contribute a further US$2.0 million to Extrem to fund the ongoing work programme through to the drilling of an exploration well on the Siraseki licence area during the second quarter of 2010. Application will be made for the new Xtract ordinary shares to be admitted to trading on AIM and this is expected to become effective on 18 February 2010. Further details about the proposed exploration well on the Siraseki licence area will be provided shortly, along with an operational update on production and drilling activities in the Sarikiz field and further information about the strategy for the exploitation of other licences within the Extrem portfolio. Commenting on the transaction, Andy Morrison, CEO of Xtract said, "The notable increase of our shareholding in Extrem demonstrates the confidence of the Board in the prospects for Extrem and for its significant licence portfolio in Turkey. The acquisition establishes joint control and represents another important step in the transformation of the company from a passive investor into one with more active involvement with its underlying assets". _________________________________ Forthcoming update on production, drilling and strategy in Turkey will be more than welcome now that production is under way.
  11. 1waving

    XTRACT ENERGY ---- XTR

    Oil in place increased strongly ---- three further expected production wells by December. 27 August 2009 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment update - Extrem Energy Xtract Energy Plc ("Xtract") is pleased to provide the following update on operations and development plans at its Turkish joint venture Extrem Energy A.S. ("Extrem Energy"). Alasehir/Sarikiz Licence (Extrem Energy 80%) As previously announced, the Sarikiz-2 well has been shut in as a future production well, with commercial production expected to commence in October, once the construction of the necessary surface facilities has been completed. Following the successful production test, the new well data has been analysed together with seismic data, logs from the former East Sarikiz-1 well and GORE geochemical analysis over the licence area. On the basis of this analysis, the estimated (P50) total oil in place within the greater Sarikiz structures has been revised upwards to 371 mbbl ("Development pending - Contingent resources" according to SPE classification). Using a 20% recovery factor (the more conservative end of the previously announced range), the total recoverable oil in the Sarikiz field is now estimated (P50) to be 74 mbbl. In addition to the re-entry of East Sarikiz-1 which was already announced, analysis of seismic and well logs at the former Alasehir-1 well in the same licence area have also indicated the presence of commercial oil. It has therefore been decided to re-enter this well in order to establish production from the Alasehir field. The forward production drilling programme is now expected to be as follows: 1) Alasehir-1 (re-entry) 2) East Sarikiz-1 (re-entry) 3) Sarikiz-3 (new well) Upon mobilization of the required drilling equipment the above programme is expected to commence in early September and continue through to the end of December 2009. An estimate of the total oil in place on the Alasehir field will be made following the production test. Figures for Alasehir will be in addition to the above estimates. Formal field development plans and reserve categorisation will be finalized once commercial production has been established. Production performance from the initial wells will be analysed to determine the optimal well configuration to drain the structures over a reasonable field life of 20-25 years. Siraseki Licence (Extrem Energy 100%) The results from seismic and GORE geochemical surveys over the Siraseki licence area near the Syrian border have now been processed and have given rise to a new prospect called Menekselik. The sandstone structure is a fault bounded anticline with an estimated area of 11.2 square km and an expected pay thickness of 30m. If the structure contains natural gas, the recoverable gas in place is estimated to be 94 bcf using a 70% recovery factor. Extrem Energy intends to drill the prospect in early 2010 following completion of Sarikiz-3. Edirne Licence (Extrem Energy 100%) The additional seismic programme mentioned in the announcement of 3 August was completed on 9 August. The acquisition of GORE geochemical data commenced on 19 August and is ongoing. The seismic and geochemical data will be analysed together to identify drilling targets in this gas-bearing zone. If successful, these targets will be drill-ready by early 2010. The area is close to existing downstream infrastructure, so production can be established quickly in the event of success. Extrem Energy is also working on plans to appraise and exploit its off-shore licences in Candarli Bay and the Sea of Marmara. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. Xtract holds 34% of Extrem Energy. ------------------------------------
  12. 1waving

