On Monday, Africa Oil (TSX: V.AOI, Stock Forum) shares climbed 43% to $3.35 on volume of more than 8.1 million shares 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.
In Tuesday trading, MDN Inc. (TSX: T.MDN, Stock Forum) shares jumped as much as 25% to 30.5 cents after the micro cap explorer reported that it has received the assay results for all the holes of its first 2012 drill program at the Nikonga gold project in Tanzania, which included 12.3 grams per tonne (g/t) gold over 4.2 meters.
Also, shares of ZENN Motor Company (TSX: V.ZNN, Stock Forum) moved up 12% to 75 cents as the provider of power storage solutions for the automotive industry announced that its first-quarter net loss from continuing operations decreased to $365,790, or a penny a share, from $722,645, or two cents a share, a year earlier.
Wednesday’s market action saw shares of Crocodile Gold (TSX: T.CRK, Stock Forum) surge as much as 20% to 59 cents on volume of more than 3.1 million shares after the gold miner said it has entered into a definitive agreement to acquire the Stawell and Fosterville mines located in Victoria State, Australia through the acquisition of all of the shares of Northgate Australian Ventures Corporation Pty Ltd. from AuRico Gold (TSX: T.AUQ, Stock Forum), for total consideration of up to $105 million.
Crocodile Gold expects the acquisition to increase its 2012 total production by 200% to 230,000-250,000 ounces. AuRico Gold will receive $70 million in cash and $10 million in Crocodile Gold common shares upon closing. In addition, $25 million in contingent payments will be paid to AuRico over three installments on each of the first three anniversaries of the closing date of the transaction, each installment payment being conditional upon the simple annual average gold price exceeding A$1,500 per ounce in the preceding 12-month period.
In addition, shares of OPEL Technologies (TSX: V.OPL, Stock Forum) gained 78% to 45.5 cents on more than four million shares traded as the semiconductor device and process developer announced what it called “significant progress” made this quarter by ODIS Inc., regarding POET (Planar Opto Electronic Technology) as it pertains to its advancements in Optical Interconnection of High Speed Circuits. ODIS' achievements will make it possible for the first time to implement an optical interface as a single chip to connect existing CMOS processors. OPEL Technologies said the advancements have made it possible to produce a well defined military and commercial roadmap for POET.
On Thursday, Malaga (TSX: T.MLG, Stock Forum) shares continued to power higher, up 9% to 17.5 cents on volume of more than 1.5 million shares. On Wednesday the tungsten miner reported 2011 net income of $5.6 million, or three cents a share, compared to a net income of $1.2 million, or a penny a share, in 2010. Sales jumped 47% to $20.9 million. Malaga shares moved up 7% on Wednesday.
As well, shares of Counsel Corporation (TSX: T.CXS, Stock Forum) rose 12% to 93 cents as the financial services company announced 2011 net income attributable to shareholders of $25.5 million, or 30 cents per diluted share, compared with a loss of $4.7 million, or eight cents per diluted share, during 2010. Revenue soared 270% to $79.8 million.
And, in Friday trading, Aurcana (TSX: V.AUN, Stock Forum) shares climbed as much as 8% to 93 cents on volume of more than 2.6 million shares after the silver miner said its Shafter silver mine in Texas has entered the final phase of construction two months ahead of schedule and under budget with the commissioning of the processing plant expected April 1, 2012. Aurcana anticipates ramp up will take up to 90 days to reach its 1,500 tonnes per day capacity. The company also added that the La Negra Mine in Mexico has successfully completed its second consecutive mine expansion from 1,500 tonnes per day (tpd) to 2,000 tpd capacity on time and on budget for a cost of $4.5 million. Aurcana said that production is anticipated to increase from 130,500 tons at 1500 tpd from Q1 2012 to 176,000 tons at 2,000 tpd for Q2 2012.
Finally, shares of MENA Hydrocarbons (TSX: V.MNH, Stock Forum) added 13% at 13 cents on more than 1.2 million shares traded as the oil and gas company reported that the Lagia 6 well in Egypt, drilled in 2000, has been re-entered, re-perforated in the Nukhul formation and has now been on production for one week. The well has flowed at rates of up to 150 barrels of fluid per day under clean up (including load fluid) and is currently producing clean oil into a tank at approximately 60 barrels of oil per day.