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.
Drilling starts at Kalimantan
Kalimantan Gold has started drilling at its potentially rich epithermal gold property at Jelai in Indonesia’s Kalimantan region (formerly Borneo).
Quoted on both AIM and the Toronto Stock Exchange, the company is using data from the redoubtable Robert Friedland’s Ivanhoe group, which previously had some of the area, and has already had some encouraging early indications. Experienced technical adviser Dr Peter Pollard says Jelai looks promising as an epithermal gold property, similar to others nearby, where very rich lumpy gold deposits alternate with almost empty zones.
Steered by Australian entrepreneur Rahman Connelly, Kalimantan Gold also sounds enthusiastic about its copper prospects in the area and coal. The company has six-month options on five thermal coal projects in East Kalimantan, where Churchill Mining and other companies have been faring well, and one of them, Tarakan on Mandul Island, boasts six encouraging seams.
Connelly is thought to be considering other, larger and well-advanced thermal coal projects in the region and longer term is understood to have his eyes on diversification into silver. He would like to move first on one of the smaller coal projects, say only ten million tonnes (worth £20 million in the ground before mining), for initial production in 18 months to two years..
Kalimantan Gold has £800,000 cash but is also looking for £500,000 to support operations until October. At 5.75p, down from 18.5p a year ago, the shares have speculative appeal.
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