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Thanks for posting the link farrell. Looks very encouraging , just need the wildcat drilling to prove it out.
Yes the Chicago time zone is a few hours earlier than Hawaii's. Thanks for frequently tracking this stock.
I thought I saw during the newspaper interview that Mark mentioned they were looking at/ using $1.2 Billion as a probable CAPEX for the 2024FS.
Eco (Atlantic) Oil & Gas
(Thanks to Malcy's blog)
Jan 22, 2024
Eco has announced that its wholly owned subsidiary, Azinam Limited, has received final government approval for the farm out of its 6.25% Participating Interest in Block 3B/4B to Africa Oil Corp announced on 11 July 2023. The Company also provides an operational update on entering next license phase for Orinduik block and confirms, further to its announcement of 2 January 2024, that Dr Oliver Quinn has been appointed as a Non-Executive Director with immediate effect.
Final Transaction Approval
The South Africa Department of Mineral Resources and Energy (“DMRE”) and the Petroleum Agency South Africa (“PASA”) have now provided Section 11 approval to assign and transfer a 6.25% Participating Interest in Block 3B/4B, offshore South Africa to Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil. The Section 11 approval was the final consent required in order to complete the Transaction, and accordingly all requisite regulatory approvals and deeds in respect of the Transaction have now been signed and completed.
As per the terms of the Assignment and Transfer Agreement with Africa Oil, Eco has received further payment of US$2.5m from Africa Oil. Under the terms of the Agreement, upon a further farm out to a third party into Block 3B/4B Eco will receive a further payment of US$4m from Africa Oil and when the first well is spud an additional US$1.5m, will be due to the Company from Africa Oil.
Orinduik License Operational Update
As Operator, Eco Orinduik BV, gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana (“MNR”) to enter the Second Phase of the Second Renewal Period of the Orinduik License effective as of 14 January 2024. This Second Phase has a commitment to drill one exploration well to the Cretaceous formation during the remainder of the license period which ends on 13 January 2026. Further, Eco advised MNR last week that TOQAP Guyana B.V (the SPV joint entity held by TotalEnergies and QatarEnergy 60:40) has relinquished their 25% WI for strategic reasons and will not participate in the next phase, the former TOQAP Guyana B.V 25% WI will be assigned to Eco Guyana. Subject to the requisite government notifications, Eco will remain the Operator holding 40% WI in Orinduik License as Eco Guyana and 60% WI as Eco Orinduik BV.
Non-Executive Director Appointment
On 2 January 2024, the Company announced that Dr Oliver Quinn had been elected as a Director of the Company subject to completion of the due diligence by Strand Hanson, the Company’s Nominated Adviser, in accordance with the AIM Rules for Companies and Nominated Advisers. The Company is pleased to confirm that the aforementioned process has now been completed and Dr Oliver Quinn has been appointed to Eco’s Board with immediate effect as the nominee Director of Africa Oil, which holds 14.84% of the Company’s issued share capital.
Dr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023, having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Dr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry. He is a graduate of the University of Manchester, where he studied for a BSc (Hons), Environmental & Resource Geology, and a graduate of the University of Edinburgh where he completed a PhD in Petroleum Science. While Dr Quinn replaces Keith Hill as Africa Oil’s board nominee, the Board is pleased to confirm that Mr Hill has agreed to remain as a Non-Executive Director of the Company.
Gil Holzman, Co-founder and Chief Executive Officer of Eco Atlantic, commented:
“I am delighted to welcome Oliver to our Board. His extensive technical and commercial experience are an excellent addition for our Company entering into 2024 which is lining up to be a transitional year for the Company.”
“With respect to Block 3B/4B, we are pleased to have received final approval from the South African Government for our transaction with Africa Oil, which now paves the way to completing a further farm out in respect of the Block and the drilling of our identified targets of up to five wells.”
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
“Knowing the material value and potential of Orinduik Block, Eco acquired Tullow’s 60% WI and has remained focused on drilling a massive, stacked pay interval in the Southeastern quadrant of the block. Eco Atlantic now approved Operator intends to bring in new partners and to drill the significant potential of the Cretaceous interval on the Guyana oil fairway. With this well commitment, we now move into planning and engineering preparations to drill in next 12-18 months.
