Helium One Global Ltd needs further funds to drill the Itumbula well once it has repaired its drill rig on the Rukwa licence in Tanzania. COSTS The company has faced setbacks from delays and component failures but aims to spud the new well in early January 2024. A full cost analysis and budgeting exercise showed […]
Author: editorial
Altona secures majority share in Monte Muambe
Altona Rare Earths plc today confirmed it had secured the majority shareholding in the Monte Muambe project in northwest Mozambique. DE-RISKING The increase from 20 to 51% ownership of subsidiary and licence holder Monte Muambe Mining Limitada follows completion in October of phase II involving the scoping study. The transfer is subject to final approval […]
Deltic relinquishes Cadence licence
Deltic Energy plc has been refused more time to find a new partner to develop licence P2567, Cadence, in the southern North Sea. CADENCE-CUPERTINO In July, the company said it planned to retain P2567 and P2428 (Cupertino) subject to the North Sea Transition Authority granting more time to find a new partner after Capricorn Energy […]
Deltic on course to drill Selene and Pensacola wells
Deltic Energy plc preparations continue for drilling the Selene gas exploration well and Pensacola appraisal well during 2024 in the southern North Sea. FINANCING Site survey work, rig selection and contracting process for both wells continue ahead of drilling Selene on licence P2437 during Q3 2024 and the Pensacola discovery in late 2024. Deltic estimates […]
Reabold expects £5.2m in second Corallian payment
Reabold Resources plc expects the second tranche payment from the sale of its investee company Corallian Energy Ltd to be distributed to former Corallian shareholders from today. USES Reabold will receive £5.2m from purchaser Shell UK Ltd, which follows the first sum of £3.2m received on 1 November 2022. The final payment, of £4.4m, is […]
Garfield sample results show potential for copper deposit
Golden Metal Resources plc’s rock sample results showed “extensive high-grade” copper, silver and gold mineralisation at the Garfield project within the Walker Lane mineral belt in Nevada, USA. EXTENSION Garfield lies within a north-south trending copper-gold porphyry/skarn belt, extending south from Hawthorne. Porphyry deposits are characterised by lower grade but bulk tonnage deposits and are “one of […]