News: Bandanna resource upgrade

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Bandanna Energy Limited (ASX:BND) said its indicated resources will rise by almost 80 per cent.



The resource upgrade has pleased the company in light of wet weather and poor ground conditions that severely hampered drilling on its Springsure Creek drilling program.



Managing director Ray Shaw said the resource increase will form the basis for a corresponding review of the company’s reserve inventory, and potential mine development plans.



For the second half of last year, Bandanna reported a profit of $2.4 million.