Core Vct I Share Discussion Threads

[noirua] 24/12/2022 11:13

euclid5 - 23 Dec 2022 - 16:24:09 - 235 of 236 Velocity Composites PLC - VEL
Based on Cenkos recent BN update:

This equates to a share price of 55p to 101p, which represents a 111% to 288% upside versus the current share price.

55p is around £21m market cap and 101p is £42m. Mid range is £32m or 84p
But their TP is based on the EV/Ebita around 6.5 to 11

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[noirua] 23/12/2022 14:12

Noirua - 20 Dec 2022 - 13:50:35 - 11936 of 11942 TOP TRADERS THREAD for PROFESSIONALS ONLY!!!! - CR
I have sold all my UK holdings that are quoted except RRR and put all the cash into VEL Velocity Composites at an average of 42.75p. All the shares sold were at a loss so a bit of a punt here.
__

I've increased my holding in VEL making for an average of 41.1p.

[noirua] 22/12/2022 17:03

I bought back into FRG at 8.6p.

[noirua] 22/12/2022 14:52

The only shares I hold presently in profit are Buxton Resouces ASX: BUX up 10% and Jupiter Mines ASX: JMS up 12%. Very difficult with microcaps these days.

[the chairman elect] 22/12/2022 13:15

According to a highly respected chartist the North Sea Gas play [who are currently drilling in the North Sea with FTSE100....SHELL] namely LSE:DELT has now bottomed out and should rally hard into 2023

[noirua] 20/12/2022 13:50

I have sold all my UK holdings that are quoted except RRR and put all the cash into VEL Velocity Composites at an average of 42.75p. All the shares sold were at a loss so a bit of a punt here.

[noirua] 19/12/2022 19:22

Annual report and accounts 2022
C4X Discovery Holdings plc Annual report and accounts 2022

Harnessing the Power of Drug Discovery

C4XD signs exclusive global licence worth up to $402 million with AstraZeneca for the development and commercialisation of NRF2 Activator programme
Contact
November 28, 2022 Press Releases

[the chairman elect] 19/12/2022 07:45

Tirupati Graphite plc / LSE:TGR

Clarification and update regarding Acquisition of Suni Resources

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite and graphene company developing sustainable new age materials, announced on 17 August 2021 its agreement with Battery Metals Limited to acquire the entire issued share capital of its subsidiary Suni Resources SA as per the abridged terms in the announcement and varied subsequently.

Under the Key Transaction Terms in the announcement, the first bullet point states that:

Subject to the satisfaction of the conditions to the transaction, the Company will acquire from Battery Minerals 100% of the issued share capital of Suni Resources (a Mozambique incorporated subsidiary of Battery Minerals), all related intellectual property relating to the Montepuez Project and Balama Central Project, and will be assigned the shareholder loans owed by Suni Resources to certain Battery Minerals group companies amounting to c.AU$29 million for a total aggregate consideration of AU$12.5 million.

Owing to some questions received from investors in relation to the shareholder loans amounting to c.AU$29 million that will be assigned to TG by Battery Minerals group companies, the Company wishes to clarify that:

· TG will not be assuming any external debt as a result of the acquisition and it will not have any obligation in respect of repayment of or the payment of interest in respect of any third party debt upon completion as a result of the acquisition of Suni Resources; and

· The debt assigned to TG by Battery Minerals group companies shall on completion become an intra group debt within the enlarged TG group owed by Suni Resources to TG.

The Company further confirms that arrangements have been progressed for the provision of the Bank Guarantee ('BG') to be completed which will allow for the last steps towards closing of the acquisition of Suni Resources to be progressed.

Shishir Poddar, CEO of Tirupati Graphite, said:

"We felt duty bound to correct the misconception that the Company is acquiring any external debt through the acquisition of Suni Resources. The agreed consideration is the only cost to Tirupati for acquiring these transformational, ready-to-construct projects with globally significant resources.

"Without taking on any debt, TG will acquire the Balama Central and Montepeuz projects in Mozambique, which are both fully licensed for construction to >150,000 tpa flake graphite production capacity and which have already benefited from significant investment to this date."

