Australian Market Report of December 16, 2010: Indo Mines (ASX:IDO) to Commence Commercial Trials of Iron Concentrate Production In 2011
West African Resources Limited (ASX:WAF) reported its most significant results to date from surface auger infill drilling along the Moketdu Trend Prospect at the Company's 100%-owned Boulsa Gold Project in Burkina Faso, West Africa. Drilling has confirmed a mineralised trend over 5km and detailed auger infill is continuing to the northeast. The program has returned the highest values to date at the Moktedu Trend Prospect with peak results of 0.53g/t and 0.47g/t gold. The company will commence extensive drilling in mid-January 2011.
Molopo Energy Limited (ASX:MPO) had achieved its first proved onshore gas reserves in South Africa. The company has successfully drilled first gas production well and unblocked gas flow from several old wells. Total pilot gas flow is currently at 1.5 MMcf/d (previously 1 MMcf/d). Following the grant of the Production Right, Molopo expects to finalise the production arrangements for Compressed Natural Gas sales. Initially, approximately 0.6 MMcf/d of methane has been targeted for sale.
Aurora Oil & Gas Limited (ASX:AUT) has reached agreement for a A$120 million underwritten equity raising to institutional and sophisticated investors. The proceeds will be used to fund the acquisition of additional 5,100 net acres in 'liquids rich' Sugarkane Field to increase Aurora's net 3P reserves by 50% to 84 mmboe. The fund will also be used for further drilling costs associated with the company's existing and expanded position via the Acquisition within the Sugarkane Field.
West African Resources Limited
Molopo Energy Limited
Indo Mines Limited
Aurora Oil & Gas Limited