FEBRUARY 15, 2010, 6:23 A.M. ET.Yara to Acquire Terra in $4.1 Billion Deal
Wall Street Journal
By KARL BRUZE
STOCKHOLM—Norwegian fertilizer company Yara International ASA Monday said it has agreed to acquire Terra Industries in a deal valued at $4.1 billion.
Yara said it planned to fund the acquisition by raising between $2 billion and $2.5 billion in a rights issue.
The company also reported a better-than-expected fourth quarter net profit, as global fertilizer demand has picked up from last season, when financial stress and risk aversion by distributors and farmers led to de-stocking in addition to lower application.
Yara's fourth-quarter net profit rose to 1.42 billion Norwegian kroner ($240.7 million) from a loss of 2.11 billion kroner a year earlier, above analysts' expectations for 472.2 million kroner. The net profit was boosted by a 1 billion-krone tax credit. "We saw a major improvement in fertilizer markets towards the end of the fourth quarter, as global nitrogen and phosphate markets turned demand-driven," said Jorgen Ole Haslestad, President and Chief Executive Officer of Yara.
Revenue in the fourth quarter was 13.40 billion kroner, down from 18.76 billion kroner a year ago, and below analysts' expectations for 14.12 billion kroner.
Analyst Are Grongstad at Agilis Faerder, which has a "strong buy" rating with a target price of 350 kroner for Yara, said the company's numbers were very good overall.
"Revenues were a bit disappointing, but margins and net income were very good numbers," Grongstad said, adding that the news on a deal with Terra Industries was also positive.
Based in Sioux City, Iowa, Terra has about 940 employees in the U.S. and Canada. Yara employs 8,000 people world-wide and provides fertilizer to 120 countries.
Western Potash Corp. Intersects 19.9 WT% K2O Over 22.25m with Little or No Carnallite, Provides an Update on Expanded Resource Definition Drilling and Seismic Program
Thu. December 03, 2009; Posted: 09:25 AM
VANCOUVER, Dec 03, 2009 (BUSINESS WIRE) -- WPX | Quote | Chart | News | PowerRating -- Western Potash Corp. (the "Company") (TSX.V: WPX, FSE: AHE) is pleased to provide results from the first two wells completed as part of the expanded 5 well, $8.5 million CAD resource definition program on the Milestone property in southern Saskatchewan. These wells are the fifth and sixth wells drilled on the property. Results from the Milestone-004 well returned a 23.35 m composite intersection of potash mineralization with a weighted average grade of 17.35 wt % K2O across three potash members, while the Milestone-005 well reported a 22.25 m composite intersection of potash mineralization with a weighted average grade of 19.89 wt % K2O across three potash members. Results from the Milestone-005 well are considered of particular interest as very little Carnallite was intersected in any of the three potash members, including the Esterhazy member. The presence of Carnallite in the Esterhazy member is not unusual in the region, but the absence of Carnallite in the Milestone-005 well does suggest that in some areas of the Milestone property parts of the Esterhazy member could be of economic interest.
The Milestone-004 and Milestone-005 wells, as shown in figure 1 are located approximately 3.0 km to the south and north respectively of the Milestone-003 well which reported a composite thickness of 24.4m of potash mineralization with a grade of 18.2% wt K2O in a press release dated August 24, 2009. A summary of the results from the two most recent wells are presented in Table 1.
Table 1: Potash thickness and weighted average grade from the Milestone -- 004 and Milestone-005 wells.
Well Potash Member From KB, m To KB, m Interval (m) K2O Wt % MgO Wt % Insoluble Wt % Best Intercept
Patience Lake 1735.7 1747.8 12.1 17.65 0.09 10.81 20.34 wt% K2O over 5.6m
Belle Plaine 1751.55 1756.75 5.2 18.72 0.09 3.97 25.94 wt% K2O over 2.25m
Milestone-004 Esterhazy 1774.95 1781 6.05 15.4 0.38 5.16 18.31wt% K2O over 3.4m, 0.2 wt% MgO
Total 23.35 17.31 0.17 7.82
Patience Lake 1703.1 1714.95 11.85 18.34 0.1 11.11 21.06 wt% K2O over 6.25m
Belle Plaine 1719.45 1723.9 4.45 21.25 0.06 4.4 25.8 wt% K2O over 2.6m
Milestone-005 Esterhazy 1742.3 1748.25 5.95 21.97 0.06 3.37 24.42wt% K2O over 4.15m, 0.06 wt% MgO
Total 22.25 19.89 0.08 7.70
Allana Resources Announces Drill Contract Awarded for Its Ethiopian Potash Project, Appointment of New Corporate Secretary and Grant of Options
Tue Dec 1, 7:30 AM
TORONTO, ONTARIO--(Marketwire - Dec. 1, 2009) - Allana Resources Inc. (TSX VENTURE: AAA.V) ("Allana"or the "Company"), is pleased to announce that it has awarded a drilling contract to Emerson Moore Drilling Ltd. ("EMD") for its Ethiopian Potash Project. EMD has extensive drilling experience and has completed projects in Equatorial Guinea, Liberia, Georgia, Slovakia, Jamaica, Spain, Kenya, Sudan, Kosovo and UK. EMD has successfully completed geotechnical and exploration drilling projects for a number of clients including Alcoa, Inc., ArcelorMittal, Golder Associates and Scott Wilson Group plc.
