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Thanks RT Nice articles and info.
Thanks in advance Scarbender for posting her comments.
Thanks I printed out the presentation and think that the 3D study will show that PEL 87 is a high probability of being the largest in the Orange basin. Dare we hope that the first well come in even larger than Venus.
Appia Deploys Third Drill at PCH Ionic Clay Project in Brazil
TORONTO, ONTARIO, August 31, 2023, - Appia Rare Earths & Uranium Corp. (the “Company” or “Appia”) (CSE: API, OTCQX: APAAF, FRA: A0I0) Appia is pleased to announce the deployment of a third drill on-site to investigate a significant geophysical anomaly at depth below Target IV at Appia’s PCH Ionic Adsorption Clay Project, Goias State, Brazil.
Summary:
Appia is currently using three (3) drills – one RC, one Auger, and one Diamond drill
A comprehensive geophysical investigation has led to the identification of a significant magnetic anomaly at over 300 metres and open at depth.
The initial target will be drilled to 250 metres depth to test both the ionic clay and hardrock mineralization below Appia’s priority ionic clay structures which reach an average depth from surface of +/- 12 metres.
This program is designed to expand on the diamond drilling that was completed by the Vendor in prior seasons.
"A study by a Brazilian Geographer/Geophysicist Master’s student from the University of Brasilia was conducted on Target IV of the PCH Project, where an induced polarization (IP) program as well as detailed ground magnetics, and gamma surveys were carried out, inverted, and subsequently analyzed by senior University, and Appia, geologists and geophysicists. This comprehensive investigation led to the identification of a significant magnetic anomaly at over 300 metres and open at depth,” commented Stephen Burega, President.
“The arrival of the diamond drill marks a pivotal advancement in our exploration initiative. It underscores our commitment to investigating not only the potential genesis of Ionic Adsorption Clay but also the exciting opportunity for REE mineralization in hard rock formations," Burega continued.
The ongoing diamond drill hole operation aims to extend the investigation below the known ionic clay through saprolite structures to greater depths of up to 250 metres to test the continuation of mineralization at depth.
Furthermore, Appia's ongoing Reverse Circulation (RC) and auger drilling program of 300 holes is in full swing. (See August 24th, 2023 Press Release – Click Here). The Company’s primary objective is to accurately delineate the extent of the mineralized zone and to assess its economic significance.
To achieve this, a rigorous sampling procedure is being employed, including one-meter samples that will be carefully collected and subsequently shipped to SGS Geosol laboratory. Assays from this program are expected to be received within 2 months of being submitted.
Read more at company web site.
Thanks to Malcy's blog
8/30/23
Eco (Atlantic) Oil & Gas
Eco has announced its results for the three months ended 30 June 2023.
Highlights:
Financials (as at 30 June 2023)
The Company had cash and cash equivalents of US$2.4 million and no debt.
Eco has cash and cash equivalents of US$4.7 million as at 30 August 2023.
The Company had total assets of US$53.31 million, total liabilities of US$3.56 million and total equity of US$49.75 million.
Operations:
Guyana
Post Period end, on 10 August 2023, the Company signed a Sale Purchase Agreement for its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited to acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. in exchange for a combination of upfront cash and contingent consideration.
Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, which is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.
South Africa
Block 3B/4B
Post period end, on 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from the Lunn Family Trust as previously announced on 27 June 2022.
On 11 July 2023, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m already having been received.
In March 2023, Africa Oil released a New Competent Person’s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (“BOE”), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.
The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.
Block 2B
On 15 November 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.
Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.
Namibia
Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.
The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“Our Q1 results serve as an important opportunity to remind investors of the strategic work which is happening across all areas of the portfolio. Recently announced deals in both South Africa and Guyana are examples of the team’s efforts to position the portfolio to continue creating high-impact catalysts for investors. I am excited for the future and look forward to progressing our work programmes across our entire Atlantic Margin portfolio.
These figures are neither here nor there but for investors there has much been going on beneath the waterline. Eco’s boys and girls have been very busy, in Guyana where they have evicted Tullow and should get that programme revitalised.
They have also been wheeling and dealing in South Africa on Block 3B/4B which I am most excited about being in a smart post code and very much in demand.
Eco remains a solid member of the Bucket List and patient shareholders should be rewarded if the current level of hard work proves anything like the potential in the CPR’s. At these levels it looks more and more like a ten-bagger every day.
The Company’s unaudited financial results and Management’s Discussion and Analysis for the three months ended 30 June 2023 are available for download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.
Electric cars and solar cells rely on Chinese minerals. Here’s how to curb the risks.
Washington Post August 25, 2023 Opinion
An interesting opinion piece that might influence some thinking.
Has an interesting table showing how china pretty much controls access to the key minerals/metals and an over whelming percentage of the processing of them into a starting material to lots of key industry and defense products.
https://www.washingtonpost.com/opinions/2023/08/25/china-critical-minerals-climate-change-batteries/
Hi buxmaker Has Pancon published a quarterly report about the 2nd 2023 quarter yet? If yes is there a link?
I, and I suspect many others, thank you.
Hi buxmaker Will you get an email or have a link to the report/announcement? If so could you post it?
Thanks buxmaker for the heads-up.
