Ascent Resources plc is creating a special purpose vehicle to distribute an entitlement to the economic interest in 49% of any net proceeds if its claim against Slovenia is successful. MEETING The company and its subsidiary Ascent Slovenia Ltd are engaged in arbitration over breaches of the Energy Charter Treaty relating to the Petišovci onshore gas […]
Legal
Orcadian secures more time for Pilot farm-out
Orcadian Energy plc has given its potential partner a further seven days to sign a definitive deal for the 81.25% farm-out of the Pilot oil licence. NSTA The original deadline of 30 November to complete the transaction for P2244 must be signed by 7 December or the company’s interest in the conditional two-year licence will […]
FCM signs exploration deal with First Nation
First Class Metals plc has signed an exploration agreement with the Netmizaaggamig Nishnaabeg First Nation, covering the North Hemlo, Esa and Sugar Cube properties in Ontario. DRILL-READY The contract allows the company to continue mineral exploration with the support of the community within their traditional territories. “The agreement promotes unity and a mutually beneficial and […]
Europa faces move to replace senior management
Europa Oil & Gas (Holdings) plc faces an attempt to remove and replace chief executive officer William Holland and chief operating officer Alastair Stuart with former directors Paul Barrett and Erika Syba. DEFICIENCES The company said it had received a letter attempting to requisition a general meeting from a group of shareholders, including Mr Barrett […]
Scotgold appoints administrators in Australia
Scotgold Resources Ltd today appointed administrators to assume control of the company. SGZ Cononish Ltd, focused on the gold-silver project near Tyndrum, is expected to enter administration “in the coming days”. Scotgold said that the administrators would work with the board of directors during the administration period to “maximise the outcome for all stakeholders.” Daniel […]
SCZ Cononish creditor takes further action
Scotgold Resources Ltd could appoint administrators in Australia, in addition to the expected administration in the UK, after its largest shareholder took further steps over its loan agreement. RIGHTS The secured creditor over SGZ Cononish Ltd, developer of the gold-silver mine near Tyndrum, is Bridge Barn Ltd controlled by former chairman and director Nathaniel le […]