The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Zephyr Energy PLC - Oil & gas exploration and development in US Rocky Mountains - Starts drilling operations on the state 36-2 LNW-CC well at its flagship project in the Paradox Basin, Utah. The fully-funded well will target the Cane Creek reservoir, and drilling is planned to a total depth at 20,456 feet measured depth, it says. ‘While Zephyr’s primary objective for the well is to target production from the Cane Creek reservoir, we also plan to use the drilling operation to acquire important additional data from overlying reservoir targets,’ Chief Executive Colin Harrington comments.
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Kefi Gold & Copper PLC - Cyprus-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Says the updated $320 million costings and finance plan for its Tulu Kapi Gold project was agreed to by all the syndicate lead contractors, investors and lenders. The plan is currently being processed for final reviews and entry into definitive documentation to be signed as soon as possible, it adds. ‘Today’s important milestone of the debt and equity leads approving the finalised finance plan allows all the respective boards to formally approve the definitive documentation. I am pleased to report the project is now up and away,’ Executive Chair Harry Anagnostaras-Adams says.
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URA Holdings PLC - strategic minerals exploration in southern and central Africa - Announces an independent maiden mineral resource estimate for its 74% owned Gravelotte Emerald mine in Gravelotte, South Africa. Total independent maiden JORC mineral resource estimates 29 million carats of contained emerald. Notes that the mine, processing plant, infrastructure upgrades and refurbishment are currently in progress. Expects to start production in 2023.
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Synergia Energy Ltd - Perth-based developer of natural gas assets in India, Indonesia and the UK, formerly called Oilex Ltd - Reports that the C-77H well at the Cambay, India operations continues to produce on a consistent plateau with gas rates between 255 and 275 thousand cubic feet per day. Gas production is being sold at a price of $8.57 per cubic feet, as regulated by the government of India.
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Firering Strategic Minerals PLC - operator of Atex dual lithium-tantalum project in Ivory Coast - Gets an upfront consideration payment of $1 million from Ricca Resources Ltd. Says that the payment follows $18.6 million binding and definitive earn in agreements to advance its Atex Lithium-Tantalum project and the adjacent alliance exploration licence in the Ivory Coast, once it is granted.
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Chariot Ltd - Devon, England-based transitional energy company focused on Africa - Notes media speculation regarding a workshop held between the company and representatives of various ministries and institutions of the government of Morocco for the development of the Anchois gas field, offshore Morocco. Confirms the project remains on track and that all parties are working collaboratively to ensure the timely delivery of the Anchois development.
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Beacon Energy PLC - Isle of Man, UK-based oil and gas company - Completes all the regulatory formalities to change its name to Beacon Energy PLC from Advance Energy PLC. ‘We felt it was appropriate to change the company’s name to reflect our forward-looking objectives which are underpinned by a focused strategy and supportive market dynamics. The change of name has been delivered in a very cost-effective manner and gives the company a new identity through which we hope to deliver long-term value for our shareholders. We look forward to providing an update on the Potential Acquisition in due course,’ CEO Larry Bottomley comments.
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Crushmetric Group Ltd - Hong Kong-based pharmaceutical and beauty product company - Changes its name from MiLOC Group Ltd. Raises a total of HK$200,000, roughly £21,980, through the issue of 109,900 at a price of 20 pence per share. Plans to use the placing proceeds for general working capital purposes.
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Horizonte Minerals PLC - nickel company focused on Brazil - Enters into long-term power purchase agreements for its Araguaia nickel project in Brazil. Says fixed-price power contracts cost 30% less than used in own study. Adds that construction is underway at its project and that production remains on track to start in the first quarter of 2024. ‘Given that the electrical power will represent roughly a third of Araguaia’s operational cost, we are very pleased to enter into these fixed-price power contracts which are 30% lower than that used in the feasibility study ensuring that our operational costs will be in the lowest quartile globally. Furthermore, in line with our target of becoming one of the lowest CO2 nickel producers globally, these PPA contracts demonstrate our ability to achieve this objective. By leveraging the abundant hydropower available in Brazil, we are able to not only differentiate ourselves against global peers from a cost perspective, but also from an environmental standpoint. Given the PPA supplier’s strong operating credentials, we see these contracts as a major de-risking milestone for the Araguaia project,’ CEO Jeremy Martin comments.
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VSA Capital Group PLC - London-based Investment banking and broking firm - Says that its outlook remains unchanged since reporting its final figures in June. Expects a strong second half and a full year profit, despite ‘the worsening conditions in general for its industry.’
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