Arkle Resources* (ARK LN) – Mine River soil sampling Bacanora Lithium (BCN LN) – Operational update at Sonora Project in Mexico | BlueRock Diamonds (BRD LN) –– BlueRock recovers 9.7ct diamond | Cornish Metals* (CUSN CN) –– First results from drilling at South Crofty in Cornwall | Greatland Gold (GGP LN) – Recent drilling expands northern breccia zone at Havieron as WA grants Mining Lease | Predictive Discovery (PDI AU) – Results of further drilling at Bankan | Strategic Minerals* (SML LN) – Confirmation of Leigh Creek environmental submission | Sunstone Metals (STM AU) – Drilling starts at Espiritu gold-silver prospect in Ecuador
Companies: ARK BCN BRD CUSN GGP PDI SML STM VAST
Aura Energy* - (AURA LN) – A$250,000 convertible note | Bluejay Mining* (JAY LN) – Valuation raised to 24.7p (from 20p) – Public consultation closes for Dundas ilmenite mine plan in Greenland | BlueRock Diamonds* (BRD LN) – Diamond grades improve at Kareevlei during August | Dark Horse Resources (DHR AU) - Drilling programme designed at Tampere gold project | Ferro-Alloy Resources (FAR LN) – £500,000 share issue | Gem Diamonds (GEMD LN) – Focus on cost containment and debt reduction in H1 as global diamond output contracts | Orosur Mining* (OMI LN)– $500,000 option payment received from Newmont Columbia | Papillon Holdings (PPHP LN) - AVOID - Heads of Agreement Signed to acquire African Gold Assets | Shanta Gold (SHG LN) – MRE update: NLGM adds new ounces into reserves as West Kenya project acquisition takes Shanta resource base to 3.2moz | Tertiary Minerals* TYM – Drilling to start at Kaaresselkä in Finland
Companies: JAY BRD NPM FAR GEMD PPHP SHG TYM
Adriatic Metals* (ADT1) – Government approval granted for land extension at Vares Silver project | Amur Minerals* (AMC LN) – Board appointment | Ariana Resources* (AAU LN) – Underground mining options considered and new vein discovered at Kiziltepe | BlueRock Diamonds* (BRD LN) –Diamond sales from Kareevlei average US$330/carat | Bushveld Minerals (BMN LN) BUY - Valuation 46.5p – Vanadium sales rise in first half despite Lockdown | Ferro-Alloy Resources (FAR LN) – Development of electrolyte for VFBs | Kodal Minerals* (KOD LN) – BUY – Sinohydro MoU offers potential to realise significant value | Sunrise Resources (SRES LN) – CS Project appeals window closes without any objections
Companies: ADT1 AMC AAU BRD BMN FAR KOD SRES
Adriatic Metals* (ADT1) – Updated mineral resource for Rupice Silver Deposit in Bosnia & Herzegovina | BlueRock Diamonds* (BRD LN) – 12.1 carat diamond from Kareevlei diamond mine valued at over US$100,000 | Gem Diamonds (GEMD LN) – 233 carat diamond recovered from Letšeng | Bluejay Mining* (JAY LN) – Greenland extends licenses and license obligations by a year | Kodal Minerals* (KOD LN) – BUY - MoU with Sinohydro to review engineering, development and financing at Bougouni | Hummingbird Resources (HUM LN) – Kouroussa acquisition completion | Highland Gold (HGM LN) – Annual guidance reiterated pointing to stronger H2/20 | Pan African Resources (PAF LN) – Trading Statement highlights impact of higher gold price Rio Tinto (RIO LN) – Oyu Tolgoi update | Savannah Resources* (SAV LN) – Disposal of Oman copper assets | Strategic Minerals* (SML LN) – Leigh Creek environmental submission
Companies: ADT1 BRD GEMD JAY KOD HUM PAF HGM RIO SAV SML
Companies: BRD KEFI SAV SOLG
BlueRock Diamonds* (BRD LN) – Placing raises £1.25m for further expansion at Kareevlei diamond mine | KEFI Minerals* (KEFI LN) – Maiden Hawiah resource expected at around 20mt 2% CuEq | Savannah Resources* (SAV LN) – Metallurgical results from Mina do Barroso | SolGold* (SOLG LN) – Cornerstone rejects Solgold’s offer
Altus Strategies* (ALS LN) – Appointment of business development manager | Arkle Resources* (ARK LN) – Annual results | BlueRock Diamonds* (BRD LN) – Results highlight improvement in performance in second half | Goldstone Resources (GRL LN) –US$3m gold loan agreed | SolGold* (SOLG LN) – Resumption of some regional exploration in Ecuador | Vast Resources* (VAST LN) – £1.5m fundraising
Companies: ALS ARK BRD GRL SOLG VAST
