Resources round-up Range Resources, African Copper, Wasabi … – MoneyWeek

OilandgasproducerRangeResourceshaspostedasignificantincreasetoitsprovedandprobablereservesfortheNorthChapmanRanchProject,Texas,inwhichRangeholdsa20-25%interest。

Provedoilreserveshave,betweenDecember2011andJune2012,risen64%to8。

4mbarrelsofoil;naturalgasrose65%to106bncubicfeetandnaturalgasliquidsclimbed60%to8。

0mbarrels。

Itwasntallgoodnewsthough,astotaloilreservesfellfrom18。

7mto17。

8mbarrels,totalnaturalgasfellfrom242。

5to227。

5bncubicfeetandnaturalgasliquiddeclinedfrom18。

9mto17。

5mbarrels。

Thecompanynowplanstodivestitsinterestintheprojectduringthethirdquarterofthecurrentyear。

Thefirmaddedthatsalespricesofsimilarproductionassetsintheregionhavebeenencouraging,andsaidanysuchdivestmentwillprovidesignificantfundingthatcouldbeappliedtoRangescurrentactivities。

AfricanCopper,aproducerandexplorationcompany,hassecuredanadditionalloanof$6。

0mfromitscontrollingshareholderZCI(84。

19%ownership),whichwillbeusedtoprovidethecompanywithfurtherworkingcapitalforitsMowanaMinefacilities,partiallytocoverthefundinggapcausedbythefailureoftheBallMillpinionshaftinMay2012。

Theloanisasecuredloanfacilitywithanannualinterestrateof7。

0%,repayableon31March2014。

Thefacilityisconvertibleintoordinarysharesof1peachinAfricanCopperataconversionpriceof2。

40ppershare,withamaximumofjustover163mshares。

Ifthisoccurred,ZCIwouldown91。

09%ofAfricanCopper。

NR

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