We feel extremely positive about the future of the Orinduik block, receiving significant interest from key industry partners and IOCs in our recently commenced farm out process. We will provide further updates to shareholders on operational and farm out progress throughout the year. Eco is grateful to the Government of Guyana and specifically the MNR for their collaborative efforts and support in enabling Eco to now progress towards drilling.”
Nothing much to add to this purely confirmatory announcement, for Eco they have completed on this deal but the management remains bursting with confidence in South Africa and I for one wouldn’t be surprised to see further activity in the post code.
Guyana is a large process now but not without its upside and Eco will be looking for partners now that the original partners have left town.
Overall I’m confident about Eco at the moment, it is looking in as strong a position as I’ve seen for a very long time and the company has no need for fresh funds at the moment and remains a favourite with a great deal of upside.
Thanks Scarbender You are faster with this posting.
Correct
I think there was a rush to cash at that time.
Hmmmm! I was hoping for something in Q1 2024.
Thanks Lone Clone on the comments about TUO.
I agree The next few years are going to be very scary and difficult
Thank you or posting the link.
A link to the article Please.
Appia Reports 92,758 ppm (9.3%) TREO, 13,798 ppm MREO (1.38%) and 2,241 (.24%) ppm HREO over 2m Within the Total Weighted Average of 38,655 ppm (3.87%) TREO, 6,869 ppm (.69%) MREO, and 1,380 ppm (.14%) HREO Across 24m (EOH) Following the Reanalysis of Over-Limit Assay Results from PCH-RC-063 at the PCH Ionic Adsorption Clay Project in Goias, Brazil
Toronto, Ontario, January 16, 2024 - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce a substantial increase in the total weighted average grade of drill hole PCH-RC-063 at our PCH Ionic Adsorption Clay project in Goias, Brazil, which had previously been reported (Press Release October 31, 2023 - Click Here). The Reverse Circulation (RC) PCH-RC-063 drill hole exceeded multiple intervals limits of detection (LOD), prompting a reanalysis using methods suited to very high grade samples.
The new analysis, conducted by SGS Geosl Labs, used method IMS95RS. The updated assays reveal a very significant 42.2% increase in Total Rare Earth Oxides (TREO) and a notable 9.2% increase in Magnet Rare Earth Oxides (MREO). Of particular significance is the high-grade 2 metre (m) intercept from 10m to 12m, showing an exceptional 92,758 ppm (Parts Per Million) or 9.28% TREO, with 13,798 ppm or 1.38% MREO, and 2,241 ppm or 0.22% Heavy Rare Earth Oxide (HREO), and 90,516 ppm or 9.05% Light Rare Earth Oxide (LREO).
Highlights:
PCH-RC-063 from 0 - 24m End of Hole (EOH):
Total Weighted Average of 38,655 ppm or 3.87% TREO, 6,869 ppm or 0.69% MREO, 1,380 ppm or 0.14% HREO, and 37,275 ppm or 3.28% LREO.
Including 92,758 ppm or 9.28% TREO across 2m (from 10m to 12m ) with 13,798 ppm or 1.38% MREO; 2,241 ppm or 0.22% HREO; and 90,516 ppm or 9.05% LREO.
"These assays not only validate the extraordinary results of the PCH-RC-063 drill hole but also underscore the substantial high-grade potential mineralization in the SW Extension Zone (See Press Release November 28, 2023 - Click Here)," stated Tom Drivas, CEO. "We are excited about the possibilities revealed by these findings and advancing additional exploration and development efforts to fully tap into the promising potential of this high-grade zone."
Gt to web-site to read more
American Creek's JV Partner Tudor Gold Intersects 66 Meters of 3.19 g/t AuEq Within 258 Meters of 2.0 g/t AuEq and 570 Meters of 1.21 g/t AuEq at the Goldstorm Deposit, Treaty Creek, Golden Triangle British Columbia
Cardston, Alberta--(Newsfile Corp. - January 17, 2024) - American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") has produced the seventh and final set of drill results for the 2023 exploration program (the "Program") at the flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia.
