This as a potash property acquisition boosted a small miner Monday
Stockhouse Canadian Small and Micro-cap Stock Report for Monday, January 23, 2012
TORONTO (SHfn) – Pan Orient Energy (TSX: V.POE, Stock Forum) shares climbed 25% to $3.43 on volume of more than 1.3 million shares Monday after the oil and gas exploration and production company reported that the L53-D2 exploration well in Thailand is currently on 90 day production test flowing 27 API degree oil at a rate of 1,015 barrels per day through 17.8 meters of perforations between 1110.8 meters to 1154.7 meters measured depth (860 to 890 meters true vertical depth), within one of six conventional sandstone reservoir intervals interpreted as oil bearing based on oil shows while drilling and open hole log and pressure data analysis. Pan Orient has 100% working interest in the well and is the operator.
As well, shares of Ithaca Energy (TSX: T.IAE, Stock Forum) added 15% at $2.84 on more than 6.4 million shares traded as the North Sea-focused oil and gas explorer said it received a confidential offer to acquire all of its outstanding shares from an unnamed buyer.
Marifil Mines (TSX: V.MFM, Stock Forum), meanwhile, announced that it has signed a Letter of Intent (LOI) to acquire the Filo Morado potash property in Argentina. The terms of the LOI call for a $25,000 payment on signing (which has been paid); a $125,000 payment at the end of the due diligence period; a $150,000 payment in six months; $175,000 in 24 months; $200,000 in 30 months; and $2,400,000 in 48 months. The owner retains a 2% Net Smelter Royalty but Marifil has the right to purchase 1.5% for $1.5 million. Marifil stock popped 18% to 23 cents.
And, Eagle Hill Exploration (TSX: V.EAG, Stock Forum) Monday reported additional positive results from its current 25,000 meter drill program at the Windfall Lake Property in Quebec, which included 17.3 grams per tonne (g/t) gold over 5.0 meters located 40 meters below the surface. Eagle Hill shares jumped 17% to 14 cents.
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