There was no dearth of tidings this morn as major retail companies continued reporting their financial results and several gold mining juniors released operational updates, including "extremely encouraging" drilling results from AIM quoted Patagonia Gold (LON:PGD).
But it was an update on the Ruvuma production sharing agreement in Tanzania from FTSE 100 oil company Tullow Oil (LON:TLW) and its partners Aminex (LON:AEX) and Solo Oil (LON:SOLO) that generated the most interest.
The companies announced today that plans for the boring of an exploration well, Ntorya-1, in the Mtwara Block have now been finalised.
The good will most probably be spudded in early November and is expected to make 25 years to practice to a planned total depth of 2,026 metres.
Solo Oil also told investors that it has increased its interest in the Ruvuma Basin PSA from 12.5 percent to 18.75 percent in an understanding with Tullow, while Aminex upped its interest in Ruvuma by 18.75 percent to 56.25 percent.
Tullow, which has transferred operatorship to Aminex, will keep a 25 percent stake in the PSA.
Meanwhile, a pair of major retail companies updated investors on the fiscal performance today.
Midcap Home Retail Group (LON:HOME) said that sales at Argos declined by 7.1 percent year on year to 859 million in the quarter, while same for comparable sales fell 8.6 percent. Total sales at Homebase were down 3.8 percent at 382 million in the quarter.
In the FTSE 100, supermarket chain Morrison`s (LON:MRW) said its sales climbed 7.4 percent to 8.7 billion in the six months to end July, while pre-tax profits increased from 412 million a year earlier to 449 million.
Back to oil and gas, New World Oil & Gas (LON:NEW) released its results for the six months to end June. During the period, the society has acquired the Blue Creek project in the producing Petn Basin, Northwest Belize.
The party has now completed Phase 1 seismic completed at Blue Creek Project ahead of meter and budget with preliminary results showing good data quality with results expected by end of September 2011.
Meanwhile, the dealing process for the Danica Jutland project in the North Permian Basin, Denmark is presently in progress. New World has an alternative to fix up to an 80 percent working interest in the task upon full completion of the earn-in work programme.
Staying in oil and gas, Xtract Energy (LON:XTR) told investors that its 50 percent owned Elko Energy now expects to shoot the Luna well offshore Denmark in early December 2011.
Elko ahs previously expected the Maersk Resolve jack up drilling unit to get at the Luna location in the 2nd half of September 2011.
The Luna well will examine the overall Rotliegendes play concept.
Another oil and gas focused small cap Nighthawk Energy (LON:HAWK) has named Stephen Gutteridge as non-executive chairman with immediate effect. Mike Thomsen, the company's current executive chairman, will rest on the room as President of US Operations.
South Africa-focused power plant developer IPSA Group (LON:IPSA) has also announced an engagement this morning. The society has hired Philip Metcalf to function as its new chief executive following the surrender of previous CEO Peter Earl.
Earl will proceed to do as CEO of Latin America focused power generation company Rurelec (LON:RUR), which today released its results for the six months to end June.
Rurelec reported that its turnover climbed from 4.7 trillion for the like period last class to 7.2 million, while gross profit climbed from 1.4 billion to 3.3 million. The company posted a post tax loss of 0.6 million compared to a 17.4 million profit a year earlier.
"I am charmed to give to our shareholders clear evidence that the surge has finally turned for Rurelec," said Earl.
"We are now look to draw the benefits of the trouble which we have gone through in late years to get our Energia del Sur (EdS) plant to maximum output and strong generation of cash flow and profits."
Moving to the mining sector, Connemara Mining (LON:CON) reported a new zinc discovery at its Stonepark project in Limerick. The party has intersected a new district of high grade mineralization at Stonepark West, 1.7 kilometres southwest of the Stonepark North zone.
Hole 86 drilled by Connemara intersected intervals of 2.5 metres grading 4.16 percent zinc and 4.37 percent lead beginning at a profundity of 382.5 metres.
In addition, hole 64, located 580 metres east of the new discovery, between Stonepark North and Stonepark West, has intersected 3.1 metres of 1.92 percent zinc and 0.56 percent lead at a depth of 273 metres.
Caledonia Mining (LON:CMCL) also had positive news to paper to investors today, saying that its Blanket gold mine in zimbabwe has broken its underground production record.
On 6 September, Blanket's No 4 Shaft hoisted 1,220 tonnes of ore and a further 141 tonnes of ore were hoisted via the Lima Shaft. This daily total ore production of 1,361 tonnes is significantly higher than Blanket's target of 1,000 tonnes of ore per day.
Caledonia said that it bodes well for the mine achieving its future production targets.
Fellow AIM quoted gold miner Stratex International (LON:STI) has signed an exclusive heads of accord with private UK company Silvrex Limited to judge its gold portfolio in Senegal and Mauritania, it emerged this morning.
Depending on the results of the evaluation, Stratex may take the entire share capital of Silvrex.
"The agreement provides us with an opportunity to build a cost-effective entrance into the highly prospective region of eastern Senegal and western Mali that is host to at least nine gold deposits with resources exceeding one million ounces, as good as Mauritania, which is now accepted as an important goal for gold exploration," said chief administrator of Stratex International Bob Foster.
Another precious metals focused miner Patagonia Gold has now realized the 2010/11 infill and extension drilling campaign on the Cap-Oeste gold and silver deposit in Argentina.
The society called the results "extremely encouraging" with bonanza gold and high silver grades intersected in a freshly discovered zone, including 8.91 metres at 70.79 grams per tonne (g/t) gold and 518 g/t silver in drill-hole CO-285.
Drilling is continuing on the Cap-Oeste deposit, which remains open along strike in both directions and down plunge.
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