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.
Go-ahead for Coal of Africa
Coal of Africa (CZA) hopes to produce one million tonnes of coking coal annually at Vele in South Africa with its water licence restored.
The AIM-quoted company says Edwina Molewa, South Africa's Minister of Water and Environmental Affairs, has lifted the suspension of its water use licence at Vele, a move which will enable it to move into production in the first quarter of next year.
Based in Western Australia and quoted on AIM, Coal of Africa ran into problems at Vele in Limpopo Province last year, when it halted work on the project following allegations from the authorities that it had broken South Africa's environmental laws in an area next door to a UNESCO 'world heritage site'. In July, the company received authorisation to proceed after all, but to do so it needed to have the suspension of its key water use licence lifted.
That has now happened. Chief executive officer John Wallington declares 'we are now well placed to produce the first coking coal in the first quarter of 2012, ramping up to an initial target of one million tonnes per annum.'
Coal of Africa, which is increasing output at its Mooiplats thermal coal mine to an annual target of two million tonnes, plans to start production at its other coking coal mine, Makhado, in 2013 and hopes Vele and Makhado together will eventually lift their combined production to 10 million tonnes a year.
Growth Company Investor first recommended Coal of Africa shares at 14p in 2006, before suggesting partial profit taking two years later at 217p. Various setbacks knocked them to 43.75p and they have now rallied to 55p, up 5.5p this morning, valuing the company at £293 million.
They could well outperform some sector peers.
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