News

Oil and gas exploration company Ascent Resources has commenced gas production at the PEN-104 well in the Penészlek area of the Nyírség permits in Hungary.

The production rate of the well is currently 48,000 cubic metres per day of gas with a wellhead pressure of 92 bar. The rate will gradually be increased over the next few days to a target of 85,000 cubic metres per day.

Houston-based Caza Resources posted higher net losses of $537,000 in the three months to June despite revenue more than quadrupling to $1.07m.

Caza said sales volumes averaged 1,005 Mcfe/d, 148% higher than the volumes recorded in the comparative three-month period ended 2007. Realised prices increased 61% to $11.66/Mcfe from $7.22/Mcfe in the comparative three-month period ended 2007.

Australia-based Medusa Mining has increased the JORC compliant resources at its Co-O Mine in the Philippines by 17% to 862,000 ounces at 10.72 grams per tonne of gold.

"The resource statement extends the deposit to in excess of one million ounces including past production and we are very optimistic that this figure will be further increased by the on-going drill programme," said managing director Geoff Davis.

Carbon credit specialist Camco has bagged over €1.75m from the sale of 151,288 Certified Emission Reductions (CERs) as its share of those created by the Yangquan Power project.

"We are delighted that this emission reduction project, developed by Camco under a carbon share contract, has created its first carbon revenues for the project owner and Camco," said CEO Jeff Kenna. "The value created is a result of over 4 years of project development activity, and the sales price achieved is in excess of that forecast at our IPO."

Avid Holdings said it has made a good start to the current year with turnover for the first six months more than 150% ahead of last year.

The group overall loss will be significantly reduced, it added.