Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Agreed chico:
"Getting grumpy with the delay in starting the Demo process now! C'mon team Niocorp start/announce the final DEMO testing already! "
Like, a nickel IS holding up a dollar!"
Reminds me of the popular nursery rhyme and proverb
"For want of a nail the shoe was lost ...."
I have been waiting so long with bated breath that my wife wants to put me on oxygen.
Hmmmm I seemed to have missed walterc's comment. I there a link?
Africa Oil Corp. Opens The Spigots For Returns
Aug. 15, 2022 9:55 AM ET
- Africa Oil Corp. has announced an interest in repurchasing 10% of its float across 12-months, the maximum allowed.
- The company has a net cash position, even accounting for Africa Oil Corp.'s Prime Oil and Gas debt.
- A final investment decision is expected to come this year for the South Lokichar field, which could support oil in several years.
- We expect hundreds of millions in additional cash flow into the end of the year, driving continued shareholder returns.
- The company will rapidly go back to its strong pre-Prime Oil and Gas net cash position and hunt for new opportunities.
Africa Oil Corp. (OTCPK:AOIFF) reported blowout 2Q 2022 earnings. The company trades at a $940 million market capitalization, and has performed well since its 52-week low. However, with the company's blowout earnings, impressive assets, strong hedging, and more, we see the company as having long-term 10-bagger potential.
Africa Oil Corp. has an incredibly strong portfolio of assets underlying its business.
Africa Oil Corp. has 82.1 million barrels of reserves currently producing at roughly 27.4 thousand barrels / day. That's just over the 8-year reserve life for the company's assets, although it's continuing to explore in this asset. The company has a strong net cash position and a number of potentially exciting exploration assets.
Read more at:
https://seekingalpha.com/article/4534375-africa-oil-corporation-opens-the-spigots-for-returns?mailingid=28734232&messageid=2850&serial=28734232.7138&source=email_2850&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=28734232.7138
Thanks Nebraskan for posting those sections from the FS.
And also:
After Tullow, Africa Oil now runs out of Turkana project cash
Wednesday March 02 2022
Canadian oil explorer Africa Oil, which holds a 25 percent stake in Turkana exploration venture, has run out of cash to fund production in South Lokichar Basin, making it the latest blow to Kenya's petrodollar dream.
Read at:
https://www.businessdailyafrica.com/bd/economy/after-tullow-africa-oil-now-runs-out-of-cash-for-turkana-3733876
And relative to that:
Indian government to buy Sh356.5bn Tullow Oil stake in Turkana
Tuesday August 02 2022
Two Indian state-backed companies are in talks to acquire Tullow Oil’s stake in Turkana oil projects in a deal estimated to breach Sh356.5 billion ($3 billion).
This will mark one of the biggest deals in Kenya’s history and offers a foreign government a stake in a venture that is seeking to develop infrastructure for oil production.
Bloomberg news agency reported from India that ONGC Videsh and Indian Oil Corp may acquire the stake for between $2 billion and $3 billion.
Executives of Indian Oil Corp, which is India’s top refiner, and ONGC Videsh — the country’s second-largest oil and gas firm — last week met top officials of Kenya’s Energy ministry in an effort to smooth the deal.
Petroleum Principal Secretary Andrew Kamau asked the Business Daily to seek a comment from Tullow, which made reference to a statement issued on Twitter over the weekend.
Read at:
https://www.businessdailyafrica.com/bd/corporate/companies/india-eyes-tullow-oil-stake-in-turkana-for-sh356-5bn-3899736
See my post #6936
Hi MB I am way ahead of you agewise. Check out Agnico-Eagle, they are a major producer of gold, pay a dividend and recently acquired Kirkland Lake Gold a mid-tier produce & explorer.
More interesting rumors about interest in the Orange Basin.
[[ Thanks to Malcy's Blog Post about Eco (Atlantic) Oil & Gas
https://www.malcysblog.com/2022/08/oil-price-jadestone-eco-president-hurricane-prospex-and-finally/
]]
Aug 12, 2022
Also I note from the tradepress yesterday that Chevron is strongly rumoured to have farmed-in to one of the most coveted licences at Block 2813B directly to the north of the multi billion barrel Venus discovery. Rumours suggest that Chevron has paid an upfront fee of some $100m for the deal in which Tullow exited just before Venus-1 came in, nuff said…..!
Eco (Atlantic) Oil & Gas
Aug 12, 2022
[[ Thanks to Malcy's Blog
https://www.malcysblog.com/2022/08/oil-price-jadestone-eco-president-hurricane-prospex-and-finally/
]]
Eco has confirmed that the Island Innovator rig, owned by Island Drilling Company AS, was released and mobilised today.
The rig is now under contract to Eco and its JV partners and will move on to the Gazania-1 well on Block 2B, 25km offshore the Northern Cape in Orange Basin South Africa. The rig is expected to arrive and spud by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource. The well will take approximately 25 days to drill, and the JV partners plan to seal and plug the well after the test, with no equipment being left on the sea floor. The partners have also approved the option to drill a sidetrack well contingent on a discovery in the main target.
The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).
Update on Namibia
The Company is also pleased to announce that it has signed Joint Operating Agreements (“JOA’s”) with NAMCOR, the National Petroleum Corporation of Namibia, with regard to the Company’s four operated offshore Petroleum Licence (“PEL”) interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).
Updated Presentation
An updated version of the corporate presentation is also available on the Company’s website: https://www.ecooilandgas.com/investors/reports-presentations/
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
“We are excited to get underway with our drilling campaign at Block 2B in the Orange Basin offshore South Africa. A successful outcome at the Gazania-1 well has the potential to be transformational for Eco and our JV partners.