Allana is planning a 6-hole 2,500 metre drill program designed to confirm historic drilling results, to confirm the accuracy of the previous resource and to potentially increase the resource. Drilling is expected to begin in late January following the road rehabilitation currently underway and camp construction. It is expected that drill holes will vary in depth from 250 metres to 800 metres and will test both potash horizons near the current resource as well as in the centre of the evaporite basin. This will be the first phase of Allana's exploration program. It is planned that the drill program will be followed by down-hole seismic studies (vertical seismic profiling) and a program of surface 2D seismic over the southern part of the basin.
Farhad Abasov, Allana's President and CEO, stated: "Allana is very excited to complete this contract with EMD. This is the first step in fast-tracking our exploration program. EMD has extensive experience throughout Africa and in remote locations. We are also very pleased that the Ethiopian government is currently rehabilitating one of the roads leading to our project, and camp construction is scheduled to be completed for mid-January. Allana is looking forward to completing the first potash drill holes in the Danakhil Depression evaporite basin in over 30 years."
In addition to the drilling contract, Allana is pleased to announce the appointment of Ms. Brianna Davies as Corporate Secretary. Ms Davies is a corporate lawyer who works as a legal consultant to several publicly traded and private companies in the resource sector. Brianna received a Juris Doctorate from the University of Toronto in 2005 and an Honours B.A in Economics from McMaster University in 2002. Ms. Davies replaces Mr. Pat Gleeson who has resigned as Corporate Secretary but will continue on as a consultant to the Company.
In addition, the Company announces that it has granted a total of 1,350,000 stock options to various officers, directors and consultants to the Company pursuant to the stock option plan. The options will be exercisable for $0.315 per option and shall expire on December 1, 2014. Such options shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to receipt of all required regulatory approvals.
In its press release dated October 6, 2009 Allana erroneously reported that Calivia Global LLC (Calivia) was formerly Nova International. The Company wishes to clarify that Calivia is an independent company specializing in the construction of modular camps and is in no way affiliated with Nova International.
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 96.1 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the drilling contract on the Company, the effect of the appointment on the Company, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Allana Resources Inc.
+1 416 309-2691
Allana Resources Inc.
+1 416 861 2262
Amazon Releases Results for the Quarter Ended September 30, 2009
Mon Nov 30, 8:59 AM
TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) - Amazon Mining Holding Plc (TSX VENTURE: AMZ.V) ("Amazon" or the "Company") announced today its unaudited interim consolidated financial statements for the three month period ended September 30, 2009 and provides the following corporate update.
During, the three-month period ended September 30, 2009 there was net income of Pounds Sterling 234,974 compared to a gain of Pounds Sterling 163,841 for the three-month period ended September 30, 2008. The gain was primarily due to the currency exchange gains (Pounds Sterling 436,449), as the company holds the majority of its cash in Canadian dollars which outperformed the British pound, the reporting currency, during the period. Amazon currently has a working capital position of approximately Pounds Sterling 4.2MM (Cdn$7.4MM).
Subsequent Period Summary
-- Amazon has commenced drilling at the Cerrado Verde project to
delineate an initial NI-43-101 resource on the property. While the
surface dimensions of the deposit are easily estimated by outcrop, and
grade can be estimated from grab samples, this will be the first
confirmation of thickness and first test of potassium grade at depth.
-- Amazon has entered into an agreement with Phoster Tecnologia de
Aglomeracoes ("Phoster"), to refine a process for the commercial
manufacture of ThermoPotash Fertilizer. The team at Phoster was
responsible for development work on thermo-phosphate, a widely used
premium fertilizer made from non-soluble phosphate rocks in Brazil. In
addition, Phoster brings a great deal of experience working with the
potash rich rocks from Cerrado Verde.
