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Edenville posts operating loss

By BFN News | 08:19 AM | Tuesday 03 June, 2014


Africa coal explorer and developer Edenville Energy posts an operating loss of £2.4m for the year to the end of December. Chairman Sally Schofield said: "During the past year Edenville has progressed from an exploration to an early stage development company. 2013 marked the end of the high cost exploration and resource definition drilling and saw a move into the first phase of project development, the focus of which is firmly on assessing the potential options for monetising the company's assets. "The company's prime focus is the Rukwa coal deposit; the release of the JORC resource report in September 2013 provided an upgraded Measured and Indicated resource of 171 million tonnes of raw coal, with an additional 2 million tonnes in the Inferred category. "The board is confident that at this stage we have sufficiently detailed knowledge of the coal deposit, supported by a robust geological model. Accordingly, we do not anticipate further drilling on the Rukwa coal deposit in the coming year. The tonnage and quality of the coal is believed to be capable of supporting a 100MW power station capable of providing electricity over a significant time period." At 8:19am: (LON:EDL) Edenville Energy PLC share price was -0.01p at 0.05p Story provided by StockMarketWire.com

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