Tudor has safely and successfully completed the 2023 drilling program with a total of 31,904 meters (m) drilled within areas encompassing the Goldstorm Deposit (the Deposit) and the Perfectstorm Zone. The assay results reported in this release are from two drill holes that targeted the northeastern area of the Deposit. Click to view plan map and cross sections.
Ken Konkin, Tudor Gold President and CEO, commented: "We are very pleased to release the results from the last two drill holes of the 2024 drill program. We completed 33 holes this year of which eight were completed at the Perfectstorm system and 25 drill holes at the Goldstorm Deposit. The objective of the Goldstorm drilling was to convert as much of the Inferred Mineral Resources to the Indicated Mineral Resource category as well as expand the Deposit into the north where we have encountered the strongest Au-Cu-Ag mineralization to-date. I congratulate our field crews and service contractors for completing yet another safe and successful season. Clearly the highlight of these last two holes is the impressive continuation of encountering higher Au-Cu-Ag grades than contained within our latest NI 43-101 Mineral Resource Estimate for the Goldstorm Deposit which hosts an Indicated Mineral Resource of 23.37 million ounces of AuEQ grading 1.13 g/t AuEQ and an Inferred Mineral Resource of 7.35 million ounces of AuEQ grading 0.98 g/t AuEQ.
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=5c4edd00fb
NioCorp to Host Live Investor Webcast on January 19, 2024
CENTENNIAL, Colo. (January 16, 2024) – NioCorp Developments Ltd. (“NioCorp†or the “Companyâ€) (NASDAQ:NB) (TSX:NB) is pleased to announce that it will host a live investor webcast at 8:30 a.m. Mountain on Friday, January 19, 2023. Participants in the webcast must register here: https://events.teams.microsoft.com/event/5af5753b-a150-43f5-91e5-ec195f9e9305@17934c82-3f5 c-4fe1-8ae2-75bee4d8acbb
NioCorp's special guest for this webcast will be Dr. Andrew Matheson of NanoScale Powders (https://www.nanoscalepowders.com), who is working with NioCorp on its phased commercialization program for aluminum-scandium master alloy.
Following NioCorp's presentation, a question-and-answer period will commence.
Read at:
https://mailchi.mp/niocorp.com/niocorp-to-host-live-investor-webcast-on-january-19-2024?e=a994b680bf
Nice find Gman, Thanks
Africa Oil: The Impact On Impact
Jan. 15, 2024 12:30 PM ETAfrica Oil Corp. (AOI:CA) Stock, AOIFF StockAFE:CA, ECAOF, EOG:CA, HPMCF, TTE, TTFNF7 Comments
by: Long Player
Summary
Africa Oil subsidiary, Impact, sold a portion of its interest in Venus discovery to eliminate the Venus discovery's financing needs.
TotalEnergies agrees to carry Impact to first commercial production, providing shareholders with upside without repeated capital raises.
Africa Oil can now focus on other opportunities and potentially increase shareholder value with its cash flow.
Most of the future upside resides in subsidiary companies that for all intents and purposes operate similarly to partnerships. None have current income.
Africa Oil is debt-free, but it is obligated for some of Prime's debt. The income and cash flow come solely from operations in Nigeria offshore.
Africa Oil Corp. (OTCPK:AOIFF) is a major shareholder of Impact. That subsidiary has no income but has a major share in the discovery known as Venus where Total is the shareholder. Impact management recently sold a significant portion of its interest in this discovery in exchange for an end to the financing needs that typically plague a company with no revenue. TotalEnergies SE (TTE), the operator has agreed to essentially carry Impact to first commercial production with the terms listed in the referenced agreement. There will likely be something formal filed in the future for shareholders to review. This allows shareholders to participate in the considerable upside of a world-class discovery without the repeated capital raises that would have occurred until production.
This will also significantly reduce the financing needed for major shareholders in Impact. Africa Oil itself can therefore devote its cash flow to considerable opportunities (that range from lower risk than this to higher risk) that could likewise raise shareholder value.