Thanks buxmaker
Appia Provides Update On Its 300 Hole RC Drilling Campaign At Its PCH Ionic Clay Project, Brazil
TORONTO, ONTARIO, August 24, 2023 - Appia Rare Earths & Uranium Corp. (the “Company” or “Appia”) (CSE: API, OTCQX: APAAF, Germany: “A0I0.F”, “A0I0.MU”, “A0I0.BE”) Appia is pleased to provide an update regarding its comprehensive exploration activities currently underway in Goias State, Brazil. By employing a strategic combination of Reverse Circulation (RC) drilling, extensive auger sampling, and cutting-edge LiDAR surveying, the Company has made significant progress in uncovering the potential of this highly promising deposit.
SUMMARY
- Appia’s exploration team today has successfully drilled 65 RC and 45 Auger holes to date reaching a combined depth of 1120 meters.
- Reverse Circulation (RC) drill program includes 300 holes at an average depth of +/- 12 metres.
- The Company has completed an extensive airborne LiDAR survey covering 1,700 hectares across the core Target IV project area producing a highly detailed topographic map to assist with further delineation of exploration targets.
- Auger drilling will be used to test new areas for potential extension zones southwest of the core Target IV zone.
- Data collected during this work campaign will be used to develop an initial Mineral Resource Estimate (MRE) on Target IV.
- The Company will also be exploring initial metallurgy and mineralogy over the coming months to ascertain the viability of separation using traditional well-known processes for these environments.
“Appia’s exploration team has successfully concluded 65 RC holes to date reaching a combined depth of 788 meters with an average depth of 11.9 meters per hole,” stated Carlos Bastos, Senior Geologist and Qualified Person in Brazil. He continued, “Sample logging and interpretation is done at one metre intervals with an ionic adsorbtion clay horizon observed at depths ranging from 2 to 27 meters. This horizon is primarily situated within the shallow range of 2-6 meters and exhibits varying widths.”
In addition to the Company’s RC drilling campaign, the Company is pleased to report substantial advancements have been made through extensive auger drilling to further delineate extension zones at the Target IV project area. To date, a total of 45 holes have been successfully completed. Each of these holes has been strategically positioned to provide a comprehensive understanding of the potential extension zones southwest from the primary target zone.
“Working in Brazil has been a pleasure as we have an exceptional team on the ground , and we are working well with the support of the community,” stated Tom Drivas, CEO of Appia. “Our RC program is in full-swing and we have completed approximately 20% of our planned drilling program with an aim to be finished by the end of September,” he concluded. “The priority with these initial work programs is the delineation of a Mineral Resource Estimate (MRE) at Target IV. Building upon the excellent work completed by the Vendor from their previous assessment programs identifying this exceptional ionic clay adsorption mineralization,” Drivas stated.
The Company applies a strict quality assurance/quality control (QA/QC) system to all samples in preparation for assaying at the SGS Geosol laboratories in Brazil. Assays will be released as received and analyzed by the Company.
“The Company’s auger team is now focusing drilling on a new exploratory area known as East Target, located 6 kilometers due East of Target IV,” stated Stephen Burega, President. “The results from our initial RC and auger drill programs will be pivotal in expanding our knowledge base and refining our exploration strategy for the PCH ionic clay projet.”
Burega continued, “Alongside our drilling and sampling work, we are excited to share that we have finished a detailed LiDAR survey over 1,700 hectares, covering Target IV and beyond. The data collected from this LiDAR survey will lay the groundwork for our exploration endeavours with a millimetric detailed orthophoto and topography dataset”.
Background on the PCH Project
The PCH Project is located within the Tocantins Structural Province in the Brasília Fold Belt, more specifically, the Arenópolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goiás State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and Niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.
The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce the appointment of Mr. Alex Campbell to the Management Team as Vice President Corporate Development. His role will focus on finding, evaluating, and executing strategic opportunities for the Company.
CEO Statement
Brandon Macdonald, CEO, stated “As Fireweed’s success at our projects has grown, so has strategic interest in the Company and options available to us. Alex’s diverse experience from mining to banking, combined with his passion for our industry, makes him a fantastic addition to the team as we navigate these opportunities. The Fireweed team is very pleased to welcome him as we continue to maximize shareholder value through exploration, development, and potential strategic transactions.”
Alex Campbell Biography
Mr. Campbell is a mining professional with over ten years of combined expertise in South American mining operations, mine finance, and Global Capital Markets. He began his career at Antofagasta Minerals, working at the Los Pelambres copper mine in Chile. Subsequently, he relocated to Colorado to pursue his master’s degree while concurrently working at Resource Capital Funds and the Critical Materials Institute, a U.S. DOE innovation hub focused on the development of secure and resilient supply chains for critical materials crucial to the energy transition. Following this, he spent five years with CIBC’s Mining Investment Banking Team in Vancouver, BC, covering a broad spectrum of mining and royalty companies. Throughout this tenure, he played instrumental roles in executing diverse corporate transactions across various commodities and asset-level stages.
Mr. Campbell holds a Bachelor of Science and a Master of Science in Engineering (Mining) degree from the Pontificia Universidad Católica de Chile, as well as a Master of Science in Mineral and Energy Economics degree from The Colorado School of Mines.
Currently now at 23.4 Million Ozs @ 1.13 g/t equiv
Aiming for over 20+ Million Ozs @ 1.5 g/t equiv
AND STILL DRILLING WITH SIX DRILLS TURNING !
