St Brides Weekly Brief
On Tuesday this week it was International Women’s Day, a time to acknowledge and celebrate the accomplishments of women all over the globe. In honour of this, the Weekly Brief pays tribute to the many female pioneers of industry that have helped make history and change the world. We thank you.
In the Brief this Week
Armadale Capital (ACP) announced a £210k raise and outlined its exploration programme at its Mpokoto Gold Project in the DRC; FinnAust Mining (FAM) completed its acquisition of Bluejay Mining in Greenland and Dan Lougher has stepped down from the board as Non-Executive Director; Keras Resources (KRS) released its final results, highlighting a move towards Australian gold production in the very near-term; Magnolia Petroleum (MAGP) added 38 boepd to its net production as two new wells came into production in Oklahoma; Noricum Gold (NMG) provided an operational update highlighting that it is on track for maiden gold production by Q3 2016 at its Bolnisi Project in Georgia; Northcote Energy (NCT) commenced production at its Luther Moore #20 well at between 200-225 barrels a day at Shoats Creek Field in Louisiana; while Tlou Energy (TLOU) achieved significant milestones towards delivering a 10MW gas-to-power pilot plant in Botswana, as highlighted in its interim results.
Armadale Capital announced it had successfully raised £210,000 to advance a newly outlined exploration programme at its Mpokoto Gold Project in the Democratic Republic of Congo. The plans include a 2,000m auger drill programme followed by a 2,500m diamond drill programme with a view to increasing the planned life of mine which has a current defined resource of 678,000oz Au.
FinnAust Mining completed the acquisition of a 60% stake in Greenlandic company Bluejay Mining, which means the Company now holds a majority interest in the 126 sq km high grade Pittufik titanium project in Greenland, which has been proven to host an unusually pure titanium occurrence with three highly prospective target areas identified. Additionally, Dan Lougher has stepped down from the Board as a non-executive Director but crucially remains supportive of the Company through his role as MD of Western Areas, which maintains its commitment as a cornerstone investor of FinnAust.
Keras Resources‘ final results highlighted that the Company is on-track to achieve first gold production at its Australian Grants Patch Gold Tribute Project as soon as Q2 2016. It looks like the coming months ahead for Keras will be characterised by early maiden cash flows and exciting news flow.
Magnolia Petroleum added 38 boepd to its net production as two of its new Chesapeake operated wells in the Mississippi Lime formation in Oklahoma came into production. The Company now has interests in 213 producing wells alongside a range of established operators in proven US onshore formations.
Noricum Gold provided an operational update on its activities, with drilling and mine planning continuing at Kvemo Bolnisi in Georgia ahead of first gold production in the near-term. Having recently raised £1 million, the Company has enough funds to see it through to production in Q3 2016, and Noricum intends to initially produce gold ore where drilling is currently underway.
Northcote Energy commenced production at its Lutcher Moore #20 (LM#20) well in Shoats Creek, Louisiana in which the Company owns a 70% working interest with production believed to fall within the 200 to 225 bopd range. The results from the LM#20 well validate the potential of the Shoats Creek Field where Northcote has previously identified a number of high grade drilling locations.
Tlou Energy achieved major milestones towards delivering a 10MW gas-to-power pilot plant in Botswana after a busy few months. The Company, which is aiming to supply power to the constrained regional energy market in Southern Africa, completed its expanded drilling programme, commenced gas flow testing and lodged its EIS application for its Lesedi Coal Bed Methane project, the most advanced in the country. Tlou is now well positioned to achieve its near-term goals including delivering sustained economic gas flows at Lesedi.
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