Range Resources (LON:RRL) saw its shares fall by 7.8% to 4.50p on news that drilling was underway on the Russell Bevly #1 appraisal well, which forms part of the North Chapman Ranch joint venture's multi-well programme in Texas. The partners are hoping that the well will provide valuable information regarding the size and geometry of the reservoir and move additional reserves into the proved producing category. Yesterday, Range published an independent assessment of the 3P reserves at the North Chapman Ranch, which included 215 billion cubic feet of natural gas, 19.9 million barrels of oil and 15.5 million barrels of natural gas liquids.

Shares in Hambledon Mining (LON:HMB) rose by more than 10% to 5.1p after the Kazakhstan focused gold miner posted a first ever full-year operating profit of £42k – up from a loss previously of £7.0m. During 2009, the company produced 20,050 ounces of gold and 46,050 ounces of silver and began developing underground mining operations. Despite the positive news the company said it had still not reached its desired level of production.

Emed Mining Public Ltd (LON:EMED) posted a full year net loss of €9.6m - down from €16.6m last time. The company said it was still on scheduled to restart copper production during 2011 from the Rio Tinto mine in Spain, although precise timings were dependent on permits. It noted that the start-up of the Rio Tinto mine would require a total finance package of €70m (plus bonds, insurances and guarantees). Discussions are understood to have commenced with potential product off-take customers and project finance lead-arranger Goldman Sachs. At EMED’s other core project, the Biely Vrch gold prospect in Slovakia, work is now set to focus on refining the scoping study, completing a preliminary environmental impact assessment and on progressing permitting for development. The company’s shares fell by just over 1% to 9.75p

Elsewhere, shares in Churchill Mining (LON:CHL) were up by 3.4% to 122p after the coal miner announced the appointment of new CFO, Paul Graus, from First Quantum Minerals. It has also set up an Indonesian Advisory Board to guide it on its way to becoming a major coal producer in Indonesia. Churchill is behind the development of the 3.18bn tonne East Kutai Coal Project and has brought in Dr Alwi Shihab as chairman of the…

Unlock the rest of this article with a 14 day trial

or Unlock with your email

Already have an account?
Login here