WE ARE EXPANDING HE VOLUME WITHOUT LOWERING THE GRADE
Ken Konkin, President of our JV-partner Tudor Gold, is a man on a mission!
In his interview with Michael Fox of The Prospector News, Mr. Konkin discusses his focus on robust minable ounces, expanding the volume without sacrificing the grade.
“If grade is king, surely consistency is queen…and do we have consistency!”
“It’s definitely a minable project in my mind. Anybody who works for me knows that it’s only a question of how big is the mine?”
– Ken Konkin
Treaty Creek JV Partnership
American Creek is a proud partner in the Treaty Creek Project.
The project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek.
American Creek and Teuton hold fully carried 20% interests, which means no development costs are incurred by these companies until a production notice is issued. This gives shareholders a unique opportunity, to avoid the dilutive effects of exploration while maintaining their full 20% exposure to one of the world's most exciting mega deposits.
Go to here for the link to the interview
https://mailchi.mp/d304f7019efb/new-treaty-creek-report-4754857?e=6f11d69fd1
Fireweed intersects 118.0m of 15.1% zinc, 2.8% lead, and 85. 8/t silver, and also 82.5m of 11.9% zinc, 2.2% lead. and 81.2 g/t silver: multiple zones of high grade mineralization in a single drillhole
- Multiple wide, high-grade zones of zinc-lead-silver mineralization have been intersected in a stratiform, laminated to massive sulphide zone at Boundary Zone, part of an extensive sediment-hosted massive sulphide system.
- NB23-007 intersected an upper zone of 82.5 m (15 m true width) of 11.9%, zinc 2.2% lead and 81.2 g/t silver, including 27.03 m (4.9 m true width) of 26.7% zinc, 4.2% lead, and 165.2 g/t silver.
- NB23-007 also intersected a separate, lower zone of 118 m (40 m true width) grading 15.1% zinc, 2.8% lead, and 85.8 g/t silver including 77.07 m (26 m true width) of 18.7% zinc, 3.5% lead, and 101.4 g/t silver.
- NB23-004 intersected 33.43 m (22 m true width) of 8.0% zinc, 2.0% lead, and 59.2 g/t silver, including 13.88 m (9.1 m true width) of 12.6% zinc, 3.7% lead, and 99.4 g/t silver.
- Assays are pending for down-dip, step-out intersections of massive sulphide with intersected thicknesses between 25 m and 140 m, and additional drilling is underway where the zone remains open at depth.
CEO Statement
Brandon Macdonald, CEO, stated, “In our largest field season ever, we continue to hit spectacular grade and widths of mineralization at Boundary Zone. The results from NB23-007 include two intersections which continue to demonstrate the world-class potential of mineralization at Boundary Zone. These results show continuity with, and even eclipse NB22-002, formerly Fireweed’s best-ever drillhole, in terms of grade and length of mineralization.”
Results from the Boundary Feeder Zone Target
Following up on drilling from 2022 and the initial results of the 2023 program which targeted a gap in the drilling between two of Fireweed’s best-ever drillholes at Boundary Zone, NB22-002 and NB22-023 (see Fireweed news releases dated June 22, 2023, November 22, 2022, and March 2, 2023), Fireweed has continued to test the high-grade feeder zone target that is interpreted to occur as at least one stratiform layer within a sediment hosted massive sulphide system. Both the initial results from 2023 as well as those from 2022 intersected very wide, high-grade zones and demonstrate continuity of the mineralized system.
Read more at:
https://fireweedmetals.com/fireweed-intersects-118-0-m-of-15-1-zinc-2-8-lead-and-85-8-g-t-silver-and-also-82-5-m-of-11-9-zinc-2-2-lead-and-81-2-g-t-silver-multiple-zones-of-high-grade-mineralization-in-single-drillhole/?utm_medium=email&_hsmi=271211262&_hsenc=p2ANqtz-9B49YMj1wqlAa02F9tHab6OjQrZiXMEVMTjvfGj4y1HZ6JCwloeWc9JQRK2ROG2cvzFsp5fbE7vqSQJBq-_jk9Ft-EfQ&utm_content=271211262&utm_source=hs_email
Thanks for posting Scarbender
Thank you Avockil for posting that pricing information. Certainly demonstrates that the price varies significantly with the form and purity of the material.
It is unfortunate that the people who have a clear understanding about the critical minerals and metals situation are being overwhelmed by the anti-mining and anti-oil & gas "cult" thinkers to influence the financial institutions to not invest in mining and oil & gas projects.
Hmmmm And Mark Smith is still on TechMet's website as an advisor.
Thanks for posting that review
American Creek's JV Partner Tudor Gold Intersects 1.48 g/t AuEQ over 210m Within 516m Grading 1.19 g/t AuEQ, Outside the Goldstorm Deposit Mineral Resource Area at the Treaty Creek Property, Golden Triangle British Columbia
Cardston, Alberta--(Newsfile Corp. - August 16, 2023) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") has produced the second 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.
Since the beginning of this year's Program, Tudor has successfully completed over 21,000 meters (m) of drilling, within areas encompassing the Goldstorm Deposit and the Perfectstorm Zone. The five drill holes reported in this release are located in the northeastern area of the Goldstorm Deposit.