[the chairman elect] 17/12/2022 10:27

Any comments then please feel free to post over there. Thanks.

[the chairman elect] 17/12/2022 10:26

Have posted over on your 0575 Endurance thread

[the chairman elect] 17/12/2022 10:23

RE: Endurance RP Ltd



We are writing to inform you that the above company is holding a Rights Issue however you are ineligible to participate as the offer is not available to shareholders whose registered address is in the United Kingdom.

[the chairman elect] 16/12/2022 07:42

Beacon Energy plc - Reverse Takeover Transaction and Corporate Update - Conditional Acquisition of Rhein Petroleum GmbH

Beacon Energy plc ( AIM: BCE ), the energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, is pleased to announce that the Company has entered into a conditional Share Purchase Agreement ("SPA") with Tulip Oil Holding B.V. ("Tulip") and Deutsche Rohstoff A.G. ("DRAG") (collectively, the "Sellers") relating to the purchase of the entire issued and to be issued share capital of Rhein Petroleum GmbH ("RheinPetroleum"), (the "ProposedTransaction").

The board of Beacon Energy ("Board") considers the Proposed Transaction to represent a transformational, value enhancing transaction for shareholders, which is fully aligned with Beacon Energy's growth strategy.

The Board believes the Proposed Transaction will deliver:

· A full-cycle portfolio of largely operated production, development, appraisal and exploration assets located onshore Germany, a low political risk jurisdiction over licences as set out below

· A near-term active work programme designed to enhance production and cash flow

· An experienced operating team in Rhein Petroleum that has a track record of exploration, appraisal, development and production operations

· Strong HSE record and a firm commitment to environmentally responsible hydrocarbon production

· A well-understood existing production base, generating immediate revenue

· A material 2P net reserve base of 3.85 mmbbl and a 2C net contingent resource base of 22.96 mmbbl, located across four core assets as assessed by SGS Nederland B.V, and to be included in a Competent Person's Report ("CPR"), which will form part of the Admission Document to be sent to shareholders in due course

· A commercially attractive programme with the economic results of the CPR describe an NPV10 valuation of €52.8 million from the development and production of the 2P reserve base, assuming, inter alia, capex of €15.7 million for a 3 well programme and facilities upgrade and utilising forward oil pricing as at 14 November 2022

· An investment case which will be the basis for Beacon Energy seeking to carry out a placing to new and existing investors ("Placing") to raise approximately £6 million net of costs to finance the drilling , completion, tie-back and bringing into production the Schwarzbach-2 well and required working capital. Production from this well will be used to fund the forward development programme

· Access to a built-in growth pipeline of onshore, material, high-margin, low-risk and near-term development and appraisal opportunities

· A mix of low, medium and higher risk exploration opportunities with a cumulative best estimate un-risked net prospective resource base of 207.83 mmbbl with individual prospects that are potentially material

· Entry into a region where the Company sees significant potential for growth and where, over time, it believes a substantial business can be built

· Acquisition of Rhein Petroleum which, for the financial year ended 31 December 2021, Rhein Petroleum reported audited revenue of 2.9 million, operating loss of €1.2 million and a loss after tax and interest of 1.5 million under German accounting standards. As at 30 June 2022, Rhein Petroleum reported unaudited total assets of €11.9 million and net liabilities of 12.9 million (including €22.0 million shareholder loan liability which will be acquired by Beacon at Completion) under German accounting standards

In addition:

· To provide certainty and continuity for the Company, current Interim CEO Larry Bottomley becomes CEO on a permanent basis, effective immediately

· The Competent Persons Report covering the material assets of Rhein Petroleum will be included in an AIM Admission Document to be published in due course and an updated corporate presentation describing the acquisition will be made available on the Company's website www.beaconenergyplc.com shortly

Consideration

Under the terms of the SPA, the Sellers will receive: (i) new ordinary shares in Beacon Energy such that, following the intended Placing (described more fully below), the Sellers will collectively hold 33.2 per cent of the enlarged share capital of Beacon Energy (the "ConsiderationShares"); and (ii) contingent consideration based on the future production of the Rhein Petroleum assets based on future production (the "Earn-Out") . Tulip is currently interested in 90 per cent. of the issued share capital of Rhein Petroleum, with DRAG, a listed oil and gas company in Germany, interested in the balancing 10 per cent. The Consideration Shares will be issued to both current shareholders pro rata to their existing holdings in Rhein Petroleum.

