Oilex surged on Monday after reporting that operations at the Cambay-76H horizontal well, onshore Gujarat, India, to retrieve the stuck milling assembly and coiled tubing have been successfully concluded with the entire assembly now having been recovered at surface. The well is currently being prepared for resumption of milling of the seven remaining fracture stimulation stages and when this operation is completed, production tubing will be run and the well will be flowed to surface for cleanup and production testing. Shares climbed 3.5p (20 percent) to 19.75p.
Wolf Minerals has received credit approval from UniCredit Bank, ING Bank and Caterpillar Finance for £55m in senior debt finance facilities to fund the commercial development of its Hemerdon Tungsten and Tin project in Devon. The funding will support the planned construction of the Hemerdon project, which currently has an estimated net present valuer of £74m. Shares rose 8.47% to 24.00p.
Red Emperor Resources has announced that it has received firm commitments for the additional seven million shares relating to the oversubscriptions to the placement recently announced on February 27th. The issue of the oversubscription shares at 18p will raise a further approximate £1.26m. The company intends to issue these shares at the same time as settling of tranche 2 of the placement, which is conditional on shareholder approval. Shares jumped 10.10% to 27.25p.
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Chaarat Gold Holdings has increased its resource estimate to 5.59m ounces of gold, adding over one million ounces to its 2011 drilling campaign. The Tulkubash section of the resource has increased by 56% to 501,000 ounces from 321,000 ounces, while the Sulphide (refractory) section of the resource increased by 25% to 5.09m ounces. Shares increased by 5.26% to 32.50p.
Mozambique-based Baobab Resources has increased its resource estimate at the Tenge prospect, which has consequently established the area as a standalone asset, which now reports a head grade of 38.4% iron. Shares rose 9.73% to 15.50p.
Thor Mining has reported 'encouraging results' from its Dundas gold project in Australia where the Asgard anomaly has been expanded a further 1.5km to the south, and a new anomaly has been identified further south. In addition, the results indicate that there is a potential anomaly over a 3.5km strike distance. Shares climbed 2.1% to 1.23p.
JKX Oil & Gas has successfully completed and tested exploration well Z-04 in the Zaplavskoye exploration licence in Poltava, Ukraine. The well has now been placed on production. The firm said: "Condensate rich gas is being produced for the first time in the Novo-Nikolaevskoye area from this particular Visean reservoir layer. We are expecting the significant initial flow rates to decline over the coming weeks and the well will be monitored closely as we seek to assess the extent of the accumulation. In parallel, we will be accelerating our appraisal plans for this discovery." Shares rose 9% to 13.75p.
Goldplat saw a 74% increase in profit before tax to £2.37m for the six months to December 31st (2010: £1.36m), a 40% increase in operating profit to £2m for the six months to December 31st (2010: £1.44m). Cash at the end of the period fell from £6.5m to £4.6m year-on-year. Basic earnings per share rose from 1.02p to 1.15p. Shares gained 1.7% to 0.25p.
