![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Forte Energy | LSE:FTE | London | Ordinary Share | AU000000FTE4 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0029 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFTE Quarterly Activities & Cashflow Report Forte Energy NL ACN 009 087 852 28 February 2013 Quarterly Report - December 2012 Forte Energy NL ("Forte Energy" or "the Company") (ASX/AIM: FTE) is an emerging international uranium company focused on the exploration and development of a portfolio of uranium assets in the Republics of Mauritania and Guinea, West Africa. Highlights of 4th Quarter to 31st December 2012 ----------------------------------------------- * Reverse Circulation drilling program completed at the A238 prospect in Mauritania. 28 holes have been drilled, totalling 4,115m. - Assay results from the drilling programme expected in first quarter 2013 - Future work programme plans will be finalised after a review and interpretation of the drill programme results * Guinea licences in full compliance following audit conducted by the Guinean government in 2012. * Forte Energy U3O8 JORC resources (all at a 100ppm cut-off): ---------------------------------------------------------------------------------------- Project Resource Tonnage Grade Contained Category (Mt) (ppm U3O8) U3O8 Mlbs ---------------------------------------------------------------------------------------- A238(i) Inferred 45.2 235 23.4 ---------------------------------------------------------------------------------------- Bir En Nar Indicated 0.5 886 1.0 ---------------------------------------------------------------------------------------- Inferred 0.8 575 1.0 ---------------------------------------------------------------------------------------- Firawa Inferred 30.3 295 19.5 ---------------------------------------------------------------------------------------- Indicated 0.5 886 1.0 ----------------------------------------------------------------- Total Inferred 76.3 262 43.9 ----------------------------------------------------------------- Total 76.8 266 44.9 ---------------------------------------------------------------------------------------- (i) A238NW Anomaly included in the A238 Inferred Resources Progress Commenting on the quarter, Mark Reilly, Managing Director of Forte Energy, said: "The completion of the second tranche of Forte's placement during the quarter and subsequent securing of a discretionary equity financing facility, places the Company in a strong position to further increase its resource base. We continue our work to better understand the highly prospective extensions to the North and South of the A238 Prospect, outside of the current resource, and were pleased to receive confirmation of the full compliance of our Guinea licences with legislation." Corporate During the quarter, the Company completed the second tranche of its placement which shareholders approved at the general meeting held 2 August 2012. Under the placement a total of 177,305,000 shares and 88,642,500 unlisted options were issued, raising more than GBP2.2 million (A$3.4 million) before expenses. The 88,652,500 attaching options granted under the placement are exercisable at 3 pence per share on or before 3 August 2013. One option was granted for each two shares issued under the placement. The shares and options were issued to various institutional investors in North America, the United Kingdom, Asia and Australia. On 1 February 2013 trading of Forte Energy shares on ASX was halted at the request of the Company pending an announcement on the finalisation of certain matters in respect to a potential asset acquisition and/or corporate transaction. While negotiations are continuing on the corporate transactions, the Company announced on 15 February 2013 that it had entered into a GBP10 million Equity Financing Facility with Darwin Strategic Limited, a majority owned subsidiary of Henderson Global Investors' Volantis Capital. The Company expects that it will be in a position to fully inform the market and resume trading on ASX shortly. Republic of Mauritania, West Africa Forte Energy has ten 100% owned licences over 7,000km2 in Mauritania. To view Figure 1: Mauritanian Licences, please open the links in a new window: http://media3.marketwire.com/docs/FORTE0228FIG1A.jpg http://media3.marketwire.com/docs/FORTE0228FIG1B.jpg A238 Prospect Following completion of the high resolution ground magnetic and radiometric surveys by Geophysical consultants SEMS Exploration Ltd of Accra, Ghana in September, it was confirmed that the A238 prospect is structurally controlled within the Zednes shear zone and extends to the north and south. A Reverse Circulation (RC) drilling program was started on the 14th November and continued up until the 14th December, with 28 holes drilled, totalling 4,115m. The drilling programme started to the south of the existing A238 resource, stepping out 200m, drilling 3 holes on each section covering the prospective structure identified in the magnetic