Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Horse Hill Work Programme Extended by NSTA
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the North Sea Transition Authority has granted a one-year extension to the PEDL137 Retention Area Work Programme ("RAWP") containing the Company's Horse Hill producing oil field (UKOG 85.635% effective interest).
The RAWP now extends to 30th September 2025 and fully corresponds to the farmin programme agreed with Pennpetro Energy Plc, comprising one new production well, HH-3, plus a 12 km² 3D seismic survey (see RNS of 28 March and 11 December 2023). Seismic acquisition is currently targeted to commence in H1 2024.
Horse Hill Farmin Update
UK Oil & Gas Plc (London AIM: UKOG) is pleased to announce that further to its announcement of 28th March 2023, the Company's relevant subsidiaries and Pennpetro Energy Plc ("PPP") have agreed to extend the conditional binding Horse Hill farm-in term sheet until 30 June 2024, whereby PPP will farm-in to the Horse Hill Oil Field on an incremental production only basis by paying 100% of both a 12 km² 3D seismic survey and a new crestal production well, Horse Hill-3 ("HH-3"). The farmin remains subject to the completion of the formal farmin agreement and necessary regulatory consents. The Company currently holds an effective 85.635% interest in Horse Hill and the surrounding PEDL137 and PEDL246 licences.
As per the 28th March 2023 RNS, UKOG's subsidiaries will retain 100% ownership and rights to all oil production and revenues from Horse Hill-1 ("HH-1"), ownership of HH-2/2z and will remain as the field and licence operator. Upon completion of a successful farmin well by PPP, the Company's subsidiaries will hold a 51% interest in all HH-3 production with UKOG's net effective interest in HH-3 being 43.67%.
3D seismic acquisition is currently targeted for H1 2024.
Stephen Sanderson UKOG's Chief Executive commented:
"In addition to the continued profitability of the existing oil production from HH-1, which UKOG's subsidiaries will retain all rights to, this farmin offers the prospect of increased production and revenues to the Company at zero capital cost, helping preserve working capital for the Company's other significant growth projects, Dorset hydrogen storage and Loxley conventional gas."
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UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the continued profitability of the Horse Hill oil field has enabled the field's operator, Horse Hill Developments Limited ("HHDL"), to make a payment of approximately £675,000 to the Company today, representing partial repayment of certain historic shareholder loans. The Company holds an effective 85.635% interest in the field and surrounding PEDL137 licence and a 77.9% direct shareholding in HHDL.
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the continued profitability of the Horse Hill oil field has enabled the field's operator, Horse Hill Developments Limited ("HHDL"), to make a payment of approximately £675,000 to the Company today, representing partial repayment of certain historic shareholder loans. The Company holds an effective 85.635% interest in the field and surrounding PEDL137 licence and a 77.9% direct shareholding in HHDL.
New contract for engineering toward waste wood-to-electricity plant in California, USA
EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, is pleased to announce that it has signed an equipment supply agreement for engineering services and equipment supply (the "Agreement") for a plant in Wilseyville, California, USA that is being developed to cleanly convert approximately 25,000 tonnes per year of wood waste into synthesis gas ("syngas") to fuel a gas engine coupled to alternators for production of c. 3.0 MWe electricity (the "Plant"). The Plant would also produce c. 2,400 tonnes per year of saleable biochar for agricultural and other uses.
The Agreement is with Blue Mountain Electric Company LLC ("BMEC"), a project company set up and operated by Phoenix Biomass Energy, Inc. ("Phoenix"), a developer of renewable energy projects in California, especially in the Sierra and Central Valley where forest fires are prevalent, and where fire prevention is aided by the clearing and clean, safe disposal of forestry waste wood. Along with the Company, Phoenix is also one of three equity shareholders in the 2.0 MWe North Fork, California plant where the Company is also driving for commercial operations. The BMEC and North Fork projects apply similar EQTEC designs and capabilities and represent the first two in an expected series of potential, future projects for Phoenix and EQTEC in California.
The Company expects to commence basic engineering work in early 2024 and to invoice c. $330,000 (c. €302,000) for this work, which the Company expects to complete in the first half of 2024. The Company and BMEC have also agreed a comprehensive quotation to deliver detailed engineering, equipment, construction advisory and commissioning services for approximately $10.3 million (c. €9.4 million), should, inter alia, the requisite funding be secured by BMEC to enable the project to proceed. The Company will make further announcements if and when any work beyond basic engineering is agreed.
Jeff Vander Linden, Group COO, commented:
"We are pleased to finally execute this contract with BMEC. The opportunity to support forest fire prevention in California through the application of EQTEC technology for clean, safe disposal of forestry waste has long been an ambition for us. The Project has secured credible funding from national and state funding sources as well as private lenders, so we feel this work can proceed successfully. Although the North Fork project has taken much longer than we have liked, it has also allowed us to learn and improve project execution. It is on this basis that we very much look forward to pressing ahead with our second project in California."