Deltic Energy plc plans to cut costs and look for international projects, with an initial focus on early cash flows and faster cycle times, while continuing with its existing UK core assets. SELENE The company said that the “political and fiscal headwinds” had “hampered” the UK’s oil and gas industry in recent years” rendering it […]
Finance
Tungsten West raises £2m via CLNs
Tungsten West plc has raised £2 million by adding an additional tranche to the existing 2023 convertible loan notes to progress work at the Hemerdon mine in Devon. FINANCING Tranche F is on substantially the same terms as tranches A, B, C, D and E of the CLNs. The company said that July’s tranche E […]
Cornish Metals secures £7m for South Crofty
Cornish Metals Inc. has entered into a non-dilutive £7 million (US$9.1m) secured credit facility with its 25.95% shareholder Vision Blue Resources Ltd for the South Crofty tin project. DISCUSSIONS The facility, with a term until 31 March 2025 and carrying 15% interest per annum, will be used for general operating and corporate purposes. Chief executive […]
Rockhopper agrees Italy insurance and exit
Rockhopper Exploration plc has secured an insurance policy in case the Italian government succeeds in annulling the company’s Ombrina Mare arbitration award. CLARITY The company has also signed a share purchase agreement with Zodiac Energy Ltd for its other Italian assets to focus on the South Falkland Basin. Rockhopper said that the insurance policy would […]
Panther sells Australia holding
Panther Metals plc has sold its 18,223,306 shares in Panther Metals Ltd for net proceeds of £219,000 (AUD421,328). STRATEGY Chief executive Darren Hazelwood said that the company’s exit was not a reflection of the Australian company. “Our own strategy is clearly focused on making a transformative discovery on our own highly prospective portfolio, as that […]
FCM increases loan to £500,000
First Class Metals plc has more than doubled its loan for exploration in northern Ontario from the Seventy Ninth Group. KERRS The new loan agreement increases the original figure from £230,000 to £500,000 and will be drawn in a single tranche, repayable on 25 May 2025 at 15% interest. Seventy Ninth, which previously purchased McKellar […]