farml1234
2 days ago
Great news out today for ESGLF / NVRO.C
Re::EnviroGold Global to Build Demonstration Plant in Brisbane, Australia
C.NVRO | 7 hours ago
Centralized Demonstration Facility Will Process Tailings from Multiple Mining Sites
TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) (“EnviroGold,” “NVRO,” or the “Company”), a technology company enabling the global mining industry to monetize valuable metals contained in mine waste and tailings, reduce environmental liabilities and improve social and environmental outcomes, is pleased to provide an update on the Company’s plans to demonstrate and commercialize its proprietary leaching technology (“NVRO Clean Leach Process”).
EnviroGold has selected a manufacturer to construct the processing unit that will be used to demonstrate the NVRO Clean Leach Process to several potential customers, including major global mining companies. In addition, EnviroGold has received an indicative quote for the construction and containerization of the unit, which is materially less than initially estimated. The Company expects these developments will allow it to commence commercial demonstrations of the NVRO Clean Leach Process during the fourth quarter of 2024.
The Company has received interest from several major mining companies asking that it locate the NVRO Clean Leach Process processing unit at their mine sites. To better streamline the testing process and serve multiple clients in quick succession, the Company has opted to construct and install the unit at a centralized industrial facility near Brisbane, Australia, managed by the EnviroGold technical team. There are several benefits of installing the processing plant at a centralized location, which include, allowing multiple mines to ship tailings for processing and testing, eliminating regulatory and environmental permitting issues associated with mine site development, and allowing the Company to decrease turnaround time between mining company demonstrations.
Under this arrangement, customer tailings will be transported to the NVRO demonstration facility, processed using the NVRO Clean Leach Process with the residues transported back to the mine for disposal. The tailings throughput and data collected throughout each project’s tailings processing operations will be sufficient to enable customers to proceed to scale up, front end engineering, and design and project economic assessments.
In addition to allowing multiple mine sites to test the NVRO Clean Leach Process, the demonstration plant will allow the Company to extrapolate its findings into the necessary data for the bankable feasibility study (“BFS”) required to fully commercialize the business. The Company believes that having this will dramatically reduce timelines for major mining companies to deploy the NVRO Clean Leach Process on a much larger commercial scale.
“This is a very exciting development that we expect will decrease the time and cost to begin showcasing the NVRO Clean Leach Process and allow the Company to demonstrate its technology to more customers in less time,” said the Company CEO, Mr. David Cam.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About EnviroGold Global
EnviroGold Global is a technology company that uses proprietary technologies to enable mining companies worldwide to recover valuable metals from mine tailings and reduce the environmental liabilities of wastes and by-products from mining while maximizing return for its shareholders. The Company is dedicated to establishing ESG and circular economy leadership by enabling mining companies to profitably reprocess and remediate mine waste (tailings) and smelter by products to recover precious, critical, and strategic metals – including gold, silver, copper, zinc, and nickel. The Company has adopted a royalty model for its technology by licensing the NVRO process to customers.
Hint read the last few PR
Contact
jmho
farml1234
2 years ago
Equity Research Firm Initiates Coverage on EnviroGold Global, Issues Price Target & Rating
C.NVRO | 12 hours ago
TORONTO, Jan. 28, 2022 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: RGOZF | FSE: YGK) (“EnviroGold Global” or the “Company“), a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of Metals Without Mining, is now covered by Red Cloud Securities Inc (“Red Cloud”). Red Cloud Mining Analyst Koby Kushner, P.Eng, initiated coverage of EnviroGold Global on January 27, 2022 with a “Buy (S)” rating and a target price of C$ 0.70/share.
The initiating report, titled “One Mine’s Trash is EnviroGold’s Treasure”, is available via Red Cloud Securities at the following link: https://bit.ly/RedCloudReportLink
Red Cloud is a registered Investment Dealer in all Canadian Provinces and Territories and is a member of the Investment Industry Organization of Canada (IIROC). Red Cloud’s Research Division offers extensive junior mining coverage with research on 90+ companies across all key metal sectors.
