Proactiveinvestors United Kingdom - Exploration & Production RSS feed http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom - Exploration & Production feed en Sat, 20 Jan 2018 11:19:25 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com action@proactiveinvestors.com Egypt-focused Centamin maintains 2017 guidance despite sharp drop in quarterly output http://www.proactiveinvestors.co.uk/companies/news/176205/egypt-focused-centamin-maintains-2017-guidance-despite-sharp-drop-in-quarterly-output-176205.html Mon, 10 Apr 2017 07:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176205/egypt-focused-centamin-maintains-2017-guidance-despite-sharp-drop-in-quarterly-output-176205.html Rates not Trump steers gold - Numis http://www.proactiveinvestors.co.uk/companies/news/169193/rates-not-trump-steers-gold-numis-169193.html Fri, 18 Nov 2016 12:04:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169193/rates-not-trump-steers-gold-numis-169193.html Frontier Resources advances as it launches new strategy http://www.proactiveinvestors.co.uk/companies/news/122230/frontier-resources-advances-as-it-launches-new-strategy-122230.html Fri, 05 Feb 2016 15:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/122230/frontier-resources-advances-as-it-launches-new-strategy-122230.html Centamin to up production again in 2016 http://www.proactiveinvestors.co.uk/companies/news/121058/centamin-to-up-production-again-in-2016-121058.html Thu, 07 Jan 2016 08:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121058/centamin-to-up-production-again-in-2016-121058.html Mitchell Services has acquisition to reveal http://www.proactiveinvestors.co.uk/companies/news/138980/mitchell-services-has-acquisition-to-reveal-62740.html Mitchell Services (ASX:MSV) shares are in pre-open this morning following the ASX granting the company a trading halt.

Mitchell requested the halt pending acquisition details.

The company had $2.6 million in cash at the end of March 2015.

The halt will last until the opening of trade on Tuesday 9th June 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Jun 2015 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/138980/mitchell-services-has-acquisition-to-reveal-62740.html
Mitchell Services has acquisition to reveal http://www.proactiveinvestors.co.uk/companies/news/138981/mitchell-services-has-acquisition-to-reveal-62740.html Mitchell Services (ASX:MSV) shares are in pre-open this morning following the ASX granting the company a trading halt.

Mitchell requested the halt pending acquisition details.

The company had $2.6 million in cash at the end of March 2015.

The halt will last until the opening of trade on Tuesday 9th June 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Jun 2015 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/138981/mitchell-services-has-acquisition-to-reveal-62740.html
UPDATE - Atlas Development eyes acquisitions as oil groups cut back http://www.proactiveinvestors.co.uk/companies/news/68469/update-atlas-development-eyes-acquisitions-as-oil-groups-cut-back-79749.html -- adds CEO, broker comment, share price-- 

A lower oil price took the gloss of a strong underlying performance  by support services specialist Atlas Development & Support (LON:ADSS).

Atlas said the dip in the oil price has resulted in exploration being cut back and contracts taking longer to be awarded, but its focus is onshore in Africa where steady work is coming through.

The group, which assumed its current form in October when oilfield services groups ALK and Ardan merged, said advanced discussions are underway with a number of possible acquisition targets as part of its buy and build strategy.

“All of the targets in question would provide us with sectorial and geographic diversification, additional visible revenue  and would help build critical mass,” said chief executive Carl Esprey.

He added Atlas was also looking towards geothermal, energy infrastructure, engineering, and facilities management as other potential sales avenues with the pipeline in the geothermal and energy infrastructure sectors described now as  “substantial”. 

Including the results of both ALK and Ardan on a pro-forma basis for a full year, net profits in 2014 were US$4.8mln compared to loss of US$3.7mln, while revenues rose to US$40mln from US$23mln.

On a statutory basis, there was a loss of US$5.8mln in the half year to December.  Cash at the year-end was US$12.8mlm after fund raisings in the UK and Kenya.

Esprey added that the Kenya listing has proved invaluable in building its visibility in the country, where in addition to oil exploration there a number of huge geothermal project underway.

He added that oil work has returned, with a number of projects that were mothballed in December when the crude price tumbled are now on track again and he expects the run rate of business to rise again over the coming year.

Acquisitions will likely be in Kenya or Tanzania he added.  

Cantor Fitzgerald added that the current year will still be one of transition as the two companies bed down together but it will provide a clearer view of the new group.

Atlas has made good progress with organic growth in recent months, announcing new contract gains in Mozambique, Tanzania and Western Sahara. 

