TRADING UPDATES: Seplat Energy eyes Exxon asset; Zenith inks contract

(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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Ferro-Alloy Resources Ltd - vanadium miner with operations in Kazakhstan - Expects drilling at Balasausqandiq vanadium deposit in Southern Kazakhstan to be completed in first quarter of 2022. Company expands Balasausqandiq study to include development phase two, aiming for an expansion to 4 million tonnes of ore per year with production rising to 22,400 tonnes of vanadium pentoxide. Chief Executive Nick Bridgen explains: "Balasausqandiq benefits from a combination of low capital and operating costs, access to infrastructure, an advantageous location and huge scale. World demand for vanadium is growing as more vanadium flow-batteries to store renewable energy are being built and vanadium in its traditional use as an alloy of steel is needed to cut down on CO2 used in steel production."

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Shanta Gold Ltd - New Luika and Singida gold mines in Tanzania and West Kenya project in Kenya - Reports "consistently strong results" from phase 2 drilling programme at West Kenya project in Kenya. Shanta notes the results reinforce the company's confidence in the site. Plans to complete 35% to 40% of total planned 84,000 metres of drilling at West Kenya by the end of this year. Chief Executive Eric Zurrin states: "This announcement, which confirms another set of high-grade drilling results at our West Kenya Project across the Bushiangala and Isulu deposits, gives us significant confidence in the wider prospectivity in our vast licence area. Both of these deposits have proven to be high-grade ore bodies and today's results ... reaffirm our excitement at the potential of West Kenya to transform Shanta to a mid-tier gold producer."

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Seplat Energy PLC - Nigerian energy company - Notes a recent press report over potential deal with US oil major Exxon Mobil Corp and confirms that the company, together with an unnamed partner, is in "competitive discussions" to acquire Exxon's Nigerian shallow water business. Deliberations are ongoing and there is no certainty as to the outcome, Seplat adds.

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Gore Street Energy Storage Fund PLC - London-based fund investing in energy storage assets - Grows portfolio after one of its Kilmannock, Ireland-based assets in construction secures a significant increase in its allocated grid connection capacity. The asset will benefit from grid connection volume allocation of an additional 90 megawatts, in addition to the 30 megawatts currently secured. Gore Street's portfolio now consists of over 600 megawatts of operating and under construction projects in the UK and Ireland. Chief Executive Alex O'Cinneide says: "We are very pleased with the significant capacity increase of our Kilmannock asset, which will take our total portfolio to over 600 megwatts. With the ever-growing number of renewable energy assets being developed and connected to grid networks, the need for energy storage projects is increasing exponentially over the coming years and we believe that Gore Street is in an excellent position to capitalise on this growing demand."

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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Inks option agreement with Noble Hill-Network for risk service contract in Nigeria. Noble Hill-Network is a Nigerian oil and gas company which owns the risk service contract for the development of the North-West corner of OML 141 in Nigeria, which covers 105 square kilometres of the Niger Delta region and contains the potentially highly productive Barracuda and Elepa South oilfields. The object of the option is to provide Zenith with the opportunity to jointly develop the RSCA of OML 141 with Noble Hill-Network. Plans have already been finalised to drill, test, and complete the Barracuda 5 well. The consideration to exercise the option to buy a 42% interest in Noble Hill-Network has been agreed at USD20 million. Announcement is noted by ADM Energy PLC, which is majority shareholder of Konh, which holds an indirect 70% controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141.

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Bluejay Mining PLC - mineral exploration and development in Greenland and Finland - Appoints unnamed global investment bank as lead arranger for Dundas Ilmenite project in in north-west Greenland. Commencement of the project's pre-construction activities and works will begin in 2022.

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By Will Paige; willpaige@alliancenews.com

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