Paternoster Resources Share Discussion Threads

[sweepie2] 04/6/2015 10:43

Metal Tiger (LON: MTR), the natural resources investing company is pleased to note the announcement today by Ariana Resources plc ("Ariana") (LON:AAU) confirming Forestry Permit Approval has now been received for Ariana's Red Rabbit Gold Project.

Metal Tiger recognises the significance of this news enabling Ariana Resources to proceed to gold mine construction and gold production. The news is of pivotal importance to shareholders in Ariana Resources and that includes Metal Tiger with its 19.45million shares held in Ariana (2.95% of Ariana's issued share capital).


An extract of the Ariana announcement is provided below. The full text can be found at:

Extract of the Ariana Announcement:

FORESTRY PERMIT APPROVAL RECEIVED

Ariana Resources plc ("Ariana" or "the Company"), the Anglo-Turkish gold exploration and development company focused on Turkey, is pleased to announce that it has received confirmation, through its Joint Venture company, Zenit Madencilik San. ve Tic. A.S. ("Zenit"), that the Prime Ministry in Turkey has formally approved its application to the Department of Forestry and Water Affairs ("DFWA") for the Red Rabbit Gold Project ("Red Rabbit") in west Turkey, and that the DFWA has approved the permits subject to the payment of statutory fees.

Highlights:

• Initiation of Kiziltepe mine construction phase at Red Rabbit to follow the issue of forestry permits by DFWA.

• DFWA has confirmed the approval of the permit application, subject to the payment of statutory forestry fees by Zenit within the next three months.

• US$33 million construction finance facility already secured with Turkiye Finans Katilim Bankasi A.S.

• Construction timeline to be announced in due course to specify targeted production timescales.

• Production targeting 21,000 oz gold equivalent per annum in the first five years of the eight year life of mine at Kiziltepe with extension anticipated.


Dr. Kerim Sener, Managing Director, commented:

"This is a significant milestone for Ariana, moving us a step closer to becoming a gold producer. This critical permit approval has been a long time coming but through perseverance and good-faith we have obtained the result we sought and expected. As a result, the construction phase of our Kiziltepe Mine is now just around the corner. I would like to take this opportunity to congratulate our partners, Proccea Construction, for the successful conclusion of this process, the diligence and patience of the JV team, and to thank our shareholders for their support during the past year. Proccea are in the process of compiling a revised construction timeline for our Kiziltepe mine, and I look forward to being able to provide clear guidance to gold production in the coming weeks."

Deniz Aybars, Managing Director, Proccea Construction, commented:

"We are delighted that we can now press on with the development of the Kiziltepe mine, and deliver on our joint objective to become the next Turkish gold mining company. We see significant opportunities for growth in this sector in the years ahead and we value the partnership that we have established with Ariana Resources. This partnership provides the foundations of a unique turn-key approach to the discovery and development of gold projects throughout the region."

[oilbuy] 02/6/2015 07:48

Info on financing would be a welcome !

[oilbuy] 02/6/2015 07:25

Nice surprise RNS. Lacking in detail however very positive.

[sweepie2] 02/6/2015 07:12

Potentially a very lucrative development, I expect a good deal of interest before we see no further updates and the share price to go back down to these levels.

[sweepie2] 02/6/2015 07:09

Joint venture to develop North African oil opportunities

Paternoster Resources plc (AIM: PRS), an investment company focused on the natural resources sector, is pleased to announce that it has entered into an agreement (the "Agreement") with Littoral Oil and Gas Limited ("Littoral"). Littoral is an oil and gas investment company whose principals are experienced in North Africa. Littoral and Paternoster plan to jointly evaluate, acquire and develop oil and gas assets, initially in Algeria. This Agreement is in line with Paternoster's strategy of investing to create companies that can acquire and secure material assets, and then progress as independent entities.

Littoral has already spent the past 12 months evaluating existing subsurface data over the areas where assets will now be sought. Paternoster has incorporated a new company, to be known as Atlas Oil and Gas Limited ("Atlas"), registered in England and Wales. Under the terms of the Agreement, Paternoster shall hold 90% of the ordinary shares in Atlas, with Littoral holding 10%.

Using Paternoster's corporate experience and Littoral's North African expertise, we will work together to acquire assets in known, hydrocarbon-producing basins. All licenses secured by Atlas will be held in a special purpose vehicle, to be incorporated in an appropriate jurisdiction.

Algeria has been selected as an initial focus in North Africa on the basis of its stability, contract terms and excellent infrastructure. Atlas will focus on undeveloped discoveries and shut-in fields within proven petroleum basins. The operational emphasis will be on leveraging technology to keep production costs down, with a quicker path to production and revenues.

It is anticipated that minimal funds will be required to assess the attractiveness of an asset prior to deciding whether to make an investment. Paternoster expects to fund these activities through existing resources.

Nicholas Lee, Chairman of Paternoster, commented:

"This is a great opportunity for Paternoster to get a foothold in the exciting North African oil sector, with partners who have a good deal of experience in the region.

Through working with Littoral, Paternoster will be able to identify assets in North Africa at an early and low cost stage and then, as appropriate, position them to move rapidly up the valuation curve whether through public or private markets as the Company has done with a number of its other i

[gazza102] 02/6/2015 07:09

Jv to African oil sounds good. A bit undervalued this share

[sweepie2] 29/5/2015 07:04

NCT

Update on New Shoats Creek Well and Exercise of Warrants

Further to the announcement of 5 May 2015, Northcote announces that drilling on
Shoats Creek will commence as soon as possible. The Shoats Creek property in
Louisiana has suffered a prolonged period of heavy weather, once this passes
drilling will commence. The Company will inform the market in due course that
the well has been spudded.

Northcote Managing Director Randall Connally said, "Our permitting and other
regulatory requirements to drill a new well at Shoats Creek are all in place
and our drilling contractor is on standby for a break in the historic series of
thunderstorms and rainfall that have inundated parts of Louisiana, Texas and
Oklahoma with flooding this year. Once the weather clears and the ground has
had a chance to dry out, we will be commencing with the new drill immediately."

Exercise of Warrants

In addition, Northcote announces that application has been made for 12.5
million new ordinary shares of no par value to be admitted to trading on AIM
pursuant to the exercise of warrants (the "Warrant Exercise"). The warrants
have an exercise price per share of 0.1 pence.

The 12.5 million new ordinary shares issued pursuant to the Warrant Exercise
will rank pari passu with the Company's existing ordinary shares and admission
to trading on AIM is expected to take place on 1 June 2015 ('Admission').
Following the issue of the new ordinary shares as described above, the issued
share capital of the Company will consist of 6,005,082,327 Ordinary Shares.

[sweepie2] 27/5/2015 07:59

And as per usual silence from PRS

[sweepie2] 27/5/2015 07:43

Excellent news, MTR continues to look a very good investment


Metal Tiger (LON: MTR), the natural resources investing company is pleased to provide an update on drilling progress and announce delivery of the first series of assay results for the Logrosán Gold and Tungsten Joint Venture project in Extremadura, Spain.

Highlights:

Exploration activities under Joint Venture ("JV") progressing well;
€150,000 injected by Metal Tiger to date (able to invest up to €500,000 for 50% JV earn-in interest);
Tungsten mineralisation confirmed by initial assay results;
563m of the planned 5,000m (11%) drill programme complete;
31 holes completed to date;
First batch of External Assay results received from ALS Minerals, for first 6 holes;
Positive results with intersections up to 0.20% WO3, including:
LM001 intersected a drilled width of 2m @ 0.15% WO3 from 19.57m.
LM002 intersected a drilled width of 2m @ 0.16% WO3 from 3.15m and 2m @ 0.20% from 5.15m (an un-weighted average of 4m @ 0.18% WO3).

Cameron Parry CEO of Metal Tiger stated: "It is exciting to be able to report the first set of findings from Metal Tiger's portfolio of Direct Projects and specifically with regard to the drilling campaign underway at Logrosán, in Extremadura, Spain.

The initial focus within this drilling campaign was to identify near surface Tungsten mineralisation and we are delighted to confirm that the work has already achieved this initial objective. The team on the ground are continuing to drill expeditiously and expand our Tungsten mineralisation knowledge at Logrosán.

