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The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Amaroq Minerals Ltd - Greenland-focused gold mining company - Completes £30 million capital fundraising to accelerate metals portfolio development. Notes ‘promising’ copper, molybdenum, gold and discovery at Sava project, where it says drilling is completed, alongside completed drilling at Vagar Ridge projects. Expects results in the fourth quarter of 2022. Plans further exploration and drilling for 2023. Adds that planning of Nalunaq bulk sampling is beginning to optimise development as says that results of 28 grammes of gold per tonne for a total of 320,000 ounces of gold confirm it is within the global top 2% of deposits in terms of grade.
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Arrow Exploration Corp - Calgary, Canada-based oil and gas company - In the third quarter to September 30, earnings before interest, tax, depreciation and amortisation jump to £4.7 million from £966,234 a year prior. Corporate production climbs to 1,503 barrels of oil equivalent from 575. Adds that it will start drilling new wells at the end of the year. Notes it is on track to achieve 3,000 barrels of oil per day in 18 months of AIM Listing, which would fall in the first half of 2023 as it had its initial public offering in October 2021. Says that East Pepper production in Canada fell to 7 million standard cubic feet per day in the third quarter but is now stable. Receives approval to proceed with 100 square metre Tapir Seismic programme in Colombia. ‘The company’s plans are to explore the east half of the Tapir block with a second seismic shoot in 2024,’ says Chief Executive Officer Marshall Abbott.
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Orcadian Energy PLC - North Sea focused oil and gas development company - Signs memorandum of understanding with SLB, which it says will deliver core services for the wells on Orcadian’s pilot project. SLB is the biggest offshore drilling contractor in the world according to Bloomberg. Orcadian’s pilot project is currently planned to be developed with 34 wells with an envisioned three billion barrels of viscous oil discoveries in the UK Continental Shelf.
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Oriole Resources PLC - London-based, West-Africa focused exploration company - Announces talks with the Mining Ministry of Cameroon about the suspension of three Western Central Licence package project licenses. Expects to announce maiden mineral resource estimation before the end of 2022. Chief Executive Officer Tim Livesey says: ‘We are delighted to have mobilised the teams and be active again at the beginning of the field season, following the end of the rains in Cameroon. The work underway to upgrade the Bibemi JORC Exploration Target into a JORC Resource is a very significant step for Oriole and for the developing exploration sector in Cameroon. To our knowledge, this discovery and transformation of an exploration asset into a maiden JORC MRE will be the first internationally-accredited Mineral Resource for orogenic gold targets in Cameroon.’ Bibemi refers to the eponymous gold orogenic project in the north of Cameroon, while the Central License Package project is in central Cameroon.
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