    GLENCAR MINING GEX

    Gold Discoverer -- am not concerned by the 6 holes drilled by Gold Fields to test a small part of Komana. The GEX position is that the Glencar board have stated in the offer RNS that this should have no material impact anyway. Glad you've done well but am looking for a better offer price as I believe the current 9p is derisory, as do many shareholders. There are gold strikes at Bokoro/Fie, Fingouana, Sanioumale East, Sanioumale West, Sindo, Komana East, Komana West, Gonka, Soloba, Soloba West, Kama, Kabaya South, Niechilela, Faliko, Badogo Malikili, and many more targets to be drilled such as the Bada extension on which exploration has already started. This list is not exhaustive. There are many strikes that Gold Fields have drilled themselves on the 3 licenses in the Sankarani JV as listed previously. The Bokoro/Fie strike and the Sanioumale East and West strikes which are looking very substantial are due for resource definition in the coming season with Fingouana possibly to join that duo and looking to have great potential. Those 5 licenses really do have 5 million ounces plus written all over them ( with 1.25m JORC already ) We now have a hedge fund joining as shareholders, Loeb Arbitrage Management, buying into Glencar:---- Date of disclosure......August 7, 2009 DISCLOSURE UNDER RULE 8.1(a), 8.1 b(i) and 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2007 Date of Dealing August 6th 2009 Dealing in (name of company) Glencar Mining Plc (1) Class of (e.g. ordinary shares) Ordinary shares securities (2) Amount bought 1,055,000 Amount sold - Price per unit 8.8 GBp (3) Resultant total ofthe same class owned or controlled (and percentage of class) 3,250,000......................................................1.08% (%) (4) Party making disclosure Loeb Arbitrage Management, LLC --------------------------- Loeb Arbitrage http://www.fatpitch.biz/cgi-bin/f.cgi/psp/...056569.861.html With very low volume in the past week of just over 2% it looks like Loeb picked up about half of that. GF have not really got anywhere this week which is not surprising. The offer from GF is derisory and many shareholders are looking for a much better deal from GF ---- or elsewhere. Loeb Arbitrage Manangement also seem to think there is more to come.
  13. I have an interest in Glencar Mining which is purely a gold play and am relatively new to investing in mining explorers and would be interested in how such a company should be valued through the stages of development. Website www.glencarmining.ie Glencar has a project in Ghana and a further two early stage license areas in Uganda which are of little consequence at present. It is their five license areas in Mali which are important. Three of these areas are in a farm in/JV with Gold Fields s.a. with the other two being retained by Glencar. These two are Solona and Komana. It is Komana which has been advanced rapidly and the initial resource estimate came out in October. That recent JORC compliant resource estimate came in at 520,000 oz with SRK Consultants report also stating that due to the sparse drilling within parts of the estimate area, there needed to be further infill drilling which would probably increase the estimate by 200,000 oz. Komana West is also open at depth and along strike to the North and South. Glencar have drilled to the North and South and it looks like the orezone continues several hundred metres to the South. The zone to the South of the estimate area looks to be wider but with lower grades, with potential high grade shoots. The best grade was 733gm/ton over 1 metre. A further 4000m of RC/Diamond drilling to test for extensions at depth and infill in the resource model area and test the areas marginal to the zone has been completed in late 2007 together with 5800m of RAB drilling to test the extensions to the North and South. Drill results are expected within the next few weeks. The Komana East prospect area was drilled originally by a previous license holder (Randgold ) and they estimated a non- JORC compliant resource of 280,000 oz. Further drilling here commences in January. Within the Komana license area, about 9 kilometres South of Komana West and directly South along the hosted shear zone, lies a further three drill ready target areas which will be drilled in the current drilling season which lasts until June. High grade rock chip samples have been taken from this area and there could be very strong potential here. That is just the Komana license area, the further 4 license areas in Western Mali will count as a bonus. Two potentially decent orebodies have been found in the Farasaba and Sanioumale license areas which are in the Joint Venture/farm in deal with Gold Fields s.a. A major airborne magnetic and radiometric survey is due to start on Jan 14th over all five license areas. My questions relate to valuation and cost. Firstly, with what is known how would you value the Komana project and what would be added to that value from what is expected ? How would the additional areas be valued ? Secondly, at Komana West much of the gold is coarse and occurs free as well as in intrusions in the shear zone and is likely the recovery process will be carbon in pulp with the mine being open pit. How much would the recovery process cost per oz in comparison to other methods ? Any other opinions on Glencar would be helpful whether good, bad or indifferent.
  14. 1waving