We look forward to releasing more findings with regard to Tungsten as well as results from the Gold targets in due course."

[maytrees] 22/5/2015 08:31

Good morning Sweepie2 and all

Having added a few it is good to see other buys have lifted the share price slightly.
Doubtless the 2m seller will appear later but presumably an holdings RNs will have to appear soon?

[sweepie2] 21/5/2015 14:26

Management Contract Awarded for Fifth 20MW Project

Plutus PowerGen plc, the AIM listed power company focused on the development, construction and operation of flexible stand-by electricity generation in the UK, announces that it has been awarded two further management contracts, for the construction and operation of 20MW flexible stand-by electricity plants, by Precise Energy Limited and Equivalence Energy Limited being two major customers of Rockpool Investments LLP. Rockpool Investments LLP have invested £3.6 million of equity into each company, which brings the total invested by Rockpool investors into companies to be managed by PPG to £17.8 million.

This agreement brings the total number of management contracts granted to PPG to five, equivalent to 100MW. Under the agreements, PPG will be paid £150,000 per annum by each company for these services in addition to an equity stake of 45% in the capital of each company.

Phil Stephens, CEO of PPG said, "PPG has successfully won management contracts to construct and operate five 20MW sites from five major customers funded by Rockpool Investments LLP in which we have a substantial equity holding in each. We have now achieved equity funding sufficient to fund 50% of our original target of 200MW of flexible stand-by energy in the UK within 10 months of our re-admission to AIM. We believe this is a significant achievement for the Company where we continue to pursue multiple opportunities to develop and expand our business plan and portfolio of energy generation sites across the UK."

[sweepie2] 21/5/2015 14:25

MX Oil plc ('MX Oil' or the 'Company')
Notice of AGM & Posting of Annual Report & Accounts

MX Oil plc, the AIM quoted oil and gas investment company, confirms its Annual Report and Accounts for year ended 31 December 2014 has been posted to shareholders, together with the Notice of Annual General Meeting.

The Annual Report and the Notice of Annual General Meeting are available on the Company's website and can be downloaded from www.mxoil.co.uk.

The Annual General Meeting will be held at 10.00am on Thursday 11 June 2015 at Adams & Remers LLP, Dukes Court, 32 Duke Street St James's, London SW1Y 6DF.

[maytrees] 21/5/2015 10:35

That 2m seller appears to have an unlimited number to sell and no holdings RNS so far

[sweepie2] 19/5/2015 08:05

MX Oil plc, the AIM quoted oil and gas investing company focused on the re-opening Mexican energy sector, is pleased to announce its final results for the year ended 31 December 2014.

Highlights
· Successfully repositioned as an oil and gas investment vehicle
· Participating in the vast re-opening Mexican energy sector
o Secured first class local partner, Geo Estratos, with proven expertise and strong relationship with Pemex
· Focused on acquiring low cost conventional assets in proven hydrocarbon regions
· Bolstered Board with appointment of Pat Mendoza and Sergio Lopez as non-executive directors

MX Oil's Chief Executive Officer Stefan Olivier said, "2014 was a year of significant turnaround for the Company. We have left Astar Minerals behind and have emerged as an oil and gas investment vehicle with exciting prospects ahead. The potential that the re-opening Mexican energy sector has to offer with the help of our highly reputable local partner is vast and with the third phase of bid round one now announced we believe we are a strong bidder in the tender. In the meantime we are constantly evaluating low cost conventional assets in proven hydrocarbon regions in line with our investment criteria. I look forward to providing further updates throughout 2015."

Chairman's Statement
The year under review has seen the management team and Board successfully reposition your company as an oil and gas investment vehicle. Thanks to the steps we have taken, we are confident that MX Oil is now on the cusp of delivering on its first key objective, namely securing assets which we believe have company-making potential.

From an early stage we recognised the reopening of the vast Mexican energy sector for the first time since the 1930s presented an enormous value creating opportunity for international companies such as MX Oil. The numbers speak for themselves. According to the Oil & Gas Journal, as at the end of 2013, Mexico's proven oil reserves stood at approximately 10 billion barrels. Rather than seeing a rise in hydrocarbon output to monetise these enormous reserves, Mexico's production has been on a downwards trajectory for a number of years, thanks to a sustained period of underinvestment and a lack of access to the latest recovery techniques and technologies. It is to reverse this trend that the Mexican Government has opened up the sector to attract foreign capital and expertise.

