Edenville Energy trades lower despite positive results in Tanzania

LONDON (ShareCast) - Edenville Energy was trading lower Friday after the company released results from it drilling exploration in Tanzania.

The African energy exploration and development company announced positive initial coal results from Muze, northeast of Mkomolo on Thursday.

However shares fell 1.49% at 15:22 today as the sector experienced declines.

The company said initial results were similar to the 39m tonnes sub-bituminous thermal coal found at its Mkomolo JORC project.

Simon Rollason, Chairman of Edenville, said: "I am pleased to announce these very encouraging initial results from Muze.

"The results will have a positive impact on the resource statement when it is updated and emphasise the highly prospective nature of the project. Our intention in 2013, alongside the continued drilling at Muze, is to evaluate the feasibility of initiating small scale mining of the Namwele deposit; this has the potential of generating near-term revenues."