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.
Patagonia Gold eyes Toronto
Argentine gold and silver play Patagonia Gold is considering listing its AIM-quoted shares on the Canadian market as well, as it works for a hefty resource upgrade by the middle of this year. Chaired by former investment banking chief Sir John Craven and steered by the experienced Bill Humphries and Richard Prickett, the company recently reported impressive, high-grade drilling results from Cap-Oeste South East (COSE), part of its flagship Cap-Oeste project, and expects its smaller Lomada prospect to start production imminently, with target output of 20,000 oz a year at a
cost of $300 an ounce (a quarter of current market prices).
Patagonia, a spin-off from Prickett’s former AIM star Brancote and backed by the powerful family of deputy chairman and key shareholder Carlos Miguens, suggests potential £60 million cash flow from COSE will help fund the main Cap-Oeste project. There, the hope is for a substantial upgrade to present estimated resources of more than one million oz of gold equivalent.
The company, which has struck a potential new vein showing a bonanza grade of 435 grammes of gold equivalent per tonne of ore, expects to be producing at Cap-Oeste at an annual rate of more than 200,000 oz by 2015 after capital expenditure of around £100 million. With £4 million in the bank, the equivalent of about six months’ cash burn, before production at Lomada or COSE, Patagonia may need some funding sooner or later.
In that case, a quote on the resources-oriented Toronto market would help. Highlighted by Growth Company Investor at 7.88p in 2007 and last December at 39.25p, Patagonia Gold shares now trade at 50.25p and should have further to go.
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