The tenements are in the Patersons Range region and cover 67 square kilometres.
The Patersons Range Project has three approved exploration licences: 45/5297, 45/5408, and 45/5409.
2.40pm: Thor puts the hammer down
The survey, which should take about six days, will take in adjacent application areas in the Pilbara Goldfield tenements in Western Australia.
“Drilling for gold mineralisation at Ragged Range is a key near term objective for Thor, and identified as a priority in the recent capital raising,” said Thor’s executive chairman Mick Billing.
1.45pm: Kosmos Energy soars after securing new loan facility
Kosmos Energy PLC (LON:KOS) soared 51% to 120p after it restructured a loan facility.
Kosmos has restructured its previously announced Gulf of Mexico prepayment facility into a five-year US$200mln term-loan facility secured against the company’s US Gulf of Mexico assets.
The US$50mln advanced under the prepayment agreement with Trafigura announced in June has been rolled into the new facility, structured by CSG Investments, with the remaining US$150mln of the US$200mln facility being provided by Beal Bank.
12.40pm: Upbeat trading statement from Greencore fails to whet appetite of investors
The group’s Northampton site has fully resumed production after a COVID-19 outbreak in August, it said in a stock market statement.
The food-to-go producer expects revenue for the year to September 25 to come in 14% lower at GBP1.2bn, with underlying earnings (EBITDA) of GBP85mln (from GBP142mln last year), which includes a GBP10mln of coronavirus operating costs.
11.45am: Carclo parts ways with its interim CEO
Nick Sanders will assume the role of executive chairman with immediate effect, the struggling manufacturer told investors.
The board restructuring came after the board decided that as the company has only two operating divisions, each of which has a strong management team, the role of group CEO is no longer required.
10.50am: Deltic Energy dives as possible IOG offer is taken off the table
IOG complained that the board of Deltic had declined to engage in discussions following the initial bid approach on August 26, which was rejected, or following a second approach with an improved offer on September 2.
For its part, Deltec said its board reviewed the terms of the proposed offer with its advisers and considered that the terms materially undervalued Deltic.
10.00am: End of the Cineworld?
Its 536-strong Regal chain in the US and its 127 Cineworld and Picturehouse cinemas in the UK will close from this Thursday, October 8.
The decision came after the release of the new James Bond film, No Time to Die, was pushed back to early April from its planned November launch, having already been delayed from April this year due to the coronavirus pandemic.
9.15am: Vela Technologies participates in Mode Global Holdings’ initial public offering
The investment company has pumped GBP250,000 into UK fintech group, Mode Global Holdings PLC (LON:MODE), which listed on the London Stock Exchange today after placing shares at 50p a pop.
Shares in Mode were trading at around 52.5p in early deals.
The technology and its potential application is to be independently reviewed by engineering and consultancy company Wood Group UK.
EQTEC, Wood and small & medium companies backer Deltasource (Middle East Branch) are also planning to collaborate on the effective deployment of EQTEC technology into the global energy-to-waste sector.
Proactive news headlines:
Bezant Resources PLC (LON:BZT) has provided some further detail on its plans to list the vehicle which holds an 80% interest in the Mankayan copper-gold project in the Philippines. Said vehicle, called MMJV, which in turn is a subsidiary of Mining and Minerals Industries Holding, is being reversed into a Singapore-listed company called AsiaPhos Ltd. The transaction is at the “non-binding term sheet” stage, with the definitive agreement expected to be concluded by the end of the month (if not the deal will lapse).
Quadrise Fuels International PLC (LON:QFI) said it has significantly mitigated the potential impacts of coronavirus (COVID-19) due to a prompt and proactive approach. In its final results statement, the group noted that it has been able to extend its business development ‘runway’, with GBP2.4mln of cash as at June 30, 2020, and it was able to significantly reduce travel expenses. Available cash leaves the company sufficiently funded through to mid-second quarter 2021, Quadrise noted.
EQTEC PLC (LON:EQT) has revealed that its gasification technology is to be independently reviewed by engineering and consultancy company Wood Group UK. The main focus will be on the AIM-listed waste-to-energy specialist’s 6MW (megawatt) power plant in Movialsa, Spain, and its application to a wide range of mixed waste fuels. In conjunction with this, Wood will also be completing a market review, assessing the potential for the effective market penetration of EQTEC’s waste gasification technology solutions considering waste type, availability, regional policies and regulations and capital cost comparisons. These two reviews are expected to be completed by the end of the year.
BATM Advanced Communications Ltd (LON:BVC) (TASE:BVC) revealed it has landed a EUR4.3mln order for its coronavirus (COVID-19) real-time diagnostic kits and instruments. The group said the customer is an Italian group that provides tests across Europe for businesses such as airports. BATM said it expects to receive further significant orders from the buyer, both near-term and in the next year.
Diversified Gas & Oil PLC (LON:DGOC) said funds managed by Oaktree Capital Management will work with it to identify and fund future acquisition opportunities. Oaktree, a premier global firm with a history of successful partnerships, has agreed to commit up to US$1bn in aggregate over three years for mutually agreed upon “proved developed producing” (PDP) acquisitions with transaction valuations greater than US$250mln. Diversified Gas & Oil (DGO) will match Oaktree’s investment on a dollar for dollar basis and will act as the sole operator of all assets acquired.
