Capital Drilling Limited West Africa Update (6722R)
18 June 2018 - 4:01PM
UK Regulatory
TIDMCAPD
RNS Number : 6722R
Capital Drilling Limited
18 June 2018
For Immediate Release 18 June 2018
Capital Drilling Limited
("Capital Drilling", the "Group" or the "Company")
West Africa Update
Capital Drilling Limited (CAPD:LN), a leading drilling solutions
company focused on the African markets, is pleased to announce an
update on operations in West Africa.
The Company has made significant progress over the first half in
implementing its strategy of building a stronger presence in the
West Africa region. As a result of substantial asset redeployment,
Capital Drilling now has a total of 26 rigs in the region, located
in Mauritania, Mali and Côte d'Ivoire. A further four rigs are
scheduled to arrive in the coming months which will provide Capital
Drilling with one of the largest rig fleets in the region.
Infrastructure has also been developed over the first half of
2018. The Group now has offices, warehouses, workshops and
accommodation in Bamako, Mali, and Yamoussoukro, Côte d'Ivoire,
building on the already established presence in Mauritania. To
further enhance our capabilities in the region the Group has
appointed a Business Development Manager, Julian Blake, initially
based in Ghana.
We are pleased to announce that the increased commitment to the
region has resulted in a number of successful contract awards,
specifically:
-- Resolute, Mali - Capital Drilling was selected as preferred
contractor for a three year contract with Resolute Mining Limited
in Mali, West Africa. Under this contract, Capital Drilling
provides surface drilling for Exploration and Resource Development
at Resolute's projects and joint venture operations in Mali. This
contract award was previously announced in April 2018 and commences
1 July 2018, replacing the existing short-term surface drilling
contract.
-- Kinross, Mauritania - Capital Drilling has been awarded a
drill rig maintenance contract at the Tasiast Mine in Mauritania.
The contract commenced in June 2018 and runs for a two year period.
Capital Drilling has been contracted for maintenance on two blast
hole rigs since January 2018 and we are pleased to be awarded a
long duration contract reflecting the solid results under the
initial trial contract.
-- Hummingbird Resources, Mali - Capital Drilling has been
awarded a delineation drilling contract at the Yanfolila Gold Mine
in Mali. The contract will utilise one reverse circulation (RC) rig
and three rigs for diamond core drilling and will be carried out
over H2 2018, with operations commencing in July 2018.
Commenting on the update, Jamie Boyton, Executive Chairman
said:
"Capital Drilling's development of its drilling services
business in West Africa, one of the fastest growing geographies in
mining industry, has progressed substantially over the last 12
months. We have more than doubled our rig fleet in the region to
what will be approximately 30 rigs in the second half of this year.
The progress in West Africa and in other geographies translates
into the Group providing new guidance on our anticipated revenues
for the current financial year to $105-115 million, up from
$100-110 million. We look forward to updating shareholders with
further progress when we announce our H1 Trading Update on 10(th)
July 2018".
For further information, please visit Capital Drilling's website
www.capdrill.com or contact:
Capital Drilling Limited +230 464 3250
Jamie Boyton, Executive Chairman investor@capdrill.com
André Koekemoer, Chief Financial Officer
finnCap Ltd +44 20 7220 0500
Christopher Raggett, Corporate Finance
Andrew Burdis, Corporate Broking
Tamesis Partners LLP +44 20 3882 2868
Charlie Bendon
Richard Greenfield
Buchanan +44 20 7466 5000
Bobby Morse capitaldrilling@buchanan.uk.com
Gemma Mostyn-Owen
About Capital Drilling
Capital Drilling provides specialised drilling services to
mineral exploration and mining companies in emerging and developing
markets, for exploration, development and production stage
projects. The Company currently owns and operates a fleet of 95
drilling rigs with established operations in Botswana, Côte
d'Ivoire, Egypt, Ghana, Kenya, Mali, Mauritania and Tanzania. The
Group's corporate headquarters are in Mauritius.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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