Oil and Gas Cameroon During the Quarter CityView renegotiated its agreement on the North Matanda PH72 by acquiring the right to purchase 100% of Petro Energy Africa Limited which is the beneficial owner of 57% of Turnberry Resources Inc. This effectively doubles CityView’s interest to a net 40% interest in the project and will in turn allow CityView to gain operational control of the North Matanda oilfield via its controlling interest in Turnberry Resources Inc. The North Matanda block (1,187 km2) PH-72 (formerly OLHP-3) is situated in the northern region of the Douala/Kribi-Campo basin covering the upper half of the Wouri Estuary and surrounding onshore areas. The block is divided between part onshore and shallow offshore. Condensate was discovered in two wells drilled to a depth of 3,000 metres in the permit by Gulf Oil USA during the 1980’s. CityView’s technical team have been conducting a feasibility study on how best to achieve commercial production from the permit. Angola A study of the Kwanza Basin was undertaken during the Quarter and joint venture discussions continued. Metals Project Angola CityView has increased is working interest in the Longonjo licence and the Ucua licence to 74%, equating to a net project ownership interest of 51.8%. The Longonjo licence covers an area of 3,764 square kilometres and contains two distinct projects: Longonjo Carbonatite (Rare-Earths, Phosphate and Niobium) and Catabola (Copper and Gold). At Catabola CityView has conducted channel sampling of 4 adits, representing approximately 230 metres of continuous sampling. The sampling revealed an average of 84 metres at 0.81% copper in adit 2 within which exists a richer zone of 48.2 metres at 1.21% copper in one of the breccia zones. These assay results will be targeted during the current drilling programme of 3,000 metres core drilling. Finance Cash at Bank $4,014,988 Expenditure for the Quarter $2,410,358
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