The ability to offer a multi-service remote site platform to a wide range of industries should enable it to continue to grow organically. The net cash position will also allow for a range of earnings enhancing acquisitions, said the broker.

On a ratio of underlying earnings to enterprise value of just 0.3 times its estimates for the current year, 'buy' is Cantor’s view with a target price of 14p. Shares rose 6% to 3.58p.

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Tue, 28 Apr 2015 15:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/68469/update-atlas-development-eyes-acquisitions-as-oil-groups-cut-back-79749.html
Atlas Development picks up Western Sahara contract, looks for acquisitions http://www.proactiveinvestors.co.uk/companies/news/67437/atlas-development-picks-up-western-sahara-contract-looks-for-acquisitions-78637.html Oil support services group Atlas Development (LON:ADSS) has won a contract to provide civil engineering supervisory, advanced life support, security and risk advice to a Western Sahara operator.

Atlas now operates in six African countries including Kenya, Ethiopia, Mozambique, Tanzania, Djibouti and Western Sahara.

It was also looking for acquisitions to boost its critical mass using a US$10mln cash balance, it added. 

Carl Esprey, chief executive, said the contract highlighted its ability to execute on new opportunities in additional jurisdictions.

“We operate across a number of sectors, oil & gas, mining, geothermal and infrastructure and I believe Atlas Development is ideally positioned to implement consolidation in the sector and region."

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Wed, 25 Mar 2015 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/67437/atlas-development-picks-up-western-sahara-contract-looks-for-acquisitions-78637.html
Centamin performs solidly, but still dogged by litigation worries http://www.proactiveinvestors.co.uk/companies/news/67344/centamin-performs-solidly-but-still-dogged-by-litigation-worries-78540.html Centamin’s (LON:CEY) gold operation in Egypt appears to be performing rock solidly in difficult conditions although the company continues to be dogged by litigation worries.

It is involved in two actions, one involving the loss of a local fuel subsidy that has the effect of adding US$150 an ounce to production, the other is a long running battle over the agreement governing the tenure of its flagship Sukari concession.

On the latter it says it “continues to believe that it has a strong legal position”.

Centamin reckons it will ultimately benefit from the new law that came into effect last year restricts third parties challenging contracts between the Egyptian government and investors.

“This new law is currently under review by the Supreme Constitutional Court of Egypt,” the firm told investors this morning.

“We are aware of the potential for the legal process in Egypt to be slow and for cases to be subject to delays and adjournments but we remain confident of the merits of the two cases.”

Operationally it had a decent year against a difficult backdrop for the entire industry, with output up 6% at 377,261 ounces of gold – 128,115 ounces were produced in the final quarter.

This year production is expected to grow to 420,000 at a cash cost of U$700 an ounce or an all in sustaining cash cost of US$950 an ounce.

EBITDA fell 29% in 2014 to US$165.4mln, while the final dividend was maintained at 1.99 cents a share – representing a cash distribution of around US$23mln.

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Mon, 23 Mar 2015 07:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/67344/centamin-performs-solidly-but-still-dogged-by-litigation-worries-78540.html
Frontier Resources raises £1.7m and agrees loan with AGR Energy http://www.proactiveinvestors.co.uk/companies/news/67222/frontier-resources-raises-17m-and-agrees-loan-with-agr-energy-78410.html Frontier Resources International (LON:FRI) has raised £1.7mln through a share subscription deal with AGR Energy.

The onshore oil and gas explorer, which has assets in Oman, Zambia and Namibia, will issue shares to AGR at a subscription price of 1p apiece, a 20% premium to last night’s share price. 

The deal will give AGR a 49% stake in the firm and raises £1.7mln worth of funds which will be used on Frontier’s assets in the Middle East and Southern Africa.

AGR is owned by the Kazakhstan’s’ Assaubayev family, long-term investors in natural resources and metals and mining space.

The group already has interests in Goldbridges Global Resources (LON:GBGR) and Kemin Resources (LON:KEM).

As part of the deal, Frontier has granted AGR Energy new warrants to shares at 1p each which can be taken any time during the next five years. This would take AGR’s 56%. 

AGR is provide an immediate £0.2mln loan to provide working capital, which will be repaid upon closing of the equity financing.

Neil Herbert, chairman of Frontier, said: "AGR Energy brings significant oil and gas expertise and experience to Frontier.  

“We look forward to working together as we progress with our existing projects in Oman and southern Africa, and as we evaluate new opportunities."

SP Angel said the deal not only indicates the support for the management team, but is a reflection of the prospectivity Frontier’s underlying assets, especially is Omani acreage.