The Earn-Out comprises a contingent production consideration in cash, after provision for royalties levied by the relevant German states ("NetProduction") such that the Earn-Out payment on the current discoveries is 10 per cent of Net Production proceeds. There is also a contingent 3 per cent production earn-out on any future discovery that leads to production from the current exploration licences.

In addition to a vendor-financed loan of €1.9 million, to be repaid from production, Beacon Energy will be seeking to carry out a placing to new and existing investors ("Placing") to raise approximately £6 million net of costs to finance the drilling , completion, tie-back and bringing into production the Schwarzbach-2 well and required working capital. Directors of Beacon Energy intend to participate in the Placing. In addition, Tulip also intends to participate in the Placing to acquire an additional approximately 6.8 per cent of the enlarged share capital of the Company, such that Tulip is expected to hold approximately 36.7 per cent of the issued share capital of the Company at Completion.



In addition to the Consideration Shares, the Company will also issue to the Sellers warrants over new Ordinary Shares which shall each have an exercise price of GBP0 and may only be exercised in the event another existing warrant or option holder in the Company exercises existing warrants or options and only in the same proportion as that exercised (the "Top Up Warrants"), such that the percentage holding of each of the Sellers at Completion shall be maintained, ceteris paribus, pre and post the exercise of some or all of the existing options and warrants in the Company.



The Consideration Shares and Placing shares held by Tulip on admission to AIM will be subject to both lock-in terms and a relationship agreement, full details of which will be set out in the Company's Admission Document.



Reverse Takeover Process

The Transaction is classified as a reverse takeover pursuant to the AIM Rules for Companies. The Company's ordinary shares will remain suspended from trading on AIM until such time as the Proposed Transaction is completed, which is anticipated will be the second business day following the satisfaction or waiver of the final condition which the SPA is subject to. In the event that the Proposed Transaction does not proceed the Company's share will remain suspended from trading as Beacon Energy has been a cash shell on AIM for more than 6 months. Completion of the Transaction is subject to, inter alia :

· certain regulatory consents and confirmations;

· approval by Tulip's shareholders at a general meeting to be convened in due course;

· approval by Beacon Energy's shareholders at a general meeting to be convened in due course ("GeneralMeeting"), including the passing of the Rule 9 Waiver resolution (as described below);

· finalisation of the Placing; and

· the publication of an AIM Admission Document.

The Admission Document, which will include a notice of General Meeting, is expected to be issued in due course.

It is noted that the notice of General Meeting within the Admission Document is also expected to include a resolution in respect of a waiver from Rule 9 of the Takeover Code in light of the fact that Tulip is expected, on Admission, to hold over 30 per cent of the Company's share capital as enlarged by the issue of the Consideration Shares and the Placing.

Rule 9 Waiver Resolution

Tulip is expected, on Admission, to hold 36.7 per cent. of the Company's share capital as enlarged by the issue of the Consideration Shares and the Placing. The shareholders of Tulip are presumed to be acting in concert (as defined in the Takeover Code) with each other for the purposes of the Takeover Code. The shareholders of Tulip are not presumed to be in concert (as defined in the Takeover Code), with DRAG or the shareholders of DRAG.

The Company will apply to The Takeover Panel ("Panel") for a waiver from the obligation for Tulip to make a general offer for the Company that would otherwise arise as a result of the issue of the Consideration Shares and Placing shares to Tulip and the exercise by Tulip of any Top Up Warrants, subject to the approval, on a poll, by a resolution of the Company's independent shareholders, which will be proposed at the General Meeting (the "Whitewash Resolution"). Accordingly, with the consent of the Panel, the Whitewash Resolution will be proposed at the General Meeting and will be taken on a poll at the General Meeting, notice of which will be set out in the Company's Admission Document to be published in due course.



