Join our daily newsletter At The Bell to receive exclusive market insights
- Dynamic Group (DDB) subsidiary Orlando Drilling has been awarded a drilling contract by Round Oak Minerals, a subsidiary of Washington H. Soul Pattinson and Company (SOL)
- The 12-month contract involves Orlando undertaking aircore, reverse circulation and diamond drilling at Round Oak’s Jaguar base metals operation in WA’s Goldfields region
- Dynamic says the combined value of the new contract together with the additional scope on existing projects unrelated to Round Oak will generate further estimated annual revenue of between $12 million and $16 million
- DDB shares surge 19.7 per cent to 42.5 cents
Dynamic Group (DDB) shares surged after the company announced its wholly owned subsidiary Orlando Drilling was awarded a drilling contract by Round Oak Minerals.
Round Oak is a subsidiary of Washington H. Soul Pattinson and Company (SOL).
Under the initial 12-month contract, Orlando will conduct aircore, reverse circulation and diamond drilling at Round Oak’s Jaguar base metals operation in Western Australia’s Goldfields region.
Dynamic said the combined value of the new contract together with the additional scope on existing projects unrelated to Round Oak would generate further estimated annual revenue of between $12 million and $16 million.
Due to relaxed requirements for entry into WA, the company has been able to re-engage Eastern States-based personnel for current and upcoming projects, helping mitigate labour challenges.
The company said it was seeing a strong level of interest in its drilling services and contract discussions were continuing with multiple parties.
DDB shares finished the day’s trading session 19.7 per cent higher at 42.5 cents.
