Heron Resources Limited (HRR) said that Vale Inco, a wholly owned subsidiary of Brazilian-based Companhia Vale do Rio Doce, that it would not proceed with the full feasibility study for the Kalgoorlie Nickel Project (“KNP”). Heron said that it would regain 100% of the project, and would not have to repay any of the $34.5 million spent on the project since April 2005. Heron said it remains committed to developing a world class nickel project based on KNP resources.
Woodside Petroleum Limited (WPL) said it had signed a non-binding letter with Apache Northwest and Kufpec Australia setting out key principles to buy gas from the Apache-operated Julimar and Brunello fields through a Woodside-operated Pluto LNG Train 2 at Karratha. Woodside was responding to reports that quoted Apache Corporation having said it expects to sell gas from its prospects exclusively to Woodside’s facility. As previously advised, Woodside said it continues to discuss Pluto Train 2 options with a number of parties in the Carnarvon Basin area.
Citigold Corporation Limited (CTO) said that it expects to reach the gold production target guidance for 2009 outlined in the March Quarterly Activities Report. CEO, Mark Lynch, said that the company reaching its production forecasts, would also see it reach cash flow surplus by the end of the year. The company, in its announcement to the market that the company’s bottom line would also be boosted by its current SPP offer.
Roc Oil Company Limited (ROC) anticipates 2009 operating cash flow to be in excess of US$100 million at a Brent oil price less than US$50 per barrel. The company said it has a healthy underlying business, with production for the year to date over 12,000 BOEPD. At its AGM, the company said 2009 would be a year of consolidation, focused on delivering the operating budget with production targeted to exceed its previous performance and implementing cost reductions. Roc Oil said its target is to deliver over 4 million barrels of oil equivalent from its production budget. As for 2010, the company said it would be a year of opportunity for growth, building off the production and reserves base of the company and looking for opportunities in both exploration and development.
