i3 Energy plc said that unstable prices had created possible merger and acquisition opportunities after the company posted a rise in production and decrease in revenue. PERFORMANCE In the first six months of the year, revenue totalled $75.5m (H1 2022: $101.6m) from its operations in Canada. The company averaged 20,640 boepd (H1 2022: 18,950) following […]
Author: editorial
Prospex converts £105,000 CLN for 2.5m shares
Prospex Energy plc has received notice to convert a total £104,745.81 in a convertible loan note in exchange for 2,464,608 new ordinary shares of 0.1p each in the company. The convertible loan note, issued in July 2022, is convertible at 4.25p per share. Following admission, the company will have 307,300,354 ordinary shares in issue.
Cornish Lithium shareholders back £53.6m institutional funding
Shareholders have approved Cornish Lithium plc’s recent funding package of £53.6 million (US$67m) initial investment from institutional investors. On 30 August, the investment received 99.98% of the votes at the company’s general meeting. The money will progress the Trelavour hard rock lithium project to construction-ready status and fund the engineering design work for a demonstration-scale […]
Cadence acts over Mexico cancelled licences
Cadence Minerals plc subsidiaries in the Sonora lithium project have filed “administrative review recourses” against the Mexican government’s resolutions cancelling the concessions. BAN The company’s £3.89 million interest is through a 30% stake in the JV interests in Mexilit S.A. de CV and Minera Megalit S.A. de CV. Gangfeng Lithium Group is developing Sonora, comprising […]
Block reaches total depth in sidetrack well
Block Energy plc said its in-house team had reached total depth in the WR-34Z sidetrack development well in the West Rustavi-Krtsanisi field, Georgia. DEVELOPMENT The well will be tested before coming into production alongside the first two project I wells, JKT-01Z and WR-B01Za. Drilled from an existing donor well, WR-34Z horizontally tracks the upper part of […]
Artificial lift aims to improve Wressle-1 production
Egdon Resources plc has started to install artificial lift on the Wressle-1 oil well to optimise production at the joint venture project in North Lincolnshire. METHOD The partners on PEDL180 and 182 comprise operator Egdon (30%), Europa Oil & Gas (Holdings) plc (30%) and Union Jack Oil plc (40%). Work began with a slickline programme and […]