-- Amazon has retained the services of Coffey Mining to begin a
NI-43-101 Preliminary Economic Assessment. Coffey Mining has 50 years of
experience in supplying specialist services to the international mining
industry. This will provide an independently verified look at the
feasibility of Amazon's proposed ThermoPotash operations.
Commenting President & CEO, Cristiano Veloso, said, "The coming months will mark a significant acceleration in the development of our Cerrado Verde project. Amazon will seek to identify in detail the major challenges and risks involved in a project of this nature. This also marks a shift from the Company's cost saving mode of the past 18 months to a more focused use of its finances. Our past cost saving efforts have put us in an enviable position; We have funds on hand to complete much of the Cerrado Verde development work required to determine its potential economic value."
The 7.6 MM warrants striking at $1.55 per share, issued in conjunction with the Company's November 2007, initial public offering have expired as of November 23, 2009, without exercise.
Amazon has issued 5,000 stock options exercisable at $0.69 per share expiring August 26, 2014, and 50,000 stock options exercisable at $0.95 per share expiring November 11, 2014 to new consultants and staff.
Amazon Mining is a mineral exploration and development company founded by Brazilians in 2005. The company is focused on the development of Cerrado Verde project. Cerrado Verde is source of a potash rich rock from which Amazon plans to produce a slow-release, non-chloride, multi-nutrient, fertilizer product. Amazon Mining is a UK public company with shares listed on the Toronto Stock Exchange since November 2007.
On behalf of the Board of Directors of Amazon Mining Holding Plc, Jed Richardson, Vice President of Corporate Development
Cautionary Language and Forward Looking Statements
THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL, GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS, RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.
The potential grades detailed in this release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on Amazon's website ( www.amazonplc.com) and filed on SEDAR ( www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Amazon Mining Holding Plc
President & Chief Executive Officer
+44 (0) 20 8133 7607
+44(0)20 7405 7773 (FAX)
Amazon Mining Holding Plc
VP Corporate Development
Trigon announces 100% shares tendered for Intercontinetal Potash offer
Wed Nov 25, 7:00 AM
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/
TORONTO, Nov. 25 /CNW/ - Trigon Uranium Corp. ("Trigon" or "the Company") (TSXV: TEL.V) announced today that its offer to purchase all shares of Intercontinental Potash Corp. ("ICP") that it does not already own as described in the news release dated June 19, 2009 and the management information circular (the "Circular") dated September 28, 2009 (the "Offer") expired, as planned, on November 19, 2009. Trigon also announces that 100% of ICP shares have been tendered to the Company under the Offer. Common Shares of the Company have not yet been issued under the Offer, and will be issued once the Company has reviewed and ensured the completeness of all documentation received, including the letters of acceptance and transmittal, share certificates, and relevant tax forms for non-residents. Once the Common Shares of the Company are issued under the Offer, all conditions necessary for the closing of the reverse takeover of the Company by ICP (the "Transaction") will have been met, subject to final approval by the TSX Venture Exchange ("TSXV").
In preparation for the closing of the Transaction, Trigon has completed the following: (i) an engagement letter with Wellington West Capital Markets Inc. on September 25, 2009, pursuant to which the Company agreed to issue one common share for each common share of ICP issued pursuant to a proposed financing to raise approximately $5 million at a price to be determined in the context of the market (the "Financing"); (ii) entered into a support agreement with ICP on September 28, 2009 outlining the details of the Offer; (iii) held a special meeting of shareholders on October 26, 2009, where the Transaction and other matters were approved; (iv) delivered the Offer document and letter of acceptance and transmittal to all ICP shareholders on October 29, 2009; and (v) filed articles of amendment with Industry Canada for the consolidation of its Common Shares, subject to which Trigon consolidated its shares on a 1 for 4 basis effective October 30, 2009 (the "Consolidation").