    XTRACT ENERGY ---- XTR

    Xtract increases stake to 34% in Extrem Energy:-- 5th July Xtract pays $1.75m for 34% of Turkish well Business Financial Newswire Xtract Energy says that is has paid $1.75m to Extrem Energy following the successful production test at the Sarikiz-2 well in Turkey. Xtract now owns 34% of the joint venture. The subscription money will be used by Extrem Energy to finance forthcoming operations, including the re-entry of East Sarikiz-1 which is expected to begin this month. --------------------------
  15. 1waving

    XTRACT ENERGY ---- XTR

    Production shortly:-- 3 August 2009 XTRACT ENERGY PLC ("Xtract" or the "Company") INVESTMENT UPDATE - Extrem Energy Further to the announcement made on 17 July 2009, Xtract Energy Plc ("Xtract") is pleased to announce that the production test was completed on 30 July 2009 and that the Sarikiz-2 well at Xtract's Turkish joint venture Extrem Energy A.S. ("Extrem Energy") is being shut in as a production well with commercial production expected to commence in October. The rig is now being moved to the site of the former East Sarikiz-1 well and will test the horizons from which commercial production is expected. If successful Extrem Energy will have two commercial wells on stream in the fourth quarter. The results of the production test at Sarikiz-2 indicated a theoretical production potential of 690 bbl/day from the tested zones and a potential of up to 450 bbl/day more from untested zones. Not all levels can in practice be produced at once due to production techniques. Four levels have been selected for initial production. After the results of testing, Extrem Energy has decided to apply an optimised value of initial 350 bbl/day of production in order to maximise the field life and the amount of recoverable oil through time. The pressure and other logging data from the production test will now be processed, which will enable an improved estimate of field size. This will be combined with the results of a recently completed geochemical survey over the wider field area. The information will be used for field development and the site selection for follow-on wells. The process for registering Sarikiz-2 as a discovery well is already under way with the Turkish authorities and the well results will be used to generate the applicable reserve categorisation. Further updates will be provided as appropriate. In addition to progress at Sarikiz, Extrem Energy continues to advance its interests in other licence areas. A short additional programme of seismic acquisition over the Edirne licence in the Thrace Basin in western Turkey was commenced in the second half of July. As at 30 July 2009, the 75.76km project was 40% completed. The results will be used to firm up drilling targets in this predominantly gas-bearing region. A geochemical study on Adana-Siraseki licence has also been completed and sent for analysis. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. -------------------------------
  16. 1waving

    GLENCAR MINING GEX

    Charlie -- Think your time frame is not too far off, possibly a little shorter, but if another bidder comes in it could be longer. The longer it goes, the more chance of a gold price move --- Gold Fields are predicting much higher prices and have put this bid in quickly in that belief. From the offer RNS Gold Fields are looking for acceptances of 80% but at their discretion may move that but to no lower than a percentage which is more than 50%. The media are being used by Gold Fields and are putting about that two holes they drilled for testing purposes at Komana 'may be contaminated' -- The Glencar board have stated in the offer RNS that this should have no material impact anyway. My own observations follow. The Gold Fields drilling is deliberate disinformation put quite simply. The intent is to deliberately deceive GEX shareholders and possibly put off any counter-bidder. The few drill holes done by Gold Fields in a miniscule area are a total red herring put there to distract from the many gold discoveries on the 5 Mali Licenses. There are gold strikes at Bokoro/Fie, Fingouana, Sanioumale East, Sanioumale West, Sindo, Komana East, Komana West, Gonka, Soloba, Soloba West, Kama, Kabaya South, Niechilela, Faliko, Badogo Malikili, and many more targets to be drilled such as the Bada extension on which exploration has already started. This list is not exhaustive. Gold Fields are not releasing full information, particularly over the 3 licenses in the existing joint venture agreement. Gold Fields deliberately baulked at what was in the Letter of Intent for the intended Komana JV at a late stage as part of their strategy to put Glencar in a poor position in order to line them up for a derisory bid. How many millions of ounces of gold on the 5 Mali licenses to come from all the strikes. Gold Fields certainly do not want to give their estimates away, or give information away that would indicate how badly they want those license areas. How much are Gold Fields hiding ?? Gold Fields want those 5 licenses in Mali but do not want any counter-bids --- and will do what it takes -- any story of them walking away because of their spin on the results of two holes is the media being used --- They will not walk away from Glencar as this bid is a strategic move for Gold Fields.
  17. 1waving