The broker upgraded its target price to 2.6p and reiterated its ‘Buy’ recommendation.

Shares rose 7% to 0.7p. 


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Tue, 17 Mar 2015 15:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/67222/frontier-resources-raises-17m-and-agrees-loan-with-agr-energy-78410.html
GoviEx expects to obtain mining license for uranium project in heart of Niger this year http://www.proactiveinvestors.co.uk/companies/news/105844/goviex-expects-to-obtain-mining-license-for-uranium-project-in-heart-of-niger-this-year-60339.html GoviEx Uranium (CSE:GXU) expects to be ready to file a mining permit for its flagship African project in 2015 after filing its environmental and social impact assessment (ESIA) with the relevant Nigerien authorities. The ESIA itself serves as a guarantee to investors and the Nigerien government alike that GoviEx intends to meet or exceed international best practices in its exploitation of the Madaouela deposit.

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Tue, 10 Mar 2015 20:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/105844/goviex-expects-to-obtain-mining-license-for-uranium-project-in-heart-of-niger-this-year-60339.html
Atlas Development raises US$5mln from placing in Kenya http://www.proactiveinvestors.co.uk/companies/news/64604/atlas-development-raises-us5mln-from-placing-in-kenya-75455.html Mining logistics specialist Atlas Development (LON:ADSS) has raised US$5mln through a private placement to Kenyan investors and listed its shares in Nairobi.

The money will help develop its support services business in Kenya and the wider East African region. Atlas will be the first company jointly listed on AIM and in Nairobi. The new shares were issued at KES 11.50 per share (8.13p). 

Carl Esprey, chief executive, said the placing received strong interest from Kenyan investors.

“This support for our strategy from the Kenyan investment community has been driven by a robust financial performance and an upswing in revenues over recent months.

“Our cross listing in Kenya will provide investors with a unique opportunity to gain exposure to this sector in East Africa."

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Tue, 16 Dec 2014 08:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64604/atlas-development-raises-us5mln-from-placing-in-kenya-75455.html
Atlas Development raises US$5mln from placing in Kenya http://www.proactiveinvestors.co.uk/companies/news/64604/atlas-development-raises-us5mln-from-placing-in-kenya-75455.html Mining logistics specialist Atlas Development (LON:ADSS) has raised US$5mln through a private placement to Kenyan investors and listed its shares in Nairobi.

The money will help develop its support services business in Kenya and the wider East African region. Atlas will be the first company jointly listed on AIM and in Nairobi. The new shares were issued at KES 11.50 per share (8.13p). 

Carl Esprey, chief executive, said the placing received strong interest from Kenyan investors.

“This support for our strategy from the Kenyan investment community has been driven by a robust financial performance and an upswing in revenues over recent months.

“Our cross listing in Kenya will provide investors with a unique opportunity to gain exposure to this sector in East Africa."

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Tue, 16 Dec 2014 08:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64604/atlas-development-raises-us5mln-from-placing-in-kenya-75455.html
Atlas Development wins first contract in Mozambique http://www.proactiveinvestors.co.uk/companies/news/64170/atlas-development-wins-first-contract-in-mozambique-74981.html Atlas Development & Support Services (LON:ADSS), has won its first support services contract in Mozambique.

The company, which specialises in civil engineering, medical and logistics back up for exploration companies, said the contract was with an international oil company.

Carl Esprey, chief executive, said:  "Atlas Development has its sights set on becoming the turnkey support services company of choice in East Africa, and today's contract with another international oil company not only marks our transition in a new strategic jurisdiction, but also validates Atlas Development's reputation as a quality and international standard operator.

"Mozambique, as with other countries in East Africa including Kenya, Ethiopia and Djibouti, holds a significant amount of potential for us.

"We are therefore pleased to have secured this contract to support our client's entry into Mozambique and believe that this initial agreement will pave the way for a long term strategic presence in the country."

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Wed, 03 Dec 2014 07:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64170/atlas-development-wins-first-contract-in-mozambique-74981.html
Moag soars 200% on "significant mineralization" at Ireland property http://www.proactiveinvestors.co.uk/companies/news/104482/moag-soars-200-on-significant-mineralization-at-ireland-property-58521.html Shares of Moag Copper Gold (CSE:MOG) surged 200 percent after the company said it has confirmed significant molybdenum-copper-silver mineralization at its Mace property in Ireland today.

The company wrapped up a six-hole drilling campaign at the asset, which is located in Galway county in the west of Ireland.

