11 February 2012

Sector: Resources

11/03/2010 James Crux

Britain’s proven oil and gas reserves will cover only six years of production at present rates. That is the latest warning from Oil & Gas UK, a trade body representing North Sea operators. Without sufficient investment, Britain could find itself able to meet only 20 per cent of its demand from its own domestic production, the group suggests.

If Scottish oil is becoming scarce, might Scottish gold one day replace it as a prized asset? AIM arrival Scotgold Resources hopes to start producing gold and silver next year from Cononish in Scotland’s Grampian region.

Chairman John Bentley and chief executive Chris Sangster intend to revive the Cononish gold and silver mine, which boasts a modest initial estimated resource of 154,000 oz of gold and 589,000 oz of silver. Scotgold says it is now fully funded to finish its development plan by May, with a view to starting production in the middle of next year.

Sector: Oil & Gas Producers

Companies: Scotgold Resources

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