Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
Vancouver, Canada, January 20, 2006 – Solomon Resources Ltd. (SRB:TSX-V) is pleased to announce that it has received the cash proceeds of A $ 1,100,000, from the release of environmental bonds previously held by the Western Australia Department of Mines. The bonds have been replaced by Integra Mining, the purchaser of Solomon’s Randall’s Tenements (see Solomon News Release dated August 2nd, 2005). Solomon has also received 6,967,485 shares of Integra stock, initially priced at A $ 0.071 per share. Shares of Integra closed at A$ 0.175 per share on January 19, 2005, reflecting a 250% increase in value.
The funds will be used to conduct additional drilling at the Company’s Bayantsagaan Gold Project in Mongolia (see News Release January 13th, 2006) and to fund ongoing exploration programs to acquire additional gold, copper and uranium projects in Mongolia.
Solomon recently established a wholly owned subsidiary in Mongolia, “SRM XXK”, which will hold all new properties, outside of the Gallant Option Agreement. SRM XXK is a Mongolia Limited Liability Company, headquartered in Ulaanbaatar. The new company is headed up by Mr. Batmunkh Enkhnasan, Exploration Manager and Director General. Batmunkh is a graduate of the Mongolia Technical University, and has been exploring for gold and copper in Mongolia for eight years. He has worked as an exploration geologist with Harrods Minerals, and later Gallant Minerals before being seconded to WMC Resources Corp for two years. He briefly worked for Erdene Gold Inc. as Project Geologist before joining Solomon in 2005.
About Solomon Resources Ltd.
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of gold properties world wide. The Company is managed by a proven team of exploration geologists credited with the discovery and/or development of a number of significant deposits in the world, including the SNIP, Eskay Creek, and Brewery Creek deposits in Canada, the Segala gold deposit in Mali, the Chimney Creek, Mule Canyon, Ruby Hill, Mesquite, and Ortiz gold deposits in the United States, the Gosowong deposit in Indonesia, and the Cadia East deposit in Australia.
Solomon has active copper-gold and gold exploration projects in Mongolia, Australia and Burkina Faso. Solomon Resources Ltd. is a Tier 1 Company listed on the TSX Venture Exchange (TSX-V) and trades under the banner (SRB). For additional information visit Solomon’s website at www.solomonresources.ca.
Contact Information - Keith A. Laskowski, President and COO
Direct: 1 720-272-6224
Larry Nagy, Chairman and CEO:
Office: 604-669-6656
Fax: 604-684-9877
Showing posts with label mining discovery. Show all posts
Showing posts with label mining discovery. Show all posts
Friday, August 8, 2008
Mining News- Miniveyor In African Joint Venture
Rako Products Limited, manufacturers of the world’s favorite portable conveyor system the Miniveyor™ is expanding its distribution channels with the launch of Miniveyor Africa.
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
(1888PressRelease) October 29, 2007 - STONEHOUSE, UK — The Joint Venture company, based in the heart of the platinum mining area of Rustenburg is headed up by CEO Louis Labuschagne who brings with him a wealth of experience of mining operations and mineral extraction.
Darracq Shawe, Managing Director of Rako Products Ltd added “Miniveyor Africa builds on our experience gained in the Brazilian mining sector. The JV gives us a platform to promote our entire product range not only within the Republic but to the entire Sub-Sahara region. Although mining operations will be our main focus the construction market in the RSA is also booming with the hosting of the FIFA World Cup just around the corner”
NOTES TO EDITORS
Rako Products Ltd, whose manufacturing headquarters are based in Stonehouse U.K., specialize in equipment for confined space working and its Miniveyor conveyor system is used on thousands of applications worldwide for construction, tunneling and mining projects and for emergency disaster debris removal following natural disasters such as post-tsunami, hurricane and earthquake recovery and crime scene investigations.
For more information, contact:
Darracq Shawe
Rako Products Ltd
Tel: +44 1453 829900
Fax: +44 1453 829928
sales ( @ ) rako dot co dot uk
www.rako-products.com
Louis Labuschagne
Miniveyor Africa (Pty) Limited
Tel: +27 79 5280576
Fax: +27 86 6319458
info ( @ ) miniveyorafrica dot co dot za
www.miniveyor.co.za
Mining News-Beijing Plans To Cut Iron Ore Port Stocks
Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
(1888PressRelease) May 21, 2008 - From http://supplier-steel.com/ - check out the steel news all over the globe here. Beijing plans to reduce the huge iron ore stocks at Chinese ports to curb soaring freight rates, which are hampering 2008 price negotiations with Australian mines, the official Shanghai Securities News said on Tuesday.
Quoting unnamed sources familiar with the situation, the newspaper said the move should help to break a deadlock in price negotiations between Chinese steel mills and Australian miners BHP Billiton Ltd/Plc and Rio Tinto.
The newspaper gave no details on how the government planned to reduce the ports’ iron ore stocks and government officials were not immediately available for comment.
Asian steelmakers are locked in negotiations with the Australian miners, which are demanding a freight premium to make up for the difference in transport costs with Brazilian miner Vale which has already agreed to a deal.
With April iron ore imports reaching 42.85 million tonnes, their highest monthly level ever, port stocks were estimated at about 62 million tonnes as of end-April, and imports continue to arrive faster than stocks can be sold.
The huge stocks have filled up port yards, causing serious congestion at Chinese ports and adding to upward pressure on freight rates for dry bulk cargoes.
The benchmark Baltic Dry Index hit a record of 11,709 overnight, helped by strong demand for raw materials in China and port congestion in various regions, including
Thursday, August 7, 2008
Sponsored Links Mining News:Argentex Mining shares begin trading on the TSX Venture Exchange under the symbol “ATX”
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that effective today, Monday, July 28, 2008, its common shares will begin trading on Canada’s TSX Venture Exchange (TSX-V) in addition to the company’s existing listings in the U.S. and Germany. The company’s shares will trade on the TSX-V under the symbol “ATX.”
In 2004 Argentex acquired a large package of prospective exploration properties in the Patagonia region of Argentina. The Pinguino property quickly became the focus of the company’s exploration efforts, which in early 2006 culminated in the discovery of a significant new polymetallic and precious metal occurrence. Since that initial discovery, numerous additional vein systems have been discovered, covering more than 60 kilometers (37 miles) in total strike length, using detailed geological mapping, soil geochemistry, magnetometry and IP geophysics. Diamond drill testing has been successfully carried out on more than eight major Pinguino veins identified to date, returning excellent intersections of mineralization.
“Argentex has made a significant new mineral discovery in the Patagonia region of Argentina. The impressive extent of mineralization at Pinguino together with the indium-enriched zinc-silver-lead chemistry make it a unique discovery in the region,” said Ken Hicks, President of Argentex. “Indium is a high-value strategic metal used in flat-panel LCD-plasma displays and leading-edge solar cell technology and markets for both applications continue to grow at impressive rates. Our discovery at Pinguino continues to attract the interest of numerous major mining and smelting companies. We intend to continue expanding our exploration activities and advancing our engineering studies at Pinguino, a flagship project where we see great future potential.”
Drilling at Pinguino has so far tested only a small portion of near-surface and deeper subsurface targets. Mineralization has been discovered in exposed surface trenches and drilled to a depth of 250 meters (820 feet) below surface. Results showed no change in the strength of sulphide composition with depth and the mineralizing system remains open at depth and along strike. Argentex has so far completed more than 20,000 meters (65,617 feet) of targeted diamond drilling during its 2007-2008 exploration season, for a total of more than 30,000 meters (98,425 feet) to date.
Pinguino displays two distinct styles of mineralization. The first is a northwest-trending structurally controlled epithermal precious metal vein system, with a low sulphide content and enriched in silver and gold. Pinguino also shows a second, distinct high-sulphide style, occasionally massive in sections and containing a suite of higher-temperature elements including tin and tungsten. Typically, massive sulphide mineralization is surrounded by a wide zone of disseminated sulphides. The host tuffs and continental sediments are some of the oldest and deepest rocks exposed in the Deseado Massif.
Within the last 12 months, Argentex has completed two rounds of financing to raise aggregate gross proceeds in excess of five million dollars. The company has used the net proceeds of these financings to advance exploration at Pinguino, to fund exploration of other Santa Cruz mineral properties and for general corporate purposes.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The zinc-silver-indium-lead-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique in that it contains both silver-gold and indium-enriched base-metal mineralization. Since 2006, exploration of base-metal-rich targets has expanded to encompass more than eight mineralized zones, including Marta Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area of approximately 8.0 square kilometers (3.0 square miles).
Indium, a significant component of Argentex’s polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge thin-film solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It owns 100% of the mineral rights to the Pinguino property and 100% mineral rights to more than 30 other mineral properties with over 377,490 acres (152,766 hectares) in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008, trade on the TSX Venture Exchange under the symbol ATX.
Exploration on the Pinguino property is conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex’s President, a “qualified person” as defined by Canada’s NI 43-101. Mr. Hicks has read and approved the contents of this release.