    GLENCAR MINING GEX

    Hello Gold Discoverer, and welcome with your first post on GEI and on this thread on the day following the offer for Glencar. What a coincidence. As far as value is concerned I am looking at the value of the underlying assets and not basing it on a depressed SP. Am also not forgetting there are 5 Mali licenses, 3 of which are already in a very good JV agreement with Gold Fields, and 1 in each of Ghana and Uganda, when I look at value. Take it the section below was the one you are referring to. "5. Exploration Update on the Komana Project. In preparation for the previously proposed Komana Joint Venture with Glencar, Gold Fields has recently undertaken its own technical due diligence at Komana. A total of seven diamond drill holes were completed at Komana to confirm the drill results achieved by Glencar and to test for mineralization at depth. Three confirmatory diamond drill holes were completed next to three existing reverse circulation drill holes used to delineate the Komana resource. Two of these confirmatory drill holes revealed a possible sample contamination issue in the existing Glencar data which could be significant. Three of the holes drilled to test mineralization at depth intersected zones indicative of mineralization. No wide ore grade mineralised zones were intersected. The best grade intersected was 1 metre at 10.7g/t at a depth of 256-257 metres downhole. Other intersections included 3 metres at 1.6g/t and 1 metre at 1.9g/t. Gold Fields acknowledges that further work will need to be conducted at Komana in order to ascertain whether the issues described above have any impact on Glencar's publically announced mineral resource estimate. Gold Fields continues to believe in the regional prospectivity and Gold Fields wishes to continue to explore there. Gold Fields has informed Glencar of the results of its findings and believes that in order to ensure that all shareholders in Glencar have equal access to the same information on Glencar it is necessary to disclose this information to the market at the same time as the announcement of the Offer. The Board of Glencar, based on preliminary investigations carried out, does not believe that the findings described above will have a material impact on the resource estimate previously announced by Glencar. ---------------------------------- Gold Fields seem to have missed --- how unfortunate and remiss of them ----- AND ------- after drilling a whole 7 holes in a very tiny section of one license area out of 5 licenses. Maybe it does imply that there is absolutely nothing of interest for Gold Fields in the 5 Mali license areas but they are continuing with the bid as a favour to Glencar shareholders, what wonderful philanthropists --- OR That the board of Glencar who have previously discovered two major West African deposits and have drilled tens of thousands of metres on the Mali licenses with independent assays being done and is all discredited with a " rookie mistake " by Glencar following a bit of a bashing from Gold Fields based on their extensive 7 hole drill programme. How charitable Gold Fields are being to Glencar shareholders --- maybe they should win an award for services to humanity !! Anyway, Gold Fields have put a bid in and have a head start over any other potential bidder but there looks to be a chance of other bidders with this statement from section 3. Background to and Reasons for Recommending the Offer, of the RNS / offer document:-- "that since the termination of discussions on the Komana Joint Venture, announced on 7 July 2009, Glencar has had discussions with several third parties who have expressed an interest in Glencar and/or its assets. Discussions with one of these parties led to an approach which has not led to an indicative offer." With Macquarie as a major shareholder they may also encourage and stir up further competition. They were dead set against the Komana JV with Gold Fields Glencar will be taken out, either by Gold Fields at 9p or another party at a higher price so selling is the option open, but certainly no rush as Gold Fields will not be walking away from such value and particularly the license at the heart of the 5 Mali licenses, the lynch pin license area of Komana with 23Km of strike in the main hosted Sankarani shear zone that connects the licenses !!!!!!
  18. 1waving

