Resources Round-up: Ferrex, Egdon, Sirius...

14th Mar 2012 14:56

Ferrex, an iron ore and manganese development company, has received approval from the Department of Mineral Resources of South Africa to take control of Umbono Minerals Holdings, which holds exploration rights over the Leinster Manganese Project in the Northern Cape Province, South Africa. Accordingly, the group's interest in Leinster has increased from 49% to 74%. No further consideration is payable by Ferrex in respect of the acquisition of this further 25% interest as the full consideration was paid previously. Oil firm Egdon Resources has reported that production for the half year to January 31st was 29,624 barrels of oil equivalent (boe), an increase of 67% over the same period last year. This equates to 161 boe per day. Revenues from oil and gas sales during the period were £1.54m, a 71 % increase on 2011 (£0.9m). Sirius Petroleum has said that the competent person's report commissioned on the Ororo marginal oil field shows that progress continues to be satisfactory and additional data have been procured to support the potential for incremental sands deeper in the field which were not penetrated by the Ororo-1 well. As a result, Sirius has asked its consultant to undertake additional analysis with a view to quantifying the potential upside from the additional sands, which has led to a longer timescale in producing the report than initially envisaged. Regency Mines, a mining exploration and mineral investment firm, has said that the interpretation process of a completed survey over 17 of its 20 tenements in Western Australia and Queensland has been completed and proposals prepared. The next phase of work at the Pyramid Lake project has been approved. Stratex International has completed a 1,000 metre drill programme and is now discussing exploration with its joint venture partner. In addition, a 5,000 metre drill programme in the Black Water zone is 50% complete and it is awaiting the results from this. "2012 is a year where we hope to realise solid value for shareholders through monetising gold assets. We have a clear focus on developing majority and wholly owned assets in East and West Africa, in particular our Blackrock gold project in Ethiopia," the firm said.