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SAVP intends to raise up to US$250m through the issue of new ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") by way of a placing (the "Placing") with institutional investors to fund, inter alia, the cash consideration portion of the Company's proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy International Limited (the "Agreed Transaction"). In addition to the Placing and the Agreed Transaction, Savannah now announces the formation of a strategic partnership with an investment group led by ASMA Capital Partners B.S.C.(c) ("ASMA") ("the Investors") regarding a potential investment of up to US$90m for new Ordinary Shares at the Placing Price, including (i) an initial US$30m to be invested shortly after the completion of the Placing; and (ii) for a period of 24 months following the completion of the Placing, the Investors will have the right to subscribe for an additional US$60m of new Ordinary Shares at the Placing Price ("Proposed Investment"). As such, Savannah intends for its Placing from institutional investors to now raise up to US$220m. The parties have agreed to work in good faith to progress and execute the Proposed Investment. The current expectation is that Savannah and the Investors will enter into the required documentation (including but not limited to subscription agreements or some similar form) within 30 days (or such later date as the parties may agree) of the Company's shareholder general meeting to be convened in due course to approve the Placing and the Agreed Transaction. The Proposed Investment is subject to completion of final due diligence, the signature of definitive documentation in form and substance satisfactory to the Investors and each Investors' relevant internal approvals, including but not limited to final investment committee approval. ASMA is the manager of IDB Infrastructure Fund II ("the Fund"). The Fund is established to invest in infrastructure assets in member countries of the Islamic Development Bank, including Nigeria. ASMA team has significant experience in investment and operations of infrastructure assets across a range of regions and has allocated substantial capital to invest in oil and gas infrastructure projects in Africa, Asia and Middle East. ASMA seeks to build partnership with leaders in the sectors, and has a successful track record of working closely with a number of strategic partners. About ASMA Capital Partners ASMA Capital Partners B.S.C.(c) (ASMA), a fund management firm established as a closed joint stock company in the Kingdom of Bahrain. ASMA is licensed and regulated by the Central Bank of Bahrain as a Category II Investment Firm. ASMA is the manager of the US$750 million IDB Infrastructure Fund II. Andrew Knott, CEO of Savannah Petroleum, said: "We are pleased to welcome the Investors' proposed investment into Savannah, as well as the long-term strategic partnership we are entering into. Savannah believes the Investors' involvement represents a vote of confidence in both our existing business and our Nigerian expansion plans, as well as in our Board, management team and future prospects. We look forward to working in partnership with the Investors as we grow our business over the course of the coming years."
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SND/13445523.html
PIRI holds a significant stake in ECO https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ECO/13428538.html
IQE announces that further to the announcement made on 9 November 2017 regarding the proposed placing of ordinary shares, it has successfully placed 67,941,581 new ordinary shares of 1 pence each in the Company (the "Placing Shares"), at a price of 140 pence per share, raising gross proceeds of approximately £95 million (the "Placing"). The Placing Shares represent approximately 9.9% of IQE's existing outstanding issued share capital. Application for admission of the Placing Shares to trading on AIM will be made in due course and the Placing Shares are expected to commence trading on 16 November 2017 ("Admission") (at which time the Placing will become unconditional). The Placing is expected to settle on 16 November 2017, subject to Admission. The Company's enlarged issued ordinary share capital immediately following the issue of the Placing Shares will be 754,756,394 voting ordinary shares. The aforementioned figure of 754,756,394 voting ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules. Following completion of the transaction, the Company has agreed to a lock-up of 90 days. Canaccord Genuity Limited ("Canaccord Genuity"), Stifel Nicolaus Europe Limited ("Stifel") and Peel Hunt LLP ("Peel Hunt") acted as joint bookrunners in relation to the Placing (the "Bookrunners").
IQE https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/IQE/13426963.html
ECO Atlantic announces that it has received partnership approval to release its Public Notice for Environmental Clearance Certificate (ECC) for Drilling an Exploration Well within its Osprey Lead on its Offshore "Cooper" Block (PEL30) in the Walvis Oil Basin in North Central Namibia, a key clearance required ahead of potential drilling on the block. The Company will publish notice in all the applicable jurisdictions on 3 November 2017. The Osprey lead is on the Cooper Block (PEL 30), is in approximately 500 meters of water. Eco has completed the interpretation of several thousand kilometers of 2D seismic as well as completing a 1,100 kilometer 3D Survey, carried out by PGS Geophysical, across the lead. Eco Atlantic has also contracted Tullow's Exploration team, who have extensive expertise in these types of fan plays which are similar to the Jubilee Field in Ghana, to oversee processing and conduct the initial interpretation for the block partners. Additionally each of the partners, whose teams have evaluated the data, all concur that there is a highly justifiable lead and an exact drilling location is being defined. Eco has recently filed a NI51-101 Compliant report by Gustavson Associates that reported 882 Million Barrels (BOE) of Oil (Gross Prospective - Best) resources on the Block. The company intends to further define exact drilling location and to move the project ahead through to drilling. Colin Kinley, Eco's Chief Operating Officer commented: "We are confident in the detailed and conservative work carried out thus far on the Osprey lead on Cooper by our own team and that of our partners and we continue to advance our learnings in the region through the interpretation of our own four blocks and through our partnership ties to the other block holders in the Walvis Basin. "Namibia has witnessed a resurgence of interest and activity during 2017 and we see this continuing into 2018 with a number of majors and independent E&P companies undertaking drilling activity in the blocks surrounding Cooper Block, including wells announced by Tullow Oil and Chariot Oil & Gas in the offsetting blocks to Eco's acreage."
Sirius Minerals Plc POLY4 Offtake Agreement - South East Asia § Take or pay offtake agreement for sale of POLY4 to Wilmar Group, a leading agribusiness group, for use and resale exclusively in South East Asia § Seven-year agreement with volumes ramping up to 750,000 tonnes per annum § Pricing mechanism consistent with the Company's portfolio of existing offtake agreements Sirius Minerals Plc ("Sirius" or the "Company") announces the signing of a binding take or pay offtake agreement ("the Agreement") to supply POLY4 to PT Chemical Indonesia, which is a wholly owned subsidiary of Wilmar Group ("Wilmar") for exclusive resale into key South East Asian territories including Indonesia, Malaysia, Vietnam, Thailand, Philippines and Myanmar. Wilmar is listed on the Singapore Stock Exchange and is one of the leading agribusinesses in South East Asia with extensive distribution channels, a mature logistics network in the region and over 250,000 hectares of its own farming operations. South East Asia is one of the fastest growing fertilizer regions in the world, with a population of over 650 million people. The prices to be paid pursuant to the Agreement are calculated using a formula linked to the market price of certain nutrients contained in POLY4 and is broadly in line with the Company's existing supply agreements. The term of the Agreement is for an initial seven years following initial production which may be extended by a further three years by Wilmar. The Agreement has a delivery schedule of up to 750,000 tpa in the seventh year. In addition, Wilmar has an option to increase the minimum volumes of supply up to 1 million tpa. Chris Fraser, Managing Director and CEO of Sirius, comments: "We are delighted to be partnering with one of the largest and most established fertilizer buyers and distributors in South East Asia. Wilmar is a partner with the capacity to reach a diverse customer base through well established, trusted relationships. South East Asia is a fast-growing market which provides Sirius with an attractive opportunity to further diversify and grow our current portfolio of customers."
TLW (Tullow) announce that it has acquired 90% stakes in four onshore blocks in Côte d'Ivoire. Petroci, the national oil company of Côte d'Ivoire, holds the remaining 10%. The four blocks - CI 518, CI519, CI301 and CI302 - cover 5,035 square kilometres and located on the coastline of Côte d'Ivoire mostly to the west of Abidjan. Tullow believes that this acreage will complement the Group's existing exploration portfolio as the blocks are located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda Oil Sands. If commercial discoveries are made, the maturity of Côte d'Ivoire's oil industry suggests a relatively short and low-cost path to production. Tullow intends to initiate work immediately on these licences to allow a full tensor gradiometry (FTG) survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data. Tullow has worked in Côte d'Ivoire for 20 years both as an explorer and as a producer and holds a non-operated position in the Espoir field which produces approximately 4,000 bopd net to Tullow. Paul McDade, Chief Executive Officer, commented today: "I am very pleased to have signed the licences for these blocks and look forward to exploring again in Côte d'Ivoire. We have a long history in Côte d'Ivoire having been in country since 1997 and I am excited about the potential that these blocks, with their proven petroleum system, offer." https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/TLW/13394060.html
STI reports that Crusader Resources Limited ("Crusader") (ASX:CAS) has, following the amendment to the Scheme Implementation Deed (Announcement date 28th September) , submitted the draft Scheme Booklet to the Australian Securities and Investments Commission ("ASIC") for review. ASIC's review of the Scheme Booklet will be followed by a first Court hearing, expected to occur in mid-October. It is anticipated that following the orders of the Court made at the first hearing, the Scheme Booklet will be dispatched to Crusader shareholders in late October. It is anticipated that Stratex will also publish an AIM Admission Document and notice of general meeting relating to the proposed acquisition of Crusader at this time.
Added: PIRI to this forum. With TULLOW and ECO Atlantic offering great announcements. PIRI presenting great value, and with few shares in public hands, deserves a worthwhile long look http://www.lse.co.uk/view-general-chat-thread.asp?forum=gedws-hotties&thread=9B939C88-1B61-4790-AC2A-BE91DC6F3412&page=last#last
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ECO/13374958.html
TULLOW NEWS RELEASE. 23 September 2017 - Tullow Oil plc (Tullow) notes that the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg today delivered its judgment with regard to the maritime boundary dispute between Ghana and Côte d'Ivoire. The new maritime boundary as determined by the tribunal does not affect the TEN fields as per the map at http://www.tullowoil.com/media/press-releases/itlos-judgment. Tullow will now work with the Government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields. Tullow expects to resume drilling around the end of the year which will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd. Paul McDade, CEO, commented today: "Tullow looks forward to continuing to work constructively with the Governments of both Ghana and Côte d'Ivoire following the conclusion of this process. While the TEN fields have performed well during the period of the drilling moratorium, we can now restart work on the additional drilling planned as part of the TEN fields' plan of development and take the fields towards their full potential."
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/IQE/13370776.html
ITM Announces that EnergyStock, a subsidiary of Gasunie, the Dutch gas transmission network operator, has purchased an ITM Power 1.1MW rapid-response PEM electrolyser. The sale was won in a competitive tender process and includes an after-sales support contract. The electrolyser will be located at EnergyStock's Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen will be either used on-site within EnergyStock's systems, or dispensed into tube trailers for supply to future hydrogen refuelling stations. Power will be delivered to the equipment via TenneT's high voltage electricity network. ITM Power CEO, Dr. Graham Cooley, said: "We are delighted to be working with EnergyStock in the rapidly developing Power-to-Gas energy storage market. Power-to-Gas is the lowest cost long duration energy storage technique known. Power-to-Gas Energy Storage is joined up energy systems thinking - it exploits the virtues of an existing asset (the gas grid) to decarbonise both electricity and gas networks. Using excess renewable power to provide renewable heat combines two problems into one elegant solution."
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SML/13351529.html