Partnerships
Africa Oil has considerable interests in companies that are for all intents and purposes partnerships. None of these partnerships produce income. Therefore, with each capital call from these companies, the partners can decide whether to move forward or retain a diluted interest.
Africa Oil Interests In Other Companies
Africa Oil Interests In Other Companies (Africa Oil Third Quarter 2023, Financial Statement)
Two of these companies, Africa Energy Corp. (OTCPK:HPMCF) and Eco (Atlantic) Oil & Gas Ltd. (OTCPK:ECAOF) are publicly traded Canadian companies that like Africa Oil, report in United States dollars. Impact is private. Depending upon the future course of drilling success offshore, there could be considerable cash requirements generated by these interests.
Currently, investing through these largely speculative projects through Africa Oil has the advantage of Africa Oil having cash flow and management that can decide whether or not to continue to add cash to any of the subsidiaries for the projects in each portfolio. Sometimes, as in the case of some African acreage, Africa Oil itself owns an interest in the project as well.
The key is that oftentimes, the management of Africa Oil is in a much better position to determine the cash needs of the subsidiaries than the average shareholder. Besides, Africa Oil usually has the cash to maintain its interests. Individual shareholders can be diluted significantly before first production arrives (if it ever arrives at all).
Risk
There is always the risk that any or all of the projects fail to meet expectations.
Africa Oil is a relatively small offshore player that could have cash needs that exceed the ability of management to raise that cash needed. This could have material adverse effects on company prospects.
Growth from offshore projects will occur on an irregular basis. Investors can expect large jumps at one time with probably years between those jumps. Smaller companies like this rarely grow each year because of the size of the projects.
Africa itself has been a cash drain on oil and gas companies for years. While that period appears to be ending there is no assurance that is the case.
The governments in the area where Africa Oil is the main source of cash flow are not known for its effectiveness. Other areas with upside potential are not known for their stability. The fact that the business is offshore mitigates much of the effect but cannot eliminate it.
As a result, this has to be considered a speculative idea before you even consider typical risks like commodity price and loss of key personnel.
Areas Of Operation
The company does have an interest in Guyana through its interest in Eco Atlantic. But the cash flow and much of the upside potential is in Africa at the current time.
Africa Oil Map Of Operations And General Status Of Projects
Africa Oil Map Of Operations And General Status Of Projects (Africa Oil Corporate Presentation Third Quarter 2023)
The current production reported is solely from Nigeria. However, future production is likely to come from both South Africa and Namibia. Both of those countries are far more stable with modern supporting infrastructure than is typical of the continent. The result is that Africa Oil may well have some more reliable income sources.
In fact, the South Africa venture in which Total is the operator also has submitted a request for a production permit that is likely now being reviewed. That particular request is through Africa Energy.
Finances
Africa Oil, the company itself is debt-free and has a considerable cash balance. However, there are some obligations from its ownership in Prime which does carry some debt. That debt has climbed in the current fiscal year as Prime has participated in some development and exploratory drilling located offshore Nigeria. This is expected to at least maintain and probably increase production (net to Prime).
Therefore, that debt is likely to be quickly repaid. Africa Oil is completely dependent upon dividends from Prime to run its own operations. Those dividends are paid on an irregular basis. Therefore, Africa Oil needs a significant cash balance to keep other projects in its portfolio adequately financed as needed.
The Nigerian projects are likewise operated by major oil companies. This somewhat reduces the risk of operating offshore Nigeria.
What This Means To Investors
Africa Oil has been doing share repurchases as well as paying a dividend to shareholders. However, the balance sheet strength is paramount as is the growth in production in the future. Therefore, this company is best looked at as an upstream variable dividend entity with some very large projects on its plate.
Management, through its actions, is demonstrating that the company is undervalued. However, that undervaluation comes with considerable risks that some other undervalued companies I follow do not have.
Therefore, while this company remains a strong buy. The risks that this company has in its line of business (and preferred location for that business) may well discourage all but the more venturesome investors.