Zephyr Energy PLC (LON:ZPHR), the Rocky Mountain oil and gas company, has got the funding needed to drill a research well in the Paradox Basin, Utah. The company said the well should be spudded before the end of the year. Zephyr has entered into a definitive binding agreement with the University of Utah’s Energy & Geoscience Institute (EGI) to sanction and fund US$2 million towards the planned stratigraphic research well.
SDX Energy PLC (LON:SDX) has flagged up a strong performance during its second half to date with production presently seen ahead of guidance. The company, in an update marking the end of its third quarter, said it now intends to accelerate a significant new drill programme at the South Disouq project area in Egypt. Production in the nine months to end September 2020 averaged between 6,488 and 6,598 barrels oil equivalent per day (boepd), which is up 85%-89% on the comparative period in 2019 and compares favourably to current guidance of 6,000 to 6,250 boepd.
Caledonia Mining Corporation PLC (LON:CMCL) said its Blanket mine produced 15,164 ounces of gold during the quarter ended September 30, 2020, an increase of 11.1% on the 13,646 ounces produced in the corresponding quarter of 2019. It takes the total amount of gold produced in the nine months to end September 2020 to 42,896 ounces, 12% ahead of production at the same stage in 2019. The company boosted its production guidance for the year to December 31, 2020, to between 55,000 and 58,000 ounces.
Norman Broadbent PLC (LON:NBB) said it has agreed to acquire the outstanding minority interest of 25% of Norman Broadbent Interim Management Limited (NBIM). The professional services firm is buying the stake from Angela Hickmore, managing director at NBIM and Norman Broadbent Solutions, for GBP135,000 to be paid via an initial cash consideration of GBP65,000 at completion and the issue of consideration shares to the value of GBP70,000. For the year ended December 341, 2019, NBIM generated net fee income (after interim costs) of GBP2.2mln, up from GBP191,000 in 2016, and a resulting profit of GBP248,000, up from GBP60,000 in 2016, the company said.
Union Jack Oil PLC (LON:UJO) announced that drilling has begun on its 16.665% owned potentially high impact West Newton B-1 well in east Yorkshire. It is an appraisal well designed to follow-up the successful West Newton A-2 discovery well. West Newton B-1 will be drilled down to a depth of around 2,000 metres over a period of six to ten weeks, the group said.
Chariot Oil & Gas Ltd (LON:CHAR) has appointed Pierre Raillard as its Morocco Country Director. The group said Raillard brings to the company over 25 years’ operational and management experience in the energy industry, with specific expertise in the development of natural gas projects in Africa. He has held senior positions within a number of leading energy firms. He joins Chariot from Orca Energy Group, which he returned to as head of business development, having previously played a key role in the development of the Songo Songo gas field, located offshore Tanzania.
Premier African Minerals Ltd (LON:PREM) has cleared its debt to a group led by Riverfort, after the respective investors elected to convert the remaining balance of US$65,000 of the investment plus accrued interest of US$249.32 into shares. The investment agreement under which the conversion was made dates back to May 7, 2020. “This is the last of the convertible loan notes related to this investment and this debt is now cleared,” Premier African’s chief executive George Roach said in a statement released after the market close on Friday.
Independent Oil and Gas PLC (LON:IOG) has confirmed it is not making an offer for Deltic Energy PLC (LON:DELT) but said it believes a transaction “at the right level” would have considerable logic. IOG made its interest in Deltic known in early September and other UK-focused oil and gas companies have also recently indicated interest in the AIM-quoted firm which has an exploration partnership with Shell, a wider North Sea project portfolio and a healthy cGBP12mln cash balance. Deltic previously batted away a takeover approach from Reabold Resources and in doing so was backed by its major shareholders.
Crossword Cybersecurity PLC (LON:CCS), the technology commercialisation company focused solely on cybersecurity and risk, has announced the appointment of its CEO, Tom Ilube, to the board of WPP PLC (LON:WPP) as an independent non-executive director with immediate effect.
KRM22 PLC (LON:KRM) the technology and software investment company that focuses on risk management for capital markets, has announced the issue of a total of 477,183 options including 185,034 options to subscribe for new ordinary shares of 10p each in the company to employees of the group and certain directors of the company, including its CFO Kim Suter under the company’s Employee Share Option Plan. The options are exercisable at 38p, will vest over a 30 day period for employees, or over a three month period for the Non-Executive Directors, and will expire on October 1, 2030.
Advanced Oncotherapy PLC (LON:AVO), the developer of next-generation proton therapy systems for cancer treatment, said its Remuneration Committee has approved the grant of share options over a total of 24,000,000 new ordinary shares of 25 pence each to members of the management team including Nicolas Serandour, the group’s chief executive officer), Dr Michael Sinclair, its executive chairman) and Professor Steve Myers, an executive director and ADAM executive chairman. The options have been granted at an exercise price of 50p per share and have a five-year term, expiring on October 5, 2025
Advanced Oncotherapy also said it will be hosting a presentation and Q&A session for all investors and analysts at 2.00pm BST delivered by the company’s senior management team. The Investor Day will update the market on the company’s patient-centric business model, the broader strategy and operational deliverables for 2021. The presentation will be hosted through the digital online platform Investor Meet Company, with dial-in details also available for attendees once registered. If new to the platform, investors and analysts can sign up to Investor Meet Company for free and add to meet Advanced Onotherapy via the following link: https://www.investormeetcompany.com/advanced-oncotherapy-plc/register-investor
Scancell Holdings PLC (LON:SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, has said it expects to announce its financial results for the year ended April 30, 2020, on Friday, October 16, 2020.