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Risky business

BAD News for Aurora Gold Ltd’s shareholders after a bankable feasibility study into the Papua New Guinea Morobe project showed the risks were too high to provide an adequate return for investors, based on an assumed $500 per ounce gold price.

Further studies are going to be made on the project in the next quarter.

Production at Aurora Gold’s Indonesian gold mine looked more positive, increasing 16 per cent over the June quarter due to increased ore milled and a higher gold grade.

The Mt Muro mine in the Kalimantan province milled a record 440,471 tonnes in the quarter – an increase of 8.5 per cent over the previous quarter.

OIL & Gas explorer West Oil NL has reached an agreement with Anadarko Petroleum Corporation, the world’s biggest independent oil and gas producer, to acquire 200 kilometres of 2D seismic data which also will give Anadarko an option to drill a well at the Rossini Prospect in the Timor Sea.

If Anadarko exercises its option to drill a well, it will fund 100 per cent of the well costs with an option to take a 75 per cent interest in the project.

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