Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Burford Capital Limited Filing With SEC For US Stock Exchange Listing
07/07/2020 7:00am
UK Regulatory (RNS & others)
Burford Capital (LSE:BUR)
Intraday Stock Chart
Tuesday 7 July 2020
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TIDMBUR
RNS Number : 1864S
Burford Capital Limited
07 July 2020
7 July 2020
BURFORD CAPITAL FILES FOR US STOCK EXCHANGE LISTING
WITH US SECURITIES AND EXCHANGE COMMISSION
Burford Capital Limited ("Burford Capital" or "Burford" or "the Company"), the leading global finance and asset management firm focused on law, today announced that it has filed a registration statement on Form 20-F with the US Securities and Exchange Commission ("SEC") in order to list its ordinary shares for trading on a US stock exchange in addition to their current UK listing on London Stock Exchange AIM. As stated previously, Burford does not intend to issue new shares in conjunction with the proposed US listing.
Burford's filing is confidential and commences a SEC review process of indeterminate length but is commonly a multi-month undertaking.
Burford will now need to enter into a period where it is entirely unable to comment on the status or progress of the SEC review or US listing. Absent a development requiring a public announcement, Burford does not expect to update the market on business progress during the summer. Moreover, in light of the SEC review process, the Company confirms its prior indicative disclosure on 28 April 2020 that it does not expect to release its interim financial results for the six months ended 30 June 2020 until September on a date that will also not be announced until shortly before the release.
Burford has been represented in the US listing process by Cravath, Swaine & Moore LLP, with advice on English law from Freshfields Bruckhaus Deringer LLP and advice on Guernsey law from Ogier (Guernsey) LLP.
For further information, please contact:
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Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.
The amended work programme commitments under the Permit are now as follows:
-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).
-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.
-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.
The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operated 47.5% interest in the Permit, with the remainder held by joint venture partners Schlumberger with a 27.5% share and ONHYM with a 25% share.
Mohammed Seghiri, Sound Energy's COO, commented:
"Despite the challenges caused by the COVID-19 restrictions, I am delighted to have re-aligned our committed exploration work programme at the Anoual Exploration Permit in Eastern Morocco so it dovetails more efficiently with the proposed phasing of our Phase 1 Development Plan at the Tendrara Production Concession in a manner that underscores both our confidence in the potential of the basin as a future significant gas producing province and our ability to deploy capital judiciously across the portfolio."
Sound Energy PLC Eastern Morocco Update: Anoual Exploration Permit
06/07/2020 7:00am
UK Regulatory (RNS & others)
Sound Energy (LSE:SOU)
Intraday Stock Chart
Monday 6 July 2020
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TIDMSOU
RNS Number : 0556S
Sound Energy PLC
06 July 2020
6 July 2020
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco Update: Anoual Exploration Permit
Sound Energy, the Moroccan focused upstream gas company, is pleased to announce that it has, together with its licence partners, successfully concluded a re-negotiation of the terms of its Anoual Exploration Permits (the "Permit') with Morocco's National Office of Hydrocarbons and Mines ("ONHYM") which aligns the work programme commitments on the Permit and the Company's continued pursuit to unlock the exploration potential of the Eastern Morocco basin, with the expected phasing of the Company's recently announced Tendrara Production Concession Phase 1 development plan.
The Permit, which became effective on 31 August 2017 and covers an area of some 8,873 square kilometres has a duration of 8 years and, as with all Moroccan exploration permits, is divided into 3 phases with each phase having pre-agreed work commitments. The original work commitments under the Permit were:
-- Initial period of 3 years expiring on 31 August 2020: FTG-aerogradiometry, 600 kilometres of 2D seismic and 150 square kilometres of 3D seismic.
-- Subsequent optional first complimentary period of 2 years and 6 months: 1 exploration well with Triassic objective.
-- Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.
The amended work programme commitments under the Permit are now as follows:
-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).
-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.
-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.
The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operat
He"s gone
Gulf Keystone Petroleum Ltd. Retirement of CEO
26/06/2020 7:00am
UK Regulatory (RNS & others)
Gulf Keystone Petroleum (LSE:GKP)
Intraday Stock Chart
Friday 26 June 2020
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TIDMGKP
RNS Number : 1504R
Gulf Keystone Petroleum Ltd.
26 June 2020
26 June 2020
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Retirement of CEO
Gulf Keystone announces that Jón Ferrier, Chief Executive Officer, has informed the Board of his intention to retire from the Company upon appointment of a successor and after a period of handover.
The Company is now commencing a formal, externally facilitated, search process and will provide an update as and when appropriate.
