Resource round-up: Archipelago Resouces, Max Petroleum
Archipelago Resources said new tests at its Toka Tindung mine in Indonesia demonstrated the site's potential as a multi-million ounce mine deposit. "Combined with the results reported earlier in the year, these high-grade intercepts now have the potential to again materially increase our economically defined gold resource, providing a further platform for growing our production profile and increasing shareholder value," the firm said.
Archipelago Resources said new tests at its Toka Tindung mine in Indonesia demonstrated the site's potential as a multi-million ounce mine deposit. "Combined with the results reported earlier in the year, these high-grade intercepts now have the potential to again materially increase our economically defined gold resource, providing a further platform for growing our production profile and increasing shareholder value," the firm said.
Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, lost 10% of its value today after it gave up on its BSBNE-1 exploration well on the Besbolek North-East prospect. The well reached a total depth of 1,328 metres without encountering producible hydrocarbons, it said. It will now be plugged and abandoned.
Article continues belowTry 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
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
