Geodrill Limited (GEO.TO), a leading West African based drilling company, reported its financial results for the three-months ended June 30, 2011. Revenue was up 40% to US$16.6 million. It secured new drill contracts with Pelangio Exploration Inc., Abzu Gold Ltd, and PMI Gold Corporation and increased the number of drill rigs in operation to 22 with an additional 7 rigs in transition or under manufacturing. Completed 242,627 meters of drilling, a 92% increase for the quarter as compared to Q2 2010. For the six month period ended June 30, 2011 the company completed 429,567 meters which is a 79% increase over the same period of the previous year.
"During the second quarter of this year, we continued to benefit from a robust exploration market in West Africa demonstrated by an increase in new drilling contracts and a fully utilized rig fleet. Our customer base remains a diverse mix of major, intermediate and junior mining clients that minimizes our exposure to the cyclical nature of the commodity industry and allows us to leverage higher margin exploratory work while maintaining stable operations," said Dave Harper, President and CEO, in a statement.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