“We are also pleased to have signed JOA’s with NAMCOR in relation to the PEL’s we operate offshore Namibia. With all of the recent operational success we have seen recently in Namibia, we are excited to be one of the largest offshore licence holders in the region and look forward to working with NAMCOR to generate value for the benefit of all.”
This is very exciting for Eco and its shareholders as I believe that any of these wells could easily be a company maker for Messrs Holzman and Kinley, indeed a target of some 300 mmboe is huge. The fact that this post code has come up before Guyana tells you that the action has been offshore South Africa and of course Namibia where today Eco announce the JOA’s having been signed with NAMCOR and there is so much upside to think about.
Also I note from the tradepress yesterday that Chevron is strongly rumoured to have farmed-in to one of the most coveted licences at Block 2813B directly to the north of the multi billion barrel Venus discovery. Rumours suggest that Chevron has paid an upfront fee of some $100m for the deal in which Tullow exited just before Venus-1 came in, nuff said…..!
American Creek Announces Extension of 2021 Drill Hole GS-21-113-W2 and Reports a Final Composite of 1.12 g/t AuEq over 1,497.5 Meters at the Goldstorm Deposit, Treaty Creek Project JV, Golden Triangle, British Columbia
Cardston, Alberta--(Newsfile Corp. - August 11, 2022) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to present the fourth set of drill results from operator Tudor Gold for Phase l of the 2022 exploration program (the "Program") at their flagship project, the Treaty Creek JV, located in the heart of the Golden Triangle of Northwestern British Columbia.
Ken Konkin, President and CEO, comments "During the 2021 drill program, we drilled hole GS-21-113-W2 to the maximum depth possible and noted that the strongest sulphide mineralization occurred at the bottom of this hole. A decision was made to leave the casing and HQ rods in GS-21-113-W2 with the plan of returning to re-enter the hole this year with a more powerful diamond drill rig and we succeeded! The hole was extended 280.1 meters (m) demonstrating that gold and copper grades increase with depth as the strongest mineralization occurs between 1520 m and 1688 m. This portion of the hole averages 2.48 g/t AuEQ over 168 m with copper averaging 0.82 %. Silver mineralization is also becoming stronger at depth within the CS600 domain.
In addition, results from targeting the DS5 domain were also successful with drill hole GS-22-139 which intersected 428 m of 1.07 g/t AuEQ and included an enriched upper portion that averaged 1.36 g/t AuEQ over 172.4 m. As previously reported, high-grade visible native gold has occurred from two of three aggressive step-out holes that were 225-meter and 500-meter step-out holes from the 2021 drilling program within the northeastern sector of the Goldstorm Deposit. These high-grade gold results may add a new dimension to the exploration potential of this project and we will continue to advance and explore this rapidly expanding aspect of these well mineralized domains."
The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan for several areas, including the Goldstorm Deposit and the Eureka and Calm Before the Storm Zones. Results included in this press release are reported from six diamond drill holes that were drilled on the Goldstorm Deposit from sections C and D. Five out of six holes were targeted outside the 2021 Mineral Resource Estimate area (see link: corresponding Treaty Creek plan map and sections).
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=45c804a5df
Conference call was interesting. I wish I had kept count on the number of times I head Keith mention "return to shareholders". A 10% share buyback during the next 12 months should boost the share price. Final announcement and description will be in a PR sometime in the next 2-3-4 weeks after regulator/admin approval.
Probably not until a farm-in decision is made. Listen to the report
August 11, 2022 at 08:00 (ET) / 14:00 (CET). The conference call may be accessed by dial in or via webcast:
Canada, Toronto (647) 932-3411
North America toll free (800) 715-9871
Sweden +46.8.505.246.90
Sweden toll free +46.20.0123749
UK +44.20.3481.4247
Conference ID 3651642
Webcast URL
https://onlinexperiences.com/Launch/QReg/ShowUUID=17CD306E-0326-4E5B-8F8C-C28B6D09A5A6
AFRICA OIL ANNOUNCES STRONG SECOND QUARTER 2022 FINANCIAL RESULTS WITH RECORD PRIME FREE CASHFLOW AND AN IMPROVED HEDGING STRATEGY
VANCOUVER, BC, Aug. 10, 2022 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") announces its financial and operating results for the three and six months ended June 30, 2022. View PDF version.
Highlights
The Company received two dividends from its shareholding in Prime, totaling $62.5 million1 in Q2 2022 ($162.5 million in H1 2022); since its acquisition of a 50% shareholding in Prime in 2020, the Company has received an aggregate dividend amount of $562.5 million, representing 108% of the closing cash payment.
Cash balance at June 30, 2022, of $191.0 million (at December 31, 2021 - $58.9 million), with no debt outstanding and an undrawn corporate facility of $100 million.
Prime has made amendments to its hedging strategy to provide greater scope for retaining price upside, while protecting price downside risk for 50%-70% of its oil entitlement over a 12-month rolling period.
Selected Prime's results net to Africa Oil's 50% shareholding*:
in Q2 2022, record FCF/boe of $52.8 (Q2 2021 - $30.9)6 due to higher oil prices;
cash position of $330.6 million and gross debt balance of $501.0 million at June 30, 2022 (Prime net debt to Africa Oil of $170.4 million), which combined with the $191 million cash balance at the Africa Oil corporate level results in a net cash position of $20.6 million; this also gives a robust Net Debt to EBITDAX7 ratio for the twelve months ended June 30, 2022, of 0.3x (twelve months ended December 31, 2021 – 0.4x);
average daily W.I. production of 25,300 boepd and economic entitlement production of 27,350 boepd (82% light and medium crude oil and 18% conventional natural gas) in Q2 2022 (Q2 2021: 28,000 boepd and 30,300 boepd respectively)3,4,5;
in Q2 2022, EBITDAX7 of $127.1 million (Q2 2021 - $155.6 million);
in Q2 2022, cash generated from operating activities of $130.0 million (Q2 2021: $92.9 million, excluding $152.5 million relating to the receipt of the Agbami Security deposit); and
historical payments relating to Gas Sales Purchase Agreement of $112.0 million received in H1 2022, and the payments are now regularized.