Any opinions, estimates or forecasts regarding the performance of EnviroGold Global and its management made by Red Cloud are theirs alone and do not represent the opinions, estimates or forecasts of EnviroGold Global or its management. EnviroGold Global does not by this announcement or otherwise, imply that the Company endorses, analyzes or approves of such information, conclusions, or recommendations.
Analyst: Koby Kushner, P.Eng | Mining Analyst
Firm Contact: research@redcloudsecurities.com
Firm Website: https://redcloudfs.com/research-home/
About EnviroGold Global
EnviroGold Global (CSE: NVRO) (OTCQB: RGOZF) (FSE: YGK), is a Clean Technology company dedicated to creating shareholder value while establishing ESG & circular economy leadership by profitably reprocessing & remediating mine waste (tailings) to recover precious, critical & strategic metals – including gold, silver, copper & nickel. Led by CEO Dr. Mark Thorpe, the Company is strategically positioned to earn and maintain social license while capitalizing the estimated US$ 3.4 trillion of in situ metal value in global tailings. Dr. Thorpe is also the Chairman of the Canadian Mining Innovation Council.
The Company’s commercial strategy involves identifying, qualifying and developing tailings reprocessing opportunities, generally targeting tailings sites with at least 6M metric tonnes of tailings and gross recoverable metal value of $124/tonne of tailings. The Company has reviewed over 300 global tailings sites to date and through further market segmentation has identified potential targets exceeding US$ 10 billion in gross recoverable metal value.
EnviroGold Global acquires the metal recovery rights to tailings sites by leveraging a profit share business model to create an attractive value proposition for site owners. The Company’s low-CAPEX business model is designed to generate high free-cash flow & high target IRR while eliminating the risks of traditional exploration and extraction. The Company expects to produce metals with a carbon footprint up to 96% lower than conventional metal producers while reducing the environmental footprint of legacy mining.
As of January 2022, the Company has 8 Major Projects in its global project pipeline including 1 major project under contract, 1 major project subject to an MOU, and 6 additional major projects at various stages of commercial negotiation and detailed technical/economic review.
The Company expects to commence commercial production of gold, silver & copper in 2022 and is targeting 7 major projects in commercial production by 2025.
Additional information can be found on the Company’s website (link) and publicly available corporate presentation (link)
AskMuncher
2 years ago
$RGOZF EnviroGold Global Executes MOU to Reprocess Tailings with 634k oz Gold, 22.9M oz Silver and 419k tonnes Copper-Lead-Zinc with grades of 2.60 g/t Au, 94 g/t Ag, 2.33% Zn, 3.01% Pb and 0.19% Cu Contained in 6.37Mt of Measured & Indicated and 1.21Mt of Infer
Press Release | 11/29/2021
Toronto, Ontario--(Newsfile Corp. - November 29, 2021) - EnviroGold Global Limited (CSE: NVRO) (FSE: YGK) ("EnviroGold Global" or the "Company"), a Clean Technology Company accelerating the world's transition to a circular-resource economy through the production of metals without mining, is pleased to announce it has agreed to commercial terms with Hellyer Gold Mines Pty Ltd. ("Hellyer Gold Mines" or "HGM") to reprocess the tailings owned by HGM (the "Hellyer Tailings Reprocessing Project") at the Hellyer Gold Mine, Tasmania, Australia. The agreement contemplates a multi-stage Tailings Reprocessing Project wherein EnviroGold Global will add its mineral processing technology to the currently operational and permitted Hellyer Mine. EnviroGold Global and HGM expect that operational synergies resulting from the partnership in conjunction with EnviroGold Global's independently validated, proprietary metallurgical solution (link) for the Hellyer VMS tailings will drive significantly increased metal recovery rates for the gold (Au), silver (Ag), zinc (Zn), lead (Pb) and copper (Cu) contained in the Hellyer tailings.
