TRADING UPDATES: Cora Gold progresses Sanankoro gold project

Tue, 26th May 2026 20:03

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Conduit Holdings Ltd - parent company of Bermuda-based reinsurer Conduit Re - Provides further details of the share buyback programme of up to USD50 million announced on May 13. Buyback will be executed and managed by Panmure Liberum Ltd and will be funded from existing cash resources. It will run up to August 13.

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Arrow Exploration Corp - Colombia-focused oil producer - Provides an update on operational activity on the Icaco field on the Tapir block in the Llanos Basin of Colombia where Arrow holds a 50% interest. The Icaco 1 exploration well was spud May 5, and reached target depth on May 9. It was drilled, on time and under budget, to a total measured depth of 7,800 feet and encountered multiple hydrocarbon-bearing intervals. Arrow put IC-1 on production on May 15 and is currently on production at a restricted rate of around 628 barrels of oil per day. Testing indicates that the well is capable of higher rates, and the ultimate flow rate will be determined over the coming weeks of production. Initial production results are not necessarily indicative of long-term performance or ultimate recovery, Arrow adds. Further, the Icaco 2 well, a "significant step out" from the IC-1 well, was spud on May 18 and will give Arrow an opportunity to increase production from Icaco, as well as provide further information on the size and materiality of the Icaco discovery. "Management believes the Icaco 1 well result is a material discovery in the southeastern area of the Tapir Block. Icaco 2, a significant step out to the north, will help delineate the pool and determine initial volumes and areal extent of each individual oil producing zone," says Chief Executive Marshall Abbott. "In the current oil price environment, the Company continues to build cash resources. This provides a stable platform with optionality to pursue both organic growth and accretive acquisitions," he adds.

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Sintana Energy Inc - oil and gas company targeting Angola, Namibia and Uruguay, with offices in London and Toronto - Receives conditional TSX-V approval in respect of the placing and subscription, one of the conditions to completion of the fundraising. Completion of the fundraising remains conditional upon admission, which is expected to occur on or around Wednesday. The fundraising also remains subject to standard post-closing filings and the final approval of the TSX-V. Last week, Sintana announced plans to raise USD11.5 million via private placement and subscription at a price of CAD0.41 per share (around 22.5 pence per share).

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Cora Gold Ltd - West Africa-focused gold developer - Announces further progress towards construction readiness at the Sanankoro gold project in southern Mali, including the start of the front-end engineering design process. This is a key element in readying Sanankoro for full construction, forms part of the capital cost and is an important milestone in the delivery timeline contemplated in the definitive feasibility study through to first gold pour. Completing the FEED process will allow the company to make decisions on long lead items, with a view to potentially compressing the project's delivery timeline once in receipt of the mining permit. In addition to the FEED and permitting activities, selected complementary workstreams are planned to commence in parallel. "We are building strong momentum at Sanankoro across multiple fronts," says Chief Executive Bert Monro.

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Mendell Helium PLC - Perth, Scotland-based helium producer - Provides an update on the company's operations in Fort Dodge, Kansas. Says completion operations at the Rost 2-26 well are underway, with a rig on-site to perforate the targeted helium production zones. Once this phase of the project has been concluded, an electric submersible pump will then be installed in the wellbore for de-watering. During drilling of the Rost Twin, Mendell employed a mass spectrometer which identified several shows of helium in different potential production zones within the well. This data has been analysed and is being used in the completion operations to identify both the location and length of the perforations. Simultaneously with the operations at Rost Twin, Mendell is also upgrading the nearby Brobee salt water disposal well to access the deeper Arbuckle formation. Operations have commenced and involve removing plugs from the well to increase the disposal depth. Mendell has received a permit for Brobee that doubles its water disposal capacity to 10,000 barrels per day, making it sufficient for both Rost wells. During the upgrade works at Brobee, water pumping from the Rost 1-26 well has been temporarily suspended. Work has also commenced drilling a new disposal well to support the recompletion of the Schneweis Ventures 13A well, in which Mendell Helium is partnering with Ritchie Exploration Inc. Chief Executive Nick Tulloch says: "This month marks a significant increase in activity by Mendell Helium. For the first time in our history, we have three rigs operating at three locations. The purpose of the recently completed fundraising was to give us the ability to accelerate our growth and we have wasted no time in putting this into effect. Alongside these operations, our subsurface team is examining the locations for our next phase of production wells and we expect the new faster pace of our operations to continue during 2026."

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Kefi Gold and Copper PLC - gold and copper exploration and development company targeting Ethiopia and Saudi Arabia - Announces the appointment of Stifel Nicolaus Europe Ltd as financial adviser and joint broker and provides a Tulu Kapi development update. In addition to its role as joint broker, Stifel will act as sponsor for the planned move to trading on the Equity Shares - Commercial Company segment of the Main Market of the London Stock Exchange, which is expected to occur in 2027. At Tulu Kapi, Kefi says all onsite and offsite project workstreams are tracking on or ahead of the Tulu Kapi development schedule, targeting commissioning from late 2027 for full production mid-2028.

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By Jeremy Cutler, Alliance News reporter

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