BlueRock Diamonds* (BRD LN) | Edenville Energy* (EDL LN) | Europa Metals Limited (EUZ LN) | Hummingbird Resources (HUM LN) | Trans-Siberian Gold (TSG LN)
Companies: BRD EDL EUZ HUM TSG
BlueRock Diamonds* (BRD LN) – Robust restart to operations at Kareevlei | Hummingbird Resources (HUM LN) – Annual results and exploration update | Kavango Resources (KAV LN) – Kalahari Copper Belt Prospecting Licences Granted | Power Metals Resources* (POW LN) – Joint Venture partner applies for further gold licenses around Ballarat in Australia
Companies: BRD HUM KAV POW
Anglo Asian Mining* (AAZ LN) - BUY – Strong FY19 results with the Board announcing an increase in dividends | Ariana Resources* (AAU LN) – Completion of initial 9% earn-in to Venus Minerals | BlueRock Diamonds* (BRD LN) – Diamond sales into Antwerp could attract higher prices than local sales | Kavango (KAV LN) – Ongoing data analysis and collection to complete 3D underground geological model | Tri-Star Resources* (TSTR LN) – Shipping of first antimony by SPMP
Companies: AAZ AAU BRD KAV TSTR
BlueRock Diamonds* (BRD LN) – Extension to lockdown in South Africa till end April | Bluejay Mining* (JAY LN) – MoU with trader for 200ktpa of ilmenite | Chaarat Gold* (CGH LN) – FY19 financial results | Hochschild Mining (HOC LN) – Temporary suspension of the final dividend | Orosur Mining* (OMI LN) – Q3 results | Phoenix Copper* (PXC LN) – Reports a 32% reduction in losses for 2019 | Rambler Metals* (RMM LN) – Covid19 mitigation measures | Serabi Gold* (SRB LN) –– March delivers highest monthly gold production since operations began
Companies: BRD JAY CGH HOC OMI PXC RMM SRB
Anglo Asian Mining* (AAZ LN) – BUY – Gold dore shipments to MKS Finance | Anglo American (AAL LN) - taking Corporate humanitarianism to a new level in its support | Alba Minerals (ALBA LN) – Notice of exercise from Bergen | BlueRock Diamonds* (BRD LN) – Q1 production and carats sold rise substantially by 78% and 77% | Edenville Energy* (EDL LN) – COVID-19 and operations update | Kazatomprom (KAP LI) – Production estimates revision | Pensana Metals (PM8 AU) – Pensana reports more high-grade rare earth intersections at Longonjo | SolGold* (SOLG LN) – New mineral resource estimate for Alpala | Strongbow Exploration* (SBW CN) - High-grade copper and tin intersected in drilling at United Downes in Cornwall | Tertiary Minerals* (TYM LN) – Pyramid Gold Project drilling plans
Companies: AAZ AAL ALBA BRD EDL SOLG TYM
BlueRock Diamonds* (BRD LN) – Closure of Kareevlei mine for 21 days due to national shutdown | Bushveld Minerals* (BMN LN) – South Africa government orders underground miners and smelters to shutdown for 21 days | Oriole Resources (ORR LN) – Final Results | Rio Tinto (RIO LN) – Production curtailed at Richards Bay for 21 days | Vast Resources* (VAST LN) – Baita PLai and Chiadzwa Community Diamond update
Companies: BRD BMN ORR RIO VAST
Altus Strategies* (ALS LN) – La Mancha investment and share consolidation approved by shareholders | BlueRock Diamonds* (BRD LN) – Oversubscribed placing raises £1.9m enabling management to expand diamond production in South Africa | Chaarat Gold* (CGH LN) – Kapan EBITDA grows while Tulkubash construction works progress for first gold in 2021
Companies: ALS BRD CGH
Amur Minerals* (AMC LN) – Rock mechanics study completed | Bluejay Mining* (JAY LN) – Bluejay informed Government response on final EIA approval expected in February. Expects positive political decision for development thereafter. | BlueRock Diamonds* (BRD LN) – Achieves profitable operations during H2 2019 | Botswana Diamonds (BOD LN)* – £250,000 funding | Condor Gold* (CNR LN) – Permitting update | Ormonde Mining* (ORM LN) – Disposal of residual interest in Barruecopardo and board changes | Premier African Minerals* (PREM LN) – Operating agreement with MN Holdings | Trans-Siberian Gold (TSG LN) – Production in line with guidance despite a slowdown in Q4/19
Companies: AMC JAY BRD BOD CNR ORM PREM TSG
Research Tree provides access to ongoing research coverage, media content and regulatory news on BlueRock Diamonds Plc.