Highlights include intercepts up to 3.1 metres at 0.34% copper, 0.29% molybdenum and 3.43 grams per tonne (g/t) silver and 3.3 metres of 0.37% copper within broad zones of up to 16 metres at 0.14% copper, 0.10% molybdenum and 0.81 g/t silver.

Moag said drilling confirms the mineralized zone extends for over 350 metres along strike, and to a vertical depth of at least 150 metres, remaining open along strike and down dip.

Geological mapping and historic drilling at the site suggests the prospect extends for at least 1,000 metres along a northeasterly geological strike, it added. 

Future drilling next year is expected to extend the dimensions of the prospect both vertically and laterally, according to Moag's statement.

Shares of Moag skyrocketed 200 percent to 18 Canadian cents on the Canadian Securities Exchange on Tuesday. 


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Tue, 02 Dec 2014 19:04:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104482/moag-soars-200-on-significant-mineralization-at-ireland-property-58521.html
Atlas set to achieve revenue target for 2014 http://www.proactiveinvestors.co.uk/companies/news/64038/atlas-set-to-achieve-revenue-target-for-2014-74830.html Atlas Development & Support Services (AIM: ADSS) said it business in East Africa continues to make excellent progress following its restructuring.

It told investors that trading is in line with expectations, with revenue anticipated between US$38mln and US$40mln for the twelve months to December 31. This represents a significant rise from the year before.

The company, formerly known as African Oilfield Logistics, generated US$23mln  in the preceding.

"We continue to make excellent progress on the ground," said chief executive Carl Esprey.

"Reputation is key and due to our restructuring and established business credentials, we are continuing to receive requests for proposals which we hope to convert into major contracts in the coming months." 

Operationally, Atlas continues to support international companies in the Turkana region, in north west Kenya, where customers are advancing resource development programmes, meanwhile in the Lockichar area it is developing a logistics hub.

Atlas is also increasing the amount of civil engineering work, including jobs such as well pad construction and the development of access roads. The broader business plan is to increase the company's service offerings and general capabilities to support resource development.

"The increase of on-ground activity is testament to our much sought after turn-key support service solution, delivered to international standards but by a local company," Esprey added.

"With the work on our logistics hub currently underway, and extensive development activities elsewhere in the region, we believe this will only improve further."

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Fri, 28 Nov 2014 06:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64038/atlas-set-to-achieve-revenue-target-for-2014-74830.html
Atlas Development kicks off Kenya private placement http://www.proactiveinvestors.co.uk/companies/news/63855/atlas-development-kicks-off-kenya-private-placement--74617.html AIM-listed Atlas Development (LON:ADSS) kicked off its private placement process in Kenya today after it unveiled plans for a duel listing earlier this month.

Shares in the company will soon be available both in London and on the Nairobi Securities Exchange, under the Growth Enterprise Market Segment (GEMS).

The Kenya listing is being established via a private placing offered solely in Kenya, selling up to 10% of the enlarged share capital. The funding is expected to end by late December.

"Our proposed dual listing in Kenya is central to our future strategy and commitment to building a substantial, sustainable and profitable company based in East Africa,” said chief executive Carl Esprey.

“We already employ more than 600 Kenyans across our current operations, and we are keen for this number to grow as we expand our service offering, geographic reach and client roster in the region. 

“Combining international expertise and accreditation with a strong Kenyan identity, highlighted by our upcoming listing on GEMS, is a key differentiator for Atlas Development, and we will continue to leverage our unique service offering to more major oil & gas companies across East Africa."

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Fri, 21 Nov 2014 14:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63855/atlas-development-kicks-off-kenya-private-placement--74617.html
GoviEx in “perfect position” to capitalize on uranium market rebound http://www.proactiveinvestors.co.uk/companies/news/104152/goviex-in-perfect-position-to-capitalize-on-uranium-market-rebound-58089.html GoviEx Uranium (CSE:GXU) is navigating in a tough market like many other uranium developers, but the company has the unique advantage of not only a stellar project, but also the flexibility to stand back and wait for the market to rebound as predicted.

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Wed, 12 Nov 2014 12:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104152/goviex-in-perfect-position-to-capitalize-on-uranium-market-rebound-58089.html
Atlas Development & Support Services to add Kenya listing http://www.proactiveinvestors.co.uk/companies/news/63361/atlas-development-support-services-to-add-kenya-listing-74030.html Atlas Development & Support Services (LON:ADSS)  - formerly African Oilfield Logistics - confirmed it will list its shares in Kenya on the Nairobi Securities Exchange, under the Growth Enterprise Market Segment (GEMS).