    GLENCAR MINING GEX

    Derisory bid from Gold Fields at 9p. --- Recommended by the board yet the offer is derisory in comparison to the assets of Glencar -- Many shareholders not happy --- myself included http://www.glencarmining.ie/downloads/Rule25Glencar.pdf Have emailed CEO and already have a response but do reckon that Gold Fields really put one over on Glencar by stringing Glencar along with a Letter of Intent for a JV deal then baulking at the deal at the last minute and walking away ---- now a derisory bid comes in. Email to and from CEO Hugh McCullough this afternoon:-- "Dear Walden Thank you for your email. I am sorry you feel the way you do about this bid. I am constrained by Takeover Code Rules in what I can say to anyone at the present, shareholders included. However, I hope that I will get the opportunity to discuss this with you at some stage in the future. With regards Hugh From: Walden Sent: 24 July 2009 15:41 To: Hugh McCullough Subject: Gold Fields Bid -- Shareholder rip off. Dear Hugh, I am saddened and distressed that after the board giving an impression of looking to deliver shareholder value that they can condone this derisory bid from Gold Fields. Not only that, but the board unanimously recommends this offer by Gold Fields and gives irrevocable commitments for their own shares and options. I note that recently a substantial amount of options have been awarded at Euro 0.045 cents to the board. The board may benefit dramatically but shareholder value has been totally ignored. This offer severely undervalues Glencar's assets and I ask the board to reconsider their recommendation immediately and seek to actively achieve shareholder value either from Gold Fields or another bidder or realise a deal that at least comes close to representing value for shareholders. This current offer by Gold Fields is derisory. Yours in total disgust, Walden Shareholder" ------------------------------------- Severely annoyed at this.
  19. 1waving

    XTRACT ENERGY ---- XTR

    Commercial production from Sarikiz following latest tests at Sarikiz-2 well. Further 3 commercially producing levels announced at the Sarikiz-2 well. Still have 3 further levels to test then production to start. Oilfield to be developed from the Sarikiz-1 well and a new appraisal and production well to be drilled this year. Very good news indeed :-- 17 July 2009 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") DRILLING UPDATE - Extrem Energy Further to the announcement made on 6 July 2009, Xtract Energy Plc ("Xtract") is pleased to provide the following update on the progress of the production test being carried out at Sarikiz-2 by its Turkish joint venture Extrem Energy A.S. ("Extrem Energy"). Following the successful production test of the interval between 1710-1715m which indicated an oil flow rate of approximately 180 bbl/day, further successful production tests have been completed on three additional intervals, 1646-1650m, 1652-1657m and 1559.5-1561.5m. Three shallower sandstone intervals between 1483m and 1549m, representing 24m of reservoir thickness, remain untested. The interval between 1544-1549m is expected to be perforated and tested today with results becoming available over the weekend. Following this next test a decision will be taken as to which intervals will be used to form the basis of the initial production from the Sarikiz field. Once these intervals have been selected, they will be opened so as to provide combined flow. The initial commercial oil production is expected to meet or exceed the pre-drill estimate of 500 bbl/day. Extrem Energy now regards the well as commercial and is proceeding to the design and construction of the surface facilities to establish regular oil treatment and sales. With the benefit of the knowledge gained from Sarikiz-2, Extrem Energy is now planning the development of the whole field. It is intended that a further appraisal and production well will be drilled on the field during 2009 and that production will be increased by re-entering the abandoned East Sarikiz-1 well which was drilled and left cased in 2001 by the previous licence-holder. Comparison of the drilling logs from East Sarikiz-1 indicates the presence of similar oil-bearing sandstone layers as at Sarikiz-2. These layers were not tested at the time because the focus then was on a deeper target. The possibility of these two additional producing wells, together with the application of production enhancements at Sarikiz-2, gives confidence that Extrem Energy will be able to grow production levels. Further progress updates will be provided as appropriate. All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy. --------------
  20. 1waving