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In H1, 2020 and the period directly following (Q3, 2020), EQTEC has made substantial operational progress, significantly boosting its project pipeline and strengthening its balance sheet with an over-subscribed £10m fund raising in July 2020. Revenue generation in H1, 2020, however, was constrained due to the impacts of Covid-19 and severe fires in California. We now forecast revenue of €2.4m in 2020E, compared with our previous forecast of €7.0m. Importantly, no projects have been cancelled. Delayed revenue is expected to flow into 2021E. Select new projects, having been secured in 2020, are expected to reach financial close in 2021E and 2022E, in addition to those existing projects under development in those years. As a result, we are increasing our 2021E and 2022E forecasts.
Companies: EQTEC Plc
Talitha Shelf Margin Deltaic LKA resource report
Companies: Pantheon Resources Plc
The stock was up 12% on Friday, 25/09, sparked by the positive outcome on Vodafone’s dispute with the Indian tax authorities. This is encouraging for Cairn, but note that both cases differ. While the tax authorities simply erased Vodafone’s tax bill, they owe up to $1.4bn to Cairn, and could offer more resistance.
Companies: Cairn Energy Plc
Central Asia Metals (CAML LN) reported robust interim results in the context of the H1 2020 backdrop; solid production and the company’s fundamentally low cost base meant that CAML remained profitable despite the sharp pullback in commodity prices during the period which led to a 17% YoY decline in revenue to US$70.8m. Consequently, EBITDA was down 25% YoY to US$42.5m despite a decline in unit costs of 6% YoY at Kounrad and 9% YoY at Sasa to US$0.48/lb and US$0.43/lb respectively which cushioned the impact of the weaker the top line. With no significant one offs in the period, EPS of US$0.10/sh. was 33% lower YoY.
Companies: Central Asia Metals Plc
H1 2020 results; progress on concept selection
Companies: Jersey Oil & Gas Plc
Another set of record results from Iofina, with H1 2020 benefiting from improved iodine pricing, solid cost controls and robust operational performance. Some of the shine will be taken off by the cautionary tone over the impact of COVID-19 on current iodine demand and pricing. Nevertheless, these results on top of the recent debt refinancing again demonstrate the continued improvements Iofina is delivering both operational and financially. It now has a solid platform of diversified low cost iodine production from five plants, a range of iodine and non-iodine specialty chemicals products, an improved balance sheet and a new lending partner with which to deliver its ‘prudent growth’ ambition.
Companies: Iofina Plc
Jersey Oil & Gas has announced that it has selected a greenfield four-legged platform to develop the Greater Buchan Area which will utilise existing export pipeline infrastructure. We see near-term scope to increase materially our fair value estimate from 268p. We believe that today's news is price material and that it sets the scene for a near-term catalyst rich outlook for the company. It is an opportune time, in our opinion, to gain exposure to the Jersey Oil & Gas investment opportunity.
