JHI, in which Eco acquired a 6.4% stake for US$10mm, completed the Sapote well on the Canje Block in Guyana but with no oil shows in the primary Upper Cretaceous reservoir target. There were oil shows in the deeper exploration targets. The results, once defined, should warrant additional exploration wells to test the deeper sections where the Sapote oil was present. JHI remains fully funded for further wells and furthermore Eco has no obligation to commit any capital towards future drilling at C
Companies: Eco (Atlantic) Oil & Gas Ltd.
Market update - 01/11/2021
Companies: EOG HE1 PHAR REXI
Market update - 31/08/2021
Companies: EOG SOU UJO MSMN REXI
Eco has released its financial results for the 3m to 30 June 2021, with disciplined cost control delivering a strong balance sheet. As of 30 August, Eco had cash of US$7.2mm (including US$0.5mm restricted deposit) and no debt following the close of its US$10mm investment into JHI in June and its US$4.9mm raise through a private placement in July. Eco’s cash burn rate remains low as a result of low exploration spending, G&A and compensation costs. Eco together with its strategic partner and subst
Eco has released its financial results for the 12m to 31 March 2021, with disciplined cost control delivering a strong balance sheet. As of 31 March, Eco had working capital of US$13mm and no debt. In June 2021 it raised a further US$4.9mm through a private placement. The Company materially decreased its total non-exploration expenses for the year, including general and administration expenses and compensation costs by 33%. Eco together with its strategic partner and substantial shareholder Afri
Eco Atlantic reported results for its FY’20 to 31st March 2020. Overall, given the exploration focus of the company, there was nothing materially new in the financial results. The cash position at end Q1’20 was US$18.8mm, meaning that Eco could fund its share of gross expenditure up to US$120mm on its block in Guyana. As a result of the COVID-19 impacts, Eco put in place a cost cutting campaign which is expected to yield US$1mm in savings. Therefore, Eco expects to end 2020 with a cash position
Eco announced yesterday that the Jabillo-1 well in the Canje Block, offshore Guyana, reached its planned target depth and was evaluated but did not show evidence of commercial hydrocarbons. Eco recently acquired a 6.4% interest in JHI with the option to increase its stake to 10% on a fully diluted basis. JHI holds a 17.5% working interest in the Canje Block and was fully carried on the Jabillo-1 well. The well was drilled to test Upper Cretaceous reservoirs in a stratigraphic trap on the block,
Market update - 05/07/2021
Companies: EOG CEG ZPHR
Oil posted its sixth straight weekly gain, the longest winning streak since December, as the standoff between OPEC+ ministers over output dragged on at the alliance's full meeting on Friday. Futures in New York rose 1.7% this week. Most members of the alliance backed a proposal to increase supply and extend the deal into later next year, but United Arab Emirates remains opposed, according to delegates. The ongoing dispute leaves open the possibility of a supply deficit in the global oil market o
Companies: COP COP EOG SEN AOI 88E ADME AEX CASP ENOG GTC HTG LAM I3E PFC SLE SDX UKOG VOG ZOL CVN EQNR EQNR
Market update - 28/06/2021
Companies: EOG LOGP I3E SDX ZPHR MSMN REXI
Eco has subscribed for 5mm new shares in JHI priced at US$2/sh, plus has been issued warrants for 9.2mm shares at a price of US$2/sh. The new shares represent 6.4% of JHI's enlarged basic shares and if the warrants are fully exercised Eco will hold an interest, ceteris paribus, of 10% in JHI on a fully diluted basis. The deal provides near term exposure to high impact exploration but also creates a strategic partnership and the opportunity for future collaboration between the companies, which bo
Market update - 17/06/2021
Companies: EOG HUR I3E
Market update - 15/03/21
Companies: Eco (Atlantic) Oil & Gas Ltd. (EOG:TSX)Union Jack Oil Plc (UJO:LON)
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Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Across a broader market sell off EQTEC have shown resilience and is trading at 1.55p, above its placing in May, up 25% from one month ago.
Companies: EQTEC PLC
Savannah today announces that it is amicably terminating its JV arrangement with Rio Tinto over the Mutamba Minerals Sands project in Mozambique. Savannah has been paid $9.5m (which translates into 0.4p/sh) in cash to relinquish the 20% it has earned in the project and will cease all activity in country. All staff will transfer to Rio Tinto.
Companies: Savannah Resources Plc
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
West Newton planning update
Companies: Union Jack Oil Plc
Savannah Resources has sold its interest in the Mozambique mineral sands project (Mutamba) to JV partner Rio Tinto for $9.5m in cash. The payment has already been made to one of Savannah’s UK subsidiaries.
Given Barroso’s importance and capital requirements over the coming months, we view this as very good news. It allows management to dedicate all its time to Barroso and reduces future SAV equity dilution. Despite the strong lithium price and exceptional performance of ASX and TSX lithium sto
Trinity has received FDP approval from the Ministry of Energy and Energy Industries (MEEI) for the Phase 1 development of the Galeota licence. The submitted development plan has the potential to add additional peak production of c4,000 bopd; however more recent modelling suggests that intra-year peak production could be significantly higher, up to 7,000 bopd. Whilst the current development concept comprises the installation of a low-cost eight well platform (Echo), we note that Trinity is also w
Companies: Trinity Exploration & Production Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets
Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects
Cornish Lithium (Private) – $18m funding package secured from TechMet
Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans
Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa
Phoenix Copper* (PXC LN) – Deep drilli
Companies: HOC HUM PXC PREM CCZ ALL
Q3 2021 results; new Romania drilling planned
Companies: Serinus Energy plc
Companies: Atlantic Lithium Limited.
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.