Member Info for Hedgehog100

"US$1.073 billion cumulative Net Cash delivered from project over life of mine"

So BRES's JORC graphite resource, which only represents about 1% of the project's graphite, can deliver over a billion dollars of cumulative net cash.

In which case the deposit as a whole, other things being equal, should be able to deliver about a hundred billion dollars of cumulative net cash.

Orom-Cross contains 2 - 3 billion tonnes of graphite, near to surface:
https://blencoweresourcesplc.com/

19th Jul 2022 7:00 am RNS Pre-Feasibility Study Results for Orom-Cross

... These are tremendous results for our Project and once again highlight the disconnect between the value of Orom-Cross and our current public market valuation. With a current market cap of circa £4M, excluding our nickel project and existing cash, we are trading at approximately 1% of our NPV and at 5% of our expected average annual EBITDA figure. With the PFS now finalised we would expect interest to grow and the inherent value in the Company to be recognised."

Orom-Cross Graphite Project: Pre-Feasibility Study

The following areas highlight the quality of the project, and provide the basis for Blencowe to move towards Initial Stage production within the next 12-18 months. Main production is targeted for 2025.

... Orom-Cross has an existing JORC Standard Resource of 24.5Mt at 6.0% presenting from surface, which provides for a shallow, low cost, open pit mining operation. All mining within this first 14 years will be done from 0-25m depth. Approximately 600,000 tonnes of ore will be mined per annum from commissioning date and this will increase to 2.4Mtpa by the time the project is fully ramped up in year 10. The existing JORC Resource provides an initial mine life of 14 years and further resources, higher production volumes and an extended mine life can all be obtained at any stage via drilling additional ready-targets. This is however not considered a priority at the moment.

Mining will be free-dig with no drill and blast requirement. Initial ore will come from saprolite (clay) but is expected to move into fresh around 15-20m depth on average. Both of the deposits identified in the drilling programmes (Northern Syncline and Camp Lode) will be mined and a composite blend of both will be input into the processing plant that will be constructed on-site.

An initial 36,000tpa of end-product as concentrates will be delivered from the plant which increments in two additional stages to 147,000tpa once the mine is fully ramped up. Considerable metallurgical test work has been done on the end-products to determine their chemistry and characteristics and this shows that Orom-Cross can deliver a high quality >96% LOI concentrate that is unique in several key aspects, as highlighted in the June 2022 announcement on final met test results. Circa 35% of these end-products will be coarse flakes and ~50% will be in the +100 to +50 mesh higher value categories. The remaining smaller flake products can be sold into the fast-emerging battery market, which is forecast to grow considerably over the long term thus providing a channel for incremental growth and sales. ...

https://www.lse.co.uk/rns/BRES/pre-feasibility-study-results-for-orom-cross-bykhef4un37t61l.html

19th Jul 2022 7:00 am RNS Pre-Feasibility Study Results for Orom-Cross

Blencowe Resources ("Blencowe" or the "Company") (LSE: BRES) is pleased to announce results of the Pre-Feasibility Study it has been conducting at its flagship Orom-Cross Graphite Project in Uganda. These results highlight an exceptional long-life project that delivers considerable returns over an initial life of mine period of fourteen years. In addition, the PFS indicates an initial capital requirement that has been lowered by 23% since the Preliminary Economic Assessment ("PEA") announced in 2021.

The PFS has been delivered in conjunction with leading graphite technical expert Battery Limits Pty Ltd ("Battery Limits") who have managed several other leading graphite project feasibility studies worldwide.

Executive Chairman of Blencowe, Cameron Pearce commented:

"This PFS represents a major milestone for the Orom-Cross Project and the results are outstanding. We have considerably outperformed the 2021 Preliminary Economic Assessment in all key areas, whilst also reducing the initial capital requirement by 23% to just US$62M."

"The Orom-Cross NPV (Net Present Value) of US$482M is excellent, especially in relation to this lower capex, and proves that this is a standout graphite project. The 14-year long mine life can be extended at any time with additional drilling at Orom-Cross, whilst the concentrate is of high quality with specific element content that is unique and which will elevate market demand for all of the end-products we sell. Selling graphite is one of the key challenges for a successful operation so this is critical.

As a result of 50% of these end-products being larger flake size categories Orom-Cross has a substantial weighted average selling price for its basket of end-products, yet it also has one of the lowest total operating costs of any graphite project worldwide. This ensures considerable operating margins over life of mine, which in turn will deliver over US$1 billion free cash to Blencowe as return on investment.