Commenting on the signing of the SPA, Beacon Energy Non-Executive Chairman, Mark Rollins, said :

" We are delighted that we have signed the SPA with Tulip and DRAG on this compelling European O&G opportunity which has the potential to build a self-funding platform for growth from cash generative producing and development oil assets. As a Board, we have been impressed by the professionalism of the Rhein Petroleum operating team and look forward to working with them in unlocking the potential in the portfolio.



"I am also pleased that Larry has taken on the role of CEO, having assumed the role on an interim basis earlier this year at an important juncture for the Company. Larry, and the Board, have since made considerable efforts through this year, delivering important legacy outcomes and progressing the business development pipeline culminating in this SPA.



"We are also very pleased to have been able to call on the services of a high quality group of consultants with direct expertise in M&A and all the associated processes. As we enter an exciting period, we will call on their deep experience and knowledge, along with that of the rest of the Board, which will be key to our efforts to deliver on our strategy. "







Beacon Energy CEO, Larry Bottomley, added :

"Since assuming the role of CEO on an interim basis, the entire Board has worked tirelessly to help me deliver value accretive opportunities from our compelling business development pipeline. It is with satisfaction that we have delivered the SPA and I take on the CEO role with considerable enthusiasm to develop a self-funding, production-led platform for growth. I look forward to working with the extended team on the acquisition and reverse takeover which, once complete, will underpin the Company with immediate cash flow and provide an active near-term work programme designed to grow production, cash flow and value for our shareholders."

[the chairman elect] 15/12/2022 13:50

Tirupati Graphite (LSE:TGR), the specialist Graphite and Graphene company with two operating assets in Madagascar and a value chain developed by inhouse engineers has completed an oversubscribed private placement of £5,000,000 at 35 pence per share.

The proceeds of the fundraise are primarily in order to complete the highly anticipated acquisition of Suni Resources, a subsidiary of Battery Minerals (ASX:BAT), which holds two highly valued flake Graphite assets in Mozambique. Consideration for the agreement is a mix of cash and shares for a sum of AUD $12,500,000.

The Mozambique assets, Montepuez and Balama Central, will increase Tirupati's total JORC compliant resource 12 times for 152,000,000 metric Tonnes of 8.5% total Graphite content. The two assets contain small to medium flake Graphite, an integral aspect of various electrical components including electric vehicles, with demand expected to soar as ESG trends continue.

Tirupati Graphite's target price, post-acquisition of Suni Resources, has provided a large upside on the previous outlook put in place by Optiva Securities, we now estimate the long-run, unrisked NPV to be £314,700,000 (£2.79 per share) and the long-run risked NPV to sit at £173,300,000 (£1.54 per share). Our stated 12-month target share price is to be 80 pence per share.

[the chairman elect] 15/12/2022 07:45

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

Further Near Surface High-Grade Assays from Atex Lithium- Tantalum Project

Final Set of Assay Results Include Significant Intercept of 25m @ 1.39% Li2O

Firering Strategic Minerals plc ("FSM"), an exploration company focusing on critical minerals, is pleased to announce the final set of assay results from its maiden scout diamond drill programme at its flagship Atex Lithium-Tantalum Project ("Atex"), in Côte d'Ivoire.

Highlights:

· Positive results received from the final assays from scout drilling include:

o 25m at 1.39% Li2O from 77m in hole TVDD0018, including:

§ 18m at 1.85% Li2O from 80m.

o 7m at 1.33% Li2O from 60m in hole TVDD0019.

o 21m at 0.73% Li2O from 72m in hole TVDD0019, including:

§ 7m at 1.65% Li2O from 73m.

· Second phase of exploration is expected to start in Q1 2023 with the technical support from Ricca Resources Limited ("Ricca") following its US$18.6 million investment to advance Atex to Definitive Feasibility Study ("DFS"). Plans include:

o Immediate commencement in January of a large-scale soil sampling programme covering a 10km by 5km area west of the large pegmatite zones already identified in the Atex licence.

o The enlarged geochemical footprint will assist in determining new targets for the next phase of auger, Reverse Circulation ("RC") and diamond drilling planned for H2 2023.

