St Brides Weekly Brief 19-02-2016


In the Brief this Week

With the Grammys and Baftas this week, followed by the Brits next week and the Oscars not far behind, the award season is well and truly underway. For those tired of reading about the endless speculation surrounding who will win the top prizes, then the St Brides Brief is the one for you, a speculation free zone, as we’re all winners here. “I would just like to thank my mother, my dentist, the dog.”

FinnAust Mining (FAM) appointed Mineral Sands experts to advance development of its Pituffik Titanium Project in Greenland; Magnolia Petroleum (MAGP) reduced its debt and cuts costs to better position itself to ride out the volatile oil market; Northcote (NCT) is exploring JVs to develop its Oklahoma portfolio; Savannah Resources (SAV) raised £1.75m to advance its copper/gold projects in Oman and announced its end of year results; Stellar Diamonds (STEL) exported a 3,341 carat diamond parcel from its Baoul e Kimberlite Project in Guinea for sale at auction; Strat Aero (AERO) CEO Tony Dunleavy upped his stake in the Company and also announced a first contract to inspect wind turbines using its drones; NU-Oil and Gas (NUOG) gained exposure to the Helvick Oil Field and Dunmore oil discovery through a Farm in Agreement with 50&pct; Owned MfDevCo, while Cluff Natural Resources (CLNR) signed a two year extension of its MOU with Halliburton for its UK gas and UCG assets.

If you want a chat with, or any further information on any of the mentioned, please email and we will arrange.

FinnAust Mining (FAM) appointed Mineral Sands industry experts, Peter Waugh and TZ Minerals International (‘TZMI’), to assist in the development of its Pituffik Titanium Project in Greenland. With work completed indicating the Project could be amongst the top percentile of assets worldwide in terms of minerals sands, the Company will utilise TZMI’s and Peter Waugh’s expertise to define appropriate development scenarios.

Magnolia Petroleum (MAGP) raised £300,000 via an issue of equity to reduce its debt position and cut costs to realign its cost base with current markets to better position the US onshore producer to ride out the current volatile oil market.

Northcote Energy (NCT) provided an update on its Oklahoma operations, indicating that it is exploring joint venture opportunities in order to bring capital and further expertise to the development of the mature fields.

Savannah Resources (SAV) secured a cornerstone investor after raising £1.75 million with private investment trust Al Marjan to advance its copper/gold projects in Oman into production, targeted for late 2017. This successful raise, in what are undoubtedly challenging markets, is no doubt a significant achievement, underpinning the value of Savannah’s investment case. Later in the week, the Company released its financial results for the year ended 31 December 2015, highlighting it had made significant progress in implementing its strategy of adding value to its assets at not only its copper projects in Oman but also its heavy minerals sands project in Mozambique, where Savannah has a JV with Rio Tinto.

Stellar Diamonds (STEL) exported a 3,341 carat diamond parcel from its Baoul e Kimberlite Project in Guinea, which will be cleaned and assorted ahead of a planned auction which is expected to take place in Antwerp in March. This is the third diamond sale, part of an on-going trial mining evaluation of the Baoul e pipe in order to determine the diamond grade and value of the deposit. The Company has also received approval from the Environmental Protection Agency for the Tongo Mine Licence as it progresses development of the high-grade, high-value diamond resource in Sierra Leone.

Strat Aero (AERO) CEO, Tony Dunleavy, upped his stake in the Company in a demonstration of commitment and confidence in its strategy to build Strat Aero into a full service provider focused on the rapidly growing UAV market. The Company has also announced its first contract to inspect wind turbines in Kansas using its drones. Highlighting the value add nature of its offering, Strat Aero will also crunch the data using its proprietary software to generate a comprehensive review for the operator.

NU-Oil and Gas (NUOG) provided an update regarding Marginal Field Development Company (‘MfDevCo’) the oil and gas technology company in which NU-Oil has a 50&pct; interest, and its farm-in to the Helvick oil field and the Dunmore oil discovery, located in Standard Exploration Licence 2/07 in the North Celtic Sea Basin offshore Ireland. A two year Lease Undertaking in respect of both Discoveries has been granted with effect from 1 March to allow for evaluation of low cost development options. NU-Oil believes that the technology provided by MfDevCo and the MFD Consortium have the potential to improve the commercial viability of fields.

Cluff Natural Resources (CLNR) has extended its memorandum of understanding (MOU) with Halliburton for a further 2 years as the duo collaborate on the development of CLNR’s five Southern North Sea gas assets which are located in close proximity to the Breagh Gas Field and have combined resources of 845BCF, as well as its nine Underground Coal Gasification assets which provide exposure to five different coal basins in the UK.

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