As per the terms of the MOU, EnviroGold Global will initially focus on reprocessing tailings within the Hellyer Tailings Storage Facility ("Hellyer TSF") currently being operated by HGM. Subsequently, EnviroGold Global will reprocess additional tailings from legacy mining operations located on the Hellyer Mine Site. EnviroGold Global is entitled to 50% of the pre-tax cashflows resulting from the tailings reprocessing operations up to US$24M per year; thereafter, EnviroGold Global is entitled to 65% of the pre-tax cashflows. Consistent with EnviroGold Global's risk management strategy, the Company will not own any part of the Hellyer Mine Site or mining project but will be applying its proprietary mineral processing technology to various tailings deposits located on the Hellyer Mine Site. Commercial metal production is expected in Q4 2022 commencing with deployment of an up to ~500 tonnes per day (tpd) plant; thereafter, operations will be scaled up to ~3,500tpd during 2023.
Commenting on the Hellyer Tailings Reprocessing Project, EnviroGold Global CEO, Dr. Mark Thorpe, said, "The agreement with HGM is an important strategic milestone in the achievement of our corporate growth strategy and an outstanding opportunity to deliver positive environmental outcomes while creating substantial economic returns for the two companies, our shareholders and community stakeholders. We look forward to a long and productive relationship with the professionals at HGM as we establish circular-economy leadership by producing precious, critical and strategic metals without mining."
Per the terms of the MOU, EnviroGold Global and HGM will enter into a final, definitive agreement governing the terms of the Tailings Reprocessing Project. EnviroGold Global expects to provide additional information on the Hellyer Tailings Reprocessing Project, including project economics, in the near-term.
Hellyer TSF Project Summary
The Hellyer TSF tailings have been extensively studied by EnviroGold Global and HGM. A historical mineral resource estimate ("historical estimate") was completed in November 2020 in accordance with the JORC Code (2012) for the Hellyer TSF tailings for NQ Minerals Plc ("NQM"), the parent company of HGM. This historical estimate was completed by independent mining consultants CSA Global (UK) Limited and reported in a JORC Competent Persons Report (NQM, 2020), which can be sourced from NQM's corporate website (see link below). The Hellyer TSF historical estimate reported 6.37 Mt of Measured and Indicated Mineral Resources and 1.21 Mt of Inferred Mineral Resources with gross metal grades of 2.60 g/t Au, 94 g/t Ag, 2.33% Zn, 3.01% Pb and 0.19% Cu (Table 1).
Table 1: Hellyer TSF Historical JORC Mineral Resource Estimate - metal tonnes and ounces (gross total only) all attributable to NQM (depleted to August 31, 2020)
JORC
Mineral Resource
Category Historical Mineral Resource Estimate - Hellyer TSF (NQM, 2020)
Tonnes Zn (t) Pb (t) Ag (oz) Au (oz) Cu (t)
Measured 1,550,000 53,300 53,400 4,893,400 135,000 3,100
Indicated 4,820,000 111,300 143,000 14,634,500 398,600 8,600
Inferred 1,210,000 12,100 31,500 3,345,600 100,000 2,300
Total 7,570,000 176,700 228,000 22,873,600 633,600 14,000
Historical Estimate Notes:
The Hellyer TSF historical estimate was completed in accordance with the 2012 Australasian Joint Ore Reserves Committee Code ("JORC 2012 Code") and reported in a JORC Competent Persons Report for NQM dated November 11, 2020 for the "Hellyer Tailings Retreatment Project, Tasmania" (link to source: nqminerals.com)
No lower cut-off reporting grade was applied.
Metal tonnages and ounces rounded from calculated values. Gross metal grades include 2.60 g/t Au, 94 g/t Ag, 2.33% Zn, 3.01% Pb and 0.19% Cu.
