Resource round-up: Angel Mining, Xcite Energy, Roxi Petroleum

29th May 2012 09:33

Angel Mining shares fell on Tuesday despite announcing a new monthly gold production record that gave it confidence its Nalanuq mine would soon hit commercial production targets. Investors pushed the shares down 3.5% after the firm also announced it had discovered a fault running just above the gold bearing quartzin the South Block development, which resulted in the grade of ore deteriorating recently.Xcite Energy said its 9/3b-7 well had reached target depth of 9,377 feet and a reservoir section in excess of 2,200 feet had been penetrated, with 100% net pay. In a separate announcement the firm also said it would exercise warrants issue 6,449,599 ordinary shares of no par value in the company to Socius on or around 1 June 2012.Shares in Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, rose 16% after it spudded a well in its Galaz Contract Area. The plan is now to drill the NK-13 well to a total depth of 1400 metres to appraise Jurassic formations in the South East channel of the area. Drilling operations were expected to take approximately 30 days, the company said, after which a further announcement will be made.Wolf Minerals said it had successfully raised A$5m after placing 18.5m shares with Resource Capital Fund and Traxys Projects, two of the company's major shareholders. Resource is taking the lion's share of the new equity, much of which is subject to shareholder approval.The price of Genel Energy ticked up slightly after the firm announced it had completed drilling and initial testing at its Ber Bahr 1 well in Iraq. The firm said the presence of a significant oil column was encouraging, but further evaluation was needed before it could determine whether the discovery was commercially viable.mm