Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
More resource cheer for Kalahari
Namibian uranium deposit Rossing South, of which Kalahari owns 40%, is now one of the largest in the world
Kalahari Minerals says potential uranium resources at Rossing South in Namibia have leapt 82 per cent to 267 million lbs of U3O8.
AIM star Kalahari holds 40 per cent of Aussie-quoted Extract Resources, which owns Namibia’s Husab uranium project, including the Rossing South deposit. A project update from Extract says a maiden resource estimate of 122 million lbs of U3O8 at 543 parts per million for Zone 2 of Rossing South brings the combined indicated and inferred resource estimate for the deposit to 267 million lbs of U3O8 at 487 parts per million.
Although the more certain ‘indicated’ part of the total is a much lower 24 million lbs of U3O8 at 5287 parts per million, Kalahari chairman Mark Hohnnen hails ‘these incredible results’ as ensuring Rossing South ‘is now one of the largest uranium deposits in the world’. The company says it now ranks in the top ten global deposits.
Kalahari shares, first highlighted by Growth Company Investor three years ago at 15p, now stand at 140p, valuing the company at £276 million. Partial profit-taking might be prudent, but there is likely be more action before the Rossing South is finished. Beleaguered mining giant Rio Tinto, whose long-standing Rossing uranium mine is next door, holds some 15 per cent of Kalahari and the two companies have crossed swords verbally of late.
AIM-quoted Polo Resources, chaired by formidable uranium entrepreneur Stephen Dattels, holds more than nine per cent of Extract, though its shares at 3.68p are well down from a year’s high of 8.63p. Emerging Metals at 5.63p, another AIM counter chaired by Dattels, has a significant Kalahari stake, as does another AIM play, Niger Uranium at 23.5p.
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