The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
This is what happened last year. The SP was stuck but this time around we know that there’s oil down there. A lot of companies are leaving London exchange at the moment- not my opinion, just read the news. MM’s only look after their own profit and keep the sp down , until news comes , especially on AIM stocks. It’s a cut throat business and the patience is tried to limits. SP mostly goes up madly just before a placement. MM’s know that there’s oil down there and we’re just waiting to see if it’s commercial, so our patience will be tried to its limit or until a good news drops in. This is Aim market, so be patient and chill 👀🤞🏼😎
Taximan57- ISA: yes it’s in addition to the previous allowance, but I didn’t hear that it’s for U.K. investment only but it’s only for ISA equity accounts. So U.K. banks and North Sea investment should definitely be included. ARB is also a U.K. bitcoin miner!
28 Feb 2024 07:00
RNS Number : 7568E
88 Energy Limited
28 February 2024
28 February 2024
88 Energy Limited
Hickory-1 Flow Test Operations Update
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to report final preparations for the commencement of flow testing operations are advancing at the Hickory-1 well, located within 88 Energy's Project Phoenix acreage directly adjacent to the Trans-Alaska Pipeline System and the Dalton Highway.
Highlights
· Mobilisation operations are complete and pre-flow testing operations have advanced at the fully funded Hickory-1 discovery well, with current operations involving the testing of the blow-out preventers (BOP) installed on the wellhead.
· Two flow tests are scheduled, one each in the Upper SFS and SMD-B reservoirs, with each expected to take approximately ten days.
· Prior to perforating the first zone, wellbore preparations are required which include removing the existing string in the well, drilling out of the plugs and cleaning out of the wellbore.
· Flow testing operations are set to deliver information critical to development planning, such as reservoir deliverability, fluid compositions, pressures and connectivity.
Importantly, the Transaction enables the Company to delever the balance sheet with minimal impact to the Company's revenue. Following the Transaction, Argo will maintain ownership of all mining machines currently located at the Mirabel Facility. The Company is in the process of relocating the machines to its Baie Comeau facility and anticipates selling certain prior generation machines representing approximately 140 PH/s. Going forward, the Company's total hashrate capacity is expected to be 2.7 EH/s.
The Transaction has significant operational benefits for Argo. It allows the Company to streamline its operations by locating all self-mining machines at its Baie Comeau facility. Additionally, the Transaction reduces the Company's non-mining operating expenses by $0.7 million annually.
The Transaction is expected to close by the end of March 2024 upon the successful completion of customary closing conditions, including entry into a definitive share purchase agreement and certain regulatory approvals.
Management Commentary
Argo's Chief Executive Officer, Thomas Chippas, said, "This Transaction demonstrates the Company's continued commitment to strengthening the balance sheet through a focus on aggressive deleveraging and reducing non-mining operating expenses. We are able to exit the Mirabel Facility with a high multiple on its power capacity, and we also realize a premium on this real estate asset while maintaining a strong hashrate capacity of 2.7 EH/s."
February Operational Update
During the month of February, the Company mined 92 Bitcoin, or 3.2 Bitcoin per day. This 21% reduction in daily Bitcoin production compared to the prior month was primarily due to a maintenance-related outage at the Cottonwood substation which is owned and operated by an unaffiliated third party. Total downtime from the outage was approximately 77 hours, or 11% of the month. The maintenance was completed on 21 February 2024, and normal operations have resumed. Additionally, Bitcoin production in February was negatively impacted by a 5% higher average network difficulty compared to the prior month.
Mining revenue in February 2024 amounted to $4.5 million, a decrease of 15% compared to the prior month (January 2024: $5.3 million).
As of 29 February 2024, the Company held digital assets worth the equivalent of 14 Bitcoin.
Argo CEO Thomas Chippas said, "Despite the decrease in Bitcoin production due to maintenance on the Cottonwood substation, we expect that our realized power prices at Helios for February will be significantly lower than normal due to favorable power market conditions. Lower power prices will have a beneficial impact to our mining profit, mining margin, and operating cash flow for the month."
RNS part 1
Today 07:00
RNS Number : 5461F
Argo Blockchain PLC
05 March 2024
Press Release
5 March 2024
Argo Blockchain plc
("Argo" or "the Company")
Sale of Mirabel, Quebec Data Center for $6.1 Million
February Operational Update
Argo Blockchain plc (LSE: ARB; Nasdaq: ARBK), a global leader in cryptocurrency mining, is pleased to announce that it has entered into an agreement for the sale of its data center located in Mirabel, Quebec (the "Mirabel Facility") for total consideration of $6.1 million (the "Transaction"). All references to $ are to USD, being derived from the Canadian dollar amounts at an exchange rate of 0.74.
The Mirabel Facility has five megawatts of electrical capacity, implying a $1.2 million per megawatt sales price for the Transaction. The net proceeds from the Transaction are expected to first repay the Mirabel Facility's outstanding mortgage in full, with the remainder expected to be used to repay debt owed to Galaxy Digital Holdings, Ltd. ("Galaxy") (TSX: GLXY).
The Transaction is expected to strengthen Argo's balance sheet, reducing outstanding debt by $5.4 million. The Galaxy debt balance as of 29 February 2024, with pro forma adjustments for the Transaction and subsequent debt repayment, is $14.0 million, a 60% reduction from the original Galaxy debt balance of $35.0 million.