This historical estimate is considered relevant as it appears to demonstrate the potential tonnages and grades and reasonable prospects for eventual economic extraction for the Hellyer TSF tailings. However, EnviroGold Global cautions readers that this historical estimate was not completed using 2014 CIM Definition Standards on Mineral Resources and Reserves and is not supported by a technical report completed in accordance with National Instrument 43-101 ("NI 43-101"). In addition, under the JORC (2012) Code standards, Measured, Indicated, and Inferred mineral resource tonnages can be combined, which is not permitted under NI 43-101. A Qualified Person ("QP") has not done sufficient work to classify this historical estimate as current mineral resources and EnviroGold Global is not treating this historical estimate as current mineral resources. A significant amount of work is required to verify the historical estimate as current resources including: (1) upgrading the geological model with any additional drilling data and mining depletions on the tailings since the historical estimate was completed, (2) a QP completing a full data verification of historical drill hole sampling procedures, analytical results, and metallurgical test results, and (3) additional bench-scale and field metallurgical test work to determine reprocessing and recovery characteristics using EnviroGold Global's proprietary tailings reprocessing technology. EnviroGold Global is not aware of any additional historical estimates for the Hellyer TSF tailings.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Ian Hodkinson, P.Geo., Chief Geologist of EnviroGold Global, who is a Qualified Person as defined in NI 43-101.
About EnviroGold Global
EnviroGold Global (CSE: NVRO) (FSE: YGK), is a Clean Technology company creating shareholder value while establishing ESG market leadership by remediating mine and industrial waste, while reclaiming high-value commodities. The Company is strategically positioned to earn and maintain social license while capitalizing the estimated US$3.4 trillion in valuable commodities residing in target waste streams globally.
Further Information
Dr. Mark B. Thorpe
Chief Executive Officer
Telephone: +1 416 777 6720
Email: mark.thorpe@envirogoldglobal.com
Juan Carlos Giron Jr.
Sr. Vice President
Telephone: +1 416 777 6720
Email: juan.giron@envirogoldglobal.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including, without limitation, earnings guidance, economic guidance, operational guidance and future capital spending amounts. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the expected terms of the Buchans Project and its completion, the Company's working relationship with the owner(s) of the Buchans tailings, the economic viability of the Buchans Project and statements regarding any residual precious metals as a by-product of the remediation, the Company's expansion of its reprocessing pipeline, and the Company's ability to accelerate the world's transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company's inability to accelerate the world's transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company's potential inability to expand its reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Corporate Logo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105524
farml1234
4 years ago
Something going on , volume today on RGO.cn
The cheap .005 ask all all gone , now ask .01
Recent Trades
RGO / Last Updated: 14:38:40 ET Refresh Info
Last 5 Last 10 Last 25
Date/Time Price Change Volume Buyer Seller
Jan 16, 14:38 0.005 45,000 BMO Nesbitt Burns Inc. Anonymous
Jan 16, 14:21 0.005 95,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 14:18 0.005 105,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 12:56 0.005 10,000 CIBC World Markets Inc. Scotia Capital Inc.
Jan 16, 12:23 0.005 13,000 Anonymous TD Securities Inc.
Jan 16, 12:23 0.005 42,000 Anonymous Questrade Inc.
Jan 16, 12:23 0.005 9,000 Anonymous Anonymous
Jan 16, 12:23 0.005 8,000 Anonymous Anonymous
Jan 16, 12:23 0.005 18,000 Anonymous Anonymous
Jan 16, 12:23 0.005 42,000 Anonymous TD Securities Inc.
Jan 16, 12:23 0.005 110,000 Anonymous RBC Capital Markets
Jan 16, 12:23 0.005 150,000 Anonymous RBC Capital Markets
Jan 16, 12:23 0.005 74,000 Anonymous TD Securities Inc.
Jan 16, 12:23 0.005 206,000 Anonymous BMO Nesbitt Burns Inc.
Jan 16, 12:22 0.005 24,000 Anonymous BMO Nesbitt Burns Inc.
Jan 16, 12:22 0.005 26,000 Anonymous TD Securities Inc.
Jan 16, 12:22 0.005 850,000 Anonymous TD Securities Inc.
Jan 16, 12:22 0.005 10,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 12:22 0.005 428,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 12:22 0.005 410,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 12:22 0.005 200,000 CIBC World Markets Inc. TD Securities Inc.
Jan 16, 12:22 0.005 45,000 CIBC World Markets Inc. Desjardins Securities Inc.
Jan 16, 12:22 0.005 40,000 CIBC World Markets Inc. Credential Qtrade Securities Inc.
