Resources round-up: Diamondcorp, Empyrean, African Eagle
Shares in Texan oil firm Empyrean Energy moved to a 52-week high on the back of a production update for new wells completed recently on the group's Sugarloaf project. The group has nine wells on the go at the project and has a 3.0% working interest in each of them. The two biggest producers - Davila 1H and Davila 2H - produced an average of 1,123 barrels of equivalent per day over a 30-day period, the group revealed.
Shares in Texan oil firm Empyrean Energy moved to a 52-week high on the back of a production update for new wells completed recently on the group's Sugarloaf project. The group has nine wells on the go at the project and has a 3.0% working interest in each of them. The two biggest producers - Davila 1H and Davila 2H - produced an average of 1,123 barrels of equivalent per day over a 30-day period, the group revealed.
African Eagle Resources has unveiled an upgraded JORC (Joint Ore Reserves Committee) compliant resource estimate for the Wamangola deposit, part of the Dutwa Nickel project. The new resource estimate, combined with the associated resource estimate at the nearby Ngasamo deposit which was also recently upgraded, raises the total estimated resource at the Dutwa Nickel Project to 107m tonnes at 0.92% nickel content (Ni).
DiamondCorp, the African diamond mine development and exploration company, said its Lace Diamond Mines subsidiary has agreed a new R220m ($26.7m) loan facility with the Industrial Development Corporation of South Africa (IDC). The facility covers just under four-fifths of the forecast R285m peak funding requirement for the 47 level cave mining operation at the Lace mine. DiamondCorp has agreed to arrange additional funding of R100m for Lace prior to the initial draw-down of the IDC facility.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
JH
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
-
CrowdStrike IT outage: a global meltdown
Millions were affected by the CrowdStrike IT outage recently, which grounded flights and took the news off the air. Was this just a hiccup or a warning of much worse to come?
By Simon Wilson Published
-
Revolut finally bags a UK banking licence – what's next for the fintech?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published