Yuval Cohen, Chief Executive of Firering, said:

"Our maiden scout drilling campaign has been successful, confirming the continuity of the visible surface lithium bearing pegmatites below surface, with visible spodumene interceptions confirmed through the laboratory assays in several drill holes across our licence area. There have been several significant intercepts throughout our phase one scout drilling campaign, including one exceptional intercept of 64m Intercept @ 1.24% Li2O in hole TVDD0004 announced last month, which ranked among the world's top five drill hits in October.

"Our final assay results from our drilling campaign have not disappointed, with additional significant intercepts, including 25m, grading 1.39% Li2O identified. These intercepts again confirm the presence of lithium in our pegmatite system.

"We are excited to start the next phase of our exploration activities at Atex, in conjunction with our joint venture partner, Ricca Resources. Together, and following a site visit last month, we have agreed on a soil sampling programme, which will kick start work on site in early Q1 2023, which will drive the intended second auger and diamond drilling campaigns. We look forward to updating the market throughout this second campaign."

[the chairman elect] 14/12/2022 08:00

Interim results for the six months ended 30 September 2022 (H1 FY 2023)



CyanConnode (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, announces its interim results for the six months ended 30 September 2022 (H1 FY 2023).



John Cronin, CyanConnode Executive Chairman, commented:

"Revenue for the six months ended 30 September 2022 met our expectations. We have, in previous statements, spoken of the significant contracts secured so far this year and as a result revenue for the next quarter is expected to be at least three times higher than the first six months. The Board hopes that this success, which we have been working towards for some time now, is a sign of things to come. Consequently, we are pleased to confirm that we expect to meet market revenue forecasts for the full financial year ended 31 March 2023.



"Despite a delay to tenders until India's Prime Minister, Shri Narendra Modi PM, launched the power sector's Revamped Distribution Sector Scheme, (RDSS) in August 2022, CyanConnode was delighted to announce its first order for one million Omnimesh Modules from India. However, at the same time tenders were delayed until India's Prime Minister, Shri Narendra Modi PM, launched the power sector's Revamped Distribution Sector Scheme, (RDSS) in August 2022. As we have previously highlighted, the 'Collection Efficiency' of not less than 98%, as set out in the RDSS and which CyanConnode Omnimesh achieves, favours our technology for network communication and management and as a result our partners are currently busy tendering for more than 75 million Smart Meters. CyanConnode therefore expects to announce material orders from India in due course.

"As well as the positive news flow from India, further substantial orders were also received from new territories during the period, including orders from the Middle East and North Africa (MENA) region worth over USD 9 million.



"Our recent win rate from contracts tendered has been 27% in volume (this financial year) and installed rate is circa 25%. CyanConnode is currently bidding for contracts worth more than £1 billion in value. Our Partners have recently been named as Level 1 status for greater than 25 million units, which, whilst we don't expect to win all of them, suggests a bright future and we look forward to making further announcements in due course."

[the chairman elect] 13/12/2022 20:03

Tirupati Graphite (LSE:TGR), the specialist Graphite and Graphene company with two operating assets in Madagascar and a value chain developed by inhouse engineers has completed an oversubscribed private placement of £5,000,000 at 35 pence per share.

The proceeds of the fundraise are primarily in order to complete the highly anticipated acquisition of Suni Resources, a subsidiary of Battery Minerals (ASX:BAT), which holds two highly valued flake Graphite assets in Mozambique. Consideration for the agreement is a mix of cash and shares for a sum of AUD $12,500,000.

The Mozambique assets, Montepuez and Balama Central, will increase Tirupati's total JORC compliant resource 12 times for 152,000,000 metric Tonnes of 8.5% total Graphite content. The two assets contain small to medium flake Graphite, an integral aspect of various electrical components including electric vehicles, with demand expected to soar as ESG trends continue.