    GLENCAR MINING GEX

    Minesite article out today:-- July 14, 2009 Glencar Dumps Goldfields And Its Money And Goes Looking For A Better Funding Deal For The Million Ounce Komana Deposit In Mali By Alastair Ford “There’s a whole lot been going on, alright”. So says Hugh McCullough after a bruising few months at the helm of Glencar, during which time the tenure of some of his fellow directors has been challenged by a major shareholder, and the terms of his US$40 million funding deal with Goldfields were increasingly brought into question, before the deal itself fell apart. That latter development is by far the most significant, though Hugh insists there’s little or no connection between the withdrawal of Goldfields’ offer to put the company’s million ounce Komana project well on the way to production, and the spate of shareholder agitation with which he’s had to deal recently. Hugh still believes that what was on the table between Goldfields and Glencar was “a very attractive deal”. But one or two unforeseen sticking points arose. The issue of management control at Komana was never really settled, but what really stopped Glencar in its tracks was Goldfields unwillingness in the event of a development decision, to lend Glencar the money it would need to support its own equity position. This led to the possibility that Glencar might find itself diluted out of the project by a bigger spending partner, and Hugh reckoned shareholders wouldn’t have stomached that. Some thought he’d been too generous to Goldfields in the first place, and given away too much of the upside at Komana. There certainly wasn’t much angst to be found around town when news got out that the deal had unraveled. But as Hugh says, when the deal was initially signed, in December, there wasn’t much money to be had from anyone, or on any terms. Certainly, Macquarie Bank was given the opportunity to participate in a funding at that time, and declined. In any case an equity raise could only have been achieved on such terms that the howls of rage about the discount and dilution that would have followed would have made the rumblings of discontent that followed the Goldfields deal look like a friendly chat over a cup of tea. After all, on the equity portion of the Goldfields deal, Goldfields were coming in at a 30 per cent premium. Still, perhaps he should have waited, perhaps done a friends and family raise to keep things ticking over. But that’s an academic argument now. Times are different, there’s money around, the Goldfields option is dead in the water, and Hugh’s once again looking for a funding deal to take Komana forwards. How much he’ll look for this time round isn’t yet clear, but it’s likely to be somewhere in the region of US$20 million to US$40 million. And he’s fairly confident he’ll get it too. “I’ve no doubt we’ll come up with something as attractive or even more attractive for shareholders”, he says, and vague talk of “independent financing or possible mergers” has been tacked onto the end of the company’s latest press release, although quite when such developments might be announced isn’t clear. But, following on from the defeat of Macquarie’s attempt to unseat two members of the board, Hugh at least says that his major shareholders are supportive. One is of course Goldfields itself, which holds nine per cent. Macquarie for its part holds six per cent, and Hugh’s reasonably confident that that position will be maintained. Macquarie has always been supportive in the past, he says, and they’re entitled to their view. But now that the Goldfields funding is off the table, there ought to be less dissent in any case. So did Hugh, in fact, cut a lucky break in that the deal broke down? In one sense he did. Times have changed. On Glencar’s Sankarani project, which operates under a successfully concluded and independent joint venture deal with Goldfields, the major has agreed to lend Glencar enough money to allow it to participate in equal measure through to the production stage. Under such deals, debts like that are usually paid off by the allocation of all early cash flow to the debtor. But in the post credit crunch world it seems that Goldfields isn’t willing to make such sizeable capital commitments. That left too much uncertainty on the Glencar side, especially as the question of operational control was never settled. If ever Hugh was looking for a reason to pull the plug on the Goldfields deal, this was it. A counter argument might run that Glencar could have just taken the risk on being able to fund its own percentage of Komana and carried on. But however sensible, this deal was never popular, and there won’t be many in the pubs and bars of Dublin or St James’s putting that side of the argument. The world’s moved on, and so now has Glencar. ------------------------- Would like to see Glencar raise cash to drill Komana and probably Solona for another drill season and develop on the JORCs there to put them in a stronger position and capitalise on any future Gold price increase. They should have $2 million or so at present so no rush to do any deals. Strikes me there is much more to come from Komana with many known orebodies undeveloped and the JORC areas of Komana East and West open along strike and at depth. The current 1.25m oz JORC has a way to go here.
  21. 1waving

