RNS Hotlist with Zak Mir, 29th December 2021, UOG, SOU, PHAR, KDNC & CORA via Vox Markets

It will be worth following the latest news from United Oil and Gas (UOG) to see whether it moves the dial as far as sentiment towards the company.

By Zak Mir

UOG announced an update on the drilling of the Al Jahraa-13 development well in the Abu Sennan licence, onshore Egypt. The AJ-13 development well encountered 17.5m of net pay in the oil-bearing Upper and Lower Bahariya reservoir targets. The well reached Total Depth several days ahead of schedule and under budget. The discovery of commercial net pay in AJ-13 makes it the seventh successful well in a row at Abu Sennan since United acquired its interest in the licence.

Sound Energy (SOU), the energy transition company, announced the entry of binding conditional agreements in respect of a $18 million Phase 1 Tendrara LNG Development loan note financing and that the LNG GSA is now unconditional. Sound has entered into agreements with Afriquia Gaz S.A. in respect of an $18 million 6% secured loan note maturing in December 2033.

Pharos Energy (PHAR) an independent oil and gas exploration and production company, said that on Sunday 26 December 2021, the Egyptian Parliament approved the Third Amendment to its El Fayum Concession Agreement which encourages investment into this Concession to increase production rates for the mutual benefits of Egypt and Pharos and its partners. The Third Amendment will now go for ratification and is expected to be signed off shortly thereafter.

Cadence Minerals (KDNC) has entered into a binding settlement agreement with the secured bank creditors of DEV Mineração S.A., the owner of the Amapa iron ore project in Brazil. The execution of the Settlement Agreement represents the last major precondition for Cadence to vest its initial US$2.5m for 20% of the large-scale Amapa iron ore mine.

Making the most of the festive season, there was a Shareholder Letter from Cora Gold (CORA), the West African focused gold company. After a strong share price performance this year based on a world class asset, Cora said it expects 2022 to be incredibly busy as it moves forward with Sanankoro’s progression towards construction. To this end, it expects the DFS to be finalised by the end of H1 2022, after which the company will look to complete both the permitting and financing of the Project so that it is able to move as swiftly as possible towards construction.

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