Adriatic Metals* (ADT1 LN) – Annual results and review of exploration | AfriTin (ATM LN) –– H1 report highlights production ramp-up at the Uis mine | Ariana Resources* (AAU LN) – US$30m partial disposal of Turkish Assets | Anglo Asian Mining* (AAZ LN) – BUY – Gedabek continue unaffected by the Nagorno-Karabakh conflict | Cornish Lithium (Private) - Cornish Lithium looking to bring the EV supply chain closer to home | IronRidge Resources* (IRR LN) – FY20 results: well positioned to continue de-risking portfolio projects with A$7.3m in the bank | Kavango Resources (KAV LN) – Resuming field exploration of the Kalahari Copper Belt, Botswana | Power Metal Resources (POW LN) – Exploration gets underway on Botswana joint-venture | Rambler Metals and Mining* (RMM LN) – Interims and refinancing of debt and planned restoration of mine production at higher copper grade | Renascor Resources (RNU AU) – Offtake agreement with Chinese anode manufacturer highlights China’s dominance of supply chain | Trans-Siberian Gold (TSG LN) – 8c interim dividend declared reflecting robust FCF and strong outlook | Versarien* (VRS LN) – New Advisory Panel brings together global leaders in graphene within Versarien
Companies: ADT1 ATM AAU AAZ IRR KAV POW RMM RNU TSG VRS
H1/20 has been a highly successful period for United Oil & Gas, during which time it has successfully transformed into a full-cycle E&P company. Key to this success has been the Abu Sennan acquisition, with net production increasing to 2,700boepd at the end of June. The significant production and reserve additions delivered as part of the 2019-20 drilling campaign emphasises the considerable upside that still remains in the block. Post period, United were granted a 100% operated working interest and an 18-month extension to the Walton-Morant licence, offshore Jamaica. At 229mmbbls, the Walton-Morant licence has the potential to have a major impact on United, which we value at US$724.3m or 76.8p/share unrisked. We update our valuation, increasing our price target to 19.1p/share, a 549% premium to the current share price and reiterate our BUY recommendation.
Companies: United Oil & Gas Plc
Chariot’s interims represent something of a line in the sand for the new management team, with historic oil-focussed deepwater exploration spend written-off, demonstrating its recent corporate and strategic ‘reboot’, which has ushered in a more entrepreneurial approach. Strategy has shifted away from higher-risk frontier exploration in favour of opportunities that better fit the energy transition. With the annual cash burn cut 45% to US$2.5m, no remaining work commitments and period-end cash of US$5.8m, management has a clear path ahead to deliver on its ambitions.
Companies: Chariot Oil & Gas Ltd.
Hargreaves’ FY20 results are very solid indeed. As previously reported, the only noticeable impact from COVID was in the slippage of Blindwells’ land sales, which were due to conclude during the lockdown period. Site activity has resumed and sales remain on track to conclude in the current year. A final dividend of 4.5p has been declared and the outlook statement is measured but confident. We reintroduce forecasts today, effectively reinstating our pre-COVID expectations. Hargreaves is well positioned to deliver a period of significant, renewed growth with the prospect of a double digit dividend yield from FY22 as HRMS profits are distributed.
Companies: Hargreaves Services Plc
Ready to steppe it up – initiating coverage
Companies: Enwell Energy Plc
Three day CMD to detail how BP will redeploy hydrocarbons’ capital into renewables. The latter are expected to grow by 12% CAGR by 2030, which surely is more exciting than oil. Returns do not compare though, but BP intends to make good use of its trading division to bridge part of the gap. Lowering the dividend took care of the rest. Overall, BP diversifies its risks early, which might prove right if oil stays under $50.
Companies: BP Plc
EQTEC announced (last Friday afternoon) an extension of the exclusivity period of the Billingham MOU until 22 November 2020. The extension of the MOU exclusivity period is with the aim of finishing the preparation of a legally binding option agreement with Scot Bros. which, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited (the project SPV) from Scott Bros. subject to an agreement on consideration and other terms.