    Assessing Wind & Renewable Energy for the Home

    We've got the power to build Published Date: 09 July 2009 By Bob Rae WORLD-beating technology, developed by ITM Power in Sheffield, is enabling new homes to be built in the North East which generate enough energy for others to use. Eco charity Groundwork South Tyneside and Newcastle is joining forces with social housing developer Four Housing Group to build a number of homes in South Shields that meet and beat challenging Government targets. Most of the homes will be carbon neutral, but two houses and a block of flats will be carbon negative. That means they will generate more energy than they need to use for cooking, washing, heating, lighting and home entertainment, without adding to CO2 emissions. That is possible thanks to pioneering Hydrogen Home technology, which went on show recently at ITM Power's Atlas Way Prototype Production Facility. ITM has developed a low cost electrolyser, which uses electricity from solar panels and wind generators to split water into hydrogen and oxygen. While the oxygen is released to the atmosphere, the hydrogen is stored in modified tanks, originally designed to store propane and can then be used 'on demand' to fuel-modified gas cookers, fridges and what ITM believes is the world's first hydrogen-powered combi boiler. The hydrogen can also be used to run a generator that produces enough electricity to provide lighting, boil kettles and power an electric fridge, air conditioning and a widescreen TV. ITM's Shaun Stancliffe said: "We've been monitoring usage and the plan is to use the solar array we have on site to produce enough hydrogen over the weekend to run the factory for free on Mondays." ITM has developed special burners for its modified gas cooker that will boil a pan of water faster than natural gas. The firm also captures the heat from the exhaust of its hydrogen-powered generator to run the central heating in a "show flat" which it has created inside the offices at Atlas Way. Because burning hydrogen in a generator produces water and nothing else, there are no poisonous fumes, which means the engine's exhaust pipe can be inside the factory. And, since hydrogen is the lightest gas and rises upwards at 45 miles an hour, the danger of it accumulating and causing an explosion, if one of the hob's burners is turned on but not lit, is minimal when compared to natural gas. ITM has been told there are life- saving applications for its technology in places like Africa, where its electrolysers could use solar power to produce hydrogen to run fridges keeping medicines at the right temperature during power cuts. But the initial commercial applications are in enabling developers to meet challenging government energy and emissions targets now, without needing to lay new pipes or wait for the development of reliable and cheap fuel cell technology to convert hydrogen and oxygen directly to electricity. ------------------------- http://www.thestar.co.uk/business/We39ve-g...r-to.5443084.jp
  22. 1waving

