The Footsie giant will fund Petro Matad’s share of a mutually agreed US$28mln work programme while Petro Matad will receive an additional cash consideration of US$4.55mln to fund ongoing operations and obligations.
KrisEnergy (SGX:SK8) has begun drilling of the Rossukon-3 exploration well in G6/48 in the Gulf of Thailand, its third exploration well to be drilled in the G6/48 contract area in 2015.
Sea Dragon Energy’s (CVE:SDX) results for 2014 showed the effect of the slumping oil price, with the company achieving a net price of US$71.18 a barrel in the final quarter of 2014 compared to US$93.65 a year earlier.
Net revenues for the year fell to US$19.92mln from US$29.42 in 2013, and the post-tax loss deepened to US$9.0mln from US$7.7mln in 2013, due to impairments and write-downs.
Moving on to a different type of oil, DekelOil (LON:DKL) expects to surpass the whole of last year’s palm oil production by the end its second quarter as output from its Ivory Coast operation climbs rapidly.
The company produced 9,678 tonnes of crude palm oil (CPO) in the three months to March, its first quarter, better than management expected and compared to 14,242 tonnes in the whole of 2014.
KEFI said a self-potential (SP) geophysical survey carried out over the southern half of the 6km-long gold mineralised system exposed at the surface identified an intense SP anomaly with a continuous maxima of 350 millivolts (mV), located between 125 metres (m) and 300m below surface with an 800m strike length.
Sales were 2,233 tonnes, 26% higher. Total production since the start of operations in April 2012 is now just over 30,000 tonnes.
Improved mining at the Stockton site reported an “excellent performance” in its first quarter with better sales and production stats.
Despite another desperately cold winter in Pennsylvania, Atlantic Coal (LON:ATC) surpassed its first quarter (Q1) 2014 performance by some considerable margin.
Clean coal production for the three months to end March was 45,669 tons compared to 34,451 tons a year ago.
The Brett gold property in British Columbia has “district-scale” potential, said Ximen Mining (CVE:XIM) as it ran through the exploration history at the site in an operational update.
Ximen chief executive Christopher Anderson told investors today: “The 2014 exploration programme returned excellent results from this newly emerging gold district.”
The investment vehicle, which specialises in natural resources, has bought over 11mln shares in Ariana at 0.9p apiece.
Following receipt of the funds, the total amount drawn down from the Loan is US$30 million.
As well as providing cheap power for the mine development, it would also supply the local area.
Elsewhere in the sector, IPSA’s (LON:IPSA) South African subsidiary Newcastle Cogeneration has extended its power purchase agreement with Eskom, South Africa’s state electricity company, for a year with an option for further two year extensions.
In the technology sector, SerVision (LON:SEV) has entered into a new partnership agreement with Sectrans Industry Trading for the supply of SerVision’s video gateway products across a range of vehicles in Brazil .
Salineira, a large Rio de Janeiro-based bus operator and end customer of Sectrans, has committed to an initial purchase order for the supply of 400 MVG400 units with an aggregate value of US$500,000 for which US$250,000 in cash has been paid to SerVision with the balance of the initial purchase order expected to be paid to SerVision when the units are delivered to Sectrans shortly.
AIM-listed Cloud computing specialist Nasstar (LON:NASA) narrowed its full-year loss last year as group revenues soared 77% thanks to restructuring and acquisitions.
Adept Telecom (LON:ADT) said underlying profits (EBITDA) in the year just finished will be up year-on-year and in line with market expectations.
The voice and data telecommunications solutions provider said EBITDA in the year to 31 March is expected to be up 14% year-on-year when the numbers are finally totted up.
Adjusted profit before tax is anticipated to be up year-on-year and in line with market expectations, but turnover, while it is expected to be up 6% on the previous year, is set to be slightly below market expectations.
from MasterMetals http://ift.tt/1CjJf2q