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Throughout 2022, Cornwall Resources Limited ("CRL") continued work on the Deep Digital Cornwall project, led by the University of Exeter's Camborne School of Mines, in which CRL and Cornish Lithium are delivery partners. Funding of the bulk of the work has been provided by the European Regional Development Fund, through HM Ministry of Housing, Communities and Local Government. The project is expected to complete in June 2023.
-- The inclusion of both Tungsten and Tin on the UK Government's critical minerals list, in July 2022, has opened up grant-based funding opportunities with which to progress the Redmoor project to a market acceptable "pre-feasibility" stage. The likelihood of funding has been further enhanced by the US Government instructing its defence contractors that their products must be free of Tungsten sourced from China or Russia (currently supplying 90% of the world market) and current indications that the US is about to classify the UK as a domestic source and, hence, eligible for government grants to develop critical minerals such as Tungsten and Tin.
-- The Company's strategy to focus on metals and minerals likely to benefit from expected supply and demand imbalances has been validated in both 2022 and early 2023 as commodity prices, especially for copper and tin show strong growth and have market analysts predicting even stronger future price growth.
Rio Tinto $RIO: invests $920 mill. at its #copper operation (Utah) to meet demand from the energy transition.
$498 mill. to develop a mine, will deliver 250K t over next 10 yrs. $300 mill. to rebuild the smelter/furnace, & $120 mill. to upgrade refinery.
Interesting to hear if progress is being made with any of their assets.
1. Cobre- big noise about extending to a 5 year deal and how that would attract more customers by offering continuity of supply. Have they managed to achieve anything? Last quarter update would suggest not.
2. LC - we’ve gone from 100% ownership debt based facility to an equity structure. Can we see the shape of this new structure please.
3. Cornwall - by U.K. government grant overdue , will we get confirmation many millions winging our way?
4. Litigation monies. JP advised profits would be booked on receipt of funds last year. Can we have an update please and close off asap.
5. Overheads - have they cut deep enough to build cash reserves again?
It wouldn’t take much to create value with all these assets but they’ve had years at trying. Is 2023 the year.
Board changes are necessary to create real value. Hopefully we will get a resignation pre AGN so value can be realised.
Sorted by month end they reckon so just over 2 weeks time. Wooosh
Gas prices on the up again tonight
£22m mkt cap at the moment. Back to £100m or 20p in no time. The re rate is just about to get started
Huge re rate coming here
Workover and gas prices could easily see this delivering £100m pa to IOG
IOG PLC on Tuesday finally confirmed first gas at its Blythe H2 well in the North Sea, after a suspected mechanical blockage and well control event caused delays in bringing the project onstream.
Gas has safely been delivered from the well into the Saturn Banks Reception Facilities and Bacton terminal, said the UK-focused offshore gas producer. The maximum well test dry gas rate was 22.8 million standard cubic feet a day, and 280 to 336 barrels a day condensate.
The well was brought onstream just a week past initial guidance of three months, despite losing over a month to the well control event. Chief Executive Officer Rupert Newall said that his team had done an ‘excellent job’ bringing the well onstream so close to the original time frame, despite these difficulties.
In April, IOG said that while it had successfully drilled the well to the Basal Zechstein sequence, an ‘abnormally pressured gas and oil influx was encountered’ while drilling through the Hauptdolomit formation. This caused associated drilling fluid losses.
The issue was safely managed by Petrofac Ltd and Shelf Drilling (UK) Ltd, but nevertheless caused considerable delays in bringing the well onstream.
At the time, IOG was quick to point out that encountering an oil and gas influx while drilling through the overburden above the reservoir ‘is a known risk in the Southern North Sea’.
Last Wednesday, the firm reported a constrained maximum gas rate at the Blythe H2 well, noting evidence of a potential mechanical blockage downhole constraining flow.
On Tuesday, IOG said it was now expediting equipment to the rig to resolve the apparent downhole mechanical blockage, which if successful, ‘could increase H2 flow rates by around month end to the 30 to 40 million standard cubic feet per day range that [was] guided pre-well’.
The well will be flowed at initial rates until specialist downhole equipment arrives on the rig within the next two weeks to assess and, if necessary, manually actuate the partially activated downhole valve.
IOG shares were trading 10% higher at 4.35 pence each in London on Tuesday morning.
Gas and oil prices sharply up this evening. Looking like a sound investment here at 4.2p.
I reckon they will fix the valve and do a small raise at 15p to balance off the bonds coming in