Coro Energy (CORO), the South East Asian energy company, announced that the gas price and volume allocation for the Mako field project in the Duyung PSC has been approved by the Indonesian Minister of Energy and Natural Resources. CORO said is a significant milestone that allows Conrad, the operator of the Duyung PSC, to finalise fully termed Gas Sales Agreements. The Mako project will contribute to Indonesia’s target of doubling gas production by 2030.
Ascent Resources (AST) confirmed that following challenge by the Republic of Slovenia as to the adequacy of Ascent’s adverse claim costs coverage, including the Company’s existing ATE insurance, the Tribunal has robustly rejected the State’s application for security for costs. AST said the claim is expected to continue to advance without delay, which includes the upcoming receipt of the State’s response to Ascent’s memorial both of which are private and confidential in accordance with the rules of the arbitration process.
Comment: With shares of AST at near term lows, it would appear that some of those waiting for the big win against Slovenia have either died of old age, or simply given up the ghost. Of course, it ain’t over until it is really over.
Corcel (CRCL) provided an update on its unsecured convertible loan note facility. The facility has the potential to extend £10,000,000 of funding to the Company, attracts a 12% interest rate per annum and is convertible into new ordinary shares over the three-year life of the notes at a fixed price of £0.008. CRCL said it is currently in discussions with the lender, Extraction Srl, around the quantum and timing of the next drawdown against the facility, and the Company will update the markets on these discussions in due course. The Company expects the proceeds of this drawdown to fund its ongoing activities in the Kwanza Basin, Angola.
Comment: Shares of CRCL have retraced quite significantly from the dizzy heights at the beginning of the year. It could be the case that today’s update provide the catalyst for the rally to resume once the lending position is fully clarified.
Ironveld (IRON), the AIM quoted mining development company, provided an update on the direct institutional funding transaction which the Company has been progressing. IRON said it was delighted to report that the Company has received a Term Sheet from a South African based financial institution in order to support the financing of mining and smelting activities at the Project. It is a wide-ranging proposal which aims to provide full financing to all planned activities through to sustained production of high value products including Powdered High Purity Iron. This is an exciting development for the Company, and it looks forward to updating shareholders on the details of the Term Sheet at the appropriate time.
Comment: Shares of IRON have been in freefall since the autumn, sorely in need of the type of RNS we have been treated to today. The question is whether it is too late to turn sentiment and the stock around meaningfully?
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced that, in line with the Company’s strategy to accelerate the development of the Pitfield Titanium Project in Western Australia, management has undertaken an assessment of the Company’s non-core assets and as a consequence decided not to extend the Gindalbie Tribute Agreement which is due to expire on 24 February 2024. EEE said given the focus on the rapid advancement of Pitfield, the Company considers it prudent to rationalise its exploration portfolio and has decided not to renew the Tribute Agreement covering the Gindalbie tenement which sits adjacent to our Eclipse Gold Project, near Kalgoorlie in Western Australia.
Comment: Although EEE is all cashed up, and has been treated well by the market regarding Pitfield, it does make sense that it is rejigging itself to preserve focus and resources.
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