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

26th feb webinar mtf mobile

• 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.

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK