Prospex Energy plc said it had achieved stable production rates and “substantial” cash flows from the Podere Maiar-1 gas facility on the Selva Malvezzi production concession in north Italy. PRODUCTION Operator Po Valley Energy Ltd (63%) began production at PM-1 on 4 July and reached c.72,000 standard cubic metres per day (scm/d) during the initial testing […]
Author: editorial
United cancels £5.7m Maria sale before giving up licence
United Oil & Gas plc has terminated the £5.7 million conditional sale of the Maria discovery and will withdraw from the central North Sea licence on its expiry at the end of this month. EXHAUSTED The company has several times extended the long stop date for Quattro Energy Ltd’s purchase of P2519, which depended on […]
FCM grab sample results add confidence in Zigzag
First Class Metals plc (FCM) said final results from the first phase of exploration at the Zigzag lithium project further supported the property’s potential. CONFIDENCE Grab samples identified a 350-metre strike with >1% Li2O remaining open at both ends. The company has completed channel sampling in the central area of the property, with results pending from […]
Cadence Minerals CEO increases shareholding
Cadence Minerals plc chief executive and director Kiran Morzaria increased his holding in the company by 100,806 ordinary shares each for 0.074 pence. Following the purchase, Mr Morzaria now has 1,573,240 ordinary shares in Cadence. Finance director Donald Strang owns 957,545 ordinary shares; non-executive chairman Andrew Suckling 381,602; and non-executive director Adrian Fairbourn 731,005.
GreenRoc PEA shows 22 years for Amitsoq mine
A 22-year mine life, with potential to increase by expanding resource, is forecast for GreenRoc Mining’s graphite project at Amitsoq in southern Greenland. ECONOMICS SLR Consulting Ltd’s NI 43-101 preliminary economic assessment (PEA) includes average annual production of 77,000t of concentrate at a minimum 94% grade. The mine plan assumes mining from only the lower graphite […]
Serica Energy looks to redevelop Kyle oil field
Serica Energy plc has been awarded 100% of block 29/2a, containing the decommissioned Kyle oil field, in the UKCS 33rd offshore licensing round. STUDIES The North Sea Transition Authority made the award to the company’s subsidiary Tailwind Energy Chinook Ltd, subject to licence documentation. Serica said its internal preliminary mid-case estimate of recoverable resources after […]