AIM-listed potash development group Sirius Minerals rose on Friday morning after saying that drilling progress has been made its York Potash Project in North Yorkshire.
The group's third hole at the project, SM3, has made "good" progress and the final casing has now been inserted in preparation for coring. Final casing depth was reached in just 10 days, compared to 40 days at the second bore hole, SM2. "Current work to date at SM3 has been free from the fluid loss zones and the resultant delays experienced at SM2."
Sirius announced back in December that drilling progress at its 'SM2' site had been slowed by a series of fluid loss zones which have been encountered as the hole approached commencement of coring depth. On January 23rd, the group announced the completion of coring at SM2.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"We are delighted with the progress on SM3. This has helped us to claw back some of the time and budget we had to put aside after the experience at SM2," said Managing Director and Chief Executive Officer Chris Fraser.
"Our experienced and professional team is continually adapting its approach to help ensure the drilling work is delivered as quickly and as efficiently as possible."
Shares were trading 1.23% higher at 20.5p in the opening minutes.
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
By Vaishali Varu Published
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
By Ruth Emery Published