Ken Konkin, Tudor's President and CEO, commented: "We are very pleased to confirm the continued expansion of the Goldstorm Deposit to the northeast. Results from our northeastern-most step-out drilling from section 120+50 NE will certainly expand the volume of the deposit with AuEQ values well above the 0.7 gpt AuEQ underground resource estimate cut-off grade used for our deposit. In addition, very large blocks within the previously estimated drill inferred category have been successfully intersected with very positive gold, copper and silver grades, which we believe will convert these blocks of mineralization into the drill Indicated category.
Our goal is to increase the size of the resource without diminishing the grade. This will be a critical component to the Preliminary Economic Assessment (PEA) that we plan to complete once we have totally defined the Goldstorm Deposit. We have completed five additional drill holes on the Goldstorm Deposit and three drill holes at the Perfectstorm target, which are currently in the lab. Results will be announced once they are received and compiled. Crews have begun construction of drill pads required to pursue the northern aspects of the CS-600, 300H and DS5 domains for the 2024 drill program; these are beyond the scope and the time available to drill within our planned 2023 program. Defining the shape and extent of each domain is necessary prior to determining a mine plan, which is essential for the PEA level and beyond."
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=aeb5e8934c
Excelsior Mining Announces Johnson Camp Stage 1 Drilling with Nuton, a Rio Tinto Venture
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has commenced drilling at Johnson Camp with Nuton LLC ("Nuton"), a Rio Tinto venture, to further evaluate the use of its Nuton™ copper heap leaching technologies at Excelsior's Johnson Camp mine in Cochise County, Arizona. The program consists of drilling 6,000 feet of PQ core for the purposes of further metallurgical evaluation. Once completed the samples will be processed for mineralogy and tested using the Nuton™ process. Results are expected late Q3, 2023. The program is being funded by Nuton and carried out in connection with the previously announced Option Agreement.
"Excelsior is now aggressively moving the Johnson Camp mine forward with the next stages of the work program with Nuton. The sulfide potential at JCM is significant and we are pleased to be working with Nuton to realize that potential. In parallel we continue to progress Gunnison towards well stimulation trials later this year," comments Robert Winton, Senior Vice President & General Manager of Operations of Excelsior.
Rio Tinto has developed the Nuton™ Technologies, an extensive portfolio of advanced copper heap leaching technologies targeted at primary sulfide minerals (including lower grade mineral deposits), which could not otherwise be processed using traditional leaching or sulfide processing technologies. These technologies offer the potential to produce additional copper in a cost-effective manner that has significant environmental benefits and reduces waste from new and ongoing operations.
ABOUT NUTON
Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability – a product of almost 30 years of research and development. The Nuton technologies offer the potential to economically unlock known low-grade copper sulfide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.
Relative to:
NioCorp Succeeds in Producing Scandium Metal at Pilot-Scale as Part of its Aluminum-Scandium Master Alloy Initiative
NioCorp’s Pilot-Scale Test Program Demonstrates an Environmentally Superior Process for Producing Scandium Metal
Testing Now Proceeds to Producing Aluminum-Scandium Master Alloy, Which NioCorp Plans to Make in Conjunction with its Expected Production of ~100 Tonnes/Year of Scandium Oxide at the Elk Creek Critical Minerals Project in Nebraska, Once Project Financing is Obtained
CENTENNIAL, Colo. (August 14, 2023) – CENTENNIAL, Colo. (August 14, 2023) – A phased program to establish U.S. commercial production of aluminum-scandium (“AlScâ€) master alloy took another step forward recently as NioCorp Developments Ltd. (“NioCorp†or the “Companyâ€) (NASDAQ:NB) (TSX:NB) and its development partner Nanoscale Powders LLC (“Nanoscaleâ€) successfully produced scandium metal at pilot-scale at a facility owned and operated by Creative Engineers in Pennsylvania.
Interesting comment:
NioCorp intends to co-locate the full-scale production facility with the Elk Creek Project in Nebraska in order to take advantage of the infrastructure (i.e., low-cost power, water, and natural gas) that will be in place for mining operations.
AFRICA OIL ANNOUNCES SECOND QUARTER 2023 RESULTS
VANCOUVER, BC, Aug. 14, 2023 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") is pleased to announce its operating and interim condensed consolidated financial results for the three and six months ended June 30, 2023. View PDF version
Highlights*
- OML 130 license renewed for a period of 20 years, enabling the refinancing of Prime's debt to $1,050.0 million ($750.0 million drawn at the end of Q2 2023) and the increase of the Company's undrawn Corporate Facility to $200.0 million.
- Prime distributed a dividend of $125.0 million or $62.5 million net to the Company's 50% shareholding.
- The high impact Venus appraisal campaign continued with the operator completing the drilling and completion of the Venus-1A appraisal well using the Tungsten Explorer drillship. Tungsten Explorer has commenced the drilling of the Nara-1X exploration well to test the westerly extension of the Venus oil discovery.
- A second rig, Deepsea Mira, has joined the campaign and is currently on the Venus-1X location to drill a side-track section and perform a drill stem testing ("DST") program, before moving to Venus-1A to perform a DST.
- OML 130 drilling campaign continues with two water injection wells completed and put online to provide reservoir pressure maintenance. The first production well in the infill program is currently being drilled.
- Achieved an average realized oil sales price of $85.3/bbl compared to the average Bloomberg Dated Brent price of $78.0/bbl during Q2 2023.