"Our proposed dual listing in Kenya is central to our future strategy and commitment to building a substantial, sustainable and profitable company based in East Africa,” said chief executive Carl Esprey.

“We already employ more than 600 Kenyans across our current operations, and we are keen for this number to grow as we expand our service offering, geographic reach and client roster in the region.  

“Combining international expertise and accreditation with a strong Kenyan identity, highlighted by our upcoming listing on GEMS, is a key differentiator for Atlas Development, and we will continue to leverage our unique service offering to more major oil & gas companies across East Africa."

The second listing will be established via a private placing offered solely in Kenya, selling up to 10% of the enlarged share capital. The funding is expected to take place by the end of December.

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Wed, 05 Nov 2014 14:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63361/atlas-development-support-services-to-add-kenya-listing-74030.html
Centamin PLC cuts production guidance for Sukari http://www.proactiveinvestors.co.uk/companies/news/63349/centamin-plc-cuts-production-guidance-for-sukari-74016.html Shares in Egyptian gold miner Centamin (LON:CEY) lost their lustre after it reduced production guidance for its Sukari gold mine.

The company now expects full year production will be between 370,000 and 400,000 ounces, down from the previous forecast of 420,000 ounces.

Last year, the mine produced 356,943 ounces.

The reduction is primarily due to reduced plant output in October and lower than expected grades in the fourth quarter from underground development ore.

Open pit mining continues to see an improvement in average ore grade for the fourth quarter compared with the third quarter, the company said, and it also flagged up the recently approved increase in the use of ammonium nitrate, which has increased material movements from the open pit.

Further increases in average plant throughput rates are expected during the remainder of this year and into 2015 as the expanded 10mln tonnes per annum process plant continues to be optimised.

Shares in Centamin were down 8% at 48p in late-morning trading.

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Wed, 05 Nov 2014 10:04:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63349/centamin-plc-cuts-production-guidance-for-sukari-74016.html
Africa Oilfield Logistics becomes Atlas Development & Support Services http://www.proactiveinvestors.co.uk/companies/news/63186/africa-oilfield-logistics-becomes-atlas-development-support-services--73823.html Atlas Development & Support Services (LON:ADSS), formerly Africa Oilfield Logistics (LON:AOL), has completed its change of name, it told investors.

It comes after AOL shareholders approved the acquisition of Ardan Logistics Kenya in a transaction that is classed as a reverse takeover.

Atlas chief executive Carl Esprey said: "I am delighted to confirm our formal change of name, which marks a new chapter in the development of the company and our operations across Africa.  

"During the course of 2014 our business has been systematically recalibrated to provide a scalable foundation for a highly efficient, profitable business which delivers world-class services to our ever expanding roster of clients. 

"Demonstrable positive results have been achieved in the past nine months and I believe that under the new Atlas Development brand, we will continue this positive trajectory into 2015 and beyond and be well positioned to execute our vision of becoming the most professional, efficient and profitable turn-key development and support services group in Africa."

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Tue, 28 Oct 2014 08:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63186/africa-oilfield-logistics-becomes-atlas-development-support-services--73823.html
Mitchell Services cashed up for growth http://www.proactiveinvestors.co.uk/companies/news/138978/mitchell-services-cashed-up-for-growth--58521.html Mitchell Services (ASX:MSV) is positioned for future growth with the recent settlement of its $20.2 million underwritten capital raising.

This follows the acquisition of Tom Browne Drilling Services earlier this month that makes it one of the largest drilling services providers in Eastern Australia by rig count.

It now has 58 rigs, twice as many as it owned before the acquisition, with 21 of these being Tier 1 rigs.

The company has also acquired a drilling contract through to December 2015 with a Tier 1 mining company.

Operations on site are progressing safely and efficiently.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/138978/mitchell-services-cashed-up-for-growth--58521.html
Mitchell Services cashed up for growth http://www.proactiveinvestors.co.uk/companies/news/138979/mitchell-services-cashed-up-for-growth--58521.html Mitchell Services (ASX:MSV) is positioned for future growth with the recent settlement of its $20.2 million underwritten capital raising.

This follows the acquisition of Tom Browne Drilling Services earlier this month that makes it one of the largest drilling services providers in Eastern Australia by rig count.

It now has 58 rigs, twice as many as it owned before the acquisition, with 21 of these being Tier 1 rigs.

The company has also acquired a drilling contract through to December 2015 with a Tier 1 mining company.

