The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Atlantic Lithium Ltd - African-focused lithium exploration and development company - Announces mineral resource estimate upgrade to 35.3 megatonnes at 1.25% lithium oxide, including 28 megatonnes in the measured and indicated categories at the Ewoyaa deposit. Adds that 79% of the overall mineral resource estimate is now in the higher confidence categories. Says the definitive feasibility study is well progressed, and targeted for release in the second quarter of 2023.
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Macau Property Opportunities Fund Ltd - Guernsey-based, China-focused investment company, dedicated to investing in Macau - Says China’s former zero-Covid strategy continues to impact firm. Remains focused on the divestment of all remaining assets, and is exploring all possible options to execute this strategy. Has agreed to roll the terms of the investment management agreement with its manager, effective from January 1, 2023.
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Kefi Gold & Copper PLC - London-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia - Prepares for potential dual listing on Saudi Exchange in Riyadh. Executive Chair Harry Anagnostaras-Adams says: ‘With our Jibal Qutman gold project at the definitive feasibility study stage and the Hawiah copper gold project at the preliminary feasibility study stage, with potential production commencing in Saudi in 2025, we believe now is the ideal time to plan a dual-listing at the appropriate time and expect a positive reception for what would be the first pre-production miner and only the third mining company to list on the Saudi Exchange.’
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Arrow Exploration Corp - Operator with a portfolio of assets across key Colombian hydrocarbon basins - Says HP drilling rig has arrived at Rio Cravo Este in Columbia. Plans to spud first of three infill wells in next five days. The wells are expected to take 12 days to drill and a further 10 days to bring on-stream. Arrow expects RCE-4 and RCE-5 will be drilled immediately following RCE-3. Plans to drill two additional wells into the Gacheta Sandstone reservoir in the fault bounded RCE structure. Says average January corporate production was 1,800 barrels of oil per day. At December 31, Arrow’s cash balance was $13 million.
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UK Oil & Gas PLC - London-based exploration and production company focused on the UK and Turkey - Says North Sea Transition Authority has granted its consent to a modified PEDL234 Retention Area work programme. The revision will allow it to focus licence activities on the acceleration of the planned appraisal campaign of its material 100%-owned Loxley gas discovery. UK Oil has agreed to begin the Loxley-1 appraisal well by June 30, 2024.
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