There are some excellent projects that could change the current scenario in the future. But any position in this company should be a small position as part of a basket of companies. Project delays for any number of reasons should be expected whenever a small company like this tackles large projects. The larger companies that operate these projects give this company credibility the few companies of a similar size have.
This article was written by
Long Player profile picture
Long Player
Ucore Invited to Present at National Defense Industry Association Event
January 12, 2024
Halifax, Nova Scotia (January 12, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce that it has been invited to present at the Mine to Magnet Workshop presented by the National Defense Industry Association (“NDIA”) on January 16 and 17, 2024, and hosted by Lockheed Martin.
Ucore personnel will be presenting at the “Disruptions and Substitutes” Session, taking place on Wednesday, January 17, 2024. The Workshop will gather stakeholders from across the rare earth supply chain and US Government to discuss the challenges and opportunities in this critical supply chain.
Appia Receives Approval for 12 Additional Claim Blocks at Its PCH Rare Earths Ionic Adsorption Clay Project, Goias, Brazil
Total Exploration Area More Than Doubled Adding 23,412.11 Hectares, Presenting Exceptional New Potential for Additional Critical Mineral Targets
Toronto, Ontario--(Newsfile Corp. - January 11, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce the extension of its existing mining claims at the PCH project in Goias, Brazil from 17,551.07 hectares to an expansive 40,963.18 hectares across a total of 22 claim blocks. This substantial 133% increase in the current land package includes 12 new claims independently staked by the Company, but included as part of the project acquisition (details available HERE), incurring minimal costs. This strategic expansion provides Appia with an exceptional opportunity to explore this promising geological corridor to the north of its current claim zones, unveiling new avenues for potential critical mineral resource discoveries.
"The expansion of our exploration rights to 40,963.18 hectares marks a pivotal moment for Appia in Brazil as we build on the momentum achieved through our initial drilling program at the Target IV and Buriti zones," commented Stephen Burega, President, "Our dedicated Brazilian team is eager to explore the untapped potential of the northern corridor, where similar geological and geophysical features have been identified."
Burega adds, "There is huge potential in these new claim blocks as we can draw clear parallels to the favourable geology that hosts the critical rare earth minerals that initially convinced us to enter into our agreement on the PCH project. Doubling the size of our overall land package within the prolific alkali province not only reflects our commitment but also strengthens the Company's strategic plans. We aim to develop a series of potential target zones, extending the project focus for the benefit of our valued shareholders. This expansion underscores our dedication to unlocking the full spectrum of opportunities in Brazil's mineral-rich landscape."
Namibia
(Thanks to Malcy's blog)
Jan 11,2024
It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.
Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.
Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.
The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.
My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.
There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.
Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.
Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.
Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.
This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.
The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.
Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.
Siraj Ahmed, Chief Executive Officer of Impact, commented:
“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.
We thank our Shareholders for their steadfast support that has enabled us to reach this position.”
FYI guys
Namibia
(Thanks to Malcy's blog)
Jan 11,2024
It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.
Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.
Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.
The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.
My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.
There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.
Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.
Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.
Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.
This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.
The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.
Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.
Siraj Ahmed, Chief Executive Officer of Impact, commented:
“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.
We thank our Shareholders for their steadfast support that has enabled us to reach this position.”
Namibia
(Thanks to Malcy's blog)
Jan 11,2024
It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.
Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.
Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.
The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.
My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.
There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.
Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.
Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.
Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.
This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.
The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.
Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.
Siraj Ahmed, Chief Executive Officer of Impact, commented:
“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.
We thank our Shareholders for their steadfast support that has enabled us to reach this position.”
2023 Progress Positions NioCorp for Historic Advancements in 2024
January 11, 2024
Read it at:
https://mailchi.mp/niocorp.com/2023-progress-positions-niocorp-for-historic-advancements-in-2024?e=a994b680bf
Thanks for the link
Great news for the start of the new year.
Is there a link available?
January 2, 2024
Tudor Gold Corp. [TUD-TSXV, TUC-Frankfurt] is probing the limits of an already large gold-copper porphyry system in northwestern British Columbia, one that looks to have significant expansion potential as exploration continues.
