Kavango Resources plc plans a secondary listing on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe. IMMENSE The company said that the proposed listing would provide access to a wider range of capital and shareholders and promote strong local ownership in its projects. Kavango set up its Zimbabwe gold-focused subsidiary in July 2023. Chief executive […]
Finance
Orcadian delays action over debt payment
Orcadian Energy plc faces no action until the end of August for missing the deadline to pay $1.43 million debt to Shell International Trading and Shipping Company Ltd (Stasco). OBLIGATIONS The amount owed will be settled from payment due under a proposed farm-in or joint venture on Orcadian’s southern North Sea Earlham discovery. The company […]
Block extends $2m loan
Block Energy plc has agreed an 18-month extension to its US$2 million loan for its Georgia assets. WARRANTS The extension to February 2026 will provide additional headroom for reinvesting cashflows into the company’s portfolio. The loan figure combines the original $1.06m loan from February 2023 and a $940,000 increase in May 2023. The terms remain […]
JOG to review impact of EPL changes
Jersey Oil & Gas plc said it will carefully consider the impact of the changes to the Energy Profits Levy on its Greater Buchan Area project, northeast of Aberdeen in the Outer Moray Firth IMPLICATIONS On 29 July, the Government announced that the EPL will increase to 38% from 1 November 2024, bringing the headline rate […]
UKOG becomes debt free
UK Oil & Gas plc has fully repaid the balance of the convertible loan facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The company, with assets in the UK and Turkey, said it was now debt free. The £2m loan dated from 2023.
Tungsten West raises £2.9m via CLN
Tungsten West plc has raised £2.975 million by way of an additional tranche E to the existing 2023 convertible loan notes and tranche D CLN. FINANCING The amended and restated CLN to a tranche E is on substantially the same terms as tranches A, B, C and D and matures on 31 January 2025. Tungsten […]