Aorere chairman outlines new projects goal
The proposal by Aorere Resources Ltd (NZX: AOR) to take up new resource projects in New Zealand could see the company advancing them for joint ventures.
Company chairman Dene Biddlecombe said in the company’s latest annual report that the unnamed projects being examined were considered to have strong potential.
He cited the successful progression of the Kotuku oil seeps prospect near Greymouth by Mosman Oil & Gas Ltd, which farmed in on the property and then took it over after making Aorere a significant shareholder.
Success with this project, which has happened since the annual report’s reporting period, has not only enhanced Mosman but also Aorere.
Biddlecombe said the year to March 31 had been a period of consolidation for the company and had allowed Aorere to identify local projects that could provide the impetus for growth over the next two to three years.
Aorere is a significant shareholder in Chatham Rock Phosphate Ltd (NZAX: CRP) which experienced a delay in the securing of its mining permit to recover phosphate nodules from the Chatham Rise seabed.
Biddlecombe said directors were aware when CRP began to advance Chatham Rise that the mineral sector was ceasing to be in a growth phase. So, the company decided to wait for the business cycle to move forward - with the Mosman Oil deal a positive result.
As a result, for the financial year, Aorere’s equity funds rose from $4.5 million to $5.1 M predominantly through the issuing of shares in Mosman and gains in the value of the company’s investment in that AIM-listed oil explorer.
Biddlecombe said that of the September general election, Aorere hoped an incoming government will recognize the importance of the extraction industries to New Zealand’s economic future.
Annual report. (391.5 kilobytes)
Aorere Resources Limited
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