Stockhouse Canadian Small and Micro-cap Stock Report for Monday, March 26, 2012
TORONTO (SHfn) – Africa Oil (TSX: V.AOI, Stock Forum) shares climbed 43% to $3.35 on volume of more than 8.1 million shares Monday after the oil and gas company announced an oil discovery on the Ngamia-1 well on Block 10BB, Kenya, which has encountered over 20 metres of net oil pay. Tullow Oil plc is the operator with a 50% working interest and Africa Oil holds the remaining 50%.
"We are extremely pleased that the first well in the drilling program has resulted in an oil discovery. These results will significantly de-risk nearby prospects and give encouragement for the remainder of the Tertiary rift basin. We look forward to an aggressive drilling program in next 18 months which will also test the potential of our other rift basin plays in Kenya, Ethiopia and Somalia," said President and CEO Keith Hill.
As well, shares of WesternZagros Resources (TSX: V.WZR, Stock Forum) shot up as much as 19% to 80 cents on more than 16.2 million shares traded as the oil and gas producer/explorer said it has made what is calls a “major” oil discovery in the Oligocene reservoir at the Kurdamir-2 exploration well in the Kurdistan Region of Iraq. Wireline logs indicate a porous zone of 140 metres thickness within the Oligocene interval, between 2,422 and 2,562 metres, all of which is hydrocarbon bearing. Within this hydrocarbon zone, well log data indicates 22 metres of gross natural gas pay above 118 metres of gross oil pay.
Energizer Resources (TSX: T.EGZ, Stock Forum), meanwhile, reported that it has received initial metallurgical test results from its Green Giant Project in Madagascar, which confirms jumbo flake graphite with +90% purity. Energizer Resources stock popped 14% to 29.5 cents.
And, Alexander Nubia International (TSX: V.AAN, Stock Forum) Monday announced results from a surface-trenching program at its Hamama gold-zinc volcanogenic massive sulphide property in Egypt, which included 24 metres at 4.59 grams per tonne (g/t) gold in a new mineralized zone. Alexander Nubia shares added as much as 50% at 10.5 cents.
| Top Canadian Small/Micro-cap Advancers (as of 4 PM Eastern) |
| Top Canadian Small/Micro-cap Decliners |
To read more articles by Sean Mason please click here