We have adopted a more conservative production profile for both start-up and the ramp-up thereafter to maintain the integrity and viability of delivering new graphite product into the market. We could have chosen to boost the NPV further by expanding production and sales of graphite but we don't see that as a credible base case. Also, this modest production profile helps delivers a lower initial capital requirement for Blencowe to commission the mine which is another big advantage. ...

https://www.lse.co.uk/rns/BRES/pre-feasibility-study-results-for-orom-cross-bykhef4un37t61l.html

19th Jul 2022 7:00 am RNS Pre-Feasibility Study Results for Orom-Cross

Major Milestone as Blencowe Delivers US$482M NPV Pre-Feasibility Study for Orom-Cross Graphite Project

Pre-Feasibility Study (PFS) Highlights

o Net Present Value (post-tax) of US$482M, a 52% increase on previously reported Preliminary Economic Assessment (PEA)

o IRR (post-tax) of 49%

o 14-year mine life, which can be increased by additional drilling

o US$499/t operating cost (FOB Mombasa port), underlining one of the lowest cost graphite projects worldwide

o US$1,307/t weighted average sales price for basket of end-products

o Initial Capital requirement reduced by 23% from PEA 2021 to US$62M

o US$1.398 billion EBITDA delivered over life of mine, average US$100M EBITDA p.a.

o US$1.073 billion cumulative Net Cash delivered from project over life of mine

o 36,000tpa end-products as 96-97% LOI concentrates in year 1, ramping up in stages thereafter to 147,000tpa

o ~50% of end-product in higher value +100 to +50 mesh fractions

o Blencowe to apply for Free Trade Zone License (FTZL) in 2H 2022, which in turn will bring considerable advantages, including a 10-year corporate tax exemption

• Pre-Feasibility Study (PFS) completed on time and under budget

• PFS indicates a robust, long-term, profitable graphite mining operation at Orom-Cross

• PFS managed by leading graphite technical experts Battery Limits Pty Limited (Australia), who have delivered several other leading graphite project feasibility studies in the past

• Scope to expand resource and ramp up production as global markets dictate

• Flake graphite forecast to move into significant supply deficit medium term as increased demand for electric vehicles (EVs) lifts demand for lithium-ion batteries. Graphite is a non-replaceable input material into lithium-ion batteries

• will now move towards Initial Stage production at Orom-Cross by 2H-2023 ...

https://www.lse.co.uk/rns/BRES/pre-feasibility-study-results-for-orom-cross-bykhef4un37t61l.html

ROC was previously aiming for a Northern Ireland RTO.

But interestingly, earlier this year it expanded its criteria to include companies from elsewhere too, which clearly widens the range of RTO options considerably.

"A listed acquisition vehicle seeking opportunities in Northern Ireland.

Northern Ireland has a good availability of high quality, often internationally-focused, companies. Despite having an estimated 70,000 registered businesses, there are only two other publicly-listed companies predominantly based in Northern Ireland and Rockpool believes that more Northern Ireland businesses could benefit from the ability to tap into deeper pools of capital which access to the public markets provides.

With extensive knowledge and experience of the Northern Ireland market, the directors are seeking to identify and acquire a highly ambitious, Northern Ireland-based company that is focused on significant growth, and provide it with that access, helping that company meet its aspirations and full potential. Target companies will have a valuation of up to £20m."

https://rockpoolacquisitions.plc.uk/about-rockpool/

21st Jan 2022 7:00 am RNS Termination of proposed acquisition of Greenview

" ... The Board has already identified and is considering potential alternative acquisition targets, and preliminary discussions have been held regarding the terms of a potential deal with the management of one of those. However, the Board recognises the level of frustration that some of the Company's shareholders will likely be feeling at the length of time that the Company has been suspended and wants to ensure, not just that it can complete an alternative transaction quickly, but that the transaction the Company pursues offers the best possible returns to its shareholders. The Board is therefore open to considering alternative transactions with suitable targets, including those that may not have a direct connection with Northern Ireland.

