Independent Oil and Gas plc (IOG) swung to a loss as the company’s cash balance fell and the group recorded a net debt. In its final audited results for the year ended 31 December 2020, the company reported post tax losses of £19.3 million compared with a 2019 profit of £15m generated by the CalEnergy […]
Tag: extractive industries
Cadence notes completion of Lake Giles AEM survey
Cadence Minerals plc said a Tempest airborne electromagnetic (AEM) survey has been completed over the Lake Giles iron project in Western Australia. Australian project operator Macarthur Minerals Ltd, in which Cadence holds a 1% interest, engaged CGG Aviation to undertake the AEM of palaeovalleys adjacent to the site. CGG Aviation mobilised to the site on […]
JOG raises £15m via placing and subscription
Jersey Oil & Gas plc announced it had raised £15 million from an oversubscribed placing by way of an accelerated bookbuild. DIRECTOR DEALINGS The funds were raised through the placing of 9,054,548 new ordinary shares (placing shares) and a subscription for 36,361 new ordinary shares (subscription shares) at an issue price of 165 pence per share. Director Role […]
Oriole welcomes funding for Hodine gold exploration
Oriole Resources plc announced that further funding has been agreed for its gold project interest in the Hodine exploration licence, southeast Egypt. AGREEMENT The licence hosts the Anbat and Hutite projects which have “substantial” gold resources. The company holds a 24.92% interest in Thani Stratex Resources Ltd (TSR) which, through its local subsidiary Thani Dubai […]
Power Metal accelerates Silver Peak earn-in
Power Metal said it was accelerating its earn-in and forming a new company for the Silver Peak project, which includes the Eureka-Victoria silver mine, in British Columbia, Canada. The junior miner retains its 30% interest through the new Canadian company, which will hold a 100% interest in the property, and its partners hold the remaining […]
Union Jack ventures into North Sea
Union Jack Oil plc has acquired its first interests in the North Sea with a 2.5% cash generating royalty interest for $130,000 (£93,730) in the Claymore, Piper and Scapa oil fields. THREE FIELDS The acquisition from Cambridge Petroleum Royalties Ltd is a part of the royalty unit over 20% of the revenues from oil and […]