- Cash position of Prime net to the Company's 50% shareholding of $108.8 million and net debt balance of $375.0 million at June 30, 2023; resulting in a Prime net debt position of $266.2 million.
- AOC's cash and cash equivalents at June 30, 2023, of $175.7 million.
- Net income to AOC in Q2 2023 of $106.9 million (Q2 2022 - $5.7 million). Following OML 130 license renewal, Prime released $346.0 million of deferred income tax liabilities which has had a positive effect on net income for the quarter.
- The Company announced the appointment of Dr. Roger Tucker to succeed Mr. Keith Hill as the new President and CEO. Dr. Tucker has now taken over the leadership responsibilities ahead of the previously announced date of September 5, 2023.
Africa Oil President and CEO, Roger Tucker commented: "I am delighted to write my first message as the new President and CEO of Africa Oil and to report robust quarterly results for Second Quarter 2023.
The leadership transition process has progressed well and the decision was made to bring forward formal handover of the responsibilities by a few weeks, allowing Keith to enjoy his retirement sooner. I thank him for his support and encouragement, and I look forward to continuing working with him as he stays on the Board as a Non-Executive Director.
The decision to join Africa Oil was a compelling one for me given its excellent opportunity set. We have strong financials, quality high netback production, a world class oil discovery, attractive exploration and development assets and a successful track record of transformational deal making. These provide us with strategic optionality to take the company through its next phase of development and shareholder value delivery. I will present my business plan with an unwavering focus on shareholder returns during the autumn. In the meantime, I encourage you to reach out to our Investor Relations if you have any questions."
* Important information: Africa Oil's interest in Prime is accounted for as an investment in joint venture. Refer to Note 1 on page 4 for further details. Please also refer to other notes on page 4 for important information on the material presented.Â
The Company will not host a management results webcast for this period. Please contact Investor Relations with any questions.   Â
Goto company website for more information
Eco (Atlantic) Oil & Gas (ECO)
Thanks to Oilman Jim’s Letter
August 13, 2023
Eco (Atlantic) Oil & Gas (ECO) announced the acquisition from Tullow of an additional 60% interest in the Orinduik block, Guyana. ECO is paying US$700,000 cash upon transfer plus contingent consideration of US$4 million in the event of a commercial discovery, US$10 million upon the issuance of a production licence from the Government of Guyana and royalty payments on future production of 1.75% on the 60% interest entitlement revenue. Eco, which now has a 75% interest in the block and becomes operator says it intends to drive the exploration process and focus on its strategy to attract new partners to join the licence and proactively engage in drilling. The other current project is Block 3B/4B, offshore South Africa in which ECO now has a 20% stake. A new CPR released by the operator earlier this year confirmed that the block contains estimated P50 prospective resources of approximately four billion barrels of oil equivalent and an application has been made to drill one well and one contingent well in the north of the block. Like Orinduik, funding for the drilling again relies on a farm-out. Current market capitalisation is around £60 million. (Atlantic) Oil & Gas (ECO)
Eco (Atlantic) Oil & Gas (ECO)
Thanks to Oilman Jim’s Letter
August 13, 2023
Eco (Atlantic) Oil & Gas (ECO) announced the acquisition from Tullow of an additional 60% interest in the Orinduik block, Guyana. ECO is paying US$700,000 cash upon transfer plus contingent consideration of US$4 million in the event of a commercial discovery, US$10 million upon the issuance of a production licence from the Government of Guyana and royalty payments on future production of 1.75% on the 60% interest entitlement revenue. Eco, which now has a 75% interest in the block and becomes operator says it intends to drive the exploration process and focus on its strategy to attract new partners to join the licence and proactively engage in drilling. The other current project is Block 3B/4B, offshore South Africa in which ECO now has a 20% stake. A new CPR released by the operator earlier this year confirmed that the block contains estimated P50 prospective resources of approximately four billion barrels of oil equivalent and an application has been made to drill one well and one contingent well in the north of the block. Like Orinduik, funding for the drilling again relies on a farm-out. Current market capitalisation is around £60 million.
Agreed SpecialK2020
Nice find PM
Thanks to Malcy's Blog
8/10/23
Eco (Atlantic) Oil & Gas
Eco has announce that it has signed a Sale Purchase Agreement pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited, will acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V, a wholly owned subsidiary of Tullow Oil Plc in exchange for a combination of upfront cash and contingent consideration.
The Transaction is in line with Eco’s strategy to deliver material value for its stakeholders through early entry and exploring for hydrocarbons in some of the most prolific petroleum basins in the world. Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.
Transaction summary:
· US$700,000 cash payment upon transfer of TGBV’s 60% Participating Interest and operatorship of the Orinduik licence to Eco Guyana, to be paid to Tullow Overseas Holdings B.V., the parent of TGBV (“TOHBV”) on completion of the Transaction (the “Initial Consideration”).
· Contingent consideration payable to TOHBV is linked to the success of a series of potential future milestones, as follows:
o US$4 million in the event of a commercial discovery;
o US$10 million payment upon the issuance of a production licence from the Government of Guyana; and
o Royalty payments on future production – 1.75% of the 60% Participating Interest entitlement revenue net of capital expenditure and lifting costs.
· Transaction and payment of the Initial Consideration is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals.
· Completion is expected to occur in the second half of 2023.