Targets would be considered that are active in any sector of the economy and, whilst the Board would ideally like to acquire a business that is already profitable at an EBITDA level, it is willing to look at companies that are on the cusp of reaching profitability, have the potential for rapid growth, and could benefit from the access to capital markets that a transaction with Rockpool would afford them. The Board would therefore welcome approaches from target companies that meet these criteria. ..."

https://www.lse.co.uk/rns/ROC/termination-of-proposed-acquisition-of-greenview-nwybtuism5blchq.html

ROC has about £950K. cash, with extremely low cashburn.

Current Market cap. at 4p: £509K.

The company's full year results are due by the end of July, and should update on its RTO progress.

1st Apr 2022 1:38 pm RNS Termination of Greenview Acquisition

"Further to the announcement dated 11 January 2022, in which the Company announced that it had decided not to proceed with the acquisition of Greenview Gas Limited ("Greenview"), an alternative party has been found who is willing to step into Rockpool's shoes to acquire Greenview and/or refinance the debt which the Company is owed by Greenview. The Board is pleased to announce that it has now terminated the option agreement pursuant to which its acquisition of Greenview would have been made (the "Termination").

The Company has received the sum of £1,200,000 from Greenview as a result of the arrangements in connection with the Termination. This sum settles all of Greenview's liabilities to the Company, and represents a small premium on the amount of the loan provided by the Company to Greenview and the accrued interest thereon. This sum will enable the Company to settle all its current obligations, and is anticipated to be enough to cover the transaction costs of making, in due course, an alternative acquisition (on the assumption that the consideration for such an alternative acquisition would consist wholly of new shares in the Company) and of the Company's subsequent readmission to the market, and leave it with funds for working capital.

As the proposed reverse takeover of Greenview by the Company will no longer proceed, it is the Board's intention to apply to the FCA for the current suspension of the Company's shares to be lifted as soon as possible. If that application is successful, then trading in the ordinary shares would recommence and continue until the Company announces that it is pursuing a particular alternative reverse takeover transaction."

https://www.lse.co.uk/rns/ROC/termination-of-greenview-acquisition-ucsikba6efffrg9.html

26th Jan 2022 7:00 am RNS Half-year Report to 30th September 2021

" ... This means that, should the proposed Refinancing Transaction successfully complete on the timeline anticipated, and should Greenview Gas agree to the termination of the acquisition by Rockpool on the terms indicated, the Company would be able, by March of this year, to pursue an alternative acquisition with around £950,000 of cash at its disposal (having settled its outstanding obligations).

... In the half year to 30 September 2021 the Company made a loss of £13,004 (loss in the six months ended 30 September 2019: £5,887). ..."

https://www.lse.co.uk/rns/ROC/half-year-report-to-30th-september-2021-xafcd3bfghmz1u6.html

LSE % GainersTop Lists
EPIC Name %
ROC Rockpool Acquisit... +23%

This share is certainly ROCking today: currently number one on the top risers board, up 23.1% to 4p.

11th Apr 2022 7:30 am RNS Placing
"Specialist Mining Investor RAB Capital increases holding to 10% through £800,000 placement
Highlights
· RAB Capital to invest £800,000 to become largest shareholder in Blencowe
· 16,000,000 new ordinary shares to be issued at 5p
· RAB Capital will hold 17,800,000 shares, being 10% of the enlarged share capital
· Blencowe to use funds to fast-track Pre-Feasibility Study ("PFS") at Orom-Cross graphite project and ongoing exploration work at Akelikongo nickel project
Blencowe Resources is pleased to announce a placing of 16,000,000 new ordinary shares at 5 pence per share ("Placing Shares") exclusively with specialist mining investor RAB Capital ("RAB"), to raise gross proceeds of £800,000. In addition, RAB will receive 1 warrant per 2 Placing Shares, exercisable at 8p for 3 years from admission. Therefore, 8 million investor warrants have been issued to RAB as part of this placing, which was arranged by Tavira Securities Limited. ..."
https://www.lse.co.uk/rns/BRES/placing-swkyuoc5sosiz10.html

RAB Capital took the whole April 2022 placing, investing £800,000 at 5p/share for 17.8m. shares.

You couldn't buy more than a tiny fraction of that on the market before forcing the s.p. up massively (the exchange market size here is only 10,000 shares).

In addition, dealing on the market would be constrained by insider trading rules for those who have seen the PFS.

5p/share here is a bargain for an institution, and RAB should want to back up their pre-existing investment by investing at at least that s.p.

Their main desire was to complete and publish the PFS before the main summer holiday period - which my interpretation of would be before latter July.

And I'd agreed that they're probably showing it in advance to institutional investors.

