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RNS Hotlist June 2: Amaroq, Baron Oil, Edenville, Nuformix, Predator, Shuka Resources, Tungsten West, Zenith


RNS Hotlist June 2: Amaroq, Baron Oil, Edenville, Nuformix, Predator, Shuka Resources, Tungsten West, Zenith

Zenith Energy Ltd. (ZEN), the international energy production company, announced that it has entered into an agreement with Stateside Energy LLC, a company registered under the laws of the State of Oklahoma, United States of America to acquire and operate a portfolio of oil production and development licences in Oklahoma, as well as certain other States in the USA. ZEN said it was pleased to formally begin its expansion in the USA by way of the Agreement with Stateside. The advantages of operating in North America are readily apparent, and primarily include the speed of execution for transactions, with the resulting delivery of potential immediate oil production to Zenith, and the relatively conspicuous lack of bureaucratic delays and other detrimental impediments to corporate development seen elsewhere. The company is currently negotiating the potential acquisition of various oil production assets with significant development potential across the USA.

Comment: Today’s news marks a major pivot for ZEN, something which could be transformational for the company, and even get it up to the dizzy heights of appreciation enjoyed by USA operators such as Zephyr (ZPHR). All the while, the current moonshot projects in Africa / Middle East continue, with Italy in place to take advantage of the current drive for energy security. The plus point now is that while waiting for deals to get over the line elsewhere ZEN will have production revenues from America.

Edenville Energy (EDL), an African focused mine operator and developer, announced that the company proposes to change its name to Shuka Resources Plc. The company’s name change is also in line with its strategic objectives and enhanced focus on investing in and developing mining assets in Africa, aligning perfectly with its long-term strategy. EDL said proposed rebranding as Shuka Resources Plc signifies its commitment to the company’s existing strategy, emphasizing the investment and development of mining assets in Africa. This transition marks an exciting period of growth and progress for us it in the months to come.

Comment: As well as the obvious benefits of a region friendly name, the new name may also be taken by many in the market has drawing a line under the old EDL days which were perhaps not quite as positive for some shareholders as they might have been.

Tungsten West (TUN), the mining company focussed on restarting operations at the Hemerdon tungsten and tin mine in Devon, UK, announced that it has now completed processing of its legacy tungsten pre-concentrate and tin concentrate through commissioning of the refinery portion of its Mineral Processing Facility. The company said it was excited to announce the interim recommencement of operations at the Hemerdon mine. This small-scale production of tungsten and tin is a mere indication of what can be achieved once the mine is fully re-opened. The success of the recommissioning of the dry section of the refinery has also provided it with valuable insight into the future operating parameters.

Comment: Long term followers of Tungsten West, may not be so much “excited” as the company said it is, but have tears running down their cheeks, given the effort and time it has taken to this particular milestone.

Predator Oil & Gas Holdings (PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announced that the Star Valley Rig 101 will commence drilling the MOU-3 well within the next 24 hours. The company said a further update will be given, which is subject to partner approval, when MOU-3 reaches its intended pre-drill total depth of 1,500 metres TVD KB and prior to the commencement of wireline logging operations.

Comment: Coincidentally, the topic of PRD came up yesterday in discussion with someone who happened to be a shareholder. The conclusion was that given how many fundraises the company has served up, the share price is actually quite a result currently…

Amaroq Minerals (AMRQ), an independent mine development company in Southern Greenland, is today holding a Capital Markets Day for the Icelandic market. Amaroq’s Board and senior management will provide an overview of the company’s strategy and growth plans, in addition to an update on plans for the Company’s Main Market listing in Iceland. The event will be held at the new headquarters of Landsbankinn at Reykjastræti 6, 101 Reykjavík, from 9.00am to 11.00am Iceland time, GMT.

Comment: Luckily, Gulfstream Jet owners still have time to attend the event, which given the implied potential for institutional Icelandic investment in Amaroq, should be a plus for the company.

Baron Oil (BOIL), the AIM-quoted oil and gas exploration and appraisal company, announced an update on the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste. The company said as it indicated in its Final Results for 2022 on 23 May 2023, there are a number of ongoing discussions with third parties regarding participation in the Chuditch appraisal well and future activities. Whilst there is the usual uncertainty over whether and when such discussions may come to fruition, the granting of a further six-month extension and its associated work programme maximises the chances of success.

Comment: Private investors are not usually keen on waiting games, even if they prove to leave them with outsized gains. The question currently is whether BOIL shares are at a value point that makes them attractive enough on a risk / reward basis? Given the amount they have already retraced, the answer would appear to be in the affirmative.

Nuformix (NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announce that the Company’s Executive Director, Dr Dan Gooding, will be hosting an online Q&A session at 5.30 p.m. GMT on Tuesday 13 June 2023.  This session is open to all existing and prospective shareholders.  Those who wish to attend should register via the following link where they will be provided with access details:

Participants will have the opportunity to submit questions during the session, but questions are welcomed in advance and may be submitted to:

Comment: It is interesting that Mr Gooding has decided to use Zoom, rather than a paid for platform with minimal following to engage with investors. Presumably using an RNS to promote it will get not only existing shareholders to attend, but hopefully some fresh blood too.

Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.



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