Hartshead Resources NL has completed the farm-out agreement with RockRose Energy Ltd for a 60% equity interest in its Seaward gas licence P2607 in the southern North Sea. TERMS The deal gives the Australian company gross A$196.3 million (£105m) for phase I of operations and A$536m (£287m) of gross project expenditure. RockRose’s initial cash payment […]
Author: editorial
Block’s increase in revenues helps cuts losses
Block Energy plc’s revenues rose 35% based on increased production, helping to reduce losses “significantly” from its oil and gas licences in southeast Georgia. FINANCES The company’s audited results for the year ended 31 December 2022 showed revenue of $8,262,000 (2021: $6,114,000), with other income including $281,000 from an insurance claim. The total loss for the […]
Cadence notes ‘widespread’ lithium in Kenny results
Cadence Minerals plc’s investee company has identified “significant and widespread lithium” from auger and geochemical programme at the Kenny project within the Dundas mineral field of Western Australia. PRIORITY ZONES Evergreen’s results indicated “the potential for lithium, caesium and tantalum pegmatites” at the site. Five priority lithium target zones had Li2O assay results showing maximum […]
Harbour on course to cut 350 UK positions
Harbour Energy plc today said it had started to review its activities in the United Kingdom and is on course to cut some 350 onshore jobs. TAX The review, due to complete during H2 2023, is forecast to save the company $50 million annually from 2024. In its Q1 2023 unaudited trading and operations report, […]
Golden Metal raises £1.98m and begins trading on AIM
Golden Metal Resources plc raised £1.98 million via a placing and subscription for the start of its trading today on the alternative investment market (AIM). TERMS The fundraise, through issuing 23,317,643 new ordinary shares of £0.01 each, is part of the admission process. Placing shares totalled 12,449,208 new ordinary shares and subscription shares totalled 10,868,435. Every two […]
FCM aims to drill as Ontario field work begins
First Class Metals plc (FCM) has started field operations on its metals exploration projects, with the aim of drilling at least one, in Ontario, Canada. MCKELLAR The company began at McKellar with sawn channel sampling of the rare earth element (REE) diatreme. Current sampling will be used to verify and possibly expand the potential outlined […]