Tirupati Graphite's target price, post-acquisition of Suni Resources, has provided a large upside on the previous outlook put in place by Optiva Securities, we now estimate the long-run, unrisked NPV to be £314,700,000 (£2.79 per share) and the long-run risked NPV to sit at £173,300,000 (£1.54 per share). Our stated 12-month target share price is to be 80 pence per share.

[daniel levi bmd] 12/12/2022 08:00

Posted late last night.

If you missed it.

FYI

Balochistan The Last Great Onshore Oil, Gas & Mineral Resource Play On The Planet.... Coro Energy *BUY*


Dan
x

[the chairman elect] 12/12/2022 07:50

HEMO-CAR-T First Process Qualification Run Completed

Hemogenyx Pharmaceuticals plc (LSE: HEMO), the biopharmaceutical group developing new therapies and treatments for deadly blood diseases, is pleased to announce the successful completion of its first Process Qualification ("PQ") run of the end-to-end process for the manufacture of HEMO-CAR-T cells. This PQ run is one of a minimum of three identical manufacturing runs required for the submission of the Investigational New Drug ("IND") application to the US Food and Drug Administration ("FDA"). The process was carried out in the Company's current Good Manufacturing Practice ("cGMP") compliant clean rooms. It was followed by a battery of analytical release tests required to verify the quality of the manufactured HEMO-CAR-T cells.

This is another step for the Company in its preparation of the IND application to the FDA required to authorize commencement of Phase I clinical trials of HEMO-CAR-T.

[the chairman elect] 12/12/2022 07:31

Block Energy plc / LSE:BLOE

Farmout Agreement

Block Energy plc, the exploration and production company focused on Georgia, is pleased to announce that binding documentation has been entered into with Georgia Oil and Gas Limited ("GOGL") with respect to a farm-out of part of the Company's XIB licence.

Highlights:

· Binding documentation entered for a 50% farmout of non-core areas of licence XIB to Georgia Oil and Gas Limited ("GOGL")



· Farmout terms amount to a work programme with an estimated value of USD 3.0 million comprising USD 2.5 million for a 2D seismic acquisition and USD 0.5 million for seismic reprocessing



· Portions being farmed out are exploration areas that would have been subject to relinquishment in 2024, and now form part of Block's new Project IV



· None of the existing fields, current production and future development plans associated with Projects I, II and III within the XIB licence are subject to the farm-out and the transaction will have no impact on Block's operator status across its existing production areas



· Farmout will advance Block's exploration opportunities through a sizable work programme commitment from GOGL at no cost to Block



· Future associated cash liability is capped at USD 50,000 per annum net to Block until further major capital works (3D seismic/drilling) are committed to by either GOGL or third-party farminee



· GOGL is the largest exploration company in Georgia and holds acreage of over 13,200 km2 within various PSCs



Farm-Out

Block's XIB licence covers a total area of 614 km2 and includes the Patardzeuli, Samgori, Teleti and Rustavi fields which have produced more than 180 MMbbl of oil.

The portions of XIB that are subject to the farm-out are exploration-focused, form part of Block's newly established Project IV, and do not include any of the areas currently in production. They include a 103km2 section in the north of the licence (bordering licences XIM & XIQ) and a 148km2 area in the southeast of XIB (bordering licences XIH and XIL). The northern section will now be known as the "Didi Lilo" area and the southeast section will now be known as the "South Samgori" area as shown in the map below:



None of the existing fields associated with Project I, II and III within the XIB licence, are subject to the farm-out and the transaction will have no impact on Block's existing production base or operator status across all existing fields.

Transaction Summary

Under the terms negotiated, Block and GOGL will each have a participating Interest of 50% in the respective areas. As consideration for the farm-out, GOGL is to complete a work programme, across Didi Lilo and South Samgori, which comprises:

- The acquisition and processing of 210 km of 2D seismic data

- The reprocessing of 1,000 km existing seismic data, within and around Didi Lilo, South Samgori and the remainder of XIB

The cost of the work programme is estimated at USD 3.0 million, comprising USD 2.5 million for seismic acquisition and USD 0.5 million for seismic reprocessing.

