Mining and Exploration

UK-based oilfield services company Expro has secured a £1.5 million well testing contract in the southern North Sea.

Under the terms of the 12-month contract, Expro will carry out well testing with cased hole logging work. The contract comes as an extension to Expro’s existing project work with the client, an international oil and gas operator.

Zambia-based oil and gas exploration company Mafula Energy has attracted $60,000 of investment from London-based investment company Hot Rocks Investments.

Mafula is currently focused on establishing a portfolio of oil and gas exploration assets in Zambia. Nearby countries including Angola, Uganda, DRC and Tanzania have all made significant oil discoveries—thought to be due to their position within the oil-rich East Africa Rift System, from which Zambia could also benefit.

The latest chapter in a fascinating tale of industry diversification emerged today with the announcement by Senetek Plc of a rather unusual acquisition.

California-based Senetek is best known as a biopharmaceutical company engaged in the development of technologies connected with the science of healthy aging.

UAE-based Polarcus has signed a letter of intent with Lansdowne Oil & Gas for a 3D seismic project in the Celtic Sea off southern Ireland.

The survey will commence immediately after completion of another 3D seismic acquisition contract over the Barryroe oilfield, operated by Providence Resources, in which Dublin-based Lansdowne has a 20 per cent interest.

The survey area will cover approximately 300 square kilometres and will take in the Rosscarbery, Amergin, and Middleton prospects. The survey is expected to run for 20 days.

Newmont Ghana Gold Limited is determined to take the lead in both delivering shareholder value and implementing a far-reaching corporate social responsibility strategy. Adriaan van Kersen, group executive, operations for Africa, talks to Jayne Flannery.

Gem Diamonds is planning major investments at two diamond mines, buoyed by increasing global demand for the precious stones.

The London-based company, which recently announced its 2010 results, is betting on the price of rough diamonds continuing to rise this year. The increase is partly driven by strong demand from Chinese consumers.

Exploration firm Chrysaor has said it will increase its stake in the Spanish Point licences off the west coast of Ireland.

The London-based company will exercise its option to double its stake to 60 per cent, in return for the drilling of up to two appraisal wells on the discovery, which is owned and operated by Dublin-based Providence.

The licences are situated in the Main Porcupine Basin, approximately 200 kilometres off the west coast in a water depth of around 400 metres.

After predictions of a world shortage of uranium at the Prospectors and Developers Assosciation of Canada's annual convention (PDAC) in Toronto last week, the global mining community must suddenly be reeling.

If there were ever a sure bet, uranium was it—before the earthquake in Japan and the subsequent problems unfolding in its “earthquake proof” nuclear reactors.

The annual convention of the Prospectors and Developers Association of Canada (PDAC) has concluded this week in Toronto, and the consensus of opinion seems to be that 2011 is going to be a sensational year for the mining industry.

The PDAC convention is the biggest event of its kind in the mining calendar, and attracted record crowds this year—no surprise considering that the price of gold, silver, coal and almost every other mined commodity you can think of is at an all time high.

Anglo-Australian mining giant Rio Tinto has made another increased bid for Riversdale Mining in an effort to convince shareholders to accept its acquisition proposal.

The new bid values the Australian owned coal miner at $4 billion. Rio first offered $3.5 billion last December, before improving the offer slightly later the same month.

The new bid represents an increase from $16 a share to $16.50, but Rio wants more than 50 per cent of shareholders to accept the bid by 23 March.