Source: Argentex Mining Corporation
In 2004 Argentex acquired a large package of prospective exploration properties in the Patagonia region of Argentina. The Pinguino property quickly became the focus of the company’s exploration efforts, which in early 2006 culminated in the discovery of a significant new polymetallic and precious metal occurrence. Since that initial discovery, numerous additional vein systems have been discovered, covering more than 60 kilometers (37 miles) in total strike length, using detailed geological mapping, soil geochemistry, magnetometry and IP geophysics. Diamond drill testing has been successfully carried out on more than eight major Pinguino veins identified to date, returning excellent intersections of mineralization.
“Argentex has made a significant new mineral discovery in the Patagonia region of Argentina. The impressive extent of mineralization at Pinguino together with the indium-enriched zinc-silver-lead chemistry make it a unique discovery in the region,” said Ken Hicks, President of Argentex. “Indium is a high-value strategic metal used in flat-panel LCD-plasma displays and leading-edge solar cell technology and markets for both applications continue to grow at impressive rates. Our discovery at Pinguino continues to attract the interest of numerous major mining and smelting companies. We intend to continue expanding our exploration activities and advancing our engineering studies at Pinguino, a flagship project where we see great future potential.”
Drilling at Pinguino has so far tested only a small portion of near-surface and deeper subsurface targets. Mineralization has been discovered in exposed surface trenches and drilled to a depth of 250 meters (820 feet) below surface. Results showed no change in the strength of sulphide composition with depth and the mineralizing system remains open at depth and along strike. Argentex has so far completed more than 20,000 meters (65,617 feet) of targeted diamond drilling during its 2007-2008 exploration season, for a total of more than 30,000 meters (98,425 feet) to date.
Pinguino displays two distinct styles of mineralization. The first is a northwest-trending structurally controlled epithermal precious metal vein system, with a low sulphide content and enriched in silver and gold. Pinguino also shows a second, distinct high-sulphide style, occasionally massive in sections and containing a suite of higher-temperature elements including tin and tungsten. Typically, massive sulphide mineralization is surrounded by a wide zone of disseminated sulphides. The host tuffs and continental sediments are some of the oldest and deepest rocks exposed in the Deseado Massif.
Within the last 12 months, Argentex has completed two rounds of financing to raise aggregate gross proceeds in excess of five million dollars. The company has used the net proceeds of these financings to advance exploration at Pinguino, to fund exploration of other Santa Cruz mineral properties and for general corporate purposes.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The zinc-silver-indium-lead-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique in that it contains both silver-gold and indium-enriched base-metal mineralization. Since 2006, exploration of base-metal-rich targets has expanded to encompass more than eight mineralized zones, including Marta Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area of approximately 8.0 square kilometers (3.0 square miles).
Indium, a significant component of Argentex’s polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge thin-film solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It owns 100% of the mineral rights to the Pinguino property and 100% mineral rights to more than 30 other mineral properties with over 377,490 acres (152,766 hectares) in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008, trade on the TSX Venture Exchange under the symbol ATX.
Exploration on the Pinguino property is conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex’s President, a “qualified person” as defined by Canada’s NI 43-101. Mr. Hicks has read and approved the contents of this release.
Source: Argentex Mining Corporation
Press Release on Diamond Exploration Program Commences At Pellatt Lake, Second Large Diameter RC And Third Core Rig Arrive At DO-27
Today, there are many news telling about diamond exploration. The news tells that there are now many places consisting of diamond. Thus, the activities of diamond drilling are now increasing. One of the news about Diamond exploration and drilling was released on February 24, 2006 - Vancouver, Canada - Peregrine Diamonds Ltd. (”Peregrine”) (TSX-V: PGD) today announced the commencement of the 2006 diamond exploration program at the Pellatt Lake Project, NWT, Canada. In addition, Peregrine announced that the second large diameter (24″) reverse circulation (”RC”) rig and the third core rig have arrived at the DO-27 kimberlite, WO Diamond Project, NWT, Canada.
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering 72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™ Diamond Mine.
Work by previous operators on the property included airborne electromagnetic and magnetic surveys and heavy mineral sampling. Kimberlite indicator minerals have been recovered over much of the property, many with no known source. Previous diamond drilling intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm gravity gradiometer survey over the property and in 2005 collected additional heavy mineral samples resulting in the identification of a number of anomalies. For the 2006 program, at least 12 anomalies will be covered with ground geophysical surveys (magnetics and HLEM). A drill will be mobilized to site during mid-March, and drilling will be completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both instances Peregrine can earn up to 75% under certain conditions) and the remaining 16 claims are held 100% by Peregrine.