For MX Oil to be able to participate in what is, for the international sector, an exciting new hydrocarbon play, we had to identify and secure a first class local partner. In Geo Estratos ('Geo') we believe we have just such a partner. Not only does Geo have proven expertise in Mexico's energy sector, it importantly has a long established track record of working closely with Pemex and other operators in Mexico, and also has built a comprehensive database covering all of Mexico's relevant licence areas. We were therefore delighted to have formed a joint venture with Geo during the year through which we are working together to secure concessions in Mexico that meet our investment criteria.

We took the decision early to focus on onshore conventional concessions, specifically those with existing discoveries requiring development, as well as those with mature fields in need of secondary interventions to enhance hydrocarbon recovery rates from the basin. This was taken with a view to positioning MX Oil as a development rather than an exploration company, thereby placing us at the lower end of the risk spectrum. Focusing on proven fields also provides the Company with a faster, more visible, route to generating near term cash flows. By targeting near term production, MX Oil would be able to use the associated cash flows and reserves in the ground as a solid foundation to which additional assets can be added as we look to build a portfolio of high impact development projects. Our focus on conventional fields has an additional benefit that is highly relevant to today's markets. These fields are low cost and therefore require low oil prices to break even. As a result they remain profitable at or below current oil prices and provide a high degree of insulation from the period of heightened oil price volatility we are currently experiencing.

The liberalisation of Mexico's energy regime is a huge undertaking. Importantly post period end the National Hydrocarbons Commission ('CNH') set out a timetable for the third phase of Bid Round 1. This phase is focused on the tender for mature onshore conventional fields in Mexico which require the application of secondary interventions to enhance recovery rates from the basin, as well as previous discoveries requiring development. In all, a total of 29 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be included. As these fields match our criteria, MX Oil is looking to participate in this tender. Pre-qualification of companies participating in the round was announced on 13 May 2015 with final award of contracts due to take place in November 2015. As previously announced by the CNH, those companies that can demonstrate extensive experience in either working with Pemex, the state-owned oil company, or a proven track record of developing onshore fields will be prioritised. This differs from the first two phases of Bid Round 1, where the main criteria were technical and financial. We are therefore confident that with Geo as our partner, our JV will be viewed as a strong bidder in the third tender.

Reflecting the new focus of our company, the composition of our Board was also changed during the course of the year. The appointment of Pat Mendoza and Sergio Lopez as non-executive directors in the second half of the year, both of whom have extensive operational experience on the ground in the Mexican and US onshore oil and gas sectors, complements the Board's existing expertise in operating in London's capital markets. Combined, we believe the Board now has the necessary skillset to build a leading oil and gas company.

Financial Review

The Group made a net loss from continuing activities of £1,149,000 (2013: £51,000) during the year to 31 December 2014.

In March 2014 we successfully raised £1.05 million via the issue of 105,000,000 new ordinary shares at a price of 1 pence per share. A further £2 million was raised in August 2014 through the issue of 66,666,666 new ordinary shares at a price of 3p per share. The Company has no Ordinary Shares held in treasury therefore the total number of voting rights in the Company following the Placing is 201,332,079.

Outlook

With a strong Board and management team, a joint venture in place with a well-connected and respected local oil and gas services partner, and exposure to a vast reopening market which matches our investment criteria and offers multiple opportunities for ground floor entry, the year ahead promises to be a highly exciting one for MX Oil. In addition we remain on the lookout for similar opportunities worldwide that match our investment criteria of low cost conventional assets in proven hydrocarbon regions. We have worked tirelessly on behalf of all shareholders to get MX Oil this far and we will continue to do so, as we look to build on the excellent platform we have put in place and deliver on our objective to create significant value through the acquisition and development of low risk, low cost assets with near term production potential.

Andrew Frangos
Chairman

[113mike] 13/5/2015 21:05

Ok. Can we keep this PRS thread only!

