(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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UK Oil & Gas PLC - onshore exploration and production firm, with assets in the UK and Turkey - Says that seismic processing of the 55 kilometres of new Basur-Resan 2D seismic has been completed and has been received from Abu Dhabi based BGP. Company believes the new data is an improvement on the prior 1982-92 seismic data, further confirming the prospectivity of the Basur-Resan hydrocarbon accumulation. Says the new data will help facilitate the correct placement and design of the future Basur-3 sidetrack and Resan-6 appraisal wells.
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Challenger Energy Group PLC - Isle of Man-based oil explorer with assets in the Caribbean and Atlantic Margin - Says its oil production has risen to around 400 barrels a day. AIM-listed company says it has completed four well recompletions across its fields in Trinidad and Tobago, which raised daily production by 40 to 60 barrels, or 10% to 15%. Challenger adds further near-term production enhancement activities are being prepared, with a target to increase production by a further 10% over the coming months.
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Bradda Head Lithium Ltd - North America-focused lithium development company - Says drilling now started at its Eureka project in Nevada after obtaining the receipt of permits in March. Says drilling began on April 19 on a 23-hole programme designed to test the shallow clay potential at Eureka. Previous surface sampling carried out by Bradda Head geologists identified grades of up to 550 parts of lithium per million at Eureka.
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SolGold PLC - Brisbane, Australia-based developer of copper-gold deposits in Ecuador - Publishes pre-feasibility study for its copper-gold Cascabel project in Ecuador, which estimates annual earnings before interest, tax, depreciation, and amortisation of USD1.2 billion over an initial mine life of 26 years. Says the study also underpins the mineral reserve estimate and further optimisations of the mine and process plant are expected to deliver additional value. It also estimates initial capital expenditure of USD2.7 billion for the initial cave development, first process plant module and infrastructure.
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President Energy PLC - Leeds-based oil & gas company focused on Latin America - Says testing at wells DP2001 and 2003 in Salta Province, Argentina continues to progress, with both already having demonstrated commercial production. Further, says high impact exploration Paraguay project is in progress with results expected by the end of the year. President is also re-invigorating the farm-out project at Martinez del Tineo.
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Capital Metals PLC - London-based mineral sands explorer - Announces first half of results from the fourth quarter auger drilling programme. The company says the first half of results returned high levels of assay precision and accuracy from quality assurance programme. Average grade of results of 20% total heavy metals from 352 drill results received to date, compared to the existing JORC resource grade of 18%. Notes less than 10% of the project has been drilled to date and these latest results confirm that this resource will expand and it will uncover high grade areas not previously identified.
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Phoenix Copper Ltd - base and precious metals explorer in US state of Idaho - Notes US government invoked the Defense Production Act. This directive will support US production and processing of minerals and materials used for large capacity batteries, in particular those used in electric vehicles and in the infrastructure required to power and charge those vehicles. Phoenix Copper is the 80% owner of the Empire copper mine in Idaho, as well as the owner of two exploration properties on the Idaho cobalt belt. Company says is eager to continue working toward development at these projects which will help contribute to the US energy independence goals.
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Doric Nimrod Air Two Ltd - Guernsey-based investment company - Its subsidiary MSN090 receives notice from airline operator Emirates that the lessee is exercising the option to enable it to redeliver the Airbus A380-800 aircraft bearing manufacturer's serial number 090 in the minimum condition equivalent to "half-life" together with a cash sum, as opposed to delivery in full-life condition. Says that in the event the aircraft is returned to the lessor, Emirates will pay USD12 million to the company's subsidiary, in addition to the normal monetary compensation arrangements, on or prior to the lease expiry date. The lease expiry date for the aircraft is December, 2, 2023. Notes this does not preclude the company from considering lease extension, sale or re-lease options for the aircraft with Emirates or other counterparties.
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Steppe Cement Ltd - Kazakhstan-focused construction materials firm - Says Alwaha Fund Ltd acquired 500,000 shares at 29.25 pence per share in Steppe Cement on March 4. Following the transaction, Azmi Wan Hamzah, raised his shareholdings in Steppe to 68 million shares representing 31% of the company's issued share capital.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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