On Tuesday, Shares of Freeport-McMoRan Inc (NYSE:FCX), gained 2.30% to $9.11.
Freeport-McMoRan declared recently positive drilling results from the Freeport-McMoRan Oil & Gas (FM O&G) 100-percent-owned Horn Mountain Deep well in the Deepwater Gulf of Mexico (GOM). Initial production from this well, which will be tied back to existing facilities, is predictable in first half 2017. This well, combined with two follow on development wells at Horn Mountain Deep, may be capable of producing an aggregate of 30,000 barrels of oil equivalents per day (BOE/d).
During September 2015, the Horn Mountain Deep well was drilled to a total depth of about 16,925 feet. Logging while drilling logs indicated that the well encountered a total of about 142 net feet of Middle Miocene oil pay with excellent reservoir characteristics. In addition, these results indicate the presence of sand sections deeper than known pay sections in the field. The 100-percent-owned Horn Mountain production facilities in FM O&G’s Mississippi Canyon area are capable of processing 75 MBbls of oil per day. The positive results at Horn Mountain Deep and our geophysical data support the existence of prolific Middle Miocene reservoir potential for several additional opportunities in the area, counting the 100-percent-owned Sugar, Rose, Fiesta, Platinum and Peach prospects. FM O&G controls rights to over 55,000 acres associated with these prospects.
Since commencing development activities in 2014 at its three 100-percent-owned production platforms in the Deepwater GOM, FM O&G has drilled 12 wells, all with positive results. Three of these wells have been brought on production, and FM O&G plans to complete and place the remaining additional wells on production in late 2015, 2016 and 2017.
Freeport-McMoRan Inc. (FCX) is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources, and a production profile. FCX has organized its operations into six primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining, Molybdenum mines, and United States oil and gas operations.
Shares of Barrick Gold Corporation (USA) (NYSE:ABX), declined -0.80% to $6.21, during its last trading session.
Barrick Gold Corporation declared that it has closed its formerly declared gold and silver streaming transaction with RGLD Gold AG, a wholly-owned partner of Royal Gold, Inc., for production referenced to Barrick’s 60 percent interest in the Pueblo Viejo mine.
Barrick has received an upfront cash payment of $610 million and will receive ongoing cash payments for gold and silver delivered under the agreement. Proceeds from the transaction will be used to reduce debt.
Distinctive characteristics of the agreement comprise:
- Noteworthy upside price participation for Barrick.
- Not subject to a Barrick guarantee, and not treated as a debt-like obligation.
- Obligation of Barrick to sell gold and silver under the agreement is serviced using after tax cash flow being remitted from the Dominican Republic.
Barrick Gold Corporation (Barrick) is a gold mining company. The Company is engaged in the production and sale of gold and copper, in addition to related activities, such as exploration and mine development. The Company operates in segments: eight individual gold mines, Acacia and Pascua-Lama project.
Shares of Nokia Corporation (ADR) (NYSE:NOK), inclined 1.78% to $6.57, during its last trading session.
Nokia Corporation - In the effort to reduce traffic congestion and improve safety with intelligent transportation systems (ITS), government and the private sector should look to existing mobile network infrastructure and be prepared to embrace data liberalization, according to automotive research firm SBD and HERE.
In their joint whitepaper, SBD and HERE argue that ITS managers can avoid the pitfalls that have plagued many ITS projects during the last decade by taking advantage of recent technological advances.
“Spending on ITS has so far tended to end up in costly hardware-heavy projects, the vast majority of which have not been commercially sustainable,” said the co-authors of the study Andrew Hart of SBD and Bernd Fastenrath of HERE. “Fortunately, the growth of powerful mobile networks, the proliferation of sensors and the increasing maturity of connected data analytics are paving the way for software-richer ITS designs. For ITS managers, it means effective solutions are attainable which are affordable, scalable and interoperable.”
Nokia Corporation (Nokia) invests in technologies. The Company operates through three business segments: Nokia Netoperates, HERE and Nokia Technologies. Nokia Netoperates offers network infrastructure software, hardware and services. Nokia Netoperates has two segments: Mobile Broadband and Global Services.
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