Proactive news summary: Iona Energy, Kibo Mining, Lansdowne Oil, Magnolia Petroleum, Meadow Bay…

It’s all been happening in the oil world today, at both ends of the scale.

While the market was enthusing over Shell’s bid for BG Group, SacOil‘s (LON:SAC) shares shot up after it reached an agreement over some US$24.2mln owed to it by Energy Equity Resources Norway Limited (EERNL).

The settlement agreement restructures EERNL Group’s debt obligations to SacOil in exchange for SacOil‘s waiver of certain rights and interests emanating from the loans; however, SacOil retains the existing security over EERNL Group’s 20% interest in OPL 233.

Northcote Energy (LON:NCT) is advancing its plans for Mexico – as its executive vice president for the country has been appointed to an important US industry body.

Abraham Achar, who joined Northcote last month, has been appointed president of the Latin American Oil & Gas Association (LAOGA) for Dallas, Texas.

Magnolia Petroleum (LON:MAGP) said it made solid progress on its strategic objectives in the first quarter, particularly in the area of cutting costs.

The company has achieved a 30% reduction in corporate overheads and operating costs, as part of management’s focus on adjusting to the lower oil price environment.

Regency Mines (LON:RGM) confirmed it had received the remaining £290,000 balance and completed the sale of its 5% stake in the Horse Hill oil project in Sussex, UK.

Oil explorer Trinity (LON:TRIN) has started a strategic review after it received expressions of interest in some of its assets in Trinidad.

The review will cover possible farm-outs, sales of one or more of the existing licences, a merger or an investment in the company.

In similar vein, Lansdowne Oil & Gas (LON:LOGP) is to launch a strategic review of options available to maximise the value of its assets including sales or farm-outs.

The Irish oil and gas group owns 20% of the Barryroe prospect in the Celtic Sea, but also has Helvick, Middleton, Rosscarbery and Amergin further to the north.

SeaEnergy (LON:SEA), which coincidentally owns a slug of Lansdowne shares, moved into profit at the operating level last year, despite the travails suffered by the oil & gas sector.

Toronto-listed Iona Energy (CVE:INA) said production at its 15% owned Huntington field in the North Sea is now ready to be ramped up to full production.

The field, which lies in block 22/14b around 230km east of Aberdeen, has been operating under gas export rate restrictions since October, 2014, meaning production has been reduced.

As they reputedly like to say up north … trouble at t’mill – but no longer for ZincOx.

ZincOx Resources (LON:ZOX) reported record production of concentrate in its first quarter from its Korean plant, while the operation continues to improve.

The treatment plant, where there have been a number of well-documented teething problems, has now run continuously for over 90 days and is at about 90% of target throughput and generating positive EBITDA (underlying earnings).

Xtract Resources (LON:XTR) has increased the monthly milling capacity at the Chepica gold and copper mine in Chile by two thirds and expects to be in profit this month.

Xtract said it now has the flexibility to use different sources of ore, which should limit maintenance stoppages.

Rare Earth Minerals (LON:REM) revealed that the pre-feasibility study for the Yangibana rare earth project in Western Australia is to be completed by the end of the fourth quarter, 2015.

Reporting on an announcement made by its Australian joint venture partner for the project Hastings Rare Metals, the firm said a team of consultants had now been selected to carry out the study.

Kibo Mining (LON:KIBO) is working progressively through the feasibility study required to enable its Imweru project to move into the construction phase.

The Tanzania-focused mineral exploration and development company gave an operational update on Wednesday on Imweru, in which it highlighted the feasibility work done so far.

The next stage of project development work will involve completion of definitive feasibility studies (DFS) on the multi-pit gold mine, inclusive of the associated environmental assessments, and advanced financial modelling for the Imweru project.

Gold explorer Meadow Bay (TSE:MAY) has kicked off exploration once more at its flagship Atlanta Gold project in Nevada and plans to test up to 10 anomalies in a bid to expand the resource.

Outside of the resources sector and news from the retail world, where TyraTech’s (LON:TYR) Vamousse head lice treatment is to be stocked by Walgreens, the largest pharmacy chain in the USA.

Another contract win, this time from Motive Television (LON:MTV), which has signed its first “bring your own device” (BYOD) video on demand (VOD) deal with a ferry services operator.

The one-year deal is with Aegean Speed Lines, a provider of ferry services from Athens and the Cyclades islands, and is the first tangible result from its partnership agreement, signed last August, with Greek VOD specialist Twin Peaks.

The confidence Silence Therapeutics (LON:SLN) had in getting a warm response to its fund-raising announced last week appears to have been well-founded.

The company revealed that in addition to the £27.3mln it has raised, subject to shareholder approval, from placing 11.37mln shares at 240p a pop, it will raise an additional £12.7mln from institutions that have agreed to subscribe fornew shares, also at 240p a pop.

Consumer and small business lender Private & Commercial Finance (LON:PCF) has agreed a £10mln, three-year loan facility with the commercial arm of the UK government’s economic development bank.

The British Business Bank Investments’ facility gives PCFG a total lending headroom to £32.7mln, it said, which is sufficient to fund anticipated growth in both its SME and consumer finance divisions. @MasterMetals MasterMetals Blog

from MasterMetals


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