Gas drilling smelt good to some shareholders Wednesday, while an unsolicited takeover bid generated speculation.
Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, November 19, 2008
TORONTO (SHfn) - Gas drilling smelt good to some shareholders Wednesday, while an unsolicited takeover bid generated speculation.
Daytona Energy (TSX: V.DTE, Stock Forum) shares climbed 43% to five cents on Wednesday after the oil and gas explorer announced that drilling has begun on the first test well on its North Sharon Prospect in Mississippi. This well, the Block T Petroleum Walker #1H, will be drilled vertically to 6,100 feet and evaluated by the use of open hole logging tools. The Selma Chalk will be penetrated at a depth of 4,600 feet, and if gas productive, the well will be drilled horizontally 2,400 feet in the Selma Chalk horizon. Daytona will be paying 9% of the costs to drill and complete the Walker #1H to earn a 25.875% working interest in the project.
Red Back Mining (TSX: T.RBI, Stock Forum), meanwhile, said that on November 19, 2008, it will mine the first ore from the one-million ounce Akwaaba Deeps underground deposit at its Chirano Gold Mine in Ghana, West Africa. Having reached the ore body, mining will now steadily ramp up to 75,000 tonnes per month to coincide with the commissioning of the Chirano plant expansion (to 3.5 mtpa), expected in the second quarter of 2009. With the expansion, Chirano is scheduled to produce at a rate of 250,000 ounces a year. Red Back stock popped as much as 19% before closing up a penny to $3.97.
Shares of Norsemont Mining (TSX: T.NOM, Stock Forum) jumped 15% to $1.95 after the junior miner announced that in response to recent unsolicited expressions of interest to acquire the company, the Board of Directors has formed a Special Committee and is in the process of retaining independent financial advisors.
And, Bard Ventures (TSX: V.CBS, Stock Forum) Wednesday reported results from its Lone Pine Molybdenum Property near Houston, British Columbia, which included 0.11% Molybdenum (0.18% MOS2) over 164 metres. Its shares surged 13% to 4.5 cents.
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