GeoPark (GPRK US)C; Target price US$20.00 per share: All eyes on CPO-5 - We see the CPO-5 block becoming a key area of focus in the next 18 months and the main reason behind the acquisition of AMERISUR in January 2020. By YE20, GeoPark will drill two wells on the highly prospective CPO-5 block. This will include an imminent development/appraisal well in the Indico light oil field followed by an exploration well. The only existing well in the Indico field is still flowing naturally at >5 mbbl/d since first oil in December 2018. The implied very strong reservoir performance and the fact that the oil pool boundaries have not been encountered yet suggest the field offers production and reserves upside that could start to be unlocked with upcoming drilling. In 2021, GeoPark could drill an additional 5-7 wells at CPO-5 comprising a combination of exploration, delineation and development wells. According to the latest CPR, 3-4 new Indico wells could add 7.5-12.5 mbbl/d gross production (2.5-4.2 mbbl/d net to GeoPark) in 1-2 years. The exploration program for 2021 will likely test the continuity of the Guadalupe play encountered on Llanos-34 into CPO-5. The share price trades at ~55% discount to our Core NAV of ~US$17. Overall there could be 350-700 mmboe gross prospective resources across the Llanos blocks (including CPO-5) that GeoPark is imminently starting to explore. Our target price of US$20 per share reflects our ReNAV. It represents ~150% upside to the current levels.
IN OTHER NEWS
Gran Tierra Energy (GTE CN/LN): Production update in Colombia – During 3Q20 to date, production has averaged ~18.700 boe/d increasing to an average of 21,250 boe/d during September, reflecting the resumption of production at the Suroriente and PUT-7 Blocks in the southern Putumayo region, as well as at several minor fields, and by the recommencement of workover activities at the Acordionero oil field. As of August 31, 2020, Gran Tierra has collected total VAT and income tax receivables of ~US$51 mm; the company expects to collect approximately another US$25 to $35 mm before YE20. FY21 WI production is expected to be >30,000 boe/d.
Pantheon Resources (PANR LN): Resources update in Alaska – The SMD horizon at the Talitha prospect is estimated to hold 302 mmbbl prospective resources. 91 wells would be required to develop the field that would reach 90 mbbl/d peak production. Pantheo holds 89.2% of the project.
IGas Energy (IGAS LN): 1H20 results – 1H20 net production in the UK was d ~1,940 boe/d. Cash balances as at 30 June 2020 were £2.6 mm with net debt of £11.2 mm. IGas reiterated its FY20 production guidance 1,850 - 2,050 boe/d, with underlying cash operating expenses anticipated to be $34/boe.
Royal Dutch Shell (RDSA/B LN): Selling assets in Norway – Shell is selling its interests in the Kvitebjørn and Valemon fields in the North Sea to PGNiG.
UK Oil & Gas (UKOG LN): Updated volumetric at UK asset – The Loxley Accumulation is now expected to hold 23-70 bcf recoverable resources. ~78% of the overall Loxley gas accumulation's gas resource are interpreted to lie within the Company's PEDL234 acreage.
MIDDLE EAST AND NORTH AFRICA
Genel Energy (GENL LN): Receives payment from the KRG – Genel has received a total net payment of US$10.8 mm for sales at Tawke and Taq Taq in August.
Maha Energy (MAHA-A SS): Oman entry – Maha has been awarded 100% WI in the onshore Block 70 that includes the shallow undeveloped Mafraq heavy oil field. The Block is located in the middle of the oil producing Ghaba Salt Basin in the central part of Oman. The Mafraq oil field was discovered by Petroleum Development Oman in 1988 and was further delineated by four wells and 3D seismic in stages until 2010. The Mafraq field is estimated to contain between 185 – 280 mmbbl of original oil in place. The productive reservoir is located at approximately 430 m below ground level.
Africa Energy (AEC SS/AFE CN): Private placement – Africa Energy has raised US$28 mm of new equity priced at SEK3.00 per share.
San Leon Energy (SLE LN): 1H20 results – Gross oil sales at OML-18 were 25.2 mbbl/d during 1H20 with gas sales of 39.1 mmcf/d. Production downtime and “losses” were respectively 15% and 20% over the period. San Leon held US$22.6 mm in cash as at 18 September (US$6.8 mm is held in escrow for the Oza transaction).
Companies: GENL GPRK MAHAA RDSA UKOG