Operations on site are progressing safely and efficiently.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Oct 2014 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/138979/mitchell-services-cashed-up-for-growth--58521.html
Africa Oilfield Logistics' shareholders approve Ardan acquisition http://www.proactiveinvestors.co.uk/companies/news/62939/africa-oilfield-logistics-shareholders-approve-ardan-acquisition-73534.html Africa Oilfield Logistics (LON:AOL) said its acquisition of Ardan Logistics Kenya was approved by shareholders today.

This means it will take full control of the firm, from 49% previously, in a transaction that is classed as a reverse takeover.

The registration of the firm's change of name - to Atlas Development & Support Services -  is also expected to take place shortly and a further announcement will be made, the company said.

Chief execuitive Carl Esprey told investors: "I am delighted that shareholders have supported our decision to acquire ALK. We now have in place the operational, regional and corporate experience and expertise to rapidly expand our service lines across a broad geographic area, and to bring our turn-key support services to clients operating within the booming East African exploration and development industries, under our new branding of "Atlas Development & Support Services".

"A key element to our ongoing success will be our ability to maintain an East African identity.

"Combining this local presence with high quality, international standard services is of fundamental importance to us, and we are committed to this as we seek to grow Atlas Development & Support Services into an industry leader."

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Wed, 22 Oct 2014 14:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62939/africa-oilfield-logistics-shareholders-approve-ardan-acquisition-73534.html
Africa Oilfield Logistics to become the first AIM-quoted group to list in Kenya http://www.proactiveinvestors.co.uk/companies/news/62628/africa-oilfield-logistics-to-become-the-first-aim-quoted-group-to-list-in-kenya-73175.html Africa Oilfield Logistics (LON:AOL) said it will list its stock in Kenya.

Up to 10% of its equity will be offered via an introduction and private placing of shares to be traded on the growth enterprise market segment of the Nairobi Securities Exchange.

In doing so this AOL will be the first AIM-listed group to join the Kenyan bourse.

Chief executive Carl Esprey said: “We expect that by taking this opportunity we will further align the company with the strong regional growth currently ongoing and demonstrate in a tangible way our commitment to operating in both Kenya and the East African region as a whole.”

AOL has its headquarters in Nairobi, with other local offices, and has a workforce of around 900, of which less than 5% are expats.

Last month the group, which is well funded with £5.4mln in the bank, said it is taking full control of its main business Ardan Logistics.

Since acquiring its 49% interest, AOL has recapitalised and restructured Ardan, making it more efficient and scalable, and has expanded the service offering.

The opportunity on the company’s doorstep is huge. In Kenya and Uganda almost US$21bn will be needed to develop their respective oil industries. The big finds onshore in the former suggests the transformation could be very rapid.

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Mon, 13 Oct 2014 07:55:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62628/africa-oilfield-logistics-to-become-the-first-aim-quoted-group-to-list-in-kenya-73175.html
Centamin shares lifted as gold output rises from Sukari mine http://www.proactiveinvestors.co.uk/companies/news/62552/centamin-shares-lifted-as-gold-output-rises-from-sukari-mine-73087.html Shares in Egypt-focused gold miner Centamin (LON:CEY) were lifted as it revealed it produced 15% more gold in the third quarter from its Sukari gold mine than in the previous three months this year.

The firm mined 93,624 ounces of the yellow metal in the three months to end September - compared to 81,281 in the second quarter this year.

The expanded plant achieved nameplate capacity of 10Mtpa (million tonnes per year) during the quarter, with the potential for throughput rates to increase further during the coming quarters as the new plant is fully optimised.

Josef El-Raghy, chairman, said: "The ramp-up in productivity from the process plant continued during the quarter, and achieved the expanded 10Mtpa nameplate capacity in September with a record 882,443 tonnes milled, in line with our expectation.

"Underground mining rates remain strong and ore grades have returned to expected levels. With scope for further increases in plant throughput during the coming quarters, and with average grades set to further increase in Q4, we maintain our full year production guidance and continue to look forward to delivering Sukari's long-term target of 450,000-500,000 ounces per annum from 2015 onwards."

Shares rose 4.85% to 60.55p.

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Thu, 09 Oct 2014 08:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62552/centamin-shares-lifted-as-gold-output-rises-from-sukari-mine-73087.html
Africa Oilfield Logistics triggers option to take full control of Ardan http://www.proactiveinvestors.co.uk/companies/news/62129/africa-oilfield-logistics-triggers-option-to-take-full-control-of-ardan-72643.html Africa Oilfield Logistics (LON:AOL) is exercising an option to take full control of Ardan Logistics Kenya – taking its stake from 49% under a deal agreed before the business listed earlier this year.

