Power Metal Resources plc will bring forward its 2022 diamond drill programme after it identified a large magnetic conductor at its nickel-copper-platinum group element (PGE) project at Molopo Farms Complex, southwest Botswana. MAGNETIC CONDUCTOR The company completed two ground-based electromagnetic (EM) geophysics surveys, over areas hosting 2020-2021 diamond drillholes KKME 1-14 (K1-14) and KKME 1-6 (K1-6). Power […]
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Ascent Slovenia claims more than €500m damages
Ascent Resources plc’s has revised its preliminary damages claim to more than €500 million [£422m] over oil and gas interests against the Republic of Slovenia. PETIŠOVCI The figure is included in the formal submission by the company and its subsidiary Ascent Slovenia Ltd, referred to as the investors, of their dispute with Slovenia to arbitration. […]
UKOG could face further appeal against Horse Hill
UK Oil & Gas plc (UKOG) said it could face an appeal in the Supreme Court against the company’s grant for oil production at Horse Hill near Gatwick in Surrey. HEARING The company added that it would “strongly contest” any further action against its interests which total 85.635%. Alba Mineral Resources plc holds an 11.765% […]
Altus-Elemental merger receives court sanction
Altus Strategies plc’s share-for-share merger of equals with Elemental Royalties Corp has received court sanction. TIMETABLE The companies first announced the agreement in June and received shareholder approval on 8 August. Altus said that the High Court of Justice of England and Wales had today made an order sanctioning the scheme under section 899 of […]
Neptune to add further two wells on Cygnus
Neptune Energy said it had begun drilling its 10th well on the Cygnus gas field in the UK southern North Sea. HIGHER OUTPUT The second of a two-well programme is due to come onstream during 2023, with both wells helping to maintain production, said the company in its half-year results. Neptune also plans to increase output during […]
Neptune Energy’s profits rise to $761.7 million
Neptune Energy announced profits of $761.7 million (£627m) in the first six months of 2022 from its portfolio of oil and gas operations. OPERATIONS The H1 2022 profits are more than a seven-fold increase from H1 2021 at $100.3m. The company’s financial results for the first half of 2022 showed a strong financial performance supported […]