Europa Oil and Gas (AIM: EOG) provided an update on the development of its 30%-owned Wressle Oil Field in North Lincolnshire where work continues to be carried out to prepare the site for production. Site reconfiguration works have been completed and surface facilities are currently being installed ahead of the mobilisation of the rig and commencement of workover operations immediately in the New Year. Initial oil flows are now anticipated during late January 2021. Under the development plan, Wressle is expected to commence production at an initial gross rate of 500bopd, which would more than double Europa’s existing onshore production to over 200bopd. With an estimated breakeven oil price of US$17.62 per barrel, production at Wressle is expected to be very profitable at current oil prices of over US$45 per barrel.
Empire Metals Limited (AIM: EEE) has raised £2,000,000 before expenses through an oversubscribed placing. The proceeds will be primarily used to exercise its option to acquire a 75% interest in the high-grade Eclipse Gold Mining Licence in Australia, complete the work programme that has commenced at the project and continue its efforts to identify and secure additional compelling assets to add value in the short term. The support that Empire has received from new and existing shareholders in completing this placing is an endorsement of its confidence in the potential for significant gold resource development at Eclipse where the results to date have been very encouraging. Indeed, the latest set confirmed that the mineralisation remains open at depth and along strike, with high-grade drill results along strike of existing historical workings confirming an extension to the main high-grade lode.
Emmerson Plc (AIM: EML) launched its new corporate branding this week, including an updated presentation and website. The website now features Emmerson’s new corporate logo, which was part of a rebranding exercise to align its primary focus, on developing the Khemisset Potash Project located in Northern Morocco, with its visual identity. The symbol used in the logo and branding is a geometrical design inspired by an octagonal star represented as two overlapping squares, merged with a flower blooming. The symbol stretches back in the history of Moroccan architecture and possesses connotations of fullness and regeneration.
Keras Resources Plc (AIM: KRS) provided an update on the progress at the Nayega Manganese Mine in Togo, which is wholly owned by its 85% owned subsidiary SGM. CEO Russell Lamming’s trip to Lome in Togo consisted of constructive meetings with key government officials and follow up meetings with state-owned Togo Invest, which is assisting with the permitting process at Nayega and endorsed Keras’ investment in the country. Meetings were also held with Ms. Mila Aziablé, the Minister of Mines and Energy, and Ms. Kayi Mivedor, the Minister of the newly formed Ministry of Investment Promotion, which is focused on encouraging and enhancing investment in Togo. The meetings mark the beginning of a promising collaboration and feedback on the route to permitting at Nayega is expected to be received soon.
Kodal Minerals Plc (AIM: KOD) announced its unaudited interim results for the six months ended 30 September 2020. During the busy period, Kodal has focused on its flagship Bougouni Lithium Project, particularly during the political changes in Mali. Despite this, communications with the government authorities have remained positive and productive. All technical and compliance requirements for the mining licence application have been successfully completed and the application has been confirmed to be proceeding and is expected to be granted soon. A memorandum of understanding has been entered into with Sinohydro Corporation Limited in order to work together to develop Bougouni, with the main focus for Sinohydro to review the project. Additionally, Kodal entered into two financing agreements with Riverfort Global Opportunities and YA II PN Ltd.. Kodal is now well-funded to continue the development plan for Bougouni as well as its gold exploration strategy with activity planned to commence in November 2020.
FastForward Innovations Ltd (AIM: FFWD) noted an update from its investee company, Yooma Corp., in which it holds a 10.65% interest. Yooma announced the launch of clean CBD beauty brands MĀSK Skincare and Lab to Beauty on BorderX Lab’s China cross-border eCommerce app, Beyond, in time for Black Friday events. As consumers worldwide increasingly look to plant based supplements for their wellness needs, FFWD believes demand for Hemp and CBD products will continue to escalate; placing Yooma, Asia’s first HEMP and CBD Lifestyle company, in a very strong position.
Vast Resources Plc (AIM: VAST) celebrated a milestone moment with the first commercial sale of copper concentrate from its Baita Plai Polymetallic Mine in Romania, which was successfully sold and delivered to its offtake partner Mercuria. The company is now focussed on building production at the mine, which it owns 100% of having formally acquired the final 20% interest earlier this week.
You may have missed…
CEO of Vast Resources Andrew Prelia spoke with Stockbox and IG TV on the milestone achievement of first commercial sale of copper concentrate from Baita Plai.
CEO of Kodal Minerals (AIM: KOD) Bernard Aylward spoke at Africa Mining Forum’s Digital Event on West Africa’s potential to feed the emerging battery metals market.
In the news this week…
Swedish shipbuilder plans to build world’s tallest sailing ship with no carbon footprint.
Almost perfectly preserved eruption victims’ remains discovered at Pompeii.
London has been dethroned by Shanghai as the world’s most connected city due to the pandemic’s effects on international travel.
Scotland has become the world’s first country to provide free sanitary products.
A first look at David Attenborough’s new series A Perfect Planet, set to be released before March 2021.
A guide on helping garden wildlife through the winter months.