Europa Oil & Gas (Holdings) plc has ruled out renewing licence P2358, containing the Serenity oil discovery, in the Outer Moray Firth. COSTS The company holds a 25% farm-in with operator i3 Energy owning 75%. After an appraisal well in 2022 showed “disappointing” results the companies began talks on the field’s potential. Europa said its […]
Finance
Kavango starts Zimbabwe funding initiative
Kavango Resources plc has launched a new capital investment and financing programme with an initial £2 million convertible note to advance its Zimbabwe interests. RIGS The CLN with major shareholder Purebond Ltd will define mineable gold resources and acquire plant and equipment for larger scale production at the Hillside gold project. Production at the new […]
Helium One raises £6.43m for Colorado farm-in
Helium One Global Ltd has raised £6.43 million to fund a 50% farm-in to the Galactica-Pegasus project and a similar interest in leases of a proven helium fairway in Colorado, USA. CASH FLOW The fundraise with Cynosure Capital Pty Ltd was via a 37% discounted direct subscription in a cash box structure for 590,000,000 new […]
Red Rock issues 44m shares for £20,000 advance
Red Rock Resources plc has issued 44,444,444 new ordinary shares at a subscription price of 0.045 pence per share, to convert a £20,000 advance by an existing shareholder. Following admission, the company’s issued share capital will comprise 5,004,338,042 ordinary shares, with voting rights. None of the shares is held in treasury.
Red Rock secures extension for CLNs
Red Rock Resources plc has secured an extension to and settled interest on its 12% convertible notes to 18 November 2024. The notes relate to the July 2022 issue of £623,000 notes with accompanying warrants to high net worth investors. In August 2023 the company extended the term of the notes, and agreed a partial […]
Hummingbird completes $25m refinancing
Hummingbird Resources plc this week completed the US$25 million strategic refinancing of a portion of its existing loan facilities with principal financing partner Coris Bank International. KOUROUSSA The company said that the 24-month loan, with an annual 12% interest, would meet its existing loan obligations due in Q2 2024, providing a two-year deferment of “specific […]