Resources Round-up: Jubilant Energy, Stellar Diamonds, Petroneft...

Jubilant Energy, an India focused oil and gas company, has reported successful test results from the fifth development well of the third phase drilling campaign in the already producing Kharsang Field. The well has now been put into production at an initial gross rate of 138 barrels of oil per day. In addition, an interval between 1526.5 metres and 1530.5 metres has been tested for gas at an average rate of 2.3m standard cubic feet per day (mscfd), while a second interval tested gas at an average rate of 2.2 mscfd.

West African diamond development company Stellar Diamonds has reported a maiden resource of 2.474m carats for the Droujba kimberlite pipe in Guinea, taking the firm's initial global resource base to 3.1m carats. The resource has a grade of 70 carats per hundred tonnes, with the diamond value modelled at between $50-$70 per carat. "This resource base gives Stellar an excellent platform on which to build and we are currently planning aggressive programmes to increase our resources at Droujba, Tongo and at our Kono kimberlite dyke project," the firm said.

PetroNeft Resources, an oil and gas producer, has reported a 36% rise in its probable reserves to 131.7m barrels (mb), while production remained steady at 2,300 barrels of oil per day (bopd). PetroNeft's proved reserves increased 50% to 20.03mb. The development drilling results at the Lineynoye site have confirmed that Lineynoye and West Lineynoye are one continuous oil field.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Kyrso Resources, a mineral exploration and development company, has posted "encouraging" results from drilling at its Pakrut gold deposit and at its exploration projects at Eastern Pakrut and in the Rufigar area of Tajikistan. The intersections in Ore Zones 3 and 6 are very encouraging, the company said, with nearly 19m at 7.47g/tonne gold the best intersection to date for Ore Zone 3. "We are also encouraged by the continuing eastward extension of the lower levels of Ore Zone 1 and by the consistency of thickness and grade which supports all of the previous drilling results from all of the Pakrut ore zones," the firm said.

NR