Africa Oil President and CEO Keith Hill commented: "I am pleased to announce another robust quarter that has led to further strengthening of our now debt-free balance sheet with a cash balance of $191 million. Our shareholders can look forward to a busy second half of the year of catalysts including the expected license extension in Nigeria and refinancing of Prime's RBL debt facility; the two-well Venus appraisal program; the Gazania-1 exploration well; and the potential farm-out of Project Oil Kenya."
AFRICA OIL ANNOUNCES ITS INTENTION TO LAUNCH A SHARE BUYBACK PROGRAM UNDER A NORMAL COURSE ISSUER BID
VANCOUVER, BC, Aug. 10, 2022 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce that it has Board approval to submit an application to launch its first share buyback program under a Normal Course Issuer Bid ("NCIB") scheme. The Company's intention is to repurchase up to ten percent of its public float, the maximum permitted over a twelve month period under Canadian and Swedish securities law, subject to customary approvals. View PDF Version
Once approved, the buyback program would expand on the Company's existing shareholder capital returns program with an annual base dividend of $0.05 per share, distributed in two semi-annual payments. A further update on the process and timing, including a launch press release, will be issued upon regulatory approval and once the Board has formally resolved to launch the NCIB.
Africa Oil President and CEO Keith Hill commented: "I am pleased to announce that we have Board approval to finalize the details for a share buyback program and to submit an application for its launch as soon as possible. This is the second step in delivering on our shareholder capital return aspirations and is supported by our strong cash position, debt-free balance sheet, and a positive outlook for our business."
Thank you for posting this review.
Nice find wagner, thanks for sharing.
Yes TT " I always though a stock Sprott is in was a good one to invest in." is not always true. I am hoping that his investment in Tudor Gold and its joint venture partners is not the same.
My thought also. Surely there should be some information leakage about the action in the data room.
I agree BM that "Financing is not going to happen until financiers see all this data." That is why I have been thinking October. Labor Day has been mentioned but since there has not yet been a PR about the Demo Plant operating maybe Thanksgiving is more realistic.
I think an intervening PR covering the REE reserve/resource could/should be possible soon after the PR about the L3 Demo plant starting operation.
Remember once the data is generated all of our 3rd party subs need to crank their part of the FS and all have to sign on before the PR announcing the 2nd 2022 FS can be issued. Of course the financing parties will be cranking their models before the FS's PR so a financing PR could come soon after the FS PR.
I hope all of us anxious shareholders and the financing parties keep in mind the fact that only a small part of the large ore body, the to be mined ore "blob", is currently covered by the FS. The actual size of the economically mineable ore body is unknown and is open in two directions, and at depth. The ore body does contain volumes that have richer and leaner percentages of Nb, Sc, TI, and REEs so the ultimate value is still unknown. Some selective ore extraction may be possible depending on market demand .
Thanks for posting plumo
Eco (Atlantic) Oil & Gas (part owned By Afica Oil)
Eco has announced its results for the year ended 31 March 2022.
Aug 1, 2022
[[ Thanks to Malcy's Blog
https://www.malcysblog.com/2022/08/oil-price-scirocco-eco-atlantic-sdx-longboat-prospex-gulfsands-and-finally/
]]
Financials
· As at 31 March 2022, the Company had cash and cash equivalents of US$3,403,885 and no debt.
· As at 31 March 2022, the Company had total assets of US$45.9 million, total liabilities of US$5.6 million and total equity of US$40.2 million.
· In April and June 2022, post period end, Eco successfully raised combined gross proceeds of US$37.8 million to fund its ongoing workstreams, with the Company’s cash balance as at 29 July 2022 being US$37.7 million.
Corporate
- During the period, Eco announced a number of strategic acquisitions and/or investments in line with the Company’s strategy to expand its high impact exploration portfolio and deliver stakeholder value:
- The acquisition of 100% of Azinam Group Limited, including Azinam’s entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group. This transaction completed on 11 March 2022 and was formally approved by the TSXV on 11 May 2022.
- The acquisition of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million, which would provide the Company with a total 26.5% interest in the Block. The Company is awaiting satisfaction of the conditions precedent to completion of this transaction, including regulatory approval, and further announcements will be made in due course.
- On 14 March 2022, the strategic acquisition of JHI Associates Inc. (“JHI”), including JHI’s 17.5% Working Interest (“WI”) in the Canje Block offshore Guyana, was announced, however, on 14 June 2022 this transaction was terminated,. Eco remains a significant shareholder in JHI with a holding of 7.3% (with an option to increase its shareholding to 11%).
Operations
- On 21 March 2022, Eco announced an updated Competent Person’s Resource Report (“CPR”) on its assets offshore Guyana, Namibia and South Africa.
- The report highlights Attributable Best Estimate, Prospective Resources:
- Guyana (Orinduik Block) – Net to Eco 681 mmbbls Oil and 544 BCF Gas
- South Africa (Blocks 2B & 3B/4B) – Net to Eco 864 mmbbls Oil and 309 BCF Gas
- Namibia (4 Blocks) – Net to Eco 6,705 mmbbls Oil and 6,565 BCF Gas
- Further details of the CPR can be found on the Company’s website.
South Africa – Block 2B
- Block 2B Joint Venture partners have entered into a drilling contract for the Island Innovator semi-submersible rig with Island Drilling Company AS for the upcoming drilling of the Gazania-1 well, offshore South Africa.
