Her Royal Highness Queen Elizabeth II celebrated her 90th birthday on Thursday (coinciding with a special birthday in our office too!!] Beacons were lit, stories were recounted and all across the country we celebrated our Monarch’s very Long and glorious reign. With so many reasons to celebrate this weekend, we thought we’d ease you into it in the best way we can. In the Brief this Week…
Bacanora Minerals (BCN) signalled the commencement of its FS and offtake discussions for its Sonora Lithium Project in Mexico; DekelOil (DKL) saw Miton Group increase its stake to 5% in the African focused palm oil producer; Falcon Acquisitions (FAL) successfully raised
£2m to support its acquisition activities in the OTT market; Goldplat (GDP) reported strong production numbers for Q3 FY 2016, generating an operating profit of £156,000 with 7,252oz of gold produced for the quarter; Magnolia Petroleum (MAGP) released an operational update for Q1 2016 and an updated reserves report; Noricum Gold (NMG) published its final results, highlighting the Company’s position as a near-term gold ore producer and major resource developer; Northcote Energy (NCT) raised £500,000 and initiated plans to complete its remediation facility in Mexico within 90 days; while, Tlou Energy (TLOU) expanded gas production testing to include 2 further wells at Lesedi coal bed methane Projects in Botswana.
Bacanora Minerals outlined progress made in respect to its recently commenced Feasibility Study and the work undertaken inline with its ongoing offtake discussions with potential Asian partners. Bacanora plans to deliver a 17,500 t Lithium production operation in 2018. Lithium demand is set to soar as battery storage and electric car technology is rolled out across the global market. The Company also updated its Mineral Resource Estimates [‘MRE’) for the Sonora Project in Mexico, with a new cut-off grade of 1,000 ppm lithium, previously 450 ppm.
DekelOil received a boost this week, as Miton Group increased its stake in the Company to 5%; a vote of confidence in the Company’s Ayenouan Palm Oil Project in Cote d’Ivoire. which recently delivered record production in Q1 2016 and facilitated a 134% increase in revenues for the fullyear 2015.
Falcon Acquisitions announced it has successful ly raised £2 million by way of a subscription as part of its strategy to identify and secure opportunities in the exciting and rapidly growing Over-The-Top (‘OTT] market, which is set to transform the way people access media content on line.
Goldplat released a positive operational update for the three months ended 31 March 2016. The African gold producer, with two gold recovery businesses in South Africa and Ghana and its Kilima pesa Gold Proj ect in Kenya, reported gold production of 7,252 o unces for the quarter,
bringing its nine month production to 24,709koz. Importantly, the results also revealed continued profitability, with an operating profit of £156,000 reported, bringing the 9-month year-to-date operating prof it to £458,000.
Magnolia Petroleum’s 01 2016 update highlighted it has interests in 167 wells in proven US onshore formations, including the Bakken in North Dakota and the Woodford and Mississippi Lime in Oklahoma, allof which are producing and generating revenues. As at the end of Q1, net daily production stood at 242 boepd compared to 309 boepd on 1 August 2015, a reflection of reduced drilling activity over the period in response to volatile global oil and gas markets. This has prompted management to cut corporate overheads and operating costs by 31% and the savings made will go towards Magnolia’s continued participation in commercially attractive drilling operations across its acreage alongside established operators.
Noricum Gold made active progress towards 03 2016 low cost gold mining following its transformational acquisition of 50% of the Bolnisi Copper and Gold Project in Georgia, as highlighted in its final results release this week. With gold ore production set firmly in its sights and getting closer to being realised, the Company is in a strong position as itlooks to strengthen its balance sheet over the coming year. The production will provide proof of concept and cash flow as the Company focuses on developing the pre-defined significant resources into a world class operation.
Northcote Energy raised £500,000 via a Placing and outlined plans to channel the funds raised into the completion and commissioning of its Mayan Drilling Fluids remediation facility in Comalcalco, Mexico within 90 days. Plans for the facility include increasing capacity by 20% from the 700 tonnes per day originally comtemplated.
Tlou Energy expanded testing procedures at its 100% owned Lesedi coal bed methane project in Botswana to include the 2 additional wells, Selemo 2 and 4. As strong progress continues to be made in the fields, the decision to expand testing followed results observed while flowing gas from the initial test well, Selemo 1. Fol owing such positive results, the Company is confident of delivering a sustained gas flow in the near-term.
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