On Monday, Petromanas Energy (TSX: V.PMI, Stock Forum) shares sank 15% to 17.5 cents on volume of more than 3.8 million shares after the oil and gas explorer/developer reported that the Juban-1 well in Albania was spud on November 23, 2012, and reached a depth of 1,716 metres on December 27, 2012. Information gathered through the logging program indicated negligible quantities of hydrocarbons were present and the company has decided to plug and abandon the well.
As well, shares of Great Western Minerals Group (TSX: V.GWG, Stock Forum) added 23% at 24 cents as the rare earth project developer announced that it would be releasing results of a Preliminary Economic Assessment for the Steenkampskraal Mine in South Africa in January 2013.
InTuesday trading, North American stock markets were closed for the New Year’s Day holiday.
Wednesday’s market action saw shares of SLAM Exploration (TSX: V.SXL, Stock Forum) climb 15% to 30 cents after the micro cap explorer reported drilling results for nine additional holes at its wholly-owned Menneval gold project in New Brunswick, which included three holes containing visible gold all drilled from one site.
Also, shares of Petrodorado Energy (TSX: V.PDQ, Stock Forum) slid 13% to 10.5 cents as the oil and gas explorer/developer provided an update on the Dorados-1X well on the Talora Block in Colombia. The company said that despite encountering what appeared to be a thick and well-defined gas & oil column with a possible basal water contact while drilling, the well testing results provided little information due to what appears to be significant formation damage. The post-drill well testing program proved the sand section to be a low pressure reservoir system with significant formation damage and evidence that the oil has been emulsified.
On Thursday, Candente Copper (TSX: T.DNT, Stock Forum) shares surged 38% to 56 cents after the copper project developer announced that exploration and feasibility drilling has begun on the Cañariaco property in Peru after receiving a government water permit, the final permit required.
In addition, shares of Intertainment Media (TSX: V.INT, Stock Forum) rose 8% to 13 cents on volume of more than 1.7 million shares as the technology incubator said its Ortsbo subsidiary has launched its first localized business agreement effectively creating a partnership in The People's Republic of China.
And, in Friday trading, Dundee Energy (TSX: T.DEN, Stock Forum) shares jumped 42% to 44 cents after the oil and natural gas company announced that the Spanish authorities approved a Ministerial Order affecting payments relating to underground natural gas storage projects, which would apply to Dundee’s 24.6% interest in Escal UGS SL, the owner of the Castor Underground Gas Storage Project. Among other highlights, Escal will receive a return on its capital investment at a rate of 8.76% per annum on any unpaid balances.
Finally, shares of Calvalley Petroleum (TSX: T.CVI.A, Stock Forum) moved up as much as 10% before closing down 1% to $1.66 as the energy junior said its average gross crude oil production volumes for the fourth quarter of 2012 are estimated to be approximately 5,700 barrels per day (bpd), up from 4,700 bpd in the third quarter.