- The well will be drilled 25km offshore in 150 meters of water to a depth of approximately 2,800 meters to target a stacked pay section up dip of the AJ-1 discovery and in the proven oil horizon.
- The JV partners remain on track to drill this significant well in Q3 2022, with the rig anticipated to mobilise on or around 8 August 2022 and spud expected during September 2022. The Company plans to seal and plug the well after the test with no remaining equipment left on the sea floor, and further updates on the well spud will be made in due course.
South Africa – Block 3B/4B
- Eco holds a 20% Participating Interest in Block 3B/4B, which is located between 120-250kms offshore South Africa in the Orange Basin directly south of the multibillion barrels discoveries offshore Namibia announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1) and has announced the acquisition of a further 6.25% interest, which remains subject to completion.
- The Block Partners are currently finalising the reprocessing of a large 3D seismic survey that will be used to high-grade leads towards identifying drilling targets and preparing for a potential drilling campaign next year.
- As noted above, further announcement(s) will be issued following receipt of government and/or regulatory approvals in respect of the acquisition of a further 6.25% interest in the Block.
Guyana – Orinduik Block
- The block partners are currently further defining the Orinduik geological modeling, prospects maturation and upgrading of the drilling targets inventory in an ongoing process. The intent is to provide further definition to the light oil Cretaceous targets’ selection for drilling in the next drilling campaign.
Guyana – Canje Block
- Following termination of the proposed acquisition of JHI, Eco retains an indirect ownership of an interest in the Canje Block offshore Guyana though a 7.3% ownership in JHI.
- On July 5, 2021, the Company announced that it received a detailed update from JHI Associates Inc. The Jabillo-1 well in the Canje Block, offshore Guyana, reached its planned target depth and was evaluated but did not show evidence of commercial hydrocarbons. Jabillo-1 was plugged and abandoned. ExxonMobil (the Block operator) have filed for environmental permit to drill up to an additional 12 exploration wells on the Canje Block over the course of 2023 and 2024
Namibia
- The Company holds four offshore petroleum licenses in the Republic of Namibia being petroleum exploration license number 097 (the “Cooper License”), petroleum exploration license number 098 (the “Sharon License”), petroleum exploration license number 099 (the “Guy License”) and petroleum exploration license number 100 (the “Tamar License”), (together the “”Namibia Licenses”).
- Eco has a strategically significant acreage position in-country and is progressing its various work programmes across its four blocks offshore Namibia.
Solear Ltd. (formerly Eco Atlantic Renewables [post period end])
- On January 26, 2021, the Company announced the formation of a new company to source, acquire and develop an exclusive pipeline of potential high yield solar energy projects.
- On January 29, 2022, the Company approved to sell the Kozani project in Greece and discontinue the renewable energy business to focus entirely on oil and gas exploration, subsequently announcing on 24 February 2022 that it had entered into an agreement for the sale of the asset. As such, all the assets and liabilities relating to the Kozani project have been reclassified to discontinued operations.
- The Company is awaiting receipt of the balance of consideration due from the acquirer in respect of this disposal, having received to date €120,000, and accordingly retains ownership of the asset. However, the acquirer has confirmed its commitment to completing the acquisition and the Company is considering a legal claim in the event that the consideration is not received in the coming months.
Outlook:
Guyana
- Guyana continues to be one of the most prolific exploration regions in the world, with approximately 11 billion barrels of oil discovered in the last six years. Eco and its JV partners have already delivered two substantial oil discoveries on the Orinduik Block and the licence continues to offer significant upside potential. With the increase in oil prices the JV partners are revisiting the Jethro discovery commercialisation potential.
- As previously reported, Eco and its JV partners are committed to further drilling on the Orinduik Block and, with its JV partners, are assessing all opportunities available to drill at least two exploration wells into the light oil cretaceous targets as soon as practical. The Company is fully aligned with its JV partners on careful target selection based on the reprocessed 3D and the block and nearby oil discoveries for the next drilling campaign and Eco expects to be able to update the market on further drilling plans in due course.
- Further updates on the Canje Block will be issued in due course.
The Orinduik JV partners are Eco Atlantic (15% working interest (“WI”)), Tullow Guyana B.V. (“Tullow”) (Operator, 60% WI) and TOQAP Guyana B.V. (“TOQAP”) (25% WI) a partnership between TotalEnergies E&P Guyana B.V. and Qatar Energy.
Namibia
- During the period, two significant hydrocarbon discoveries were made offshore Namibia. TotalEnergies reported a significant discovery of light oil with associated gas on the Venus prospect, located in block 2913B in the Orange Basin. The National Petroleum Corporation of Namibia (“Namcor”) also reported on behalf of the Block 2913A JV Partners, Shell and Qatar Energy, a play opening light oil discovery at its Graff prospect in both the primary and secondary targets.
- Both discoveries, combined with further drilling plans offshore Namibia, have had a material impact on interest in hydrocarbon exploration in the region. Eco is witnessing considerable interest in its licences and is currently assessing options as to how best move forward with progressing exploration and commercial activity on them.
Total Voting Rights
It is noted that, pursuant to a historic amalgamation with Pan African Oil Limited (“PAO”) within the Group, effected in January 2015, 841,824 outstanding common shares in the Company have now been cancelled as a result of such shares having not been claimed by certain vendors of PAO. Following this share cancellation, the issued share capital and total voting rights of the Company is 344,022,014 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“The past 12 months have seen us make considerable progress as a business, increasing our geographic footprint and overall acreage considerably, growing the company in some of the most active and exciting oil and gas exploration regions on the globe. This, combined with the improved commodity price conditions, means that interest in exploration activity in the areas where Eco has strategically important acreage has increased significantly.