    Assessing Wind & Renewable Energy for the Home

    Hydrogen power, solar and wind energy. Combination of green technologies for practical and affordable homes. The commonplace use of these technologies in the home is near. 7 July 2009 ITM POWER Plc ('ITM' or 'the Company') Launch of Commercial Application Package Demonstration of 'zero carbon' home energy system and agreement to supply demonstration kitchens and electricity storage systems to showcase housing development ITM announces that, in line with the strategy set out in June 2009, it is today launching and demonstrating the equipment needed to realise a 'zero carbon' home power system aimed at taking commercial advantage of UK legislation on emissions from new homes. Housing currently contributes just under half of the UK's carbon emissions and the Government's July 2007 Building A Greener Future - Policy Statement announced that all new homes will be zero carbon from 2016. ITM has applied its patented technology to designing and building a zero carbon domestic energy system providing heating, lighting, and electric power plus the storage needed to allow this to operate from renewable resources. The system makes and stores non-polluting hydrogen which is then used in specially adapted household appliances. This system is being launched and demonstrated today to media, local authorities, potential commercial partners and potential joint-venture partners. The system has been designed to run from renewable sources of power as well as the national grid. In addition, ITM announces that it has agreed to participate in the building of an innovative demonstration housing development in South Shields, supplying its expertise and technology, in order to show that affordable housing can be made a net producer, rather than a net consumer of energy. The housing development is being built by a partnership between Groundwork South Tyneside & Newcastle with ONE Northeast, Four Housing Group, and South Tyneside Council. The development is being financed by the partners. These houses and apartments will incorporate the best and most practical aspects of building design commensurate with the cost of the properties still allowing for their designation as affordable homes and will be no less comfortable or convenient to live in than a conventional dwelling. In addition to ITM's hydrogen technology, the site will feature state of the art heat pumps, solar energy, renewable wind energy, and modern low energy lighting. ITM will fit two of the properties with hydrogen powered kitchens while hydrogen will also be used as an energy store and for provision of electricity to the properties and for the site lighting. The site will be connected to the grid with energy flows in and out from a 225KW wind turbine. Final designs for the development are now being completed and it is expected that application for full planning permission will be made in late August 2009. If successful, Groundwork envisages rollout of the ITM energy package throughout projects in the North East region. Commenting on today's news, Dr Graham Cooley, ITM's newly appointed CEO, said, 'I am committed to pursuing multi-market routes to commercialisation with the best strategic fit to the Company's technology. Today's demonstration and the showcase agreement with Groundwork will bring us to the attention of potentially one of the most important of these markets.' For further information please visit www.itm-power.com or contact: ITM Power Plc +44 (0)1799 542222 Dr Graham Cooley, Chief Executive Officer
  23. 1waving

    GLENCAR MINING GEX

    Major news today -- Extract from RNS:--- Glencar Mining plc Glencar Secures up to US$40 million Funding in a Conditional Deal with Gold Fields 25 March 2009 Glencar Mining plc (“Glencar” or the “Company”) is pleased to announce that it has signed a Letter of Intent with a subsidiary of Gold Fields Limited (“Gold Fields”), conditional on certain matters detailed below, which involves inter alia the following: A Joint Venture agreement in relation to Glencar’s Komana licence involving exploration/feasibility study expenditures of up to $32 million in return for an interest of up to 65% in the Komana licence An equity investment in Glencar of US$3.2 million (Stg£2.2 million). Post investment, Gold Fields to hold 15% interest in Glencar An annual exploration option fee of $1.25m payable to Glencar over four years, totalling US$5 million The successful conclusion of this deal will represent a major advance for Glencar, securing as it will, substantial exploration investment for the Komana project, the possibility of securing all future funding for a mine development at Komana without need for further funding by Glencar, while also providing Glencar with sufficient finance to advance the exciting Solona project and other exploration interests in the region. ---------------------------------- A major advance for Glencar today and a well crafted deal to take GEX through to production with Solona also being funded for 4 years yet wholly retained by GEX plus cash in the bank from the placing also ! Cracking deal in the current environment. GEX will have four licenses in JV with Gold Fields in Mali with Komana being at the heart of the gold bearing Sankarani shear zone with 23kms of that shear zone running through it. The 5th license area, Solana, adjacent to Komana, retained by GEX Well done to CEO, Hugh McCullough, for achieving such a deal, particularly in these difficult times for explorers. Davy's brokers upped their target from euro0.14c to 0.21c. Look out for Glencar's licenses in Uganda and Ghana to be JV'd soon. Full release:-- http://www.glencarmining.ie/press/2009/0903_1.html
  24. 1waving

    South African Gold miners

    fieter, Pan African Resources may fit your requirement. Share code on AIM: PAF Share code on JSE: PAN Have just put a post on their thread on this board with the recent interim highlights as a glimpse of where they stand.
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