Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has appointed UK based oil and gas divestment and project marketing specialists, Envoi Limited to facilitate the farmout of up to a 50% working interest in the Company's material 100% owned Loxley gas and hydrogen feedstock project ("Loxley"). The farmout seeks to fully fund the planned Loxley-1 appraisal drilling and testing programme with the Company's share of costs being carried by the farminee or farminees. The project has incontestable planning consent to proceed ahead (see RNS 10th January 2024).
Separately from Envoi's mandate, active discussions are ongoing with two UK listed energy companies interested in pursuing the farmout opportunity ...
Stephen Sanderson UKOG's Chief Executive commented;
"The farmout process is designed to fully fund the Loxley appraisal programme and, if successful, remove the requirement for the Company to raise additional funds for its share of costs for this material project. We look forward to working with Envoi and with prospective farminees".
Repeat of my post of 12/04:
Re Brockham, from 08:34:
"moving full speed ahead to bring that field back into production"; long lead items ordered, rig put on contract; plan to be doing a work-over in May.
Needs to manage expectations: relatively modest production, not currently set up for 24 hour production.
Certainly, if we are encouraged by early production, we will consider moving to 24-hour production.
Anticipating production some time in late May/early June.
Very exciting for us especially given current oil prices.
Clogau was blocked for ages by NRW. HH is blocked by UKOG's lack of funds. The Greenland assets are now in a separate quoted company, GROC, and have been reduced to 2, Amitsoq and TBS.
It looks as if West Andover was presented to Alba as an opportunity, an opportunity they considered worth taking a closer look at.
Paul has been involved in the development of Saltfleetby since 2019 and joined the Board of Angus in July 2022. Now that the Company has secured the Trafigura refinancing, Paul feels it is the right time to pursue other interests.
Paul Forrest's resignation from the board does mark the attainment of a milestone in Angus's development.
Under George Lucan, it looked as if Angus might be interested by Loxley: he described it as an "attractive asset".
Under Richard Herbert, that is no longer the case. RH has said Angus's growth strategy should play to its strengths, the management of mature fields.
It sounds as if Alba will be inspecting the ground for themselves very soon, before their option matures, so we should learn more within the next month.
In his video interview with lse above, GF explains that their Andover West licences have been explored in the past for other minerals but never for lithium.
I post again the video FollowTheVein posted on 24/04 at 16:31 on Azure Minerals and their Andover project's Lithium:
https://www.youtube.com/watch?v=hTWfuiZpEWg
From 13:00, Azure's MD provides a summary: he uses the word "exciting" a number of times within about 40 seconds.
Let's hope some of that excitement can become associated with Alba.