Mercantile Ports & Logistics Limited (MPL), the owner and developer of the Karanja Port and Logistics facility in Navi Mumbai, India, announced the appointment of Marty Martin to the Board of Directors of MPL, subject to completion of the customary regulatory processes.
Mr Martin’s appointment is expected to support the Company at this important time as it continues to pursue all available legal remedies in relation to its Karanja asset. The additions to the Board will also help it evaluate strategic opportunities outside India that may offer a more stable investment environment, lower jurisdictional complexity, and attractive long-term upside for shareholders. As previously announced, the Company has formally challenged the decision of the Committee of Creditors (“CoC”) approving the resolution plan relating to Karanja Terminal & Logistics Private Limited.
Comment: It has certainly been a rocky ride as far as the recent trajectory of the MPL share price has been concerned, and given the company’s current travails, this may continue to be the case for quite some time. Nevertheless, there would appear to be a base in the 0.4p zone.
Chill Brands Group plc (CHLL) updated shareholders ahead of its Annual General Meeting that will be held later today. The Company announced that its Chill Connect wholesale distribution platform has now launched, with over 2,000 initial retailer accounts onboarded to date. The platform enables UK convenience retailers to purchase tobacco alternatives, vaping products, pouches, beverages, confectionery and other fast-moving consumer goods directly through a dedicated wholesale channel. The Board believes the Company’s Main Market listing is capable of delivering more than its current scale allows. Its ambition is for the public company to be larger and more diversified in its activities, and it regards the listing itself as a platform for achieving that.
Comment: If nothing else one has to give CHLL points for trying, given the way that it would appear its vape strategy has never really had the big break the company’s fans might have been hoping for. The hint that its main board listing is the company’s best asset should be taken seriously.
Orosur Mining Inc. (OMI), announced an update on the progress of exploration activities at the Company’s exploration project at Anzá in Colombia. OMI said “It is encouraging to see Anzá now beginning to delivery on its promise. Pepas now has a resource, with more being found nearby, APTA being drilled and El Cedro yet to come.”
Comment: Despite very enthusiastic and compelling support from one of the more influential professional investors in London, OMI shares appear to have stalled around the 20p zone, even though Anzá / Pepas continues to deliver in terms of being proved up. One wonders what has to be done to break the impasse?
Arrow Exploration Corp. (AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provide an update on operational activity at the Icaco field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest. AXL said “We are very encouraged by the well log results of the Icaco 1 exploration well. The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery. These initial drilling results are better than we anticipated and display once again the hydrocarbon density of the Tapir Block. The Icaco prospect, highlighted by the proprietary 3-D seismic, supports the scope and repeatability of this suite of conventional reservoirs in Tapir Block. Arrow has now drilled five successful exploration wells in the Tapir Block which have subsequently resulted in 40 development wells. This demonstrates significant value additions to the Company. Management looks forward to updating shareholders on the exciting progress at Icaco in the near term.”
Comment: The market continues to treat AXL as if it has had a patch exploration / development history, and crude oil is under $50 a barrel. Given that this is certainly not the case, we are looking at a producing company at $100 a barrel, and one that continues to excel in terms of its new prospects.
Ajax [AQUIS: AJAX], the natural resources investment company, announce that Edison Investment Research has today published an updated research report. The report can be viewed at: https://www.edisongroup.com/research/on-the-appian-way-to-el-dorado/BM-3230/
Comment: In just a matter of months AJAX has established its niche as a dynamic player in the explorer / developer space, identifying high value / low cost / low capex targets. On this basis alone the share price is long overdue being on the right side of 10p / £10m market cap.
Rome Resources plc (RMR), the DRC-focused tin and copper explorer, is pleased to announced that it is participating in an airborne geophysical survey covering the greater Bisie tin district, a district that contains one of the world’s highest grade tin plays. The Survey forms part of a broader contiguous programme of geophysical data acquisition being conducted across adjacent areas of the wider Bisie tin district. Acquisition of over 600km of helicopter-borne geophysical data is planned for Rome Resources.
Comment: While the exploration continues, it would appear that RMR has finally done enough to convince the market that it is on the verge of greatness in terms of proving up its assets, and doing so in a significant way. That said, we would like to see the 0.45p / one year resistance zone taken out in coming weeks whatever happens.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
