Resouces round-up: Anglo Asian, Premier Gold, Dragon Oil

Premier Gold, a Central Asia-focused gold exploration and development company, has said its exploration programme on the Cholokkaindy licence in Kyrgyzstan collected a total of 2,221 samples in four target areas which indicate that the mineralised system is continuous between these areas. While final results are not yet available, the preliminary indications are that numerous new areas of significantly elevated gold values have been defined. However, the company have decided to delay the start of drilling while it works on improving relations with the local community.

By MoneyWeek

published 20 September 2012

in Features

Anglo Asian Mining, the AIM listed gold producer, has agreed a further loan from the International Bank of Azerbaijan of $10.5m, which will be used to fund the initial stages of the construction of an agitation leaching plant to improve gold recoveries at Anglo Asian's flagship Gedabek gold/copper/silver mine in Azerbaijan. Under the agreement, an all inclusive annual interest rate of 12% will apply on funds drawn, payable on a quarterly basis. The loan can be drawn down in tranches of up to $1.5m. Repayment will be within 36 months in equal quarterly instalments starting two years from the date that each tranche of funds is drawn down.

Dragon Oil, an international oil and gas exploration, development and production company, said the Dzheitune C/175 well tested at an initial production rate of 1,420 barrels of oil per day (bopd) from the deep layers. The firm made the decision to perforate gas and water formations around shallower levels at a later stage. The rig has now been moved to the Dzheitune A/176 well. The Dzheitune 13/171 well did not yield commercial oil rates, and so is being considered for conversion into a water injector-type well in the Dzheitune 13 area.