Jaap Huijskes, Chairman of the Company, said:
"Jón Ferrier took the helm five years ago, immediately leading the Company through its financial restructuring and breathing new life into GKP as an attractive investment proposition. He has brought us the experience he gained over a long and distinguished career, resulting in GKP meeting the highest standards across all aspects of its business. Today, Gulf Keystone is a highly respected and successful E&P Company, for which Jón deserves considerable credit. On behalf of the Board and everyone within the Company I would like to thank Jón for his leadership and resolute commitment over the past five years. We will be sad to see him step down when a successor is found and wish him all the best for his retirement."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
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Ø Payments by the Kurdistan Regional Government to GKP are in line with the peer group, with invoices from March 2020 onwards being settled the following month. There is an ongoing dialogue relating to the payment of invoices for November 2019 to February 2020, aggregating $73 million (net).
Corporate
Ø Garrett Soden is to be welcomed back to the Board of GKP as a Non-Independent Non-Executive Director representing funds managed by Lansdowne Partners Austria.
Ø Mr Soden will be formally appointed following completion of the appointment process and will bring valuable financial and industry experience. Mr Soden was a Non-Executive Director between 2016 and 2019 and he has undertaken to conform to UK corporate governance standards in respect of external appointments.
Outlook
Ø With the Company's ongoing prudent approach to managing its financial position and the decisive measures taken to reduce its cost structure to preserve liquidity, GKP remains financially resilient to manage through the current macro environment.
Ø Despite a partial recovery in oil price, the Company closely monitors market dynamics and will continue to take the appropriate actions to preserve value in Shaikan.
Ø GKP looks forward to resuming investment and shareholder distributions when conditions allow.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Gulf Keystone Petroleum Ltd. Operational and Corporate Update
19/06/2020 7:00am
UK Regulatory (RNS & others)
Gulf Keystone Petroleum (LSE:GKP)
Intraday Stock Chart
Friday 19 June 2020
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TIDMGKP
RNS Number : 4386Q
Gulf Keystone Petroleum Ltd.
19 June 2020
19 June 2020
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Operational and Corporate Update
Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), is providing an operational and corporate update in advance of today's Annual General Meeting.
Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:
"In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We are now well placed to weather the current environment and are able to move quickly back to growth at the right time. Our cost reduction initiatives have been thorough, and I am grateful to our staff and contractors for their commitment and support. Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan."
Operational
Ø Maintaining strong focus on safety with zero LTIs recorded in 2020.
Ø In order to protect all personnel, the Company continues to actively manage its working practices in light of the COVID-19 pandemic observing all of the appropriate protection measures.
Ø Despite the challenges presented by COVID-19, production operations continue at c.36,000 bopd (gross). Average gross production for the year to date is 37,232 bopd.
Ø DQE's Rig 40 has been stacked on site at zero cost, which will aid the timely resumption of drilling activities, when appropriate.
Ø During this period of reduced activity, the Company continues to optimise its plans for a quick and effective restart of the 55,000 bopd expansion project.
Financial
Ø As a result of a continued rationalisation of the organisation, expenditures, and contract renegotiations, the Company remains on track to achieve its previously announced target of Opex and G&A savings in excess of 20% in 2020 compared to 2019. On a run-rate basis, we are targeting to achieve savings of c.30%.
o The Company is introducing 2020 guidance for Opex of $2.7 to $3.1 per barrel (vs $3.9 per barrel in 2019).
o The workforce is in the process of being reduced by c.40%, including over 60% of expatriates, due to the reduction in the work programme.
Ø Capex for 2020 remains in the range $40 - $48 million (net), a 50% reduction compared to 2019, of which $30 million (net) had been spent by the end of April 2020.
Ø Cash balance of $144 million as at 17 June 2020.
Ø Payments
Cadence Minerals PLC Amapá Operational Update
16/06/2020 7:00am
UK Regulatory (RNS & others)
Cadence Minerals (LSE:KDNC)
Intraday Stock Chart
Tuesday 16 June 2020
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TIDMKDNC
RNS Number : 0336Q
Cadence Minerals PLC
16 June 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Amapá Operational Update
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A ("DEV"), owner of the Amapá iron ore project (Amapá Project) continues to hit its operation targets, with the movement of the stockpile to the public port scheduled commence this month and shipping to occur in early Q3 2020.
The shipment of the stockpile was approved by the commercial court of São Paulo and announced on 14 April 2020 and was supported by the judicial administrators and other creditors of DEV. The secured creditors have objected to the commercial court of São Paulo in relation to its decision and on 12 June 2020 after market hours filed a petition, none the less the original ruling still remains in force.
We have also been informed that due to court closures during the current COVID-19 outbreak in Brazil, a ruling in relation to DEV's petition to annul the secured creditors liens and charges over the Amapá Project is now scheduled for the end of June 2020.