On closing of the Transaction, the interests of the JV partners in the Orinduik License will be as follows:
· Eco will hold an aggregate 75% Participating Interest via Eco Guyana and Eco (Atlantic) Guyana Inc., and be Operator of the Block; and
· TOQAP Guyana B.V will continue to hold a Participating Interest of 25%.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“We are delighted to have reached this agreement with Tullow and to be able to begin to unlock the Orinduik Block’s full potential. Since 2014, we have believed in the potential of this Block, with our initial two wells in 2019 proving two different oil plays. We will proactively engage in a farm out process for this highly prospective license and begin preparations to drill a well testing the cretaceous, where all light oil discoveries have been made in the adjacent Stabroek Block.”
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, added:
“The Orinduik Block sits on the series of continental shelves leading into the basin. This rich and prolific basin is clean sand filled and sealed nicely to trap the massive volumes of oil found thus far. Following ten years of basin evaluation and research, we have a solid and highly experienced team to take over the Operatorship role. We will start by targeting stacked pay opportunities we see in the cretaceous and look forward to continuing our aggressive approach to discovery. We see an opportunity in the multi hundred millions of recoverable range and now is the time to drill our targets.”
This block, or rather the way that Tullow has held up its development for the last ten years drives me mad, it was a long time ago that the original plans were made and it should have been drilled out by now. As it is Eco will now be able to get on with a partnering process not to mention the technical challenges of being the operator.
With new partners and a decent exploration budget Eco can return to focus on Guyana although now it is fair to say that with its fantastic exposure in southern Africa the Orinduik block is no longer the only asset in the portfolio that could be a ten-bagger for the company.
Thanks to Malcy's Blog
8/10/23
Eco (Atlantic) Oil & Gas
Eco has announce that it has signed a Sale Purchase Agreement pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited, will acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V, a wholly owned subsidiary of Tullow Oil Plc in exchange for a combination of upfront cash and contingent consideration.
The Transaction is in line with Eco’s strategy to deliver material value for its stakeholders through early entry and exploring for hydrocarbons in some of the most prolific petroleum basins in the world. Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.
Transaction summary:
· US$700,000 cash payment upon transfer of TGBV’s 60% Participating Interest and operatorship of the Orinduik licence to Eco Guyana, to be paid to Tullow Overseas Holdings B.V., the parent of TGBV (“TOHBV”) on completion of the Transaction (the “Initial Consideration”).
· Contingent consideration payable to TOHBV is linked to the success of a series of potential future milestones, as follows:
o US$4 million in the event of a commercial discovery;
o US$10 million payment upon the issuance of a production licence from the Government of Guyana; and
o Royalty payments on future production – 1.75% of the 60% Participating Interest entitlement revenue net of capital expenditure and lifting costs.
· Transaction and payment of the Initial Consideration is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals.
· Completion is expected to occur in the second half of 2023.
On closing of the Transaction, the interests of the JV partners in the Orinduik License will be as follows:
· Eco will hold an aggregate 75% Participating Interest via Eco Guyana and Eco (Atlantic) Guyana Inc., and be Operator of the Block; and
· TOQAP Guyana B.V will continue to hold a Participating Interest of 25%.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“We are delighted to have reached this agreement with Tullow and to be able to begin to unlock the Orinduik Block’s full potential. Since 2014, we have believed in the potential of this Block, with our initial two wells in 2019 proving two different oil plays. We will proactively engage in a farm out process for this highly prospective license and begin preparations to drill a well testing the cretaceous, where all light oil discoveries have been made in the adjacent Stabroek Block.”
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, added:
“The Orinduik Block sits on the series of continental shelves leading into the basin. This rich and prolific basin is clean sand filled and sealed nicely to trap the massive volumes of oil found thus far. Following ten years of basin evaluation and research, we have a solid and highly experienced team to take over the Operatorship role. We will start by targeting stacked pay opportunities we see in the cretaceous and look forward to continuing our aggressive approach to discovery. We see an opportunity in the multi hundred millions of recoverable range and now is the time to drill our targets.”
This block, or rather the way that Tullow has held up its development for the last ten years drives me mad, it was a long time ago that the original plans were made and it should have been drilled out by now. As it is Eco will now be able to get on with a partnering process not to mention the technical challenges of being the operator.
With new partners and a decent exploration budget Eco can return to focus on Guyana although now it is fair to say that with its fantastic exposure in southern Africa the Orinduik block is no longer the only asset in the portfolio that could be a ten-bagger for the company.
Thanks RT
Nice work RT
Nice find landmark
Nice find ML. Scary outlook for the US and other western oriented countries.
ge11; I loved the article. It provides a good thumbnail sketch of the history and current status of refining REEs. I particularly liked your high lighting the closing statement in the article:
From Malcy's Blog
August 2, 2023
Chariot
Chariot Green Hydrogen Limited, a subsidiary of Chariot Limited, the Africa-focused transitional energy group, Mohammed VI Polytechnic University (UM6P) and Oort Energy Limited (Oort), are pleased to have signed further Partnership Agreements to extend their collaboration, as previously announced in November 2022, to test the production of green hydrogen in Morocco. The agreements are focused on the construction, commissioning and operating of an electrolyser pilot project as well as further development of skills and training within the sector.
The pilot ‘proof of concept’ project will utilise a 1MW polymer electrolyte membrane (“PEM”) electrolyser system, patented by Oort and it is intended that this project will be hosted at UM6P’s Research and Development facility in OCP Jorf Lasfar, Morocco, the largest fertilizer complex in the world.