“Our acquisition of Azinam has paved the way for our exciting near-term drilling campaign at Block 2B, offshore South Africa. The Gazania-1 well, in which we hold a 50% WI, is targeting a 300 million barrel light oil resource, which, if successful, would be transformational for Eco and the partners on the Block. We remain on track to spud the well in September with the rig mobilising from Norway in the next two weeks and we will provide updates as appropriate. At 3B/4B, we chose to increase our acreage position, as we believe that the licence holds significant potential, and we look forward to disclosing further progress on this licence in the medium term. Namibia has witnessed some of the largest hydrocarbon discoveries made in the world this year, making our strategic acreage in country highly valuable. As one of the largest licence holders in the region, we believe that we will be able to progress our operations in a swift manner.
“In Guyana, we continue to benefit from our interest in the Canje Block, via Eco’s ca.7.3% holding in JHI. The licence remains highly prospective and following the drilling of two wells in 2021, ExxonMobil and the licence partners are currently evaluating next steps. At Orinduik, alongside our partners on the block, we are further defining the geological modeling, prospects maturation and upgrading of the light oil drilling targets inventory, ahead of final target selection for drilling in the next campaign. We look forward to updating our stakeholders on the campaign in the near to medium term while we are making preparations to enter into the next exploration phase under the Orinduik Petroleum Agreement.
“Following the targeted completion of the sale of the Kozani Photovoltaic Park for a total of €1.8 million in the coming months, the Company will be exclusively focused on high impact oil and gas exploration projects and on progressing its near-term drilling opportunities offshore South Africa, Namibia and Guyana.
“Given the significant corporate activity over the last 12-18 months, as a Company we remain very positive about what the future holds and our ability to generate returns for all our stakeholders. The Company possesses highly strategic acreage in exploration hot spots, a robust balance sheet with over US$37m in cash, an entrepreneurial and ambitious management team, and the potential for considerable operational catalysts that can create material and sustainable value for shareholders. As ever, we are excited about what the coming months will bring and look forward to updating the market on our progress over the coming months.”
This is a detailed and highly positive report from Eco Atlantic who have had a very busy time in the period but are also scheduled to be even more busy in the next few months. The Azinan acquisition has opened up the imminent drilling of the Gazania well on Block 2/B offshore South Africa whilst adding to the stake at Block 3B/4B in the Orange Basin looks very exciting to me.
Following quitting the JHI deal after unsatisfactory lock-up provisions were proposed, Eco still have two potential prospects in Guyana where Exxon announced further discoveries last week but Africa seems to be the area of most focus in the south as well as in Namibia.
Eco is another stock where the upside potential dwarfs the current share price, not least near Venus and Graff where I have already talked about further wells from Total and Shell are tight but would propel the post codes into a different stratosphere should the be more big discoveries. A must have for the beta end of the portfolio and the good news is that the action is not very far away.
Vital Raises $45M to Complete Transition to REO Operations
HIGHLIGHTS
- Vital Metals has raised A$45 million in a targeted Share Placement at A$0.04 per share
- Cornerstone investor Lionhead Resources Fund LP has invested A$30m in the Placement which will include the nomination of two directors to the Vital Board
- Vital will use proceeds to fund:
- Finalisation of construction activities and undertake commissioning, ramp-up and operations at its Rare Earth Extraction Facility in Saskatoon, which will produce a rare earth carbonate product
- - Accelerated development of Tardiff deposit at Nechalacho, Canada, including mining studies
- - A strong balance sheet for ongoing working capital requirements
- Vital is executing a three-stage strategy to become the world’s first producer of commercial quantities of heavy and light rare earths.
Read more at:
https://mailchi.mp/9c871fb39826/june-2022-quarterly-activities-and-cash-flow-report-11818048?e=080567558f
Thanks chico for this posting. The comments that you included were very interesting.
VITAL METALS' JUNE 2022 QUARTERLY REPORT
HIGHLIGHTS
Commissioning commences at Vital’s Saskatoon Rare Earths Extraction Plant, with ore fed into the dense media separation (DMS) unit.
- High-grade concentrate of 43.7% TREO and 75.2% TREO recovery (single pass) achieved from the first commissioning trial of DMS unit
TREO concentrate grade (the Sinks) achieved comparable to the laboratory metallurgical testwork grade performed by SGS, 43.7% TREO vs 44.6% TREO
- Vital has an initial production and delivery target of 2.5 tonnes of rare earth carbonate to offtake partner REEtec in October 2022
- Phase 2 will then commence with throughput ramp-up and associated contract deliveries to REEtec.
Read much more at:
https://mailchi.mp/2d909af408cc/june-2022-quarterly-activities-and-cash-flow-report-11817872?e=080567558f
Treaty Creek Continues To Deliver!
AMERICAN CREEK ANNOUNCES 70.96 G/T AUEQ OVER 1.0 METER WITHIN 39.15 G/T AUEQ OVER 2.0 METERS WITH A 225 METER NORTHEAST STEP-OUT HOLE AT THE GOLDSTORM DEPOSIT, TREATY CREEK PROJECT JV, GOLDEN TRIANGLE, BRITISH COLUMBIA
Treaty Creek Round 3 Step-out Hit
Following the news, JS research released a subsequent research report highlighting the fantastic results. This is the 3rd set of results in as many weeks, all of which have yielded fantastic results in these aggressive step outs. This is what JS Research had to say in their report:
"Of note is step-out hole GS-22-134, which intersected 20.86 g/t Gold Eq over 4.50 meters, within an intercept of 25.5 meters of 9.96 g/t Gold Eq. This step-out hole high high grade intercepts is located 500 meters northeast from the 2021 exploration program at the Goldstorm deposit"
For link go to:
https://mailchi.mp/25af533a9c9d/new-treaty-creek-report-4754606?e=6f11d69fd1
Yes gwm, am I scared? No But I certainly fall into the discouraged and exasperated category.