As long as they're investing at 5p/share+, compared to the current s.p. of 3.4p, then what's the problem?

Especially as it's been well flagged up that the PFS is imminent, and should be very good.

If it comes out this week then its not late.

Which still leaves nearly five trading days.

Levi,

I know the feeling, having read your ludicrous nonsense about BRES's April institutional placing being short sold in advance.

Which I note that you have never been man enough to retract and apologise for.

And I have to wonder why people invest in penny mining stocks if they don't think they have exciting upside ... perhaps you could enlighten us on that?

Also note that BRES has made a good start to H2, rising from 3.3p at the end of June to 3.4p at close yesterday, in bad market conditions, and without the benefit of any newsflow.

This gain of 3.03% in half a month actually equates to an annualised compounded gain of about 105%.

In conclusion, it all adds up to a quite compelling ****tail of value and growth.

From its current lowly level of just 3.4p, BRES looks to be a prime candidate for the best-performing share of H2.

The company has made stellar progress since the April 2020 RTO to get to this point, so with the s.p. languishing near an all-time low, the value has never looked better.

More blue-sky is the possibility of a cheeky bid for Orom-Cross once the PFS is published, which I would not rule out given the size and quality of the project, and the fact that the graphite will be being marketed to multiple potential users.

Certainly for many bidders the best time to buy should be when share prices are depressed.

Such an asset sale could potentially yield a very nice special dividend to shareholders, and leave BRES to concentrate on its Akelikongo nickel sulphide project.

This nickel project has previously had US$15 million spent on it, and looks an extremely attractive play on the bullish nickel price outlook this decade.

It's also important to remember that BRES's JORC graphite resource actually only represents about 1% of the project's graphite:-

Because Orom-Cross actually contains 2 - 3 billion tonnes of graphite, near to surface:
https://blencoweresourcesplc.com/

An in-situ deposit value of an extraordinary c. US$2-3 trillion.

Which is by far the highest in-situ deposit value of a mining stock at this sort of lowly market cap. that I'm aware of.

Compared to the JORC resource of 24.5 million tonnes:-

11th Apr 2022 7:00 am RNS Updated JORC Resource
"... •Total Resource increased by 50% (8.1Mt) to 24.5Mt at 6.0% TGC
• 24.5Mt at 6.0% TGC contains sufficient Measured and Indicated Resource for the first 15 years life of mine
... Orom-Cross presents as a large, shallow open-pitable deposit, with a revised JORC Measured, Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs. ..."
https://www.lse.co.uk/rns/BRES/updated-jorc-resource-0bknpdicknhggmf.html

So other things being equal, the entire deposit could potentially have a 1,500 years life of mine; or a 150-year life of mine with a 10-fold production increase.

Clearly mine-exhaustion should not be an issue here for a long time to come, which is a major reassurance.

And the PFS, while being extremely important and useful, will only really scratch the surface of the potential value.

Though I would expect it to at least mention this fact, to help alert readers to this large 'excluded' value.

Don't underestimate the importance of a PFS (preliminary feasibility study) for a mining project, especially to institutional investors.

It's perhaps the most significant milestone on the road from exploration-development to production.

Before the PFS, there may be a lot of rough and subjective 'back of envelope' calculations, but clearly these don't have the strength and reliability of more formal data and analysis.

So BRES is about to reach a very exciting point in its development - hopefully this coming week.

All the signs for the PFS are positive, and it could well 'kick open the doors' to both more institutional investment (probably at 5p/share +), and to off-take deals:-

1. INSTITUTIONAL INVESTMENT

"Midweek Takeaway featuring Mike Ralston, CEO of Blencowe Resources (LSE:BRES)
Season 4, Episode 40, Jun 8, 8:00 AM
Phil Carroll and Kevin Hornsby talk to Mike with respect to the recent met results from Orom-Cross and also progress at Akelikongo."
https://audioboom.com/posts/8096813-midweek-takeaway-featuring-mike-ralston-ceo-of-blencowe-resources-lse-bres
- In this interview Mike says that he's had a number of calls recently from people interested in being longer term shareholders - which will help migration from short term shareholders.
"And hopefully watch this space, & we'll see some movement in the right direction."
My impression is that the PFS could be a catalyst in this regard.

