Resources round-up: San Leon, Richland Resources, Greka Drilling

Oil and gas explorer San Leon Energy, has been awarded four additional blocks to its existing Tarfaya Oil Shale Acreage in Morocco as well as an extension of its exclusivity period. The blocks, which cover an area of 16km, can be mined and are candidates for the application of surface retorting processes. They are in addition to the firm's existing oil shale acreage of 6,000km2 which were awarded in 2009. The national oroccan petroleum and mining agency has agreed to the amendments, which will allow the firm to have exclusivity until March 2014.

By MoneyWeek

published 29 August 2012

in Features

Richland Resources, a gemstones producer and developer, generated total tanzanite production of 671,819 carats in the second quarter, up from 533,400 carats in the previous quarter and 641,615 in the second quarter in 2011. The average grade per tonne was 87 carats, compared to 51 carats in the previous quarter and 66% in the second quarter the previous year. Total sales for the period were $6.5m, the best three-month sale figure since the second quarter of 2008. However, the firm also said it had experience a significant increase in illegal underground mining activities from neighbouring mines.

Greka Drilling, a gas driller based in China, has pleased its investors after saying it has no idea why the share price has fallen in recent weeks. The share price gained 7% after the firm made the announcement, although the stock is still down more than 20% in the past month and nearly 40% in the last year. "The board wishes to state that it is not aware of any reason for [the negative movement]", the company said. It releases its half-year results on Monday.