Cadence Amapá Project stake
As mentioned in previous announcements there remains only one major precondition for Cadence to make its initial investment in the Amapá Project and release the sum currently held in escrow in a judicial trust account ("Escrow Monies").
This precondition requires DEV to reach a settlement agreement with the secured bank creditors. On satisfaction of the prerequisites and the release of the Escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company which will own 99.9% of Dev.
Cadence's rights over the Amapá Project have been formalised in the Judicial Restructuring Plan of DEV and ratified by the São Paulo Bankruptcy court. DEV officers have been appointed in the Judicial Restructuring Plan, with acceptance of creditors.
Further detail in relation to Cadence's rights, potential investment and the Judicial Restructuring Plan in relation to the Amapá Project are detailed in the announcements of the 30 August 2019 and 7 August 2019.
About the Project
The Amapá Project was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway and private port. In 2012 the operation produced 6.1 Mt of iron ore concentrate and reported operating profits from their 70% ownership in the Amapá Project of US$120 million (100% - US$171 million). Before its sale in 2012, Anglo American valued its 70% stake at US$462m in its 2012 Annual Report (100% - US$600m).
As previously announced, the total historical mineral resource contains an estimated 348
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Funding Details
The Company entered into a placing agreement ("Placing Agreement") with WH Ireland pursuant to which terms WH Ireland agreed to arrange the Placing. The Company has given certain customary warranties and indemnities under the Placing Agreement in favour of WH Ireland. Completion of the Placing is subject to the satisfaction of the conditions contained in the Placing Agreement including, but not limited to, Admission.
Your attention is drawn to the detailed terms and conditions of the Placing set out in the Appendix to this Announcement (which forms part of this Announcement).
The Appendix to this Announcement contains the detailed terms and conditions of the Placing and the basis on which investors agreed to participate in the Placing. The Placing has not been underwritten by WH Ireland. Placees are deemed to have read and understood this Announcement in its entirety, including the Appendix, and to have made their offer on the terms and subject to the conditions contained herein and to have given the representations, warranties, undertakings and acknowledgements contained in the Appendix to this Announcement.
The Placing Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.
Admission and Settlement
Application will be made for the admission to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") and to and the AQSE Growth Market ("AQSE") operated by Aquis Exchange Plc for the Placing Shares ("Admission"). Admission is expected to occur on or around 11 June 2020. Following Admission, the Company will have 129,264,891 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 129,264,891 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
About the Project
The Amapá Project was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway and private port. In 2012 the operation produced 6.1 Mt of iron ore concentrate and reported operating profits from their 70% ownership in the Amapá Project of US$120 million (100% - US$171 million). Before its sale in 2012, Anglo American valued its 70% stake at US$462m in its 2012 Annual Report (100% - US$600m).
As previously announced, the total historical mineral resource contains an estimated 348 Mt of ore @ 38.9% iron content ("Fe"). The ore is beneficiated at the mine to 65% Fe Pellet Feed and 62% Fe Spiral Concentrate. Based on available historic mine plans and an independent consultant review, it is expect
Cadence Minerals PLC Amapá Operational Update,Placing to Raise GBP650,000
08/06/2020 7:00am
UK Regulatory (RNS & others)
Cadence Minerals (LSE:KDNC)
Intraday Stock Chart
Monday 8 June 2020
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TIDMKDNC
RNS Number : 1832P
Cadence Minerals PLC
08 June 2020
THIS ANNOUNCEMENT, INCLUDING THE APPIX TO THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT, INCLUDING THE APPIX TO THIS ANNOUNCEMENT, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT AND THE APPIX DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF CADENCE MINERALS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Amapá Operational Update, Placing to Raise GBP650,000
Highlights
-- Trucking contractor has commenced mobilisation of equipment
-- Other key contractors appointed including local shipping manager and shipping broker
-- Shipping is still on target for late Q2 2020 / early Q3 2020
-- Movement of the stockpile to public port is expected in July 2020
-- Cadence has raised GBP650,000 via a placing to;
o commission and publish an independent scoping study on the Amapá Project;
o fund Cadence's Amapá Project expenses;
o and facilitate the Company's flexibility in paying down its loan note facilities in accordance with its payment schedule.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A., owner of the Amapá iron ore project ("Amapá Project") remains on target to commence the shipment of its stockpile of iron ore by the end of Q2 2020 or early Q3 2020 (subject to any potential logistical restrictions of COVID-19). Cadence, along with its joint venture partners continues to engage with the secured creditors to reach a settlement.
