Resources round-up: President Petroleum, Jubilee Platinum and Touchstone Gold

President Petroleum has posted successful results from the DP-1001 well in the Dos Puntitas field, saying preliminary evaluation demonstrates that the well has been very successful and substantially above expectations. The oil column is substantially longer than expected and the log demonstrates a gross oil column of 54 metres with a net pay of 33 metres. The company will now test and complete multiple intervals and place the well on production without any need for prior fraccing.

By MoneyWeek

published 29 March 2012

Miner Jubilee Platinum reported a fall in revenue from £3.6m to £1.3m in the six months to December 31st, while losses widened from £1.25m to £3.98m. Cash levels fell from £9.99m to £2.32m. The company said it was making "significant positive progress" in the implementation of its mine-to-metal business strategy.

Touchstone Gold has announced a set of "highly encouraging" assay results from five drill-holes during the on-going exploration drilling programme at the Rio Pescado Project in Colombia. The firm said the results "strengthen our confidence in the quality and continuity of the 1141 Zone ore body. Holes 1281 and 1286 were drilled to test the north-western extent of the 1141 Zone, and they exceeded our expectations by returning such high-grade gold values."