Shareholders have approved Cornish Lithium plc’s recent funding package of £53.6 million (US$67m) initial investment from institutional investors. On 30 August, the investment received 99.98% of the votes at the company’s general meeting. The money will progress the Trelavour hard rock lithium project to construction-ready status and fund the engineering design work for a demonstration-scale […]
Finance
EnQuest agrees second lien loan of up to $150m
EnQuest plc has agreed a loan of up to $150 million, including $9m from its chief executive officer’s family, as a secured second lien instrument. DOUBLE A Mature in July 2027, the loan ranks junior to the group’s existing $500m reserve based lending facility (RBL) of which the company had drawn $240m as at 31 […]
Ormonde shareholders back TRU investment
Ormonde Mining plc has received shareholder approval to invest an initial 36.2% controlling interest in TRU Precious Metals Corp, exploring for gold and copper in Newfoundland. AQSE The Dublin-based company will focus on TRU’s Golden Rose project as well as evaluation of other mineral property opportunities. Ormonde retains its 20% interest in Peak Nickel Ltd […]
Harbour swings to $8m loss
Harbour Energy plc swung to loss during the first six months of the year following high taxes and falling commodity prices. FINANCES Results for H1 2023 show profit before tax of $0.4 billion (H1 2022: $1.5bn) and loss after tax of $8 million (H1 2022: profit of $1bn). Revenue decreased to $1,991 million (H1 2022: […]
Orcadian agrees more time to repay £1m loan to Shell
Orcadian Energy plc has secured an extension to the repayment date of its $1 million loan plus interest to Shell International Trading and Shipping Company Ltd (Stasco). PILOT FIELD The deadline for repayment has been extended from today to 13 September 2023. Orcadian, which currently holds £95,000, said it was in discussions with Stasco for […]
Deltic marks ‘transformational’ six months
Deltic Energy plc continues to hold a strong balance sheet after a “transformational” first half year from the major hydrocarbon discovery in the Pensacola licence. FINANCES Results for the the six months of 2023 show that the company began the year with £20.4 million cash and ended the period with £9.1m following planned investment of £10m […]