By David Press on
3/28/2011 10:18 PM
Nido Petroleum ( NDO-ASX) today announced the approval from the Philippines DOE for their upcoming drilling target, Gindara-1. I've noted Gindara as a possible company making prospect a number of times and I now feel that at current prices, Nido may be offering traders and opportunity for a buy early, sell before spud play, and for longer term speculators, an opportunity for serious share price gains on the back of a successful oil find.
Nido and JV partners, Shell and Kairiki are targeting a possible 1 billion barrels of oil at Gindara, with the drill date around May 2011. Having attained approval for the well, as well as securing the “Atwood Falcon” rig, Nido are finalising the required third party logistics and planning and suggest the rig should arrive on site around mid...
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By David Press on
1/12/2011 2:20 AM
Australian listed gold exploration junior, Carbine Resources Limited ( CRB-ASX) has yet to define a resource at its West African gold permits in Burkina Faso, yet is already creating excitement amongst management and shareholders alike. Many of whom have ridden a wave of success with sister company, Ampella Mining Limited( AMX-ASX), also with projects in Burkina Faso, and will be looking for similar success with Carbine Resources.
Carbine and Ampella share more than just members of their management teams. CRB came to an agreement with AMX to earn in to AMX's Madougou project in late 2009. The terms of the deal included payment of $3m over 3 years to earn 51%, a further $2m for 70% and funding of pre-feasibility over 12 months for 80%, after which the project remains a JV between the two companies. Initially the project comprised 2 permits and land area of 465 km², however since earning into the Madougou project, Carbine has proceeded to significantly increase land holdings to 7 permits and 1327 km². The five new permits are not part of the Ampella JV and are held by Carbine only. ...
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By David Press on
12/24/2010 4:25 AM
It's been a while since I wrote an update on the fortunes of Nido Petroleum ( NDO-ASX) in the Philippines, after last discussing their issues at Tindalo. The rough seas (pardon the pun) have continued, with a weather induced shut down of Galoc, further issues at Tindalo, after the much anticipated work over and unfortunately for shareholders, a request for more funds in the way of a capital raising. On the upside, depending on how you look at it, Nido managed to finalise the farm out deal for Gindara that has been touted for many a months now, with Shell Philippines Company (a subsidiary of Royal Dutch Shell).
Nido's crucial cash flow...
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