Yesterday San Leon (SLE) said it continues to explore a potential sale of its non-core investments in DPL, although any completion remains subject to the proposed purchaser finalising its own funding arrangements. As previously announced, Decklar and Millenium obtained the necessary permits required to sell and export crude oil from the Oza Oil Field and have now received approval for the re-certification of fiscal metering equipment required from Nigerian government agencies to allow for access and production into the TNP.
Comment: While we wait for a tsunami of cash to hit the SLE coffers, we can enjoy the progress at Oza.
Chaarat Gold (CGH), the AIM-quoted gold mining company, announced the signing of a MOU with the government of Kyrgyz Republic. The Chaarat projects covered by the agreement are Tulkubash, which contains resources of ~1,011,000 oz (M&I and Inferred) and Kyzyltash, on the same license, which has unconstrained resources of ~5,377,000Oz. CGH said it was pleased to see the continued progress being made by the Kyrgyz Republic in highlighting the country’s attractiveness to international investment. The memorandum of understanding actively promotes further development of Chaarat’s gold projects.
Comment: Chaarat finesses its recent share price recovery with a high profile and significant MOU. Above all, this reminds us that CGH has managed to reduce jurisdictional risk.
Marula Mining (AQSE: MARU), an African focused mining and development company, confirmed that its independent geological consultants, Geofields Tanzania Limited, have commenced the on-site Phase 1 Program of exploration work at the Nyorinyori Graphite Project and NyoriGreen Graphite Project. MARU said with representatives from Geofields, Takela, Q Global and its own technical management team and Board all there, it has been able to plan, budget and detail for this work. It was pleased that Geofields exploration team and Takela management teams have commenced this initial Phase 1 Program of exploration activities.
Neo Energy Metals (NEO), the near term, low-cost uranium developer, announced the immediate appointment of Mr Jeremia Cloete as the Company’s Southern Africa Regional Manager for its advanced Henkries Uranium Mine located in the Northern Cape Province of South Africa. NEO said it has hit the ground running since its listing on the London Stock Exchange in early November.
Comment: Shares of NEO are starting to stir in a positive way after the dust settles in the wake of its listing last month. Beefing up its team should add to the momentum currently building.
Orcadian (ORCA) updated on its potential farm-out of its flagship asset the Pilot development project (Licence P2244): The Company said it has agreed with the potential operator a seven day extension, from 30 November 2023 until 7 December 2023 for the Operator to execute definitive documentation for an overall farm out deal. If an SPA is not signed by the New Deadline, then Orcadian will withdraw the NSTA request and, unless NSTA agree otherwise, Orcadian’s interest in P2244 will automatically cease and determine on the 30 December 2023.
Comment: It looks as though those with an appetite for risk have a set up for the end of this month to buy into ORCA on weakness.
Reabold Resources (RBD), the oil & gas investing company, noted that the Italian Government has approved a decree to boost the country’s renewable energy production and energy security at the meeting of the Council of Ministers held on 27 November 2023. RBD said the regulatory environment in Italy is looking increasingly promising. With the Colle Santo gas field, it has an asset that can help Italy improve its energy security and provide a much needed domestic energy supply to the country.
Comment: Perhaps like many other countries in Europe who have been blighted by the green agenda, Italy has finally moved to establish its own energy security rather than rely on imports from tyrannical / authoritarian counter-parties.
Ascent Resources (AST), the onshore energy and natural resources company, announces that it is starting a process to be able to distribute an entitlement to the economic interest in 49% of any net proceeds received in the event of a successful claim outcome against the Republic of Slovenia. The Company is creating a new 100% owned subsidiary company as a SPV with which the Claimants are expected to enter into a deed of transfer in relation to 49% of the net proceeds to be received in the event of a successful ECT claim outcome. A general meeting where the Board will request shareholder approval for a bonus issue of new preference shares or another form of distribution mechanism.
Comment: Today’s RNS from AST will obviously get some licking their lips regarding the prospect of a lottery style win courtesy of the Republic of Slovenia, but of course timing in such situations is almost always difficult to predict.