Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
$3 Million due on completion, a good chance of the next $3 million before year end (FID) and then the start of the other $10 million starting to flow once production starts next year. It will be interesting to see the GSA rate and expected initial flows post workover.
Morning steve, I expect the other items to move for AEX now and once they have the development licence &GSA then FID will be signed and the second $3 million should come shortly after.
I see the RNS is not showing here?
https://www.londonstockexchange.com/news-article/SCIR/ruvuma-transaction-update/16147456
Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.
https://www.londonstockexchange.com/news-article/SCIR/ruvuma-transaction-update/16147456
Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.
Morning steve, quite agree. I think there is a trading opportunity for people based on the Ruvuma deal completion, alas I think the business post Ruvuma will take many years to produce any kind of revenue that Ruvuma could & would have provided.
The jewel in the crown will be gone and the crown only costume jewellery.
The company successfully recovered 1 million Helium One shares which had been "trapped" after Pello Capital entered administration in October 2022. These shares were sold during August 2023 delivering net proceeds of c. £75k.
On 29 August 2023, the Company announced that whilst significant progress had been made delivering the necessary approvals from the relevant Tanzanian government authorities it had agreed with its counterparty APT to extend the longstop for the Ruvuma transaction to 30 September 2023 to allow sufficient time to achieve the final approval from the Minster of Energy.
REPORTING PERIOD HIGHLIGHTS
· Substantial progress on all aspects of Ruvuma operations, including 3D seismic processing and interpretation, Gas Sales Agreement ("GSA"), Development Licence, a revised Competent Person's Report ("CPR") and arrival of long lead items.
· Loss for the period of US$0.96 million (30 June 2022: loss of US$1.28 million, as restated), a decrease of 25% on the same period last year.
POST PERIOD END
· PanAfrican Energy Tanzania's 3D seismic acquisition programme over their Songo Songo field, which includes an incursion into the Kiliwani North Development Licence ("KNDL"), commenced in August 2023 and is expected to be completed by November 2023. Interpretation of the 3D seismic data over a portion of the KNDL is forecast to be available by late Spring 2024.