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Proactive news snapshot: Mosman Oil & Gas, Canadian Overseas Petroleum, 88 Energy …

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Mosman Oil & Gas Limited (LON:MSMN) said three more wells at the Welch project have been worked over in July and restored to production In the first 27 days of July production at Welch was 1,180 barrels, of which 896 barrels was attributable to Mosman. This represents an average aggregate production (before royalties) of around 44 barrels per day. The previous six month average of circa 24 barrels per day had been below well capacity as water injection pump repairs had limited well production.

Canadian Overseas Petroleum Limited (LON:CPOL) (CVE:XOP) has taken a first step towards financing the development of the OPL226 licence offshore Nigeria. COPL’s  50% owned joint venture company Shorecan has agreed a project financing and offtake agreement term sheet for between US$30mln to US$50mln with Mauritius Commercial Bank and commodities trading group Trafigura.

88 Energy Limited (LON:88E) (ASX:88E) and Red Emperor Resource NL (LON:RMP) are to acquire working interests in an oil prospect on the prolific Alaska North Slope. The two companies have executed definitive agreements with Great Bear Petroleum Ventures and Otto Energy to acquire the majority of Great Bear's working interest in the four leases comprising the Western Blocks (ADL 391718; ADL 391719; ADL 391720; ADL 391721) in exchange for drilling a commitment well on the Western Blocks prior to 30 May 2019.

After the big news of its development partnership with Bach BioSciences last week, Avacta Group Plc (LON:AVCT) is to tap the market for £11.4mln. The drugs group is making shares available via subscription and a placing at 25p a pop, 10.5p below last night’s closing price but just 2.45p below the level at which the shares were trading before last week’s big news.

Stem cells specialist Widecells Group PLC (LON:WDC) has launched its innovative insurance product in Spain. It follows a soft roll-out of CellPlan via partner Stem Cell Banco Celulas Madre, a storage service specialist.

Wolf Minerals Ltd (ASX:WLF) (LON:WLFE) has extended its existing bridge facility from £65mln to £69mln, with £2m of the new money available immediately. The move comes as Wolf considers a more strategic long-term restructuring of debt incurred for the construction of the Drakelands tungsten mine in Devon.

Eco (Atlantic) Oil & Gas Limited (LON:ECO) is confident Total will exercise its option to farm-in to the Orinduik Block offshore Guyana. Orinduik is next door to ExxonMobil’s Starbroek block, where 4bn barrels of oil have been discovered so far. Big Pic in January.

Custodian REIT PLC (LON:CREI) has expanded its portfolio with two new property purchases in the towns of Shrewsbury and Stafford. The UK-focused property investment firm said the first acquisition in Shrewsbury was a 19,730 square feet Audi car dealership at the Battlefield Enterprise Park, located 4 miles from the town centre with the unit currently occupied by Lancaster plc, part of the Jardine Motors Group, with nearby occupiers including Volkswagen, BMW, Mercedes-Benz, Renault, and Ford.

Profit for the full year will be in line with market expectations, according to Goldplat plc (LON:GDP). The company produced 35,431 gold equivalent ounces in the year to 30 June, a 17% decrease over the previous year, albeit at higher margins.

Thor Mining PLC (LON:THR) (ASX:THR) has secured a research grant from the Australian government to help fund research of recovery processes at its Kapunda project in South Australia. The AIM-listed miner said the A$2.8mln grant, awarded over a 30-month period, would be used to cover the costs of a demonstration of an In-Situ Recovery (ISR) process as part of its In-Situ Copper and Gold Recovery Trial at the project.

Ironridge Resources Ltd. (LON:IRR) has identified gold in soil anomalies at the Kineta project in Cote d’Ivoire. The anomalies are coincident with artisanal