Jan 16, 12:22 0.005 40,000 CIBC World Markets Inc. BMO Nesbitt Burns Inc.
Jan 16, 12:22 0.005 27,000 CIBC World Markets Inc. BMO Nesbitt Burns Inc.
farml1234
5 years ago
News out
Rgo news
August 1, 2019 NEWS RELEASE RANGE ENERGY PROVIDES CORPORATE UPDATE Vancouver, BC, Canada Range Energy Resources Inc. (the Company) (CSE: RGO) (FWB: YGK) announces that Allan Bezanson, a Director of the Company, and Gulf LNG America, LLC (Gulf), a former shareholder of the Company, have each filed an early warning press release in connection with Mr. Bezansons acquisition of 609,351,075 common shares of the Company (the Common Shares), representing approximately 71% of the Companys currently issued and outstanding Common Shares. The Common Shares were acquired pursuant to private acquisition transactions with Gulf and DTN Investments LLC. The Common Shares were acquired by 2706791 Ontario Inc., a company controlled by Allan Bezanson. 2706791 Ontario Inc. also acquired from Gulf certain outstanding loans (the Range Loans) in the aggregate principal amount of $15,982,472 that Gulf had previously made to the Company. The Range Loans, including accrued interest thereon, are convertible into 974,859,850 Common Shares, being approximately 53% of all of the Common Shares of the Company on an as-converted basis, as more particularly described in the financial statements of the Company. Shareholder Loan The Company also announces that it has borrowed $50,000 from 2706791 Ontario Inc. The principal sum of $50,000 was borrowed with interest at the rate of six percent (6%) per annum calculated monthly on the principal amount from time to time remaining unpaid. Interest accrues from the date hereof and is payable on maturity, in two years time. The proceeds of the loan are expected to be used by the Company for the daily operation and paying the current liabilities. Director & Officer Resignations and Appointments Further, the Company is pleased to announce the appointment of Allan Bezanson as CEO of the Company in place of Toufic Chahine, who has resigned as Director and CEO, as well as the appointment of Peter McRae and Rick Pawluk as Directors of the Company in place of Eric Stoerr and Michelle Upton who have resigned as Directors. The resignations of the aforementioned Gulf nominees coincided with Gulfs exiting from its investment in the Company. Peter McRae, Director Mr. McRae is a Chartered Professional Accountant and a graduate of the Directors Education Program of the Institute of Corporate Directors with an ICD.D designation. He is currently the Chairman, and between 1994 and 2015 was the President and CEO, of Freedom International Brokerage Company, Canadas largest inter-dealer broker. Mr. McRaes earlier career involved four years in Abu Dhabi as a financial administrator for an engineering firm before joining the investment dealer Wood Gundy, first in the Treasurers office in Toronto, and subsequently as a bond trader in New York. Mr. McRae was the Chair of both Ryan Gold Corp. and Corona Gold Corporation until their acquisition by Oban Mining Corporation in August 2015. He is also a director and Chair of the audit committee of Focused Capital Corp. Rick Pawluk, Director Mr. Pawluk has acted for a number of oil and gas exploration and production companies in both the private and public sectors: BNK Petroleum Inc. (TSX:BKX), Sunshine Oilsands Ltd. (HKG:2012) and Bankers Petroleum Ltd. Mr. Pawluks duties included advising both domestic and international financing, and acquisition and divestiture transactions. Since 2003, Mr. Pawluk has been a Partner at McCarthy Ttrault LLP. Mr. Pawluk holds an LLB degree from the University of Manitoba and is a member of the Law Society of Alberta, the Canadian Bar Association and the Institute of Corporate Directors. Option and Warrant Cancellation Agreements Each of Michelle Upton, David Schumacher and Toufic Chahine, were Gulf nominees and each agreed that their 2,000,000 options to acquire an equivalent number of common shares in the capital of the Company (the "Options") would be cancelled by the Company in connection with their respective resignations. The Company cancelled the Options, including any vested or unvested portion thereof, pursuant to the terms of option cancellation agreements. Gulf previously owned 477,651,075 warrants (the Warrants) to acquire common shares in the capital of the Company but in connection with its sale of the Companys shares, it also agreed to the cancellation of such Warrants. The Company cancelled the Warrants pursuant to the terms of a warrant cancellation agreement. For further information on Range Energy Resources Inc., please visit the Companys web site at www.rangeenergyresources.com. On Behalf of the Board of Directors: Allan Bezanson Director Tel: 604-688-9600 Fax: 604-687-3141 Email: range@rangeenergyresources.com
Read more at https://stockhouse.com/companies/bullboard?symbol=c.rgo&postid=29987239#wHtbBPCP8yWUBy7F.99
jubbyjubber
7 years ago
Range Energy Resources Inc.
