The decision followed production in the second quarter of the year of 23,785oz, which is up 11% from the first quarter, and took January-June production to 45,128oz.

The company also provided production guidance for the third quarter, which is 23,000-25,000oz.

Full year all-in sustaining cost guidance remained unchanged at US$850-US$950/oz.

"In the period, we commissioned a total of 6MW of [Compressed Natural Gas] generating capacity which enables us to run the processing operations fully on CNG produced from Nigerian oil and gas operations," Thor's president and CEO Segun Lawson said.

"The company also repaid US$14.5 million of its Senior Debt Facility in the period and has now reduced the facility by 29% at the end of the first half of the year," he said.

Canaccord Genuity Capital Markets analyst Sam Catalano said in May that provided Segilola performs to expectations, CG anticipates its operating cashflow to average about C$26 million (US$20 million) per quarter for Q2-Q4, which should comfortably see it negotiate its repayments, and position itself strongly for an uplift in free cash flow generation next year.

Thor's share price rose 5% day on day to C$0.215 on July 10. The company has a market capitalization of C$137.8 million.