DO-27 Project
Careful advanced planning and logistics work by Peregrine at DO-27 in 2005 has resulted in all five scheduled drill rigs and auxiliary equipment arriving on-site at the DO-27 kimberlite in a timely manner in spite of unseasonably warm weather in Canada’s North which has had a detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying equipment and supplies transportation for numerous mining, exploration and services companies. Bulk sample and geological drilling is continuing at DO-27, and updates will be provided as the program progresses.
Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
Wednesday, August 6, 2008
Mining News:BP Makes a Significant Deep Gas Discovery in Egypt’s Nile Delta
This mining news was released on 31 January 2008.
BP Egypt today announced that it has made a significant gas discovery at record depths in the Nile Delta.
The Satis discovery is located in the North El Burg Offshore, Nile Delta concession, some 50 kilometres north of Damietta. The well was drilled to a Nile Delta record depth of more than 6,500 metres and is the first significant high-pressure, high-temperature, offshore Oligocene discovery.
Satis is a major technical achievement that demonstrates the great potential of the deeper reservoirs within the Nile Delta and will require further appraisal.
The parties to the North El Burg offshore concession agreement are: BP, operator (50 per cent) and IEOC, the affiliate of Italy’s ENI in Egypt (50 per cent). Satis was drilled by the Constellation II jack-up rig, in a water depth of 90 metres.
Andy Inglis, BP’s chief executive of Exploration & Production said: “This is a significant discovery, which will underscore our position as a major producer in the growing Egyptian gas market for many years to come.”
Notes to Editors:
BP has been operating in Egypt for over 40 years, primarily in oil and gas exploration and production. To date BP Egypt has produced almost 40 per cent of Egypt’s entire oil production and close to 30 per cent of gas demand with its partners.
Egypt’s offshore Nile Delta is an important part of the company’s upstream portfolio. BP has interests in four exploration concessions, with operatorship of three.
Satis is BP’s third deep gas discovery in the Nile Delta. BP made its first discovery at Raven in 2003, followed by the more recent Taurus Deep find in 2007.
Satis is in the North El Burg offshore concession; Raven and Taurus Deep are both within the North Alexandria A concession: BP, operator (60 per cent) and partner RWE Dea (40 per cent). Operatorship of the North El Burg Offshore Concession was awarded to BP Exploration (Delta) Limited in June 2005. The concession lies in water depths of 60 to 100 metres. The concession lies between the Ras El Barr BP-operated development concession and Offshore Baltim development concession operated by IEOC.
EGPC/ EGAS has an entitlement under the concession’s production-sharing arrangements.
Further information:
Name: Mohamed Emara
Location: BP Egypt office
Phone : +202 706 2259
Location: BP press office, London
Phone : +44 (0) 20 7496 4076
BP Egypt today announced that it has made a significant gas discovery at record depths in the Nile Delta.
The Satis discovery is located in the North El Burg Offshore, Nile Delta concession, some 50 kilometres north of Damietta. The well was drilled to a Nile Delta record depth of more than 6,500 metres and is the first significant high-pressure, high-temperature, offshore Oligocene discovery.
Satis is a major technical achievement that demonstrates the great potential of the deeper reservoirs within the Nile Delta and will require further appraisal.
The parties to the North El Burg offshore concession agreement are: BP, operator (50 per cent) and IEOC, the affiliate of Italy’s ENI in Egypt (50 per cent). Satis was drilled by the Constellation II jack-up rig, in a water depth of 90 metres.
Andy Inglis, BP’s chief executive of Exploration & Production said: “This is a significant discovery, which will underscore our position as a major producer in the growing Egyptian gas market for many years to come.”
Notes to Editors:
BP has been operating in Egypt for over 40 years, primarily in oil and gas exploration and production. To date BP Egypt has produced almost 40 per cent of Egypt’s entire oil production and close to 30 per cent of gas demand with its partners.
Egypt’s offshore Nile Delta is an important part of the company’s upstream portfolio. BP has interests in four exploration concessions, with operatorship of three.
Satis is BP’s third deep gas discovery in the Nile Delta. BP made its first discovery at Raven in 2003, followed by the more recent Taurus Deep find in 2007.
Satis is in the North El Burg offshore concession; Raven and Taurus Deep are both within the North Alexandria A concession: BP, operator (60 per cent) and partner RWE Dea (40 per cent). Operatorship of the North El Burg Offshore Concession was awarded to BP Exploration (Delta) Limited in June 2005. The concession lies in water depths of 60 to 100 metres. The concession lies between the Ras El Barr BP-operated development concession and Offshore Baltim development concession operated by IEOC.
EGPC/ EGAS has an entitlement under the concession’s production-sharing arrangements.
Further information:
Name: Mohamed Emara
Location: BP Egypt office
Phone : +202 706 2259
Location: BP press office, London
Phone : +44 (0) 20 7496 4076
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