Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

BHN-1 well re-completion will commence

The recompletion of the BHN-1 well on the Bouhajla Permit in Tunisia has commenced.

The announcement was made by the 47.5% owners of the Bouhajla Block, Africa Hydrocarbons Inc (TSX: NFK).

After removing existing production tubing from the wellbore, the Abiod formation will be re-perforated using a casing gun and deep penetrating charges.

This will be followed by acidisation of the perforated intervals.

Africa Hydrocarbons CEO John Nelson said: "We are pleased the re-completion operation is underway.

“The next steps will hopefully provide insights on the extent and quality of the fracture network in the vicinity of the wellbore and establish the hydrocarbon potential of the Abiod formation in the BHN-1 well and also provide additional data to understand the hydrocarbon potential of other prospects on the remainder of our 536 square-kilometre block."

The re-completion is expected to take approximately two weeks.

 

Turquoise Hill reduces gold and copper forecasts

Vancouver-based Turquoise Hill Resources (TSE:TRQ) has reduced its gold and copper 2014 forecasts for its Oyu Tolgoi mine in Mongolia.

The reduction follows delays in the mine’s expansion due to tax disputes halting work on the underground feasibility study in June and funding problems in November.

Expected production now stands between 550,000 and 600,000 ounces of gold concentrate this year, down from the 600,000 to 700,000 forecasted in August.

Copper concentrate output this year is now between 135,000 tonnes and 150,000 tonnes, whereas the initial forecast stood between 135,000 tonnes and 160,000 tonnes.

The miner, owned by mining giant Rio Tinto (ASX, LSE, NYSE: RIO), owns a 66% stake in the Oyu Tolgoi mine.

It is now in talks with the Mongolian government, which owns the rest of the mine, to resolve the issues.

In the third quarter Oyu Tolgoi produced 36,600 tonnes of copper and 132,000 ounces of gold in concentrates.

 

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