The partnership will concurrently develop education and capacity building at UM6P to support the growth of a green hydrogen economy alongside evaluating the feasibility of the implementation of large-scale green hydrogen and ammonia production, consistent with the timetable initially envisaged.
“The signing of these two agreements is key for UM6P, indeed the first one concerns the test of a new electrolyser technology with a better performance to be more competitive in green hydrogen production and second one concerns collaboration in education to prepare skilled people for the need of this new activity in green hydrogen and ammonia,” stated Mohamed Bousseta, Director of Innovate for Industry at UM6P.
“Testing the capacity of our electrolyser in an industrial setting is a crucial part of our development planning. The efficiency and durability of electrolysers will be integral in ensuring that green hydrogen can be produced economically and on a scalable basis. We are excited about this phase which will help inform our future growth strategies.” said Nick van Dijk, CEO of Oort.
“This partnership pools key resources as we are looking to develop our knowledge and expertise in this sector for the benefit of all involved. This endeavour is another step forward in Chariot becoming a green hydrogen producer and will be of real value to our project developments in Morocco and Mauritania as we confirm electrolyser performances.” added Laurent Coche, CEO of Chariot Green Hydrogen.
Further interesting news from Chariot where they have signed further partnerships for green hydrogen projects. Success here would lead to upsizing and be applied to Chariots projects across Africa.
From Malcy's Blog - August 1, 2023
Eco (Atlantic) Oil & Gas
Eco has announced its audited results for the year ended 31 March 2023.
Highlights:
Financials (as at 31 March 2023
· The Company had cash and cash equivalents of US$3,770,614 and no debt.
· Eco has cash and cash equivalents of US$6.4 million on the balance sheet as at 31 July 2023.
· The Company had total assets of US$53,777,531, total liabilities of US$5.9 million and total equity of US$48 million.
Operations:
South Africa
Block 3B/4B
· Post period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash.
· In March 2023, Africa Oil released a New Competent Person’s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (“BOE”), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.
· Eco, alongside its JV Partners, applied for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin. An application was made to drill one well and one contingent well with an area of interest in the north of the Block. A comprehensive Environmental and Social Impact Assessment (“ESIA”) process commenced in March 2023, in preparation for drilling activity on the Block.
· The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.
Block 2B
· On November 15, 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.
· Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.
Namibia
· Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.
· The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.
Guyana
· Eco Atlantic and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical. Further updates will be made on the matter in due course.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“As a business we continue to make significant strides across our strategic portfolio of hydrocarbon assets, in some of the world’s most prolific exploration areas. Following the stabilising of commodity prices during the first half of this year, alongside a number of discoveries being made in and around the regions we operate in, we continue to see strong industry interest in our unique acreage positions in Orange Basin SA, Walvis Basin Namibia, and the Guyana Suriname Basin.
“The agreed transfer of a portion of our WI on Block 3B/4B to our strategic alliance partner Africa Oil will strengthen the JV position amid our continued negotiations with third parties to farm into the Block and execute a drilling campaign targeted for 2024. The proceeds from this agreement give us the opportunity to fund other growth opportunities elsewhere in the portfolio with no shareholder dilution. Also, at 3B/4B, we applied for Environmental Authorisation to undertake further drilling exploration activities as we believe that the licence holds significant potential to be explored by the Joint Venture partnership in South Africa.
“Namibia continues to produce globally significant hydrocarbon discoveries, and as a sizeable licence holder in the region, Eco continues to benefit from heightened levels of industry interest in the area.
“As a Board and Management team, we continue to assess and progress value accretive opportunities across our portfolio, with the goal of delivering substantial shareholder returns over the medium to long term.
“We remain excited about our prospects, and I look forward to providing further updates to the markets during the remainder of the year.”
A great deal of historic information here in the figures, no need to comment on that but since the period end much has gone on and Eco looks set very fair for an exciting year from now on.
Issue of Azinam Shares, Admission and Total Voting Rights
In addition, further to the Company’s announcement of 29 November 2022 regarding the closing of the acquisition of Azinam Group Limited (“Azinam”) and in accordance with the previously announced Share Purchase Agreement, the Company has received TSX Venture Exchange approval to issue the balance of 1,625,000 Common Shares (“Azinam Shares”) to the previous shareholders of Azinam representing the full and final number of Common Shares to be issued in respect of this transaction.
Application has been made for admission of the 1,625,000 Azinam Shares, which will rank pari passu with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective, and trading in the Azinam Shares will commence, on or around 8:00 a.m. on 2 August 2023.
On Admission, the enlarged issued share capital of the Company will be 370,173,680 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.
From Malcy's Blog - August 1, 2023
Eco (Atlantic) Oil & Gas
Eco has announced its audited results for the year ended 31 March 2023.
Highlights:
Financials (as at 31 March 2023
· The Company had cash and cash equivalents of US$3,770,614 and no debt.
· Eco has cash and cash equivalents of US$6.4 million on the balance sheet as at 31 July 2023.
· The Company had total assets of US$53,777,531, total liabilities of US$5.9 million and total equity of US$48 million.
Operations:
South Africa
Block 3B/4B
· Post period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash.
· In March 2023, Africa Oil released a New Competent Person’s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (“BOE”), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.