Under the industry-standard Joint Operating Agreements ("JOAs") that have been negotiated, the annual gross budgets will not exceed USD 100,000 (USD 50,000 net to Block) per annum, until either GOGL or a third-party farminee elects to acquire a 3D seismic survey over the area and /or drill a well.

Block will retain the optionality to either benefit from a carry, fund its share of any future 3D survey/drilling or further farm-down its interest in the licence areas. Industry-standard sole-risk provisions are present in the JOA.

Rationale

The farm-out advance's exploration opportunities through a sizable work commitment from GOGL at no cost to Block. Future cash liability associated with Didi Lilo and South Samgori is capped at USD 50,000 per annum net to Block until further major capital works (3D seismic/drilling) are committed to by either GOGL or a third-party farminee.

GOGL is the largest exploration company in Georgia and holds acreage of over 13,200 km2 within various PSCs.

In 2022, as part of Georgia's drive to achieve energy independence, GOGL received a cash equity investment from Georgia Oil and Gas Corporation ("GOGC"), the state-owned national oil company, to progress high-impact and strategic exploration activities within its portfolio, including the acquisition of 2D seismic, ahead of facilitating farm-in discussions with NOCs and IOCs across the region.

The focus of GOGL is on maturing large, strategically significant gas and oil exploration and appraisal targets within its portfolio, north and south of Block's Samgori oil field.

The contractor for the acquisition of the 210 km 2D seismic data over Didi Lilo and South Samgori is Geofizyka Torun S.A., a subsidiary of the Polish Oil & Gas Company PGNiG SA ("PGNiG"), which has recently merged with Orlen Group, a fully integrated oil company with a market capitalisation of c. USD 16.5 bn.

GOGL & Geofizika Torun S.A interpret the Norio Deep prospect/play to extend to within the Dido Lilo Area. This is a Middle/Upper Eocene prospect/play. GOGL also interpret the Nakarala prospect/play to extend into the South Samgori Area.

The Dido Lilo and South Samgori Areas have been assigned a risked (P50) Resource of over 400MMboe by GOGL and its technical partners.

GOGL is involved in advanced detailed farm-out discussions with national and major oil companies around a farm-in to the Dido Lilo and South Samgori Areas.

Commenting, Paul Haywood, Block Energy CEO said:

"This farm-out enables Block to combine and progress advanced exploration opportunities (800 MMBOE) with a capable and well-qualified operator, at de minimis cost, whilst allowing it to continue to focus on its core production and appraisal-led three Project strategy. This high-impact exploration opportunity also compliments the existing portfolio with very substantial upside which continues to attract the attention of major oil companies across the region.

GOGL have committed to a significant work programme that supports this exploration opportunity. The commitment to acquire and reprocess existing seismic on XIB will also complement our work within Projects I, II and Project III. The Company looks forward to working with GOGL, in the Didi Lilo and South Samgori Areas, as well as on a larger farm-out strategy led by GOGL."

[the chairman elect] 09/12/2022 10:40

London listed Tirupati Graphite / LSE:TGR - looks as though there could be a buying opportunity @ TGR to buy in at or just below the 35p placing price....

[the chairman elect] 07/12/2022 14:20

London listed Tirupati Graphite / LSE:TGR

Looks as though there could be a buying opportunity @ TGR to buy in at the 35p placing price....

Keep 'em peeled....

[the chairman elect] 06/12/2022 07:23

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

Commencement of drilling ASW-1X exploration well in the Abu Sennan licence, onshore Egypt.

Following mobilisation of the Sino Tharwa-1 rig to site, the operator of the Abu Sennan licence, KEE, has notified the Joint Venture ("JV") partners that the ASW-1X well has commenced drilling.

This exploration well is the fifth and final well to spud in the 2022 drilling campaign and is targeting un-risked mean recoverable resources estimated by United at c. 8 mmbbls gross in multiple reservoirs.

The ASW-1X prospect has been de-risked by the HF36-5X discovery made in an adjacent block in 2020, and by the results of the 2022 seismic reprocessing on the Abu Sennan licence, which has provided improved imaging and definition of the ASW targets.