survey. Initial indications from observing the RC chip samples and interpretation of the down the hole gamma surveys indicated that the geological structures were similar to those to the north, but with no significant uranium mineralisation. Further to the south the drilling profiles were increased to 400m covering 3km. A total of 13 holes were drilled to the south, all of the holes confirmed the structural extension of the Zednes shear zone to the south, but none of which identified uranium mineralisation. Following completion of the drilling to the south, three holes were drilled outside of the existing resource at the southern end. Narrow mineralised intersections near to surface were identified and assay results are expected in the first quarter of 2013. Twelve holes were drilled to the north of the A238 prospect, outside of the current resource drilled on profiles of 200m and covering 2km to the north. Five of the holes intersected narrow mineralisation both near to surface and a second structure at depth. Assay results are expected in the first quarter 2013. On receipt of the assay results a review of the planned works will be completed. To view Figure 2: A238 Prospect Drilling, please open the link in a new window: http://media3.marketwire.com/docs/FORTE0228FIG2.jpg Republic of Guinea, West Africa Firawa The Firawa Project consists of two 100% owned licences totalling 549km2 which are located approximately 25km to the east of Kissidougou. To view Figure 3: Guinea Licences, please open the links in a new window: http://media3.marketwire.com/docs/FORTE0228FIG3A.jpg http://media3.marketwire.com/docs/FORTE0228FIG3B.jpg Following an audit conducted by KPMG initiated by the Guinean government in 2012, Forte have been notified that the licences are fully compliant with the Exploration legislation. Applications for licence renewals were submitted in July 2012, and are now being reviewed following the audit results. Construction works on a new bridge, that will give all year access to Firawa continued during the quarter. To view the figure accompanying this section of the announcement, please open the link in a new window: http://media3.marketwire.com/docs/FORTE0228FIG4.jpg Mark Reilly Managing Director For further information contact: Mark Reilly, Managing Director Forte Energy NL Tel: +44 (0) 203 3849555 Geoff Nash/Ben Thompson Tel: +44 (0)207 220 0500 Elizabeth Johnson (broking) finnCap Bobby Morse/Louise Hadcocks/Cornelia Browne Buchanan Tel: +44 (0) 207 466 5000 Stuart Laing RFC Ambrian Ltd Tel: +61 (0) 8 9480 2506 (AIM Nominated Adviser to the Company) Forte Energy NL Australia United Kingdom Suite 3, Level 3 3C Princes House 1292 Hay Street 38 Jermyn Street West Perth WA 6005 London SW1Y6DN Ph: +61 (0)8 9322 4071 Ph: +44 (0)203 3847474 Fax: +61 (0)8 9322 4073 Fax: +44 (0)207 2878387 Email: info@forteenergy.com.au Email: info@forteenergy.co.uk Web: www.forteenergy.com.au About Forte Energy Forte Energy is an Australian-based minerals company focused on the exploration and development of uranium and associated bi-products in Mauritania and Guinea in West Africa. The Company has an extensive pipeline of assets and total JORC resources of 76.8Mt @ 266ppm U3O8for 44.9Mlbs contained U3O8 (100ppm cut-off). Its flagship assets are the A238 prospect (23.4Mlbs U3O8) and the Bir En Nar project (2.06Mlbs U3O8) in Mauritania, and the Firawa Project in Guinea (19.5Mlb U3O8). Forte Energy U3O8 JORC resources (all at a 100ppm cut-off): =------------------------------------------------------------------------------------------------------ Project Resource Category M tonnes ppm U3O8 Contained U3O8 Mlbs =------------------------------------------------------------------------------------------------------ A238(i) Inferred 45.2 235 23.4 =------------------------------------------------------------------------------------------------------ Bir En Nar Indicated 0.5 886 1.0 -------------------------------------------------------------------------- Inferred 0.8 575 1.0 =------------------------------------------------------------------------------------------------------ Firawa Inferred 30.3 295 19.5 =------------------------------------------------------------------------------------------------------ Indicated 0.5 886 1.0 -------------------------------------------------------------------------- Total Inferred 76.3 262 43.9 -------------------------------------------------------------------------- Total 76.8 266 44.9 =------------------------------------------------------------------------------------------------------ (i) A238NW Anomaly included in the A238 Inferred Resources Forte Energy's strategy is to target high grade uranium ore bodies and build a low cost West African- focused uranium producer. The Company is quoted on the Australian Stock Exchange (ASX: FTE) and AIM market of the London Stock Exchange (AIM: FTE). For more information, visit www.forteenergy.com.au Note: The information in this report that relates to Exploration Results is based on information