On November 30, 2018, Strategic Energy Resources Limited (ASX: SER) published a press release which stated the company has obtained exploration licence applications in regard to Olympic Dam Copper-Gold Province. The press release also mentioned the license number which was ELA 2018/185 as well as ELA 2018/183. Let us study little about ELA 2018/185 Billa Kalina. It is an exploration licence application which targets coincident as well as would be useful in offsetting magnetic as well as gravity irregularities. Within ELA 2018/185 there happen to be two drill holes, and these have been done in 1977-78.
As per the press release, the drilling in the history was unable to reach the basement as well as they were also unable to test the targets. The release also stated that the company (Strategic Energy Resources) is well-versed with the area which is related to ELA 2018/185. The staff of the company is already done with the ground gravity survey, and this was done in the year 2014. ELA 2018/185 happens to be in the competition in regard to another party as this another party had submitted the application on the same day which relates to around same area.
Let us now understand a little about ELA 2018/183. Within this, there happens to be one drill hole, and this was done by the company named CSR Limited in the year 1982. The press release stated that this is also competing. The application was submitted by the other two parties as well, and this submission was done on the same day. The company has also mentioned a cautionary statement in the press release which was issued. It stated that the company’s ELAs are competing and this might happen that Strategic Energy Resources does not get right to apply. Moreover, it also stated that ELAs happens to be only the applications and there is still a possibility for the non-grant of the licenses.
The market capitalization of Strategic Energy Resources Limited amounted to around $6.19 million (as on 30 November), and the stock price of the company is trading towards the lower range. In the past few months, the stock has provided positive returns. In the time span of three months, stock delivered 40% return while in the previous one month it has managed to deliver 75% return.
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