Asian Activities Report for May 4, 2011: China National Petroleum Corporation To Invest In Liquefied Natural Gas Limited (ASX:LNG)
Tap Oil Limited (ASX:TAP) has agreed to sell a 25% interest in the highly prospective WA-351-P exploration permit in Western Australia to Japan Australia LNG Pty Ltd, an Australian-based company owned equally by Mitsubishi Corporation (TYO:8058) and Mitsui & Co., Ltd.(TYO:8031). The sale is expected to generate a net A$26 million for Tap Oil and its holding in the permit will reduce to 20%. BHP Billiton (ASX:BHP) (NYSE:BHP) will retain a 55% interest as the Operator. The permit has an estimated potential of 2-3 Tcf of natural gas and drilling is expected in late 2011 or early 2012.
Orocobre Limited (ASX:ORE) (TSE:ORL) announced the results of its definitive Feasibility Study of the Salar de Olaroz lithium-potash brine project in Argentina. The Project has a large resource base of 6.4 million tonnes of lithium carbonate and is expected to initially produce 16,400 tonnes of battery grade lithium carbonate and 10,000 tonnes of potash per annum. Orocobre will finalise the Joint Venture Agreement and financing with partner Toyota Tsusho Corporation (TYO:8015) to move the project to commercial production.
AusQuest Limited (ASX:AQD) is currently undertaking major drilling programs to test priority gold prospects at Comoe Project in Burkina Faso. Initial assay results indicated the potential presence of a large gold mineralised system which is open in all directions. First assays from key diamond drilling program are expected in early May.
Toyota Tsusho Corporation
Tap Oil Limited
Mitsui and Co., Ltd
Liquefied Natural Gas Ltd
BHP Billiton Limited