TRADING UPDATES: 88 signs license agreement; Lekoil litigates

Mon, 27th Jun 2022 21:15

(Alliance News) - 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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88 Energy Ltd - Australia-based oil explorer in US state of Alaska - Signs licensing agreement with SAExploration Inc to use its Franklin Bluffs 3D seismic survey data, which covers a significant area of its Icewine East leases. Upfront license fee includes USD1.0 million in new 88 shares. 88 will conduct a full interpretation of the data, including AVO analysis, to define 'sweet spots' for future exploration and appraisal drilling locations. New exploration well drilling is currently planned to spud in 2023.

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Panther Metals PLC - mineral exploration in Canada - At the Coglia nickel/cobalt project in Western Australia, reports a maiden mineral resource estimate of 70.6 megatonnes at 0.7% nickel and 460 parts per million cobalt. This exceeds the 50 megatonnes upper limit of the previous JORC exploration target by 20 Mt, which is a 40% uplift over the expected tonnage. "The maiden Mineral Resource estimate for Coglia has exceeded all our expectations and has the potential to add a significant uplift to Panther Australia. The three new target areas to the south and east of the resource area provide further potential for future uplifts subject to the necessary drilling and technical studies," says Chief Executive Officer Darren Hazelwood.

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Technology Minerals PLC - London-based company focused on creating a circular economy for battery metals - Says it will not issue the 84.0 million shares to the vendors of Onshore Energy Ltd, due the the the lack of validity of exploration permits in Cameroon. When TM acquired OEL back in November, the purchase price and issue of new shares in TM were reduced, as OEL was awaiting the approval of its application for five exploration permits, with a deadline of December 31. TM put aside the 84.0 million shares to issue to OEL vendors upon the approval of the permits. Legal counsel for TM later found the OEL's permits were invalid under Cameroon law, and consequently, TM will not issue the shares reserved to OEL. TM is "taking steps so that the permits will be valid under Cameroon law".

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Lekoil Ltd - Cayman-incorporated oil and gas exploration and production company focused on Nigeria and West Africa - Updates on the claim by former CEO Akinyanmi in the Cayman Islands to void the share allotment resolution passed at the company's annual general meeting on December 21. The court has consented to Akinyanmi's requests to add Lekoil Nigeria as plaintiff, and other procedural matters.

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Vast Resources PLC - London-based miner with projects in Romania and Zimbabwe - Completes second milling circuit at processing plant at Baita Plai Polymetallic Mine six weeks ahead of schedule. The circuit will optimise the operations, and doubles the milling capacity at the plant, Vast says. The two mills combined can process 14,000 tonnes per month. "Our mining volumes are steadily increasing, and are expected to increase dramatically with the implementation and ramp up of long hole stope mining commencing from next month. The commissioning of this second milling circuit – achieved six weeks ahead of schedule – will support increased concentrate production moving forward," says Chief Executive Officer Andrew Prelea.

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Tectonic Gold PLC - Sydney-based mineral explorer in Australia and South Africa - Makes progress to complete the drilling compaign at Specimen Hill. Also says work has begun to clear tracks to prepare for remobilising heavy equipment at site, and to complete diamond coring below the high-grade mine at Goldsmith's Reef. Says it is fully funding to return to the field and complete the final drilling, and accordingly there is no immediate need for the GBP1.2 million in warrant funding from September 2020. Extends the expiration date of 1.4 pence warrants due to expire on July 1 to November 30, to avoid the holders being prejudiced by project delays. "It is anticipated this will provide sufficient time to have the drilling completed and assays processed for reporting," Tectonic notes.

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IMC Exploration Group PLC - Dublin-based exploration company focussed on Ireland - Agrees with Mineral Ventures Invest Spol SRO to extend the final date to satisfy the conditions to acquire Karaberd Mine in Armenia. The date is now January 14, 2023. This is the second extension, and is due to local, Covid-19 pandemic-related factors which delayed "certain structuring and organisational measures" relating to the assets subject to the acquisition.

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Genel Energy PLC - London-based oil company focused on the Kurdistan region - Confirms all payments have been received from the Kurdistan Regional Government in relation to March oil sales for a total of USD60.6 million. "Following the receipt of the receivable recovery payment, Genel is now owed USD68 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020," the firm notes.

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By Elizabeth Winter; elizabethwinter@alliancenews.com