[gotabsirius] 13/5/2015 20:30

No nothing

[113mike] 13/5/2015 20:05

Have they anything to do with HH?

[gotabsirius] 13/5/2015 20:02

Most certainly. Just look at the investments and the cash they have. They are in a perfect position to pick up some cheap assets

[113mike] 13/5/2015 19:56

Big profits to be made in PRS do you think?

[sweepie2] 13/5/2015 16:02

MX Oil plc ('MX Oil' or the 'Company')

Mexico releases Pre-Qualification criteria for onshore fields



MX Oil plc, the AIM quoted oil and gas investment Company, is pleased to announce that the pre-qualification criteria have now been released by the National Hydrocarbons Commission ('CNH') for mature onshore conventional fields in Mexico. This is the third phase of Bid Round one and part of Mexico's energy reform, which is intended to boost domestic oil and gas production by enabling foreign companies to invest in Mexico's Energy industry, ending a 76 year old state monopoly. MX Oil's joint venture company (the 'JVCo') with local operator partner Geo Estratos ('Geo') is anticipated to make an application to pre-qualify for Phase 3 in the coming weeks and, given the announced criteria, is confident that this can be achieved without the need to bring in a production partner.



As part of Phase 3, a total of 26 Land Contract Areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to companies that satisfy the pre-qualification requirements and win the subsequent tender process. MX Oil is primarily focussed on Type 1 blocks, which include onshore fields with estimated resources of around 100 mmboe. The key criteria for the award of Land Contract Areas applicable to the JVCo include:



Experience and technical capacity criteria:

· Experience and technical capacity of the operator. The key managers assigned to conduct the operations must have at least 10 years' experience in the management of oil exploration and extraction projects.

· Experience in the implementation of the industrial management security system and environmental protection. The operator or the assigned personnel must have experience on the implementation and operation of industrial security systems and environmental protection such as OHSAS 18001 (for general security) and ISO 14001 (for environmental protection).



Financial criteria:

· Minimum equity of US$5m for each Type 1 block.

· Joint ventures that do not comply with the US$5m equity threshold will qualify with a minimum equity threshold of US$3m.

· Joint ventures will be required to prove that the operator partner owns at least one third of the capital.



The participants should also present the documents specified in the pre-qualification for AML purposes and the comparative information set forth in the pre-qualification guidelines.



It is the view of the directors that MX Oil's JV with Geo Estratos, JVCo, complies with the experience, technical and financial requirements, meaning that no further equity needs to be raised by MX Oil in order to achieve pre-qualification.



MX Oil's Chief Executive Officer Stefan Olivier said, "I am highly encouraged to see the pre-qualification criteria that CNH has released, as this means that we do not need to bring in a production partner nor do we have to dilute our equity in order to meet any capital criteria at this stage. This is exciting news for our shareholders as it allows us to submit our pre-qualification application and bid for assets which, if successful, would give us considerable ownership with a limited financial outlay.



"I believe that we are in a very strong position in the country, both as an early mover into this space and as one of the most established, in terms of on the ground expertise and experience operating the type of fields being offered in Phase 3. We are in a highly advantageous position due to our JVCo's credentials in satisfying the announced pre-qualification criteria and our extensive proprietary database on the conventional onshore blocks that we are focused on. I firmly believe that in the near term, our JVCo will be able to announce that we have pre-qualified at which point I believe that we will be considered a strong bidder in the forthcoming bid round. Furthermore, I would like to reiterate to our shareholders, that we do not anticipate raising any equity until after we have secured a company making asset or assets and I look forward to updating our shareholders in due course".

[sweepie2] 12/5/2015 20:09

North American Petroleum plc

Withdrawal from ISDX

Following completion of the sale of NAP's North American assets, as set out in
the announcement dated 14 January 2015, and the passing of the resolutions put
to shareholders at General Meetings of the Company on 6 February 2015 and 20
February 2015, the Company has requested ISDX to withdraw the Company's
securities from the ISDX Growth Market with effect from the close of business
on Wednesday 13 May 2015.

[lr2] 12/5/2015 15:26

Metal Tiger make a 5-fold profit on NEW trades.