compiled by Mr. Bosse Gustafsson, who is a Member of the European Federation of Geologists, a 'Recognised Overseas Professional Organisation' ('ROPO') included in a list promulgated by the ASX from time to time. Mr Gustafsson is a former Technical Director of Forte Energy NL. He has an ongoing role as a consultant to the Company. Mr. Gustafsson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Gustafsson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Mineral Resources at the A238 prospect in Mauritania and at Firawa in Guinea is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr Galen White BSc (Hons) FGS, FAUSIMM, Managing Director and Principal Geologist of CSA Global (UK) ltd. The information in this report that relates to the Mineral Resource at Bir En Nar in Mauritania is based on information compiled by Mr. Bosse Gustafsson of Forte Energy NL and Mr. Neil Inwood of Coffey Mining Ltd. Neil Inwood is the Competent Person responsible for the resource estimation and classification. Mr Inwood is a Fellow of the AusIMM. As Mr Inwood is now no longer employed by Coffey Mining, Coffey Mining has reviewed this information release and consent to the inclusion, form and context of the relevant information herein as derived from the original resource reports for which Mr Inwood's consent has previously been given. Mr. Gustafsson, Mr. Inwood and Mr. White have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Gustafsson, Mr. White and Coffey Mining on behalf of Mr. Inwood consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity =--------------------------------------------------------------------------------------------- FORTE ENERGY NL =--------------------------------------------------------------------------------------------- ABN Quarter ended ("current quarter") =--------------------------------------- ---------------------------------- 59 009 087 852 31 December 2012 =--------------------------------------- ---------------------------------- ---------------------------------- Current quarter Year to date Cash flows related to operating activities A$'000 (6 months) A$'000 ---------------------------------- 1.1 Receipts from product sales and related debtors - - 1.2 Payments for (a) exploration and evaluation (982) (1,539) (b) development - - (c) production - - (d) administration (522) (1,105) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 3 6 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) - - ---------------------------------- Net Operating Cash Flows (1,501) (2,638) =--------------------------------------------------------------------------------------------- Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (4) (16) 1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - - 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - - ---------------------------------- Net investing cash flows (4) (16) ---------------------------------- 1.13 Total operating and investing cash flows (1,505) (2,654) (carried forward) =--------------------------------------------------------------------------------------------- Consolidated statement of cash flows =-------------------------------------------------------------------------------------------- 1.13 Total operating and investing cash flows (1,505) (2,654) (brought forward) =-------------------------------------------------------------------------------------------- Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. (15) 1,380 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings - - 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other - Settlement of Guarantee --------------------------- Net financing cash flows (15) 1,380 =-------------------------------------------------------------------------------------------- Net increase (decrease) in cash held (1,520) (1,274) 1.20 Cash at beginning of quarter/year to date 2,009 1,763 1.21 Exchange rate adjustments to item 1.20 - - --------------------------- 1.22 Cash at end of quarter 489 489 =-------------------------------------------------------------------------------------------- Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities ----------------- Current quarter $A'000 ----------------- Aggregate amount of payments to the parties included in item 192 1.2 ----------------- Aggregate amount of loans to the parties included in item 1.10 0 =--------------------------------------------------------------------------------------------- Explanation necessary for an understanding of the transactions -------------------------------------------------------------------------------------- Salaries and rental of office premises -------------------------------------------------------------------------------------- Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows -------------------------------------------------------------------------------------- Nil -------------------------------------------------------------------------------------- 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest -------------------------------------------------------------------------------------- Nil -------------------------------------------------------------------------------------- Financing facilities available Add notes as necessary for an understanding of the position. ------------------------------------- Amount available Amount used $A'000 $A'000 ------------------------------------- 3.1 Loan facilities Nil N/A ------------------------------------- 3.2 Credit standby arrangements Nil N/A =------------------------------------------------------------------------------------ Estimated cash outflows for next quarter --------------- $A'000 --------------- 4.1 Exploration and evaluation 400 --------------- 4.2 Development - --------------- 4.3 Production - --------------- 4.4 Administration 400 =-------------------------------------------------------------------------------- Total 800 =-------------------------------------------------------------------------------- Reconciliation of cash -------------------------------------------- Reconciliation of cash at the end of the quarter Current quarter Previous quarter (as shown in the consolidated statement of cash $A'000 $A'000 flows) to the related items in the accounts is as follows. =------------------------------------------------------------------------------------------------ 5.1 Cash on hand and at bank 1,908 1,908 --------------------------------------- 5.2 Deposits at call - 101 --------------------------------------- 5.3 Bank overdraft - - --------------------------------------- 5.4 Other (provide details) - - =------------------------------------------------------------------------------------------------ Total: cash at end of quarter (item 1.22) 2,009 2,009 =------------------------------------------------------------------------------------------------ Changes in interests in mining tenements =------------------------------------------------------------------------------------------------ Tenement Nature of interest Interest at Interest at reference (note (2)) beginning of end of quarter quarter =------------------------------------------------------------------------------------------------ 6.1 Interests in mining tenements relinquished, reduced or lapsed =------------------------------------------------------------------------------------------------ 6.2 Interests in mining tenements acquired or increased =------------------------------------------------------------------------------------------------ Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. ----------------------------------------------------------- Total number Number quoted Issue price Amount paid per security up per (see note 3) security (cents) (see note 3) (cents) =------------------------------------------------------------------------------------------------- 7.1 Preference +securities (description) ----------------------------------------------------------- 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions =-------------------------------------------------------------------------------------------------- 7.3 +Ordinary securities 872,894,311 872,894,311 2,250,000 - 25 1 ----------------------------------------------------------- 7.4 Changes during quarter (a) Increases through 3,900,000 3,900,000 1.85 cents 1.85 cents issues Issue for cash (b) Decreases through returns of capital, buy- backs =-------------------------------------------------------------------------------------------------- 7.5 +Convertible debt securities (description) ----------------------------------------------------------- 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted =-------------------------------------------------------------------------------------------------- 7.7 Options (description and Exercise Expiry conversion factor) price date 1,000,000 - 6 pence 1/09/16 4,000,000 - 12.5 cents 14/04/15 88,652,500 - 3 pence 3/08/13 ----------------------------------------------------------- 7.8 Issued during quarter 1,950,000 - 3 pence 3/08/13 ----------------------------------------------------------- 7.9 Exercised during quarter ----------------------------------------------------------- 7.10 Expired during quarter 5,000,000 - 11 cents 31/10/12 3,000,000 - 10 cents 31/10/12 1,500,000 - 20 cents 31/10/12 4,500,000 - 20 cents 23/12/12 =-------------------------------------------------------------------------------------------------- 7.11 Debentures (totals only) =------------------------------------------------------------------ 7.12 Unsecured notes (totals only) ---------------------------- Compliance statement 1 This statement has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here: ........................................ Date: 28 February 2013. Company Secretary Print name: ....Murray Wylie............................... Notes 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent, which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. Forte Energy NL
1 Year Forte Energy Chart |
1 Month Forte Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions