Resource round-up: Kefi Minerals, San Leon, New World Oil & Gas

Gold and copper explorer Kefi Minerals rose on Monday after it reported promising initial drill results at its Selib North site in Saudi Arabia. Numerous dykes were found that were not evident at surface, the firm said. It added that they could potentially converge to a larger 'parent stock' at depth. Kefi also reported results from trench sampling and mapping at Jibal Qutman continued to support the existence of both narrow high grade and broader lower grade quartz vein fields. Shares rose 4% in morning trading.

By MoneyWeek

published 24 September 2012

in Features

San Leon fell on Monday after it announced delays at its Nowa Sol Concession in the Southern Permian Basin, southwest Poland. Initial flow testing will be later than initially indicated due to the need to retrofit the wellhead, the firm said. Well completion is now expected to be performed within the first two weeks of October to be followed by cleanup and initial flow testing immediately afterwards. Executive Chairman Oisin Fanning said the delay reflected the fact the firm was working in "an evolving regulatory environment" in Poland. Shares fell 2.4% in morning trading.

Denmark-focused New World Oil & Gas said two of its sites, Jelling and Harboe, had seen the probability of geological success upgraded to 1 in 5 from 1 in 8. However, the firm also said data showed a slight decrease in aggregate volumetric figures for the sites, with a small increase in Harboe and a more significant reduction in Jelling. The firm's shares were off 2% following the news.