Resource companies round-up: Aminex, Magnolia, Central Rand ...

15th Feb 2012 09:26

Aminex, operator and majority owner of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania, said further drilling of the well has encountered strong gas shows in a good quality reservoir. A logging programme will commence shortly to evaluate the new section drilled below 2,500 metres.Aminex has a 75% stake in the asset, with the remainder owned by Solo Oil.Sticking with oil companies, Magnolia Petroleum has acquired an additional 480 gross acres with an average 83.33% working interest in the oil producing Mississippi Lime Formation, Oklahoma at no upfront cost to the company. Under the terms of the farm-out Agreement, Magnolia will assign 16.25% of its working interest to the company farming out the interest in the first well drilled in each unit, once all costs associated with drilling the first well have been recovered by the company; this is known in oil industry circles as "back-in after payout".InfraStrata, an independent gas storage and petroleum exploration company, has placed 12,727,273 new ordinary shares at 11p per share to raise £1.4m before expenses. The new shares equate to around 14% of the total shares now in issue. The proceeds of the placing will be used to strengthen the balance sheet of the company, the firm said. Shares fell 9.09% to 11.25p. Gold producer Central Rand produced 14,856 ounces of gold in 2011, representing an increase in gold production of 60% from 2010, which was in line with the expected production figures provided in November 2011. Cash and cash equivalents as at 31st December 2011 amounted to $5.3m, which was $0.5m higher than the company's cash position at 30th June 2011.International uranium company Forte Energy has completed its drilling campaign at the A238 project in Mauritania and the assay results confirm more mineral reserves at a depth below the existing known resources.