February 08, 2017 16:22 ET
Range Energy Resources Inc.: Shewashan Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 8, 2017) - Range Energy Resources Inc. ("Range" or the "Company") (CSE:RGO)(CSE:RGO.CN)(FRANKFURT:YGK) announced today that, Gas Plus Khalakan ("GPK"), the sole contractor of the Khalakan PSC in the Kurdistan Region of Iraq, issued an operations update regarding the Shewashan field.
The GPK Shewashan operations update provides details regarding key events and activities that have occurred as well as activities that are anticipated to occur over the near term, including;
2016 & 2017 Oil Production: During 2016 the Shewashan field produced 877,000 barrels of oil which was sold into the Kurdistan domestic market. GPK estimates 2017 total Shewashan field production of up to 3,000,000 bbls.
Shewashan -3 Commences Production: The Shewashan -3 well reached TD1 of 2874m MDBRT2 in December 2016 and was placed into production in late January 2017 at a rate of 2,600 bbl/d with a 24/64" choke, very low drawdown and no produced water. However the well has now started to pull formation water and this is being investigated.
Shewashan -4 Drilling Progress: The fourth Shewashan production well, Shewashan -4, was spud in November with dual targets including the existing productive zones in the Cretaceous and the unexplored and deeper Jurassic formations. Shewashan -4 is expected to reach TD in late March 2017.
Oil Payments: In 2016 a total of $10.98m in oil sales payments were received by GPK for oil sold through September 2016. Oil sold from October 2016 through December 2016 was paid for in January 2017, amounting to $4.57m.
Reserve Report: GPK intends to engage DeGolyer and MacNaughton to update its June 2015 reserve audit during Q1 2017.
(1) Total depth
(2) Measured depth below rotary table
Readers are encouraged to read the full GPK Operations Update which can be found at the NewAge website. http://www.newafricanglobalenergy.com/Related_News.
Range Financial Update: Based on the GPK Operation Update Range will seek to raise capital to meet it's near term capital requirements of USD $2,600,000 and to refinance its existing short term loans of CDN $5,720,000. To meet the remaining capital requirements of the Phase 1 Field Development Plan Range expects additional capital requirements of between approximately USD $4,000,000 and $5,500,000 depending on the amount of proceeds received from oil sales, oil production rate, the price per barrel of oil sold, drilling and operational expenses, and cash on hand amongst others. Range anticipates that the Phase 1 Field Development Plan capex requirements will conclude Q2 2017.
Mr. Toufic Chahine, Chairman of Range, commented: "We are pleased with GPK's efforts to enhance the productivity of the Shewashan field and are delighted with the Shewashan -3 production rates. With three wells successfully drilled it is still early in the fields development cycle and as we learn more about the underlying reservoir geology, we look forward to additional news from the Shewashan -4 drilling results."
The Company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Limited ("NAAZ2"). NAAZ2 owns 50% of the shares of GPK.
Production rates and quantities, reserves and resources, both projected and historical are provided in this release according to disclosures provided by GPK. Range expects GPK to utilize reporting procedures that are in compliance with the COGE Handbook standards and NI 51-101 (National Instrument Standards of Disclosure for Oil and Gas Activities).
For further information on Range Energy Resources Inc., please visit the Company's web site at www.rangeenergyresources.com.
On Behalf of the Board of Directors:
Toufic Chahine, Chairman
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
Renee
2 years ago
Hot Features
Premium