If successful, the well is expected to be quickly tied into existing facilities, adding additional production and revenue for the Company.

United Chief Executive Officer, Brian Larkin commented:

"The ASW-1X well is targeting significant recoverable resources across multiple separate horizons. This key exploration well fits with the JV's exploration strategy of not only directly targeting significant volumes, but also for the potential to de-risk a number of other similar structures in this part of the licence. In the case of a commercial discovery, ASW-1X would be completed as a production well and, subject to the granting of a development permit, be brought into production thereafter."

[the chairman elect] 05/12/2022 07:55

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite company developing sustainable new age materials , is pleased to announce it has raised gross proceeds of £5,000,000 [which was oversubscribed]

SPA Variation

TG is also pleased to announce that the Company and Battery Minerals Limited have agreed to the following variations to the acquisition agreement for TG to acquire the entire issued share capital of Suni Resources SA from Battery Minerals Limited, as initially announced on 17 August 2021 (the ‘Acquisition’):

●

TG shall make the payment of the Capital Gains Tax (‘CGT’) as assessed by Tax authorities in Mozambique in respect of the Acquisition amounting to approximately AU$2.5Million.

●

In consideration of TG making the payment of the CGT, the value of consideration shares to be issued to Battery Minerals Limited at completion of the Acquisition shall reduce to AU$9,750,000 with the new floor on the number of shares that can be issued to satisfy the consideration revised at 5,023,278 TG ordinary shares and the upper cap revised to 10,046,556 TG ordinary shares covering circa 50% of the CGT to be paid.

●

In consideration of the balance of 50% of the CGT to be paid by TG, TG shall retain the right to the VAT refundable to Suni by tax authorities expected to amounting to approximately AU$1,500,000.

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Failure of TG to fund the CGT payment within the due date post completion shall result in TG issuing additional consideration shares amounting AU$1,250,000.

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In consideration of the balance of 50% of the CGT to be paid by TG, TG shall retain the right to the VAT refundable to Suni by tax authorities expected to amounting to approximately AU$1,500,000.

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Failure of TG to fund the CGT payment within the due date post completion shall result in TG issuing additional consideration shares amounting AU$1,250,000.

Use of Proceeds

The Fundraise has been undertaken to provide the Company the required financial resources to meet all its obligations to complete the acquisition of Suni Resources SA amounting to c. £3,500,000 and provides working capital for the Company to progress its activities and developments. A letter of comfort has been issued by Instituto Nacional de Minas de Moambique (‘INAMI’) advising that it is its intention to provide the transfer approval under the Mining Law Regulation following the provision of a Bank Guarantee of 76,388,218 Meticais (MT) (approximately £972,000) required to be furnished by Suni Resources S.A to in relation to the grant of a mining concession for the Balama Central Project owned by Suni Resources S.A. and settlement of the CGT with the tax authorities. Following the Fundraise the Company and Battery are well placed to progress the completion of the transaction.



Shishir Poddar, CEO of Tirupati Graphite, said:

We are delighted to have received institutional and other investor support for the fundraise, which provides us with the financial resources to meet the obligations towards the completion of the Suni transaction.

The Balama Central and Montepeuz projects which are held by Suni Resources, are both fully licensed for construction to 150,000 tpa flake graphite production capacity. At Montepuez construction of the first 50,000 tpa module was initiated by Battery with plant development and tailing pond construction completed and base camp residential facilities for 100 persons built. The c. 152 million tons of JORC 2012 reserves and resources established in the two projects amount to more than 13 million tons of contained high quality flake graphite in the ground in a locality that hosts one of the world’s largest operating flake graphite projects. As such, this acquisition is transformational for the Company in progressing towards its aim of being a key source of flake graphite for the energy transition economy.

As we progress towards completion of the transaction, we intend to further optimising the development plans for the Balama Central and Montepuez projects. We are excited to now be in a position to push on with the completion of the Suni acquisition which will enable us to add these projects into the TG portfolio and believe the acquisition of these projects will put the Company in a strong position to progress its ongoing discussions with the electric vehicle sector in addition to others.