Resource round-up: Sunrise Resources, Antrim Energy, Sacoil

Sunrise Resources, the minerals explorer, says it has completed the first Aboriginal heritage survey at its Cue kimberlite site in Western Australia, with drill testing expected to start next week. The group also says mining studies have been 'largely completed' at its Derryginagh barite project in Ireland.

By MoneyWeek

published 21 August 2012

in Features

Commenting on the news, Patrick Cheetham, Executive Chairman, said: "It is rewarding to report that the Cue diamond project has now progressed to this exciting drill stage and we look forward to reporting the results of diamond sampling and evaluation." The stock had gained 28% by 11:55.

Canadian outfit,Antrim Energy has won UK government approval for its development plan for the Fionn Field in the North Sea. The Fionn plan utilises the previously drilled but suspended "211/22a-6" well. It was drilled in 2007 during the appraisal phase of Fionn and Causeway and produced oil at a rate of approximately 5,500 barrels of oil per day (bopd). First oil is anticipated in mid-2013 and the initial production estimate is at 4,500 bopd (1,600 bopd net to Antrim). The stock was up 8.6% at 11:02.

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Africa-focused oil and gas player Sacoil has lifted its cautionary statement over the buying and selling of its shares. The company had been involved in discussions over a possible "transaction" that would have had a material effect on the stock price. Those discussions have now been suspended: "until the negotiating parties are in a position where decisions can be made decisively and rapidly." The news has seen Sacoil drop 6% by 12:00.

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