Under AIM rules the transaction is classed as a reverse takeover.

It will also result in a boardroom shake-up with Phil Edmonds and Andrew Burns departing and Lachlan Monro and Barry Lobel appointed chief operating officer and chief financial officer respectively.

Thirty five-year-old qualified accountant Lobel was previously director of finance at Partners Capital, a US$13bn global private investment office.

Meanwhile, former Army officer Monro, 41, was previously principal and chief operating officer of Blue Hackle Group, an international risk management and support services company. He was also a former director of Kroll Associates.

The plan is the change the company’s name to Atlas Development & Support Services.

Chief executive Carl Esprey said: “The acquisition of the entirety of Ardan's operations is the next step in the company's objective of becoming the leading professional, efficient and profitable turn-key development and support services group in sub-Saharan Africa.

“Under the new branding of  Atlas Development & Support Services, we intend to take a joined-up approach to the expansion and delivery of our industry-leading services, extending the current contract base, new business pipeline and geographic reach of operations and further enhancing the revenue generation of the group."

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Fri, 26 Sep 2014 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62129/africa-oilfield-logistics-triggers-option-to-take-full-control-of-ardan-72643.html
Mitchell Services raises funds for acquisition of drilling assets http://www.proactiveinvestors.co.uk/companies/news/138976/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html Mitchell Services (ASX:MSV) has raised $11.7 million through an entitlement offer as part of a broader $20.2 million capital raising to fund the acquisition of Tom Browne Drilling Services.
   
Proceeds will also be used to meet working capital requirements and to retire debt.

The company had received applications for 247.6 million shares priced at $0.035, or a total of $8.7 million, from shareholders and applications for additional shares under the top up facility of about $1.1 million.

The shortfall of 61.1 million shares will be allotted to the sub-underwriters.

This follows the successful completion of the first tranche institutional placement completed on 22 August 2014 raising about $1.5 million. Shareholder approval has also been obtained for the second tranche institutional placement to raise $7 million.

The acquisition of Tom Browne strengthens its market presence by adding 29 drilling rigs to Mitchell’s fleet, bringing it up to 58.

It also increases the number of Tier 1 rigs to 21 from 8.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Sep 2014 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/138976/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html
Mitchell Services raises funds for acquisition of drilling assets http://www.proactiveinvestors.co.uk/companies/news/138977/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html Mitchell Services (ASX:MSV) has raised $11.7 million through an entitlement offer as part of a broader $20.2 million capital raising to fund the acquisition of Tom Browne Drilling Services.
   
Proceeds will also be used to meet working capital requirements and to retire debt.

The company had received applications for 247.6 million shares priced at $0.035, or a total of $8.7 million, from shareholders and applications for additional shares under the top up facility of about $1.1 million.

The shortfall of 61.1 million shares will be allotted to the sub-underwriters.

This follows the successful completion of the first tranche institutional placement completed on 22 August 2014 raising about $1.5 million. Shareholder approval has also been obtained for the second tranche institutional placement to raise $7 million.

The acquisition of Tom Browne strengthens its market presence by adding 29 drilling rigs to Mitchell’s fleet, bringing it up to 58.

It also increases the number of Tier 1 rigs to 21 from 8.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 24 Sep 2014 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/138977/mitchell-services-raises-funds-for-acquisition-of-drilling-assets--57779.html
IPB Petroleum schedules Pryderi-1 oil well spud http://www.proactiveinvestors.co.uk/companies/news/156897/ipb-petroleum-schedules-pryderi-1-oil-well-spud-57697.html IPB Petroleum (ASX:IPB) should trade higher after the WA-424-P Joint Venture (IPB 75%; CalEnergy 25% and Operator) received notice from the rig contractor that the estimated commencement date for the Pryderi-1 rig contract is 17 October, 2014.

Subject to current operations at the Puffin field located 120 kilometres to the north, and based on the estimated mobilisation date, the Stena Clyde semi-submersible rig will arrive on location on or around the 19 October.

Pryderi-1 is a relatively shallow well and could intersect the target reservoir before the end of October. There will then be an additional 3 or 4 days of logging.

The Pryderi prospect is estimated by IPB to have High, Best and Low Prospective Resources of 78 MMbbls, 32 MMbbls, and 12 MMbbls respectively.

It lies in 75 metres of water, 10 kilometres away from the permit’s existing Gwydion oil discovery. If IPB has success at Pryderi, the follow up potential across IPB’s three permits is significant.

