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Planned maintenance downtime at Vametco offset a solid performance at Vanchem as Q1 2021 vanadium production fell by 22% and 29% versus Q1 and Q4 of 2020, to 688t. Vametco is showing better stability post restart, but mindful of ongoing workstreams to maintain this, and of ramp-up risks attached to the Vanchem refurbishment, Bushveld now expects full-year production to come in towards the lower end of its 4,100-4,350t guidance range. We still envisage overall improved output this year, which in
Companies: Bushveld Minerals Limited
Pantheon Resources announced that its best estimate of the oil in place in respect of the Theta West field, which it recently penetrated with the Talitha #A, well is 12.1 billion barrels of oil. The company announced that its best estimate of the success-case recoverable resource potential for the field amounts to 1.41 billion barrels of oil. The oil in place estimate is comprised of 11.0 billion barrels of oil from the Lower Theta West system and 1.10 billion barrels of oil from the Upper Theta
Companies: Pantheon Resources plc
Following on from our previous report we wanted to explore the potential value of the Jade, Topaz and Pearl prospects in the event of success. We explore a potential three stage approach to the drilling of the three identified prospects within Block 29/11. Phase 1 involves success at Jade, which in the event of a commercial discovery would see our risked valuation of Jade increase from 9.7p to 41.2p. Phase 2 involves success at Topaz, which in the event of a commercial discovery would see our ri
Companies: Empyrean Energy PLC
Not much of note in Touchstone’s Q1 results, although the oil price recovery has spurred increased workover activity on its mature base oil business, stabilising production. Cash resources remain strong and Touchstone has significant remaining headroom on its credit facility, which alongside existing cash flows should cover this year’s work programme. Our risked-NAV and price target fall slightly, by 4% to 157p/sh, due primarily to lower net cash balances, but the impending Royston exploration w
Companies: Touchstone Exploration Inc
i3 Energy has announced that it has received creditor consents to proceed with a reduction in share capital to enable the payment of its maiden dividend.
In conjunction with consents provided by Baker Hughes GE in respect of a deferred payment arrangement, the company has agreed to i) pay Baker Hughes GE a maximum cash fee of £0.374M and ii) to reduce the exercise price of 5.277M warrants held by Baker Hughes GE to £0.0001/share.
Companies: i3 Energy Plc
Thor Mining (Thor) provides investors with exposure to a wide range of commodities in two safe jurisdictions (the USA and Australia). We see Thor's priority projects as its In-situ Recovery (ISR) projects in South Australia and its shovel-ready Molyhil tungsten project in Northern Territory. Short term, we expect news from exploration and drilling at its Ragged Range gold project in Western Australia and drilling in its uranium projects in Colorado – either of which could be transformational f
Companies: Thor Mining PLC
Union Jack Oil
Union Jack (UJO) has announced that the operator of the Wressle field development, Egdon Resources UK Limited, has received all the necessary regulatory consents for the commencement of a proppant squeeze operation at the Wressle oil production site, located in Lincolnshire. This final yet vital part of the work programme is expected to optimise output from the field to achieve an optimum constrained gross production rate of 500 bopd by June 2021.
The proppant sque
Companies: Union Jack Oil Plc
• The 7D well has been put on production at 3,700 bbl/d during the first 10 days of production and has averaged 4,550 bbl/d during the past three days. The well took only 33 days to drill at a cost of US$8.6 mm (7% below the US$9.2 mm estimate).
• During the last three days, Bretana oil field production has averaged approximately 11,100 bbl/d. Two wells, representing 1,200 bbl/d, are currently shut in awaiting increased water injection pump enhancements, suggesting an overall well production ca
Companies: PetroTal Corp.
Full year 2020 results
AfriTin* (ATM LN) – £13m raised to expedite Phase 1 expansion of the Uis mine in Namibia
Greatland Gold (GGP LN) – Decline development underway at Havieron
Oriole Resources (ORR LN) – Iamgold drilling at Faré, Senegal
Companies: ATM GGP ORR
Q1 2021 results
Companies: Serinus Energy plc
By Caledonia's admission, it was a difficult quarter at its Blanket mine in Zimbabwe; a fall in ground, an exceptional rainy season and changes in the payment mechanism for gold, all impacted on the production, technical and financial outcomes in the quarter. Thankfully, these issues are now all resolved and the working capital position is now back to normal with increasing amounts of net cash. On the plus side, Caledonia rewarded its shareholders and raised its dividend to 12c per quarter (an
Companies: Caledonia Mining Corporation PLC
Atalaya Mining (ATYM LN) –Q1 reaps benefit of a strong operating performance and higher copper prices
Caledonia Mining* (CMCL LN) – Blanket mine comes through weather affected Q1 to deliver above planned gold production in April
Eurasia Mining* (EUA LN) – Eurasia asset sale process. West Kytlim operations expand capacity
GoldStone Resources* (GRL LN) – Significant production guidance upgrade at Homase
Shanta Gold (SHG LN) – NED appointment
Walkabout Resources (WKT AU) – A$6.4m equity raise
Companies: CMCL EUA GRL SHG ATYM WKT
AUCTUS ON FRIDAY: EGY US/LN, PEN NO, PTAL LN/TAL CN, TETY SS, VLU LN/VLE CN, ALV CN, AOI CN/SS, CNE CN, CNE LN, CPI CN, ENQ LN, GKP LN, HRB LN, HUR LN, IGAS LN, KOS US/LN, NOR NO, OKE NO, SENX LN, TXP LN/CN
Vaalco Energy (EGY US/LN)C; Target price of £3.80 per share: Removing oil price risk in 2021 - 1Q21 cashflow was negatively impact by a ~US$12 working capital movement that should be reversed on the upcoming period given that the c
Companies: AOI ALV CNE CNE CNE ENQ HUR KOS PEN PEN TAL SEN TETY TETY TXP EGY VLE
Beowulf Mining* (BEM LN) – Updated corporate presentation
Bushveld Minerals* (BMN LN) – Q1 report highlights continued optimisation of expansion plans for Vanchem and Vametco
Berkeley Energia Ltd (BKY LN) – Amendment to draft climate-change bill in Spain
Condor Gold* (CNR LN) – Q1 results and progress report on La India
Horizonte Minerals (HZM LN) – Q1 results highlight £18m raised and progress with power line licence for the Araguaia ferronickel project
Power Metal Resources* (POW LN) –
Companies: BKY BEM BMN CNR HZM KAV POW