Like a spectator in an auto race I have watched the project have a very great lead and over the YEARS new entries have entered the race and tightened up the race. While we still have the lead, relative to size, off-takes, plans, permits, bankable feasibility studies, and a plethora of highly respected 3rd parties supporting the data & plans but we seem to be falling back into the pack. For whatever reason, a few may soon pass us and god forbid one may lap us.
I certainly would like to know if the L3 demo facility is finally up and running? I wonder where the ore that will be run through the demo facility is coming from? Do we have enough to run multiple batches to fine tune things or is it once or twice and we are done?
Appia Announces Exploration Update and Completion of Record 2022 Drilling Program of 17,481 Metres at Alces Lake Rare Earth Property, Northern Saskatchewan
TORONTO, ONTARIO, July 26, 2022 - Appia Rare Earths & Uranium Corp. (the “Company” or “Appia”) (CSE:API, OTCQX:APAAF, Germany: “A0I.F”, “A0I.MU”, “A0I.BE”) is pleased to announce that the Company has completed the initial phase of the 2022 drilling / exploration program on the 100%-owned Alces Lake high-grade rare earth elements and gallium property, Athabasca Basin area, northern Saskatchewan.
Highlights:
Record metreage (17,481 metres) drilled in record time (4 ½ months)
Additional delineation drilling on the high-grade mineralization in WRCB discovery including previously undrilled monazite targets at Danny and Wilson/Wilson North
Initial delineation drilling on the discoveries at Magnet Ridge (formerly Augier) and Magnet Ridge West included 44 holes and a total 7,344 metres drilled
First drilling on highly prospective anomalies at the West Limb (see map, Figure 1)
Drilling on the Western Anomaly at Sweet Chili Heat, Diablo and Buffalo to follow-up on 2021 assay results
A new high resolution aerial survey program of 4,864 line km (radiometric and aeromagnetic) to be flown over the new Alces Lake claims added in 2021
Planning commenced for upcoming 2022/23 uranium exploration activities
Frederick Kozak, President of Appia said “Building on our experience of 2021 at Alces Lake, Appia got an early start in March on the planned 2022 drilling program. Kudos to the entire team of drillers, helpers, camp support and the geology team for this record accomplishment. Appia drilled more than double the 2021 metreage in less time than the previous year’s program. We have accomplished all of our initial phase drilling goals and now eagerly await assay results to plan the next phase of drilling. New high resolution aerial geophysics will be flown soon and this will also add to the inventory of potential exploration targets at Alces Lake.”
Fireweed Commences 2022 Drill Program At Macmillan Pass
Vancouver, British Columbia - 26/07/2022 - FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to announce the 2022 diamond drilling program has started at the Macmillan Pass zinc-lead-silver Project, Yukon, Canada.
Highlights
- Drilling has begun with plans to complete over 7,000 m using 4 drills
- Two of four drills have started drilling the first holes of the 2022 program
- Three drills will focus on Boundary and Boundary West zones, with the fourth targeting Tom and Jason zones
CEO Statement
Brandon Macdonald, CEO, stated
“We are finally drilling! After a delayed start-up mainly due to a late spring, drilling has begun. The first two of four drills are turning with the final drill arriving at site shortly. Even with the late start we anticipate drilling over 7,000 metres this summer to make it the largest drill program Fireweed has ever carried out at the Project.”
Read at:
https://mailchi.mp/fireweedmetals/press-release-6103855?e=59d37eddfe
American Creek Announces 70.96 g/t AuEq over 1.0 Meter Within 39.15 g/t AuEq over 2.0 Meters with a 225 Meter Northeast Step-Out Hole at the Goldstorm Deposit, Treaty Creek Project JV, Golden Triangle, British Columbia
Cardston, Alberta--(Newsfile Corp. - July 26, 2022) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to present the third set of JV partner Tudor Gold's drill results for Phase l of the 2022 exploration program (the "Program") at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia.
Ken Konkin, President and CEO of Tudor Gold, commented: "We are extremely pleased to report this second consecutive high-grade, visible gold intercept from our northeastern step-out drilling. This 70.96 g/t AuEQ intercept over one meter is now highest single gold grade intercept of the project. The unique aspect of the two-meter composite of 39.15 g/t AuEQ and the 4.5 meter visible gold composite from GS-22-134 that averaged 20.86 g/t AuEQ is that they both appear to have similar modes of occurrence that resembles the gold mineralization at the Valley of Kings (VOK) Deposit at Newcrest's Brucejack Lake Mine adjacent to our southern border. Most of the free-gold mineralization at the Goldstorm Deposit is associated with quartz-pyrite veinlets but it also appears as fine disseminated grains of free visible gold within host rock as observed in this high-grade intercept within GS-22-143. This may be a colloidal-type mineralization which is also observed at the Brucejack Lake Mine. Gold mineralization at the VOK Deposit occurs as electrum, however the visible gold found at the Goldstorm Deposit occurs as native gold. As with the discovery of R-66 to the southeast, these new high-grade gold intercepts may be completely different pulses of mineralization that can occur outside the known limits of the porphyry style of gold mineralization. Clearly more drilling is required to better understand the grade distribution and consistency within the northeastern portion of the Goldstorm Deposit."
Darren Blaney, President, and CEO of American Creek, commented: "These high-grade results add a new dimension to the Goldstorm deposit. Potentially having the type of mineralization as the neighbouring Brucejack Mine is a very significant development. It's great to have Ken, the expert in this field, at the helm given he was instrumental in developing the Brucejack Mine. The geology within this system is truly fascinating."