About Intercontinental Potash Corp
ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash. Sulphate of Potash, "SOP" or Potassium Sulphate, is premium priced potash. The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer to sylvite (Muriate of Potash or MOP) for agricultural products such as fruits, vegetables, tobacco, potatoes, and horticultural plants. SOP has low "salinity" compared to MOP, and therefore is also used in various saline soils in the world, which are found for example in China, India, the Mediterranean, and the United States. Polyhalite may also be developed as a slow release multi-nutrient fertilizer which contains the plant macronutrients Potassium, Sulphate, Magnesium and Calcium. ICP's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. All reclamation plans, environmental plans, and archeological work have been approved by BLM
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Trigon and ICP, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Completion of the Transaction, the Consolidation, the Financing and related matters are subject to a number of conditions and the receipt of all applicable regulatory approvals, including the final approval of the TSX Venture Exchange. The Transaction cannot close until all required regulatory approvals are obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the proposed transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Trigon should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
please visit www.trigonuraniumcorp.com or www.intercontinentalpotash.com or contact: Intercontinental Potash Corp
President and Chief Executive Officer
(416) 624 3781
or Investor Relations
The Equicom Group
(416) 815-0700 ext. 233
Talon identifies seven potash intersections within its Sergipe Project in Brazil
Wed Nov 25, 8:58 AM
Landholding extended with 14 additional licences granted
ROAD TOWN, Tortola, British Virgin Islands, Nov. 25 /CNW/ - Talon Metals Corp., ("Talon" or the "Company") (TSX: TLO.TO) is pleased to provide an update on its Sergipe Potash Project located in Sergipe State, Brazil.
Since July 2009, Talon has extended its landholding position and identified a large drilling and geophysical data base for the Sergipe Potash Project. The area held now comprises ten onshore and two offshore prospects, in which the Company holds exploration licences for 57,501 hectares (142,087 acres), an increase of 36,384 hectares (89,906 acres) or 172%, over its original land position as reported in Talon's news release of July 6, 2009. This includes 14 exploration licences which have been granted in the past week.
In addition, Talon has submitted applications for further exploration licences over an area of 23,066 hectares (56,997 acres). Moreover, Talon is conducting negotiations with other parties to acquire interests in additional properties with potash potential within the Sergipe Basin.
"Talon's current landholding represents approximately 12% of the onshore portion of Sergipe sedimentary basin enhancing Talon's position in this basin, currently the only potash producing region in Brazil," said Mr. Stuart Comline, President and CEO of Talon. "The recently granted licences increase the area we hold, which may be underlain by significant potash deposits. Furthermore, we are most encouraged that we now have a number of prospects with drilled potash intersections as well as access to a more comprehensive drilling and seismic data base than we had originally anticipated would be available to us. This expanded data base will serve to enhance our exploration program."
Talon's exploration program includes an initial compilation of all available drilling and geophysical data (Phase I) in order to identify and to model priority targets within the Sergipe Basin, based on basin structure and the limits and zonation of the potash mineralization. The recent identification and acquisition of considerably more drilling and seismic data than originally anticipated will improve significantly the understanding and delineation of the potash targets, prior to the commencement of drilling.
The initial geological model was based on the logs and results of 86 oil wells, previously drilled into the basin and which intersected the Ibura evaporite sequence, the host of the potash deposits. The number of wells now available to Talon within the basin has increased considerably to a total of 262 wells. The data from these wells has been acquired and is being processed, which will further refine Talon's model.
Furthermore, in the compilation of well drilling data to date, Talon has already identified seven historical oil wells that intersected potash mineralization within the Company's onshore properties. In most wells where potash mineralization has been intersected, there are multiple layers of potash, which have cumulative widths of 35 metres in the Sergi prospect, 38 metres in the Rio do Sal prospect and 46 metres in the Barra dos Coqueiros prospect. In the higher priority prospects, the depths of the potash mineralization varies between 1,167 metres and 1,610 metres.
Stratageo Soluções Tecnológicas Ltda ("Stratageo"), a Brazilian based geophysical consultancy with extensive experience in the Sergipe Basin for the oil industry, has been commissioned to acquire some 618 2D-seismic lines within the Sergipe Basin and reprocess selected lines specifically in the vicinity of Talon's ten onshore project areas. The data from these lines will provide a more accurate definition of the mineralized potash layers, the Ibura evaporite member, and the basin structure. A preliminary interpretation of this data over the Sergi prospect area indicates that the potash layers are flat-lying and laterally continuous with no major disturbances.
In addition, Talon has acquired data from previous regional gravity and magnetic surveys over the area of the Sergipe Basin. This data is being processed by Talon and will be reinterpreted and integrated in to the geological model, along with the drilling and seismic data.
Furthermore, Talon has submitted environmental reports for the Sergi prospect area which will facilitate the granting of operating licences to enable the Company to drill in this area. It is anticipated that these licences will be granted by February 2010. Applications for similar licences are being completed for the Rio do Sal and Barra dos Coqueiros prospects.
The processing, compilation and reinterpretation of the much enlarged data base has extended the Phase I work and delayed the commencement of the proposed drilling program until February 2010, pending receipt of the en