· Eco, alongside its JV Partners, applied for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin. An application was made to drill one well and one contingent well with an area of interest in the north of the Block. A comprehensive Environmental and Social Impact Assessment (“ESIA”) process commenced in March 2023, in preparation for drilling activity on the Block.
· The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.
Block 2B
· On November 15, 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.
· Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.
Namibia
· Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.
· The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.
Guyana
· Eco Atlantic and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical. Further updates will be made on the matter in due course.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“As a business we continue to make significant strides across our strategic portfolio of hydrocarbon assets, in some of the world’s most prolific exploration areas. Following the stabilising of commodity prices during the first half of this year, alongside a number of discoveries being made in and around the regions we operate in, we continue to see strong industry interest in our unique acreage positions in Orange Basin SA, Walvis Basin Namibia, and the Guyana Suriname Basin.
“The agreed transfer of a portion of our WI on Block 3B/4B to our strategic alliance partner Africa Oil will strengthen the JV position amid our continued negotiations with third parties to farm into the Block and execute a drilling campaign targeted for 2024. The proceeds from this agreement give us the opportunity to fund other growth opportunities elsewhere in the portfolio with no shareholder dilution. Also, at 3B/4B, we applied for Environmental Authorisation to undertake further drilling exploration activities as we believe that the licence holds significant potential to be explored by the Joint Venture partnership in South Africa.
“Namibia continues to produce globally significant hydrocarbon discoveries, and as a sizeable licence holder in the region, Eco continues to benefit from heightened levels of industry interest in the area.
“As a Board and Management team, we continue to assess and progress value accretive opportunities across our portfolio, with the goal of delivering substantial shareholder returns over the medium to long term.
“We remain excited about our prospects, and I look forward to providing further updates to the markets during the remainder of the year.”
A great deal of historic information here in the figures, no need to comment on that but since the period end much has gone on and Eco looks set very fair for an exciting year from now on.
Issue of Azinam Shares, Admission and Total Voting Rights
In addition, further to the Company’s announcement of 29 November 2022 regarding the closing of the acquisition of Azinam Group Limited (“Azinam”) and in accordance with the previously announced Share Purchase Agreement, the Company has received TSX Venture Exchange approval to issue the balance of 1,625,000 Common Shares (“Azinam Shares”) to the previous shareholders of Azinam representing the full and final number of Common Shares to be issued in respect of this transaction.
Application has been made for admission of the 1,625,000 Azinam Shares, which will rank pari passu with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective, and trading in the Azinam Shares will commence, on or around 8:00 a.m. on 2 August 2023.
On Admission, the enlarged issued share capital of the Company will be 370,173,680 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.
The Company’s audited financial statement for the year ended 31 March 2023 is available for download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.
From Malcy's Blog
August 1, 2023
Chariot
Chariot Limited announce that it has signed a Petroleum Agreement for a new exploration licence, Loukos Onshore, located onshore Morocco.
· 75% interest in, and operatorship of the Loukos licence signed by a wholly owned subsidiary of Chariot Limited in partnership with the Office National des Hydrocarbures et des Mines (“ONHYM”) which will hold a 25% interest.
· Loukos covers an approximate area of 1,371 km2 and is adjacent to Chariot’s Lixus and Rissana offshore licences, with the former containing the significant Anchois gas discovery and development project (“Anchois”).
· Detailed evaluation has already commenced, based on existing modern 3D seismic data of 150 km2 and on-block wells, identifying:
o overlooked, shallow, conventional gas play, which has already produced gas in other areas onshore Morocco, and which is geologically similar to Chariot’s offshore projects including the adjacent Anchois gas discovery.
o multiple low risk gas prospects, supported by characteristic seismic attributes, with gas and reservoir proven by previously drilled wells which targeted deeper different prospects.
· Intention to drill priority targets identified, with drill rigs available in country.
· Loukos has the potential to deliver early gas sales due to the proximity to a significant and undersupplied industrial gas market, with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block.
· Minimal licence commitments comprise re-processing of existing 2D and 3D seismic data and desktop studies, which will help to fully evaluate the potential of the Loukos licence, including other plays and areas outside of that covered by existing 3D seismic data.
Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines, commented:
“We are pleased to have signed this Petroleum Agreement with Chariot. They have a substantial understanding and knowledge of this basin from their extensive exploration in the area and we look forward to their ongoing work and progress with a view to accelerating the supply of gas to the Moroccan markets.”
Duncan Wallace, Technical Director, commented:
“This onshore licence is a natural fit with our existing acreage in Morocco. Loukos has significant read through from the prospectivity we see offshore, with a common geological setting extending from our Lixus licence and the onshore operating environment offering a significantly lower cost development and an attractively priced domestic industrial market ready to serve. The Company has already high-graded a range of targets on the 3D seismic data set, and further to our recent fundraise we plan to drill near-term to look to accelerate the supply of gas directly to domestic industries through various routes, including leveraging our new partnership with Vivo Energy.
In securing the Loukos licence, we have continued to build on our unique position within a basin-scale opportunity and we are committed to developing this asset as quickly as possible.”
This is confirmation of the news we received last month along with the raise to drill it out so will come as no surprise to the market. Adjacent to Lixus and being onshore brings clear economic advantages along with a higher exposure to the very attractive Moroccan domestic market. As always more if I chat to the company.