The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan on several areas including the Goldstorm Deposit and the Eureka and Calm Before the Storm zones. Results included in this press release include preliminary results from one diamond drill hole from the Goldstorm Deposit that was targeted outside the 2021 mineral resource area (see link: corresponding Treaty Creek plan map and sections).
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&=af629dcbbf88a5932a7e484e3&id=31615a9557
Thanks for the hat tip MB
I hear you. Spent many a Jan & Feb morning at 6am at Oak & Michigan waiting for the 151 with the same temp 7 wind conditions. Of course then I was thinking of July at Oak st Beach and the great scenery.
I agree MB "Sounds like I was simplifying it down to a big rotating tumbler with a heat source and obviously there is a good deal more involved with the control systems."
Early on in my career I learned (sometimes very painfully) that everything was not as simple as I thought it was, or thought it should be. It is only when you are responsible for implementation that you discover the myraid details that have to be covered. It is amazing how many plant startups are a struggle because of the simple things like bolt holes not lining up, wrong size, etc. temperature sensors in the wrong place, etc.
This goes for any job be it clerical, engineering, financing, manufacturing, data entry of financial and technical data, etc. This is why we have chosen to go to Cementation, the EPC contractor for the mine and selected Zachry Group (“Zachry”) as the EPC contractor for the surface processing facilities and associated infrastructure.
As BM put it so succinctly on post #81807 "they are the EPC contractor(s) which means THEY hire and supervise the subcontractor."
Thanks for posting this.
Ahh yes these are the summer days in Chicago that we yearn for in Jan & Fed.
American Creek Announces 20.86 G/T AuEQ over 4.5M Within 25.5M of 9.96 G/T AuEQ Within 663M of 0.97 G/T AuEQ in a 500M Step-Out Hole at the Goldstorm Deposit, Treaty Creek Project JV, Golden Triangle, British Columbia
Cardston, Alberta--(Newsfile Corp. - July 20, 2022) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to present the second set of JV partner Tudor Gold's drill results for Phase l of the 2022 exploration program (the "Program") at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia.
Ken Konkin, President and CEO of Tudor Gold, commented: "Continuing from the impressive drill results presented in the July 12th 2022 Press Release that reported a 200 m northeastern step-out from the 2021 program, we are extremely pleased to present the second set of results of our 2022 Goldstorm resource expansion drill program. The previously announced GS-22-133 (0.91 g/t AuEQ over 600.0 m, with an enriched zone of 1.51 g/t AuEQ over 237.3 m) is extremely consistent with the results obtained from GS-22-134 that yielded 0.97 g/t AuEQ over 663.0 m, with an enriched zone of 1.76 g/t AuEQ over 205.5 m. These holes are located approximately 300 m apart. Significantly, we also discovered a high-grade pulse of gold mineralization within GS-22-134 that carried 20.86 g/t AuEQ over 4.5 m within a 25.5 m zone of 9.96 AuEQ, which displayed 17 occurrences of free visible gold within stockwork veins. In addition, we are seeing continued success with drill holes completed on the DS5 domain. Step-out drilling that has expanded the area of this domain includes GS-22-137 which contained 1.44 g/t AuEQ over 232.5 m, with an enriched zone of 2.03 g/t AuEQ over 60.0 m. The Goldstorm deposit remains open in all directions and at depth. Drilling at our newly discovered CBS system provided positive results with numerous at surface intercepts that ranged between 1.00 g/t AuEQ to 1.53 g/t AuEQ over 7.5 m to 9.4 m, with a deeper intercept that grades 0.77 g/t AuEQ over 79.5 m. Continued drilling is recommended for the CBS Zone, however, for the remainder of this season all drills will continue drilling at Goldstorm, as the extent of this deposit continues to expand with extremely positive results. We have stepped out approximately half a kilometer with outstanding and consistent results and we will continue to drill step-out holes for 2022."
Darren Blaney, President, and CEO of American Creek commented: "These results mark another milestone at Treaty Creek. With these new high-grade intercepts, the discussion around how much blue sky remains in this project is completely reinvigorated. The 25.5 m of 9.96 g/t high-grade interval is part of a 663 meter intercept of roughly 1 g/t gold equivalent, a half kilometer north of last year's drilling. Hole GS-22-133, a 200m step-out, indicates that the mineralization is continuous. Just two holes, GS-22-133 and 134, have expanded the Goldstorm 500 meters to the north by 600 meters deep! And incredibly, the Goldstorm still remains open in all directions, with continued step-out drilling being spectacular. Our management team and shareholders are more than impressed by this series of results and look forward to future ongoing news this season. Tudor is once again delivering what we all hoped for!"
The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan on several areas including the Goldstorm Deposit and the Eureka and Calm Before the Storm zones. Results included in this press release are reported from eight diamond drill holes; four that were drilled on the Goldstorm Deposit from sections 112+00 and A, and four that were drilled on the Calm Before the Storm Zone (CBS). Seven out of eight holes were targeted outside the 2021 Mineral Resource Estimate area.
(see link: corresponding Treaty Creek plan map and sections).
GOLDSTORM DEPOSIT
SECTION A
- GS-22-134 stepped out on the 300H and CS600 resource area and returned 663.0 m grading 0.97 g/t AuEQ. The hole ended 500 m to the northeast from the 2021 drilling, well outside the existing resource estimate area. A high-grade interval of 9.96 g/t AuEQ over 25.5 m contained an enriched zone of 20.86 g/t AuEQ over 4.5 m. This 25.5 m interval of a newly discovered high-grade gold pulse contained 17 occurrences of visible gold and is interpreted to be either a continuation of CS600 or a separate intrusive stock that is genetically related to CS600.
