3Apr 2016

St Brides Weekly Brief

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This week we officially entered Spring and in true British fashion it has been intermittently glorious and miserable. Now that we”ve got the gloomiest part of the year out of the way [hopeful y] we can look forward to the coming months with anticipation. To ease you into April and 02, we bring you the St Brides· Brief, with a summary of our clients’ news over the past week. In the Brief this Week.

African Potash IAFPO) released its interim results demonstrating maiden revenues of US$59,000 and scope for growth; Challenger Acquisitions [CHALi outlined its global growth plans through a positive update on its giant observation wheel activity; Highlands Natural Resources [HNR) doubled its uranium acreage in Utah after another successful acquisition; MX Oil (MXO) provided an update on the sale of its investment in the Aje Field, offshore Nigeria; NU-Oil and Gas‘ [NUOG) interim results highlight tremendous opportunities, focusing on utilising redeployable engineering solutions to reduce opex and capex; Plexus Holdings (POS) CEO said the IP led oil and gas engineer’s “medium to long term prospects have never been better”; whilst, Stellar Diamonds (STELi demonstrated exciting progress made at its West Af rican projects from which revenues were generated & high quality gem diamonds discovered, in its interims.

The Brief

African Potash released its interim results this week, which demonstrated how its strategy could feed an important element of Africa’s growing ‘Green Revolution’. Having secured a number of COMESA fertiliser trade agreements, the Company has generated maiden revenues of US$59,000 and strengthened its board with pre-eminent industrial, political and diplomatic figures, paving the way for it to become a leading sustainable source of potash for the domestic African markets.

Challenger Acquisitions provided an update on its multiple GOW opportunities in its four chosen regions of the world. In Europe one site has been secured and a second development opportunity in another European city has been identified; in Asia, Jakarta is leading the way with project financing being secured by the developer and notable other growth opportunities have been identified in two cities outside of China and three cities inside China; in the Middle East project management bids have been sent to three cities; and final y in the Americas, Chal enger is supporting developers for several cities. This is all in addition to the US$500 million New York Wheel project which is currently under construction on Staten Island in which Challenger has a -3% equity interest. With the prospect of at least one new project from its pipeline commencing each year, the Company has entered Q2 on a high.

Highlands Natural Resources doubled its land position in Utah to approximately 1,219 acres aft er successfully acquiring 33 mining claims. Thela nd, adjacent t o the 26 unpatented mining claims recently acquired by HNR, is highly prospective for uranium. The Company also reiterated its commitment to commercialising its OT Ultravert refrac technology.

MX Oil gave an update on the funds which are due from GEC Petroleum Development Company [GPDC) for its investment in the Aje Field, offshore Nigeria. Although the funding is taking slightly longer than expected, GPDC has informed MXO that it is committed to this transaction and expects to have f unds available in the coming days.

NU-Oil and Gas also released its interim results. The Company has remained focused on utilising its strategy to redeploy engineering solutions to reduce opex and capex and build a portfolio of low risk, highly appraised marginal assets. NU has raised £435,000 to implement its stranded and marginal field’s strategy and facilitate the acquisition of new projects. The Company is currently in discussions to acquire further projects which are expected to become increasingly valuable as the market improves.

Plexus CEO Ben van Bilderbeek was happy to report that the Company’s long to medium term prospects are looking better than ever after releasing its interim results. Despite a 50% reduction in sales revenues due to a sharp contraction in exploration activity, the Company’s strategy to build on its proven technology reputation, has resulted in Plexus establishing a dominant position in the North Sea.

Stellar Diamonds has made exciting progress at its projects in West Africa, as reported in its interim results. The Company has to-date generated approximately US$1 million from diamond sales, which includes a diamond sale of approximately US$0.3 million in March 2016 from its Baoule Kimberlite Pipe Project in Guinea. Now 73% of the way through its stated 100,000 tonne bulk sample, Stellar intends to establish a maiden diamond resource for the pipe, with a target of 3 million carats based on current diamond grade and modelled tonnages. Positive progress also continues to be made at the Company’s Tongo Kimberlite Dyke-1 Project in Sierra Leone, with the Environmental Impact Assessment approved and the Mining Licence application progressing well.

Thank you to St Brides Partners’

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