In the natural resources segment it was a busy week of news flow with a number of high profile firms seeing hotly anticipated project milestones.
Nevertheless the will-they-won't-they anxiety ahead of the Scottish referendum somewhat kept a lid on investor enthusiasm for () at the start of the week when it revealed a significant step forward for its paradigm shifting North Sea project.
New analysis indicates that each well at the Lancaster field a large discovery in a new play type for the North Sea will be capable of production in the order of 20000 barrels of oil per day. This expedites early production from the field as only one additional well will be needed to initiate production.
Elsewhere a simple glance at the share price and recent news flow told investors one thing: ’s () production-led growth strategy is paying off.
As the group’s development drilling continues to impress – with several wells exceeding expectations - the AIM share has gained 150% in the year to date. Experts nevertheless reckon there is still a lot of running room for Caza.
Caza revealed what it called “very strong” results from the first well on the Broadcaster property with production rates of 2621 barrels oil equivalent per day (boepd) – comprising 2062 barrels of oil and 3.36mln cubic feet of gas.
The company expects the peak rate to be higher still in the coming days.
Trinidad-focussed () is another AIM oiler enjoying success with a production focus approach. This week it exceeded expectations again at the Goudron field as it unveiled bumper production rates from the first of four wells that will come online in the coming weeks.
The GY-665 well drilled in June flowed over 700 bopd in tests and is currently producing a controlled 415 bopd. With this well adding to recent enhancement the field's output is now approaching the 1000 bopd marker.
Three more newly drilled wells will be brought online over the coming weeks.
Shares in () advanced as it sealed a long awaited milestone - the signing of a gas sales deal with the Tanzanian authorities.
It marks a major step towards commercialising the group's gas discoveries which will begin to feed a new pipeline that connects to the capital Dar es Salaam.
In the junior mining sector () spiked more than 50% after the group sealed a savvy acquisition that takes it into Turkey and partners it with one of the big shots of the mining sector .
It is buying Aegean Metals Group in an all-paper deal that values the Toronto-listed explorer at 6.25 cents a share or C$2.4mln in total. As a result Mariana will take control of four “highly prospective” gold copper and silver projects including Ergama and Hot Maden on the Tethyan Porphyry-Epithermal Belt of Turkey.
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