The Company is also pleased to announce that it has raised GBP650,000 through the placing ("Placing") of 7,222,219 new ordinary shares ("Placing Shares") in the capital of the Company to new and existing investors at an issue price of 9 pence per share ("Placing Price"), representing approximately 8% discount to closing price on 4th June 2020.
Cadence intends to use the net proceeds of the Placing to commission and publish an independent scoping study on the Amapá Project and to fund Cadence's Amapá Project expenses. We also expect to use the net proceeds of th
Their short
ARCM to withdraw their Appeal
Another 82 million shares to be issued
Their will have to close now?
Premier Oil Share News (PMO)
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Share Name Share Symbol Market Type Share ISIN Share Description
Premier Oil Plc LSE:PMO London Ordinary Share GB00B43G0577 ORD 12.5P
Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
0.00 0.0% 31.80 31.52 31.80 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 1,194.9 77.3 15.0 2.0 267
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Alert
Premier Oil PLC Update on BP Acquisitions and creditor agreements
05/06/2020 7:00am
UK Regulatory (RNS & others)
Premier Oil (LSE:PMO)
Intraday Stock Chart
Friday 5 June 2020
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TIDMPMO
RNS Number : 0888P
Premier Oil PLC
05 June 2020
Premier Oil plc
("Premier" or "the Group" or "the Company")
Proposed revised terms for the BP acquisitions and agreements with creditors
5 June 2020
Highlights
-- Amended terms for the acquisition of the Andrew Area and Shearwater assets (together, the "BP Acquisitions") agreed in principle
o Cash payable at completion reduced to $210 million
o Estimated revised abandonment obligations reduced to c.$240 million (pre-tax) from c.$600 million (pre-tax)
-- Principal terms being discussed with a subset of Premier's creditors to waive the Group's financial covenants through to 30 September and to provide continued access to its revolving credit facilities ("Stable Platform Agreement"); once agreed and finalised, the terms will be put to the wider creditor group for approval
-- Settlement agreed with ARCM, the Group's largest creditor, under which:
o ARCM will withdraw its appeal of the Court's judgment approving the Schemes
o ARCM have undertaken to support the BP Acquisitions and the Stable Platform Agreement through the lender consent process
o Premier will issue 82.2 million new shares, representing 8.91 per cent of the enlarged Group, to ARCM at a price of 26.69p/sh, a 9.64 per cent discount to the volume weighted average price over the last five days; the proceeds from which will be used to fund part of the proposed BP acquisitions
Tony Durrant, CEO, commented:
"We are pleased to have agreed revised terms with BP for the proposed acquisition of the Andrew Area and Shearwater assets, which are materially value accretive for the Company. The Stable Platform Agreement, once agreed with and approved by lenders, will provide a basis for the Company to continue discussions regarding proposed amendments to the Group's existing credit facilities."
Enquiries
Columbus Energy Resources PLC Operational Update - Phase 2 CO2 Trinity Inniss
01/06/2020 7:00am
UK Regulatory (RNS & others)
Columbus Energy Resources (LSE:CERP)
Intraday Stock Chart
Monday 1 June 2020
Click Here for more Columbus Energy Resources Charts.
TIDMCERP
RNS Number : 4563O
Columbus Energy Resources PLC
01 June 2020
1 June 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Operational update - Phase 2 of CO injection in Trinity Inniss field
Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce the start of Phase 2 of the CO Pilot Project in the Trinity Inniss field.
Leo Koot, Executive Chairman of Columbus, commented:
"The Company is very pleased to have started Phase 2 of the CO Pilot Project in the Trinity Inniss field, which has the potential to materially increase oil production in the field. Acting in conjunction with our partner, Predator Oil and Gas plc, we have already commenced injection of CO into the reservoir and will be building up to continuous injection in the coming weeks. The CO project is an important enhanced oil recovery project for both the Company and Trinidad and I look forward to updating the market as to the results of the CO injection in due course."
Background - Trinity Inniss CO Project
As previously announced, the term of the Trinity Inniss Incremental Production Service Contract ("IPSC") was extended to allow for the implementation of the CO Pilot Project.
Earlier in the year, the Company injected the first tank of CO into well AT5X in the Trinity Inniss field and is now proceeding with Phase 2, with the immediate objective of maintaining CO injection at the optimum peak rate of 9 metric tonnes per day. The Company will measure the impact of continuous CO injection on oil production in offset wells to AT5X and hopes to see material increases in production levels.
The Company's interest in the Trinity Inniss field benefits from an agreement with Predator Oil and Gas plc ("Predator"), whereby Predator plans and funds the CO EOR Pilot Project (the "CO pilot project"). As part of the agreement with Predator, the Company and Predator share 50:50 in any incremental oil production (after Predator recovers its costs associated with the project).
Qualified Person's statement: