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Drilling & Production

Chamber says PNG employment and rebound in growth thanks to mining & petroleum

The PNG Chamber of Mines and Petroleum has welcomed a report by the World Bank that has forecasted that new large-scale resource projects could boost Papua New Guinea’s real Gross Domestic Product (GDP) to five percent this year. The World Bank recently released its February 2019 edition of the PNG Economic Update which outlined PNG’s economic situation and medium-term development prospects. The report stated that the country’s medium-term economic outlook

K92 Mining receives positive news for US$13.6 million Kainantu expansion

CANADIAN miner K92 Mining Inc. has received  positive results of the Preliminary Economic Assessment (PEA) update for a proposed US$13.6 million expansion of the Kanaintu gold mine in PNG. The PEA found that mining production and plant processing capacity could be increased to 400,000 tonnes per annum over a period of approximately 12 months; The expanded plant would treat 4.9 million tonnes averaging 9.0 g/t Au. 20 g/t Ag and

High Arctic and Oil Search reach agreement on rig operations

CANADA’S High Arctic Energy Services has announced that it has agreed to terms with Oil Search Limited for a three year contract renewal for its primary contracts in Papua New Guinea covering the Drilling Rigs 103 and 104 and the drilling support services related to the supply of personnel and rental equipment to support the related drilling operations. The renewal is effective from August 1, 2018 for a three year

GPR kicks off major Woodlark gold exploration campaign

GEOPACIFIC Resources Limited has commenced a major regional exploration programme at the Woodlark gold project (Woodlark) in Milne Bay Province. Since taking over Woodlark in late 2016, Geopacific has substantially increased the Woodlark Reserve through a focussed development drilling campaign. With the Definitive Feasibility Study (DFS) progressing on budget and on schedule and the completion of a capital raising, Geopacific says it is now poised to add significant value to

Kingston kicks off Misima drilling campaign

Australia’s Kingston Resources Limited reports that drilling has commenced at the historic  Misima Gold Project on Misima Island. The major diamond drilling campaign is targeting extensions to the existing 2.8Moz gold resource and drill-testing of newly discovered exploration targets at Umuna East Side. Kingston told shareholders it anticipates drilling 10,000m this year. This will be the first gold exploration drilling on Misima for more than 15 years. The company also

K92 achieves commercial production at Kainantu Gold Mine

IN positive news for the PNG resources sector K92 Mining Inc. has achieved and declared commercial production at the historic Kainantu Gold Mine in Papua New Guinea’s Eastern Highlands. K92 reported that production for the month of January 2018 exceeded 2,700 ozs gold equivalent (2,500 ozs gold). The company said that this level of production, based on the budgeted monthly operating costs, Total Cash Costs for the month of January

Oil Search sets record annual production levels

A strong fourth quarter performance has helped Oil Search Ltd set a new annual production record in 2017. The company’s managing director, Peter Botten, said Oil Search finished 2017 strongly, with fourth quarter production of 7.59 mmboe taking full year production to 30.31 mmboe, which was at the upper end of our guidance range and an all-time record for the company. Mr Botten said the record was set despite some

K92 Reports Multiple Wide High Grade Drill Intercepts

K92 Mining Inc. continues to have drilling success with its extensive grade control and exploration drilling of the Kora North Extension near Kainantu. The company’s latest results  include three holes from Diamond Drill Cuddy One (DDC1), and four holes from Diamond Drill Cuddy Two (DDC2), located approximately 125 metres along strike DDC1. All holes drilled from DDC2 have recorded wide intersections of the K1 vein in addition to the main

Geopacific continues to build momentum at Woodlark Gold Project

Woodlark Island gold explorer Geopacific Resources Ltd has reported further strong gold assay intersections from the Woodlark Gold Project. The latest results comprise a series of compliance drill holes designed to meet JORC 2012 standards, prior to releasing interim resource and reserve estimates. Highlights: • High level of QAQC provides confidence in geological database Resource and Reserve estimates on track for Q1 2018 New geological model maximises projected gold recovery