Red Rock Resources plc has signed a funding agreement with institutional investor Diversified Metals Holdings LLC to fund exploration and working capital. SUBSCRIPTIONS Diversified Metals will subscribe for new ordinary shares of £0.0001 to raise an initial US$500,000. Following this, the US-based investor may subscribe for further shares for $1,000,000, within the next 18 months. […]
Month: November 2024
Orcadian looks to raise funds after losses increase
Orcadian Energy plc said it would need further funding after recording more than a five-fold increase in losses from its Central North Sea operations. FINANCES The company holds four licences, East and North East of Aberdeen, of which the Pilot field is the largest. Results for the year ended 30 June 2022 reflected investment in […]
Power Metal plans Wilan merger to reach Mount Isa
Power Metal Resources plc is extending its Australian copper reach in a planned merger of its Wilan project with two companies holding other exploration licences in Queensland. LISTING The Wilan project comprises two exploration licences covering a total 1,994km2. Power Metal has signed a heads-of-terms to combine Wilan with projects held by Australian companies RAB […]
Tungsten West granted key permits for Hemerdon
Tungsten West plc has received two of four permits required to allow the restart of the tin-tungsten Hemerdon mine project in Devon. PERMITS The Environment Agency granted the mining waste facility permit and the open pit water abstraction licence. The company said it expected to receive in early 2023 two further abstraction permits. A renewed […]
IGas Energy 2022 production on course
IGas Energy plc said it was on course to deliver its full year of production within guidance of 1,900 to 1,950 boepd from its assets onshore United Kingdom. OPERATIONS In early October, the company began a production drive to ensure its wells, plant and equipment were operating reliably. IGas increased its operational rigs from three […]
Tullow Oil signs PSC for new exploration licence offshore Côte d’Ivoire
Tullow Oil plc has signed a production sharing contract (PSC) for offshore exploration licence CI-803, Côte d’Ivoire. LICENCE CI-803 The company will operate the licence with 90% equity with the 10% held by PetroCi*. Licence CI-803 covers 1,345 km2 and is next to licence CI-524 which is also held by Tullow (90%, operator) and PetroCi […]