Upland Resources (UPL) announced that the current monthly shareholder progress report relating to the Sarawak Block SK334 Joint Technical Study (JTS)is now accessible on the Company’s website. The company said now at the tail end of the SK334 joint technical studies with PETROS and the JTS team has worked diligently in processing seismic and other data to assess the hydrocarbon potential of Block SK334 as well as delivering upon crucial engineering and field development plans. We look forward to wrapping up the studies phase later this month and presenting the findings of the Joint Technical Studies to PETROS. Additionally, this month our technical team is inspecting a preferred candidate rig in Holland. October was a busy period for the Company, but November is lining up to be even busier with the culmination of some key workstreams. It continues to deliver further on these workstreams in the near term and remain committed to keeping its investors well-informed.
Comment: It may be said that the recent “offer” for the company has rather overshadowed events. Nevertheless, investors are already regarding that as something of a blip, and are focusing on current progress on the ground, something which should settle the share price.
Critical Metals (CRTM), a mining company established to acquire mining opportunities in the critical and strategic metals sector, announced its Final Results for the year ended 30 June 2023. The company said it will continue to optimise operations to increase the overall production of Molulu whilst advancing the growth goals of the Group. It will also work with our geologists to produce a JORC compliant mineral assessment of Molulu, which it will announce to the market as soon as available. In line with the Group’s strategy, we will continue to assess further acquisition opportunities when they arise whilst expanding operations at Molulu.
Comment: The market continues to underappreciate the CRTM story, and one would say the fundamental momentum behind the company, particularly with regard to a ramp up of production at Molulu.
Argo Blockchain (ARB), a cryptocurrency mining company provided the following operational update for October 2023. Mining revenue in October 2023 amounted to $4.26 million, an increase of 19% compared to the prior month (September 2023: $3.59 million). As of 31 October 2023, the Company held 21 BTC.
Comment: With Bitcoin surging and SBF found guilty, it may be time for ARB to once again become one of the stock market’s preferred crypto proxies.
Synergia Energy (SYN), announced the following update regarding the Cambay C-77H well artificial lift operations. The company said it is believed that the water ingress is coming from zones 1-4, which is limiting the gas / gas condensate production coming from zones 5 & 6. The forward plan is to see if the fluid column continues to drop indicating that the water ingress from zones 1-4 is reducing. A re-installation of a bridge plug to isolate zones 1-4 is still an option but may not be necessary if the fluid column can be reduced to manageable levels.
Comment: The market has been distinctly fussy when it comes to Synergia, even though the company has made laudable progress this year. The latest quibble regarding water will hopefully only be a temporary bump in the road.
Greatland Gold (GGP) announced the completion of its maiden drilling campaign at the Paterson South Project, under the farm-in and joint venture arrangement with Rio Tinto Exploration Pty Ltd. GGP said it was pleased by the results from its maiden drilling program at Budjidowns, within the Paterson South Project, where two high priority targets were successfully tested. The program has identified the presence of anomalous gold and copper as well as pathfinder elements which is encouraging and informative. Completion of this program successfully achieved the minimum commitment of our Rio Tinto Exploration farm-in and joint venture agreement more than a year ahead of the 31 December 2024 deadline.
Comment: GGP still has to grapple with its shares having been one of the more crowded trades of recent times. It is still about the stock heading back above 10p and delivering sufficient better than expected news to discourage selling into strength.
Hydrogen Utopia International (HUI), a company specialising in turning non-recyclable mixed waste plastic into hydrogen announced that its CEO, Aleksandra Binkowska has conducted a video interview following a rollercoaster few months for the business in which its share price first fell to all-time lows before rising sharply this week.
Comment: Companies releasing RNS’s regarding their interviews seems to be a new, good trend. Prospects for HUI to get decent earnings from Ohrid should underpin the stock going into the new year.
Corcel (CRCL) provided an update on the drilling results of the Tobias-13 well in onshore Block KON-11, in Angola. The company said that the initial results of the TO-13 well are an important moment for Corcel and highly encouraging, having successfully demonstrated hydrocarbons across multiple potentially productive zones and multiple intervals. TO-13 looks to cornerstone development of a future EPS and provides Corcel with line of sight to near-term revenue generation, and the testing programme will give it invaluable data on how best to deliver on that goal.
Comment: Shares of CRCL were up over 30% ahead of today’s news, so apparently there are a lot of traders out there with impressive psychic powers. That said, the news today is impressive enough to deliver yet more upside.
Thor Energy (THR) advise that Thor has fulfilled its Stage 2 expenditure obligations at the Alford East Copper-Gold-REE Project in South Australia. Completing Stage 2 of the earn-in, entitles Thor to increase its interest from 51% to 80% in the copper oxide mineral rights from Spencer Metals Pty Ltd. The company said as exploration accelerates at its Alford East Copper-REE Project in collaboration with Fleet Space Technology, Thor is excited to have completed its stage 2 Earn-in resulting in an 80% interest in this highly prospective project. This demonstrates its confidence in the Alford East Project and the value it believes it can bring to the Company.
Comment: It will be interesting to see what kind of newsflow is enough to finally get Thor Energy off its recent share price lows. Today’s news may be a start.
i(x) Net Zero (IX.), the investing company which focuses on the Energy Transition, announced that that its wholly owned subsidiary, i(X) investments LLC has entered into a restated and amended secured two year term loan facility with European Depositary Bank S.A. increasing its loan facility by $4.25 million from $7.5 million to $11.75 million. The company said the increased loan facility will allow management to maintain its focus on scaling the business, following the recent addition of Citron Energy to the portfolio.
Comment: It would be great if the company changed its name to just Net Zero PLC, the i(x) bit is fiddly. As the company said though, small cap success is all about scaling, with the increased loan facility timely.