Orogen Gold, a Europe-focused miner, has said it has re-established access to its mine sites after a temporary cut-off was caused by extreme weather. The firm admitted that the exceptionally severe winter weather conditions in Serbia have had a slight impact on the timing of completion of the underground work at Gindusa, but said "every effort will be made to minimise this and to commence the drilling programme on schedule early in Q2 [second quarter] 2012". The miner also said that underground mapping and channel sampling is 80% complete at both the Gindusa and Rusman gold mines. The share price fell 16.47% to 0.71p.
Providence Resources, the Irish oil explorer, has successfully completed drilling at the Barryroe appraisal well, where the results were better than expected. Indications of hydrocarbons were seen while drilling, and the results have confirmed the presence of 41 feet of net pay, with no indication of a hydrocarbon water contact. The well will now be flow tested over a period of around 10 days. Providence's shares gained 20.67% to 359.00p. Lansodwne oil & Gas, which has a 20% stake in the asset, rose 23.4% to 43.5p.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
-
MPs warn over Lifetime ISAs which could leave savers out of pocketThe Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for youConsumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator
