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Afentra PLC Operations and Financial Update
Source: UK Regulatory (RNS & others)
TIDMAET
RNS Number : 6783A
Afentra PLC
24 January 2024
24 January 2024
AFENTRA P L C
Operations and Financial Update
Afentra plc ('Afentra' or the 'Company'), the upstream oil and gas company focused on acquiring mature production and development assets in Africa, provides an operational and financial update for 2023. Afentra currently holds non-operated 18% and 5.33% working interests in Blocks 3/05 and 3/05A, respectively, offshore Angola with working interests to increase to 30% and 21.33%, respectively, following completion of the impending Azule transaction.
Operational Highlights
-- 2023 average gross production for Block 3/05 and 3/05A was 20,180 bopd
-- Strong operational performance and successful well interventions have positively impacted performance with gross production of over 22,000 bopd in December 2023
-- Drone survey completed as part of a holistic gas management program to identify, measure and reduce GHG emissions
-- 30 successful well interventions were completed in 2023, a similar number of interventions are planned for 2024
-- Water injection performance improved throughout the year with 42,000 bwipd(1) being achieved in December, further work planned for 2024 is expected to significantly increase water injection rates
-- Production was restored at the Gazela field on Block 3/05A in March and averaged 970 bopd, gross, through 2023
-- Progressed the review of future investment options to unlock the significant resource base including installation of ESPs, heavy workovers, infill drilling and development of Block 3/05A discoveries.
Financial Highlights
-- Cash resources at year end 2023 of $19.6 million, which includes restricted funds of $4.9 million (2)
-- Debt drawdown on Reserve Based Lending Facility of $33.6 million resulting in year end net debt of $14.0 million
-- Block 3/05 license extension and fiscal terms improvements approved by government enhancing economics and supporting future investment programs
-- Company sold its first cargo in August 2023, 300,000 bbls of crude oil at sales price of $88/bbl, generating pre-tax sales of $26.4 million
-- Crude oil stock as at year end 2023 of approx. 300,000 bbls, which with subsequent production supports crude oil lifting of 450,000 bbls planned for late February
-- Afentra has proactively hedged 70% of its February cargo, this provides floor of $70/bbl and full exposure to the crude oil price upside
-- Asset level cashflow generation related to 30% equity in 2023 was $67.4 million at an average weighted sales price of $90/bbl.
Azule Acquisition
-- The Government approval process is ongoing with the acquisition expected to complete later in Q1 2024
-- The transaction has an effective date of 31 October 2022 with accrued net revenue being reflected in final payment on completion
Paul McDade, Chief Exec
8 August 2023
Ascent Resources plc
Discussions with Amur Minerals Corporation
Ascent Resources Plc ("Ascent" or, the "Company"), the European and Latin American focused natural resources company, notes Amur Minerals Corporation ("Amur") announcement this morning, regarding the cessations of discussions regarding the non-binding indicative proposal of a possible share offer for the entire issued and to be issued share capital of Amur by Ascent. Ascent is surprised and disappointed with this announcement given the last communication between the parties was three weeks ago with Ascent confirming its forward process and timetables to achieve the possible combination, following which Ascent has been waiting for the Amur board to engage further on the proposal. Given that Ascent is expecting imminently the result of its €3.5M+ arbitration claim against its JV partner in Slovenia, Ascent still believes that a
We contacted you on 8 August 2022 regarding a proposed subdivision and issue of preference shares by San Leon Energy Plc.
We were notified on 15 June 2023 that as the required conditions for this reorganisation have not yet been satisfied, it has not yet gone ahead.
We will write out with further information once there is an update.
Should you have any queries, please call us
https://www.rt.com/business/557029-russia-take-care-of-foreign-firms/
Amur Minerals Corporation Annual General Meeting Results
Source: UK Regulatory (RNS & others)
TIDMAMC
RNS Number : 7125U
Amur Minerals Corporation
06 December 2021
6 December 2021
AMUR MINERALS CORPORATION
(AIM: AMC)
Annual General Meeting Results
The Annual General Meeting ("AGM") of Amur Minerals Corporation ("Amur" or the "Company"), a nickel-copper sulphide mineral exploration development company presently focused on the far east of Russia, was held at 10 a.m. on 6 December 2021 at the office of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London EC4R 3TT, UK.
The following resolutions were duly passed:
-- the approval of the Financial Statements and the Report by BDO LLP for the year ended 31 December 2020;
-- the re-appointment of the Company's auditor BDO LLP;
-- Mr. Paul Gazzard's re-appointment as a Director of the Company; and
-- authorisation to allot up to 200,000,000 shares during the period between now and the next AGM.
The following resolution was not passed:
-- the removal of pre-emptive rights in respect of the authorization to allot up to 200,000,000 shares.
Rejection of the removal of pre-emptive rights means that the Company will for the time-being be required to seek shareholder approval for any equity fundraisings for cash otherwise than on a pre-emptive basis.