RE: UMC drilling in Madagascar - updateI think you may be correct. I don't know about the Novenber thing though as it doesn't look like they will be drilling again until 2009.
UMC Energy is about as slow as Cline when it comes to getting things done :) No wonder there share price isn;t worth anything. Maybe Ken is pulling the strings over there too :)
25 September 2008
UMC Energy Plc
("UMC Energy" or the "Company)
Interim Financial Results for the six months ending 30 June 2008
CHAIRMAN'S STATEMENT
The focus of activity during the first half of 2008 has been reviewing the results of exploration activity from 2007 and determining the appropriate strategy for future work.
There are two broad data sets available from 2007 - the drilling results from Folakara and the airborne work from both Folakara and Makay. Although some deficiencies with in-country management and control has compromised the quality of these results and the data is not of a sufficient standard to use as a basis for reporting purposes, this information does provide a very useful guide for assessing potential prospectivity.
Results from the 2007 drilling programme demonstrate the existence of uranium mineralization at Folakara. However, it is currently not clear as to what extent this mineralisation is continuous and whether it in fact does represent a small orebody. In addition, the airborne work also highlights a large number of targets for follow-up work. This would be surface radiometrics and sampling in the first instance.
The original exploration programme for 2008 had called for a drilling programme at Folakara designed to confirm the results that are suggested by the 2007 drilling campaign. However, this programme was revised on the basis that it was more appropriate and efficient to first assess the potential for a wider range of drill targets in the broader tenement areas. Although this approach has effectively postponed any further drilling until 2009, it does enable a more cost effective drilling programme to be eventually planned on a broader range of drill targets.
Therefore, two campaigns of helicopter supported surface radiometrics/sampling field work are planned for the later part of the 2008 dry season. This seasonal window provides the most conducive time for exploration activities. The programme will test the identified anomalies and provide the basis for planning of further work envisaged for 2009.
C Kyriakou
Chairman
25 September 2008