Capricorn Energy plc remains committed to its Egypt assets as its receivables balance “increased materially” last year. SPEND In its year results, the company said it continued to progress amendments to the production sharing contract to unlock value from its assets. Chief executive Randy Neely added that in his 12 years’ experience in the country, […]
Author: editorial
Beacon CEO Larry Bottomley to step down
Beacon Energy plc chief executive officer Larry Bottomley will step down from 1 June 2024. KEY ROLE His replacement is the company’s chief financial officer Stewart MacDonald. Mr Bottomley, who will become a non-executive director, has more than 40 years’ industry experience and became Beacon’s CEO in January 2022. He was instrumental in re-establishing the […]
Corcel targets first oil and listing
Corcel plc said it was on the verge of a material transformation to become “a sizeable, listed oil and gas developer”. OPERATOR During H2 2023, the company refocused on hydrocarbons in the Kwanza Basin, Angola and is considering further transactions in the region and overseas. The six months also saw a new board of directors […]
Red Rock focuses on cash flow as losses rise
Red Rock Resources plc said it continued to rationalise parts of its portfolio to generate cash as the company recorded an increase in six-month losses. PRIORITIES Chairman Andrew Bell said that the company would focus on early gold production and other “immediate cash flow operations”. Medium or long-term projects will be prioritised for short- term […]
Corcel’s earn-in partner exits Mt Weld
Corcel plc said its partner in the Mt. Weld rare earth element project has withdrawn from the earn-in agreement. CONTROL Riversgold Ltd, which could have spent A$500,000 to earn a 50% stake, made its decision as part of “a much larger tenement rationalisation process.” In December 2022, Corcel acquired the 171ha licence, situated near Laverton […]
Tungsten West raises £1.6m via CLNs
Tungsten West plc raised £1.6 million by adding an additional tranche to the existing 2023 convertible loan notes. The company said that the CLN had been amended and restated to include a tranche D on substantially the same terms as the CLN tranches of A, B in May 2023 and C in December 2023. The […]