That IPB’s farm-in partner CalEnergy Resources, is a subsidiary of MidAmerican Energy Holdings Company is also generating interest, as MidAmerican is 89% owned by Waren Buffett’s Berkshire Hathaway.

CalEnergy has an option to increase their interest in the whole of WA-424 Permit to 60% within 3 months of drilling the Pryderi well by spending an additional $32.4 million, less the cost of drilling the Pryderi well.

IPB's assets have links to other big names also, as they neighbour Shell’s Prelude field and the Woodside-operated Browse project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 19 Sep 2014 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/156897/ipb-petroleum-schedules-pryderi-1-oil-well-spud-57697.html
Centamin shares must do this one thing to hit 200p http://www.proactiveinvestors.co.uk/companies/stocktube/6673 Shares in Centamin PLC (LON:CEY) have held fairly steady between the 135p and 145p mark over the past few months since coming down from their August highs.

“The shares peaked out in August just above 180p, [falling] back towards the 200-day moving average around the 135p level. This should be the support area,” Mir tells Proactive.

“We’ve also got an uptrend line which has been in place since February last year heading towards 120p. So basically, while above 120p we should head back towards the top of the triangle at 160p.

The ‘King of Charts’ Zak Mir reckons the Egypt-focused gold miner’s stock can even break through the 200p barrier if they manage to do this one thing.

“A weekly close above 160p is really required to get the big target towards 200p and beyond, which clearly the gold bugs will be looking for.”

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Wed, 04 Jan 2017 11:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6673
Centamin shares to rally if gold stays above US$1,200 http://www.proactiveinvestors.co.uk/companies/stocktube/6391 Technical analyst Zak Mir thinks shares in gold miner Centamin PLC (LON:CEY) could rally as long as the gold price maintains its position above the US$1,200 level.

The stock gathered a lot of momentum in the run-up to the election, although Donald Trump’s election appears to have left a lot of investors out of pocket.

“I was noting before the election that people were piling into Centamin, pushing it through 160p and then all of sudden – when [Trump] won, it went all the way back down again,” Mir tells Proactive.

“So people were really wrong-footed, they were looking for Centamin to go higher.”

Mir explains that this weakness might represent a good buying opportunity for investors as long as the gold price plays ball as well.

“The uptrend has still remained intact and I think as long as gold remains above the US$1,200 level we should be ok.”

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Tue, 15 Nov 2016 11:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6391
Africa Oilfield Logistics CEO outlines catalysts http://www.proactiveinvestors.co.uk/companies/stocktube/2568 The chief executive of Africa Oilfield Logistics (LON:AOL), Carl Esprey, spells out what catalysts investors can look forward to in the coming months. These include new contract wins, continued regional expansion and possible bolt-on acquisitions. Esprey explains how the company can support oil and mining projects, as well as in some instances even refugee and military camps.

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Thu, 10 Jul 2014 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/2568
Int'l Western Petroleum looking to unlock the potential of West Texan acreage http://www.proactiveinvestors.co.uk/companies/stocktube/2085 Dr. Benjamin Tran, Chairman of International Western Petroleum (GXG:IWPO), talks of his excitement at the start of a new four-well programme in the prolific oil producing region of the US (named the Bend Arch), which he hopes will unlock the full potential of the firm's acreage in West Texas. Drilling gets underway early next month.

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Fri, 22 Nov 2013 11:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/2085
Frontier Resources International moves ahead after AIM listing http://www.proactiveinvestors.co.uk/companies/stocktube/1886 Frontier Resources International (LON:FRI), tells Proactiveinvestors that the company is in the early stages in building oil and gas interests in Oman, Zambia and Namibia. Jack, one of the team at Frontier that originally built Circle Oil, says now is a great time to get into FRI at 'an early stage' and by this time next year the team will have 'moved ahead considerably' at the existing three projects and will also be looking further afield for new ventures. ]]> Tue, 30 Jul 2013 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/1886 Centamin highlights Q4 beating forecast and issue of tenure http://www.proactiveinvestors.co.uk/companies/stocktube/1522 Centamin Egypt (LON:CEY TSE:CEE PINK:CELTF) tells Proactiveinvestors that despite the headwinds of the questions surrounding security of Tenure and the disruption of fuel to the working at its flagship asset in Egypt the company has managed to beat consensus estimates for Q4 and produce record gold production for not just the quarter but also for the year as a whole. On the subject of tenure, Andy explains that issues remain but that there's a confidence that the company will prove its ownership. Andy also discusses the year coming up. ]]> Thu, 10 Jan 2013 07:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/1522