- GS-22-136 stepped out on the DS5 resource area and returned 34.5 m of 2.64 g/t AuEQ within 82.7 m of 1.62 g/t AuEQ. GS-22-136 stepped out 80 m from the 2021 drilling and tested the continuity of mineralization proximal to the Treaty Thrust Fault 2 (TTF2).
- GS-22-137 stepped out on the DS5 resource area and returned 232.5 m of 1.44 g/t AuEQ within 442.5 m of 1.02 g/t AuEQ (DS5). An intersection of CS600 was also observed; previously it was hypothesized that CS600 could be pinched off to the east. Both intersections significantly improve the understanding of the size and continuity of both the CS600 and DS5 and will be valuable additions to the next resource estimate. GS-22-137 stepped out 125 m from the 2021 drilling.
SECTION 112+00 NE
- GS-22-138 tested the southern boundary of the DS5 resource area and returned 33.5 m of 1.00 g/t AuEQ within 108.0 m of 0.70 g/t AuEQ. This hole also provided infill drilling of CS600 which confirmed with a near surface copper-gold intersection of 241.5 m of 0.80 g/t AuEQ.
CALM BEFORE THE STORM (CBS)
SECTION CBS
- CBS-22-04 confirmed the near surface mineralization with an intersection of 8.85 m of 1.30 g/t AuEQ. A second deeper intersection returned 42.25 m of 1.03 g/t AuEQ within 79.5 m of 0.77 g/t AuEQ.
- CBS-22-05 confirmed the near surface mineralization with an intersection of 9.7 m of 1.00 g/t AuEQ. A second deeper intersection returned 12.0 m of 1.00 g/t AuEQ within 30.0 m of 0.67 g/t AuEQ.
- CBS-22-06 confirmed the near surface mineralization with an intersection of 7.5 m of 1.04 g/t AuEQ.
- CBS-22-07 confirmed the near surface mineralization with an intersection of 7.5 m of 1.56 g/t AuEQ.
Read more and view tables at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=9002220252
Chariot
[[ Thanks to Malcy's Blog
https://www.malcysblog.com/2022/07/oil-price-chariot-san-leon-pharos-serica-and-finally/
]]
Jul 21, 2022
Material Increase in Gas Resources Offshore Morocco
Increase to 1.4 Tcf in total remaining recoverable resources (2C plus 2U) at the Anchois Project
Range of targets de-risked in a basin-scale exploration portfolio with multi TCF potential
Chariot has announced the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recent successfully drilled Anchois-2 appraisal and exploration well. The Independent Assessments have been made by Netherland Sewell & Associates Inc. on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence and the adjacent Rissana Offshore licence with material resource upgrades reported across the portfolio.
These resource upgrades underpin:
· the Company’s decision to fast-track its field development plans;
· the associated exploration programmes to deliver further growth from the portfolio; and
· Chariot’s focus on developing a significant energy resource, prioritising the growing demand within Morocco’s domestic market, and potentially supplying surplus gas to Europe.
Anchois Gas Field:
• 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf
• 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf
• 49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %
• Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf
Additional Lixus Prospects:
• Updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field
• Combined, 2U prospective resources of 838 Bcf with an estimated probability of geological success ranging from 30-52%, with closely related additional targets in the areas surrounding the prospects
• The total remaining recoverable resources (2C plus 2U, comprising audited and internal Chariot estimates) in the entire Lixus portfolio stands at approximately 4.6 Tcf
Rissana Offshore:
• Early assessment of the areas covered by 3D seismic, provides a total 2U prospective resource of over 7 Tcf, combining a high-graded prospect ‘Emissole’ within the lower risk Anchois tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic play, inherited from Chariot’s legacy Mohammedia Offshore licence area.
Duncan Wallace, Technical Director of Chariot Limited, commented:
“This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco’s growing energy demand.
These resource upgrades across our Moroccan portfolio are a significant step forward. As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus.
We remain fully focused on bringing Anchois into production as quickly as possible and are working hard across all aspects of the development plan required to reach FID. We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio.”
This is an incredible announcement with a new report on Lixus showing that the whole area continues to grow and provide the opportunity for Chariot to fast-track the development and move to cash flow and revenues sooner than expected.
I am not going to repeat the numbers in the RNS above, save to say that they are material across the board. No one needs reminding that this is about as valuable a gas project as it is possible to have in the portfolio, it will be a company maker for Chariot who it should be remembered also have a substantial business in assisting mining companies in Africa transition to renewable energy sources for their operations.
Indeed for Morocco, who are encouraging the development of much needed domestic natural gas, the terms of business are second to none. Indeed seeing that Algeria has committed to increasing its natural gas to Italy, Chariot’s prolific find is as valuable as it gets.
Chariot shares are a steal, they have come some way from a year ago but have drifted lately along with other sector favourites but this stock was always going to be a multiple bagger, I would suggest at 20p today a multiple of at least 5, more likely a good deal more.
chico thanks for posting
"Minerals or Minerals Production projects that may qualify for support
under Title XVII include, without limitation, the following:
1. Mining, processing, or milling of Critical Minerals utilizing efficient end-use energy technologies (Efficient end– use energy technologies)... "
The use of the phrase "... utilizing efficient end-use energy technologies ..." means that process steps are subject to subjective judgement, the anti-mining ... air pollution, etc. and bureaucracy can hold up or kill things, lots of wrangling and legal battles. If approved the anti-mining ... air pollution, etc. ACTIVISTs can tie up anything for years/decades with law suits.
Hmmmm we are a seasoned bunch of commodity investors.
I am probably right behind you. Born before Chamberlain declaring “Peace for Our Time”
Thanks for posting he article, please keep us up to date.