ASX:RLE Update From Venus-1: Pilot CSG Well Drilled | Kalkine Media Australia

  • November 06, 2020 12:29 PM AEDT
  • Team Kalkine

Real Energy Corporation’s (ASX: RLE) Update From Venus-1: Pilot CSG Well Drilled To Planned Total Depth

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• Real Energy Corporation Limited (ASX:RLE) reported that the Venus 1 well, on the Project Venus, has reached a total depth of 715 metres.

• Excellent gas shows were recorded in the uppermost 3 to 5-metre-thick coal seams. Besides, fair to good gas shows were recorded in the deeper thinner coal seams.

• The Company further reported that current operations are wireline logging, and over the weekend, the Juandah coals are likely to be underreamed prior to running a liner.

• Post this, a wellhead will be installed, and the Silver City Drilling rig will be demobilised. RLE traded up by 4% at $0.26, mid-day on 6 November 2020. Red Mountain Mining commenced drilling program on Mt Maitland

• The Australian mineral explorer Red Mountain Mining Limited (ASX:RMX) has commenced its maiden drilling program at 100% owned Mt Maitland High-Grade Gold Project as per the ASX update of today.

• Red Mountain had planned to drill 18 holes with a total depth of approximately 1,300 metres Reverse Circulation (RC) drilling.

• Earlier, the Company has reported that all prerequisite such as heritage clearance survey, site preparation, and other pre-drilling activities to start drilling has been completed.

• The Stocks of the Company was riding high on the news of the drilling program.

• Red Mountain was trading at A$0.15, 7% gain on a previous day close, at the time of reporting today. ASX:RFN Releases Loyyal Consortium Bid Update, Anticipates Successful Outcome In The Bidding Process

• Releases Loyyal Consortium Bid Update on the Consortium’s participation in Loyyal’s ongoing US Chapter 7 bankruptcy process.

• RFN has been formally authorised by the ASX to participate in the Consortium for up to 25% in the equity of the Consortium and the Company now looks forward to the results of the Chapter 7 Bankruptcy procedure, which is nearing completion.

• Subject to being successful and to funding from Barclay Pearce of US$1 million on a US$20 million valuation, RFN and the Consortium would continue to operate the business of Loyyalpost bankruptcy.

• This shall be in order to put Loyyal on a path to an IPO when trading conditions for the business further improve.

• RFN along with the Consortium strongly believes that there is significant latent value in the assets of Loyyal’s operations in a post COVID-19 environment.

• Expecting a successful outcome in the bid process, a team of people expertly placed to assist with the Loyyal business has been assembled.


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