Wednesday, November 28, 2012
Leyshon Resources (LON:LRL) announced this morning that the ZJS5 well in the Ordos Basin had "potential to flow gas at commercial rates". The company said that analysis of the logs and samples was ongoing, however, initial results have indicated that about 56.4 metres pay intervals have been encountered.
Managing Director Paul Atherley said: 'Frank Fu and his team have celebrated joining Leyshon by continuing their remarkable recent drilling success in the region with extremely encouraging logging results from the first well. We are very much looking forward to the flow test results on the multiple prospective pay zones over the next few weeks.
The Ordos Basin is the beating heart of Central China, the world's fastest growing major economy and is quite simply one of the best places in the world to be discovering gas right now.
Any commercial gas discovery at Zijinshan will be hooked into one of the nearby pipelines and sold into one of the world's fastest growing markets for gas.'
Broker FoxDavies said: 'With the second well expected to spud shortly, we expect the rate of potential catalyst points, as provided by news flow, to increase as time progresses.'
Leyshon Resources are currently trading at 20.27 pence a share, down 20.49% on opening.
Amerisur Resources (LON:AMER) announced this morning that the fourth well on the Platanillo field in Colombia has been successfully drilled to a total depth of 8,689 feet.
Amerisur Resources are currently trading at 43.50 pence a share, down 1.14% on opening.
Mercom Oil Sands (LON:MMO) shares have fallen by 7.69% this morning and are currently trading at 1.50 pence a share.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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