LONDON (Alliance News) - Red Rock Resources Ltd on Monday said progress has been made at its Shoats Creek project in the US and on the sale of its Colombian assets.
Red Rock said it expects to announce a stable production flow rate for the LM20 well at the Shoats Creek project in Louisiana very soon. The company has a 20% working interest and 14.4% net revenue interest in the project.
Red Rock added it has received the second tranche of proceeds from the sale of its Colombian assets but said the royalty agreement on the sale have been amended to start payments on May 1 rather than immediately, as the volume of gold produced from the assets is not yet significant.
The company also said its application for a judicial review in regards to its Kenyan licences is ongoing. Red Rock and Mid Migori Mining are currently locked in battle over the termination of licences in Kenya.
Red Rock shares were down 5.1% to 0.356 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Red Rock Resources (RRR)