Mining Minerals & Metals plc (to be re-named Georgina Energy Plc) (GEX), announced the following Well Re-development Program. The Company has engaged Aztech Well Construction to project manage the well re-entry at Hussar EP513 in the Officer Basin. Aztech is highly experienced at providing well project management and engineering solutions with over 14 years of experience managing drilling operations in onshore Australia having drilled over 40 wells in the Perth Basin between 2011 and 2023.
Comment: We have seen some mudslinging with regard to GEX of late: but based on what? Shorting, clickbait, psychotic jealousy, a desire to see companies fail due to sour grapes? Or perhaps all of these factors? At least today’s announcement underlines GEX is getting on with business, and with a respected counter party.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, is pleased to announce that Allenby Capital Limited has been appointed as the Company’s Nominated Adviser with immediate effect. In addition, the Company is pleased to announce the appointment with immediate effect of Mike Whitlow to the board of directors of ECR Minerals as Managing Director.
Comment: It is a double upgrade for ECR today, with the Artist Formerly Known As Doc Holiday joining the board, and a step up in Nomad in the form of Allenby.
Voyager Life (AQSE:VOY) announced that the Smith and Nilson wells owned by M3 Helium Corp. are now in production and tied into the gathering system owned by Scout Energy Partners. Sales of helium and methane will generate revenue for M3 Helium, and the Company currently anticipates receiving these revenues on a monthly basis. VOY Bringing the Smith and Nilson wells into production is a significant step forward for M3 Helium. The Hugoton gas field is one of the best known sources of helium in the world and, with substantial opportunity to drill further wells in this highly prospective region, M3 Helium now has proof of concept as it looks to further expand its assets.
Comment: Given that we are talking helium and that Nick Tulloch is something of a celebrity, we have seen a lot of GCSE grade promotion surrounding VOY. Perhaps if the company were not on Aquis (the new AIM) it would already be in the big league as far as stock market awareness.
Helix Exploration (HEX), the helium exploration and development company focused on helium deposits within the ‘Montana Helium Fairway’, reported the identification of significantly elevated helium in drilling mud within the Amsden and Charles formation. Significant elevated helium was identified while drilling in the Amsden formation at a depth of 3,885ft (1,185m) on 17 August 2024 at 03:15 MST, reaching peak readings at 50x over background level. Low gamma at bit readings over this same interval demonstrate a clean reservoir. Analysis of drill cutting identified these anomalies to be associated with the Amsden formation.
Comment: Shares of HEX have more than doubled even before helium shows, so one would suspect that the bulls should have the bit between their teeth from this moment on.
EnergyPathways (EPP), an integrated energy transition company, reported that it has submitted a gas storage licence application to the North Sea Transition Authority (NSTA) for its planned MESH (Marram Energy Storage Hub) project. The gas storage licence application covers an offshore area in the UK Irish Sea that includes the Company’s 100% owned Marram Gas Field.
Comment: EPP shares have recovered around half their initial decline since coming to market given that it would appear the company is relatively safe from the new government’s crackpot net zero / no energy security policy. If EPP is ok for cash (ish) then we could see a little more upside near term.
Hummingbird (HUM) announced the completion of the strategic refinancing of a portion of its existing loan facilities with the Company’s principal financing partner Coris Bank International. The Group has secured a refinancing package amounting to approximately US$25 million at an annual interest rate of 12%. This new financing will be utilised to meet the Company’s existing loan obligations due in Q2 2024, providing a two-year deferment of specific facilities currently held with Coris Bank.
Comment: Despite the production and the sugar daddy funding from Coris, the market still wrongly keeps on delivering a treat ‘em mean, keep ‘em keen approach to HUM. One would suspect there will be a softening of this stance in the wake of today’s update.
Union Jack Oil (UJO), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company announced a positive update in respect of the Company`s strategic expansion into the USA and its rapidly growing oil and gas production and revenue generating activities. The Company is also confirmed that, following completion and testing, the Andrews 2-17 well has been declared a commercial discovery.
Comment: It was said here that UJO’s foray into the USA would be smoother, quicker and more well received than activities in the UK, and this has come to pass. Although that is missing is a firmer share price as a reward.
Aterian (ATN), the critical metal-focused exploration and development company, provide an update on recent work on the Rio Tinto Joint Venture in Southern Rwanda. ATN said completing the ground soil sampling program marks an exciting step forward in its partnership with Rio Tinto. An extension of the comprehensive ground soil sampling program was completed in Q1 and covered key target zones within the HCK project area. The survey has identified several anomalies consistent with the possible presence of lithium-bearing minerals. The initial indications of lithium potential are encouraging, and it is eager to continue its exploration activities to fully understand the project’s potential. These preliminary results represent a crucial milestone in its ongoing exploration efforts and provide a strong basis and analytical framework for the next phase of exploration, the drill programme.
Comment: The low share price and the lack of stock market engagement, are quite an achievement by ATN, but somehow the company has managed this even though it is best buddies with Rio Tinto. If only ATN could do something different to change this state of affairs?
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