The effort is led by Tudor Gold President and CEO Ken Konkin. The highly experienced geologist made his mark in the Golden Triangle area where Tudor’s flagship Treaty Creek project is located by leading the discovery of the “Valley of Kings deposit” on the nearby Brucejack gold mine.
Ranking among the highest-grade operating gold mines in the world, Brucejack is owned by Newmont Corp. [NGT-TSX, NEM-NYSE], the world’s leading gold miner and a company that is likely to be interested in the work that Konkin is doing at Treaty Creek.
Backed by financier Eric Sprott, he is attempting to repeat his previous success at Treaty Creek, which is held 60% by Tudor Gold, in a joint venture with American Creek Resources Ltd. [AMK-TSXV] Teuton Resources Corp. [TUO-TSXV] each holding a 20% interest.
Read more at:
https://mailchi.mp/04985df9137e/new-treaty-creek-report-4754949?e=6f11d69fd1
Defense Metals to Ship Wicheeda Mixed Rare Earth Carbonate Sample to Ucore
The planned shipment of a mixed rare earth carbonate sample generated from Defense Metals’ Wicheeda Project in British Columbia to Ucore’s RapidSX™ Commercialization and Demonstration Facility (“CDF”) in Kingston, Ontario
The shipment represents one of the first collaborative projects commenced under a Q4-2023 executed Memorandum of Understanding (“MOU”) to explore an enhanced working relationship
Ucore announces the execution of a multi-decade lease for an 80,800 square foot brownfield facility on a 10.7+ acre industrial parcel for its developing rare earth element processing facility in Alexandria, Louisiana
Halifax, Nova Scotia (January 4, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce the January 1, 2024, acquisition of an 80,800 square foot brownfield facility on a 10.7+ acre industrial parcel for the development of its first commercial rare earth element (“REE”) processing facility in Alexandria, Louisiana. This selected site for the Louisiana Strategic Metals Complex (“LA-SMC”) is secured through a multi-decade lease with the England Economic and Industrial Development District (“EEIDD”) at their England Airpark complex. The England Airpark is a former 3,600-acre Air Force base dedicated to generating economic development in Central Louisiana.
Pretty good response time for the 2nd day of 2024.
Thanks chico for recapping important points about the project.
douginil
Thanks for considering doing some active DD on this.. The information on Nara and Venus drilling results until Mid-February should do wonders to the share price. Any positive info from ECO Atlantic should also help. A big potential problem with ECO may be if their blocks off Guyana is in the area that Venezuela is also claiming.
Sorry I don't have a clue
Happy New Year
Yes their process is claimed to be "... cleaner, faster and cheaper ..." than the current conventional SX process.
We do not know yet what the NioCorp cost to compete as a REE ore refiner will be. The NioCorp process may provide higher measures of purity and product formulation.
Hmmmm!
https://ucore.com/ucore-completes-rapidsx-demo-plant-commissioning-begins-us-department-of-defense-demonstration-program/
Ucore Completes RapidSX™ Demo Plant Commissioning –
Begins US Department of Defense Demonstration Program
Ucore announces:
Completion of its third and final stage of Commercial Demonstration Plant (“Demo Plant”) commissioning procedures
Commencement of the US Department of Defense (“US-DoD”) demonstration program
Halifax, Nova Scotia (December 21, 2023) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) announces the completion of its planned commissioning procedures for the Company’s RapidSX™ Commercial Demonstration Plant (“Demo Plant“) for the separation of heavy and light rare earth elements (“HREEs”, “LREEs”, or “REEs“). The Demo Plant is located within Ucore’s 5,000 square foot RapidSX™ Commercialization and Demonstration Facility (“CDF“) in Kingston, Ontario.
I am hoping that our patent able process for the refining of REE ores are such that a separate REE refining business could be set up to compete with Ucore's Rapid SX.
Yeah it is disapointing that NioCorp was not mentioned. Didn't mention Ucore's Rapid SX process either.
Well that would help explain why the price seems to go down after positive news is released.