RNS Hotlist: Amigo, Argo, Beowulf, Bezant, Cadence, Mode, Oilex, Oracle, Tlou, Tower, Vela, Wildcat, Zephyr

Oracle Power (ORCP), the international natural resources project developer, said that the drill programme over five geochemical target areas is underway at its 100% owned Jundee East Gold Project, located in the Eastern Goldfields region of Western Australia, which is located approximately 7km due east of Northern Star's 5.4Moz Jundee Gold Mine. The company said the maiden drill programme at Jundee East, has strong indications of a newly identified greenstone belt.  The drill programme is expected to take 4 to 5 weeks and will focus on the five highest priority areas as identified in our 2021 geochemical sampling campaign.

Bezant (BZT), the copper-gold exploration and development company, announced the successful completion of an all-parties technical visit to review the Hope and Gorob Project in Namibia leading to consensus on the best way to optimise project development and more specifically the lodging of a Mining Licence application.  The company said the outcome was that the Project presents significant opportunity over and above previously considered mining plans.

It would appear that Oilex (OEX) has finally served up the “big” announcement, as the Government of India Ministry of Petroleum and Natural Gas approved the transfer of assignment of the 55% Participating Interest in the Cambay Field PSC held by Gujarat State Petroleum Corporation Ltd to Oilex. The company said the approval of the assignment of GSPC's 55% PI results in it enjoying a 100% PI in the Cambay field with its c. 930 BCF of contingent gas resources. The further development of the Cambay field will be initiated with the planned re-frac of the C-77H well, the results of which will support the drilling of two new wells in Q4 2022 / Q1 2023, subject to funding.

Beowulf (BEM), the mineral exploration and development company, said it has been given the opportunity to comment on statements received by the Government in respect of the company's application for an Exploitation Concession for the Kallak North Iron Ore Project. BEM has been given a deadline of 14 February 2022 and is hopeful, that having all the information he needs, the Minister is fully appraised of the facts and the Government can finally decide on the company's application.

Cadence Minerals (KDNC) said that further to the announcement of December 29th 2021, all of the required contractual and regulatory documentation has been completed and filed and Cadence now owns 20% of the Amapa Iron Ore Project. On the 24th December 2021, the Company alongside Indo Sino entered into a Settlement Agreement with DEV Mineração S.A. and the Secured Bank Creditors, which to become effective required some additional contractual and regulatory documentation to be completed and filed.

Zephyr Energy (ZPHR) (OTCQB: ZPHRF), the Rocky Mountain oil and gas company, provided an update on fourth quarter 2021 hydrocarbon production from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S. Zephyr's existing non-operated portfolio produced at a total run rate of 654 boepd by the end of Q4. Production from the company's non-operated portfolio is expected to further increase over the coming months as additional wells from the existing portfolio are brought online and when the Company's proposed $36 million acquisition of further non-operated assets in the Williston Basin is completed as expected in mid-February.

Tower Resources (TRP), the AIM-listed oil and gas company, updated on activity in respect of license PEL 96 in Namibia, covering blocks 1910A, 1911 and 1912B and in particular the recent news regarding the Shell-operated Graff-1 exploration well. Tower has noted the announcements by the National Petroleum Corporation of Namibia, and also operator Shell Namibia Upstream B.V., and partner QatarEnergy, confirming that the Graff-1 well on PEL 39 has made a discovery in both its primary and secondary targets, and proved a working petroleum system for light oil in the Orange Basin, offshore Namibia.

Vela (VELA), an AIM-quoted investing company, said it has resolved to augment its communication with shareholders by publishing quarterly investment updates.   Vela's portfolio comprised a total of 10 active investments.  Two of these investments were unquoted, seven were quoted and the final investment was the interest in future royalties from the Covid-19 remedy being developed by St George's Street Capital, which is held in the balance sheet as a financial asset). The fair value of the investment portfolio was £4,925,000 (30 September 2021 - £4,762,000).

Mode Global Holdings (MODE), the LSE-listed Fintech Group, has entered into a partnership with technology-driven ecommerce platform Heroes, which will enable employees of the firm to take some of their monthly salary in Bitcoin. Mode's payroll offering allows interested employees the option to invest in the crypto asset on a monthly basis, which means they can ride the monthly fluctuations in price and invest steadily in the world's most popular digital asset.

Wildcat Petroleum (WCAT), a company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, announce the appointment of PETRO-TEC (PT) as petroleum consultants. PT is an international petroleum consultancy specialising in development, planning and reservoir management.

Amigo Holdings (AMGO), a provider of guarantor loans in the UK, updated on the timetable for its Schemes of Arrangement further to the announcement made on 13 December 2021. The Court Convening hearing will now take place on 8 March 2022 and the Court Sanction hearing will take place on 23 and 24 May 2022. This will allow the detailed Schemes documentation to be finalised in good time before the Court Convening hearing in consultation with relevant stakeholders. 

Tlou Energy (TLOU) which is developing clean energy solutions for Botswana and the sub-Saharan region, said that work is set to commence on the transmission line and substations to connect the Lesedi power project to the electricity grid. As announced late last year, funding has been secured for the construction of the transmission line and substations from its largest shareholder (Botswana Public Officers Pension Fund) and since that time the relevant contractors have been updating their tenders to reflect any cost adjustments since their original submissions.

Argo Blockchain (ARB) the cryptocurrency miner, provided an operational update for January 2022. During the month of January, Argo mined 172 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 214 BTC in December 2021. This reduction during January is primarily due to an increase in "network difficulty."