2. OFF-TAKE DEALS

6th Jun 2022 7:00 am RNS Final Metallurgical Test Work Results
" ... Over the coming months, additional post processing work for new potential applications for Orom-Cross Graphite Products will be completed. This work will support the progressive sales and marketing strategy focusing on both traditional and advanced graphite applications including both Primary and Secondary Battery Markets where is it expected the demand ahead for qualified graphite products will continue to expand and grow. ..."
https://www.lse.co.uk/rns/BRES/final-metallurgical-test-work-results-z6n3o2jqb3svuzb.html

23rd Jun 2022 7:00 am RNS Half-year Report
" ... The Company has been working continuously with graphite technical experts SGS Lakeside in Canada to complete metallurgical test work showing what quality of concentrate may be delivered at Orom-Cross and results for this work have been outstanding. The 96-97% LOI concentrate will be a premium grade product, and the specific attributes within this should ensure the end products are attractive to a wide range of end users. Technical Data Sheets are being prepared right now to send to prospective end users across various industry sectors to gauge their initial interest for various Orom-Cross products. ..."
https://www.lse.co.uk/rns/BRES/half-year-report-u81h7amdo3gsjsq.html

"No one releases Good news in a late friday afternoon RNS"

Computer909,

Early or mid afternoon will probably be the 'cut-off' point today.

So if there's no RNS by about 2.30p.m. today, we can probably assume that it won't be before Monday.

And of course there could be more than one RNS at about the same time, which I believe has happened before here ...

"Another week gone."

Not quite Levi ... BRES does sometimes issue intra-day RNSes, e.g.:-

6th May 2022 2:09 pm RNS Investor Evening
6th Apr 2022 10:30 am RNS Investor Webinar Call
25th Feb 2022 11:00 am RNS Investor Webinar Recording
10th Feb 2022 9:30 am RNS Investor Call
17th Jan 2022 1:00 pm RNS Consolidated Africa Holding & Joint Broker
12th Nov 2021 8:33 am RNS Over-Subscribed £2m Capital Raise
2nd Jun 2021 9:54 am RNS Half-year Report

But even if it's early next week, that would still qualify as mid July.

The important thing though is the content of the imminent PFS, not its precise timing.

And the signs are that the content will be good - and perhaps very good indeed.

13th Jul 2022 2:53 pm RNS Results for the year ended 31 December 2021

... During the period we have undertaken to expand our operative horizons by agreeing to farm into the onshore Tunisian assets held by Upland Resources Limited. Tunisian operational activities will be under the direction of Andy Clifford the President of our subsidiary company Nobel Petroleum USA Inc., who will be contracted as the Operator. These activities will be conditional upon various approvals being granted by Tunisian authorities as to the licence area.

... We remain confident in our petroleum assets, our US and pending Tunisian operations, and the Board, to continue to build upon what has been a slightly less challenging year for the Group.

... To this we add our broad approach to engagement within the international sector by initially farming-into Tunisian assets which hold great promise in the wake of the ongoing energy deficiencies being experienced within the European energy environment and which seem destined to remain as such for the future. This arrangement is conditional upon certain approvals and extension of the license area being approved by the Tunisian authorities. ...

https://www.lse.co.uk/rns/PPP/results-for-the-year-ended-31-december-2021-fq2h7da9mjjjtk8.html

13th Jul 2022 2:53 pm RNS Results for the year ended 31 December 2021

... Outlook

In line with our strategy, all our operations are in highly active plays where the economics of drilling and producing remain attractive at sub-US$30 oil prices. This highlights the success we have had in taking advantage of the prior industry downturn to accelerate the positioning of our South Texas leasehold position in favour of the Austin Chalk and Eagleford Shale. With a strategic foothold in these prolific, low-cost plays established and a proven management team in place, we will look to further expand our position in this US onshore sweet spot, as and when management considers it most advantageous to do so.

For 2021, our main objectives were to exit the prior pandemic issues and to build upon the initiative that commenced with the completion of our initial well, COG#1-H, and to further acquire additional land leases and to progress the permitting and horizontal development of our second objective well. As explained, during the pandemic we reassessed our strategic drivers with the notion of how we were going to deliver our second and third horizontal wells with a greater technical focus. I look forward to providing updates on our progress in the year ahead.

Finally, I would like to thank the Board, management team and all our advisers for their hard work over the last twelve months and also to our shareholders for their continued support.

Thomas Evans

Executive Director ...

https://www.lse.co.uk/rns/PPP/results-for-the-year-ended-31-december-2021-fq2h7da9mjjjtk8.html

13th Jul 2022 2:53 pm RNS Results for the year ended 31 December 2021

... Executive Director's Statement

Pennpetro's intention is to become an active independent North American development production company with the ability to expand operationally internationally.

The key elements of Pennpetro's strategy for achieving this goal are:

• The creation of value through production development success and operational strengths, commencing with the Group's City of Gonzales Lease ("COGLA") assets.

• Focusing on commercialisation and monetisation of oil and gas discoveries, and potentially utilising cash flows from initial projects to fund the acquisition or development of future projects.

• Active asset portfolio management.

• Positioning the Company as a competent partner of choice to maximise opportunities and value throughout the E&P lifecycle.

• Asset acquisitions of producing hydrocarbons and suitable green energy technologies.

Our focus during the latter part of 2021 was to continue to develop our proven reserve base at our licences in Gonzales, which had been previously curtailed by Covid-19 and the ensuing pandemic conditions imposed across all of the United States. ...

In this stabilised oil price environment, Pennpetro has emerged from the oil vicissitudes as a low-cost, primarily asset-backed US onshore oil and gas business, with exciting international interests. Subject to oil prices, market conditions and sentiment, I remain confident that we can deliver our strategy by not only acquiring leases in active and producing US onshore plays and proving up the reserves by drilling new wells, but also by our new strategic acquisition focus on producing assets and directive into green energy initiatives.

To this we add our broad approach to engagement within the international sector by initially farming-into Tunisian assets which hold great promise in the wake of the ongoing energy deficiencies being experienced within the European energy environment and which seem destined to remain as such for the future. This arrangement is conditional upon certain approvals and extension of the license area being approved by the Tunisian authorities. ...

During June 2021, the Company also concluded a three-year GBP20 Million shares subscription facility with the GEM Group, New York (a US$3.4 billion alternative investment group), through their affiliates. The Company also agreed to issue 12,000,000 warrants exercisable at 40 pence each as part of this transaction. ...

https://www.lse.co.uk/rns/PPP/results-for-the-year-ended-31-december-2021-fq2h7da9mjjjtk8.html

13th Jul 2022 2:53 pm RNS Results for the year ended 31 December 2021

... Chairman's Statement

I am pleased to present the annual results for Pennpetro Energy PLC for the year ended 31 December 2021.

Since I wrote to you last year, during a period being the most difficult of times for businesses and families globally, events have moved somewhat forward, but we are still faced with a number of challenges and issues resulting from the times we have endured.

As outlined to you last year, as a business we dealt with the challenges brought about by the COVID-19 pandemic swiftly and humanely to not only ensure the wellbeing of our teams but also the retention of value for our shareholders.

As reported last year after selling oil commercially from our initial well in the Gonzales field, as the world went into lockdown, we suspended all operations and activities in line with the requests of the US Government and Texas State Legislators. We have now through our Houston team re-engaged with various professional firms seeking to bring into play our proposed 2nd and 3rd drilling projects.

With operations now being undertaken again, albeit in a more restricted manner, we sought to shape Pennpetro to emerge stronger and better positioned to accelerate its growth profile from these challenging times.

During the period we have undertaken to expand our operative horizons by agreeing to farm into the onshore Tunisian assets held by Upland Resources Limited. Tunisian operational activities will be under the direction of Andy Clifford the President of our subsidiary company Nobel Petroleum USA Inc., who will be contracted as the Operator. These activities will be conditional upon various approvals being granted by Tunisian authorities as to the licence area.

We also took the opportunity to expand our capital base by the placement of 1,166,667 new shares during March 2022 to raise an additional £350,000 in working capital, and also the appointment of Peterhouse Capital Limited as our corporate broker. The Board continues to seek accretive options for corporate development.

In addition, the Company, recognising the global impact of environmental concerns, has instigated due diligence with regard to expanding its experiences and core competencies within the fossil environment and petroleum drilling to specific green energy initiatives securitised with US intellectual property filings which are being expanded to select jurisdictions internationally.

We remain confident in our petroleum assets, our US and pending Tunisian operations, and the Board, to continue to build upon what has been a slightly less challenging year for the Group.

Olof Rapp

Non-Executive Director, Chairman ...

https://www.lse.co.uk/rns/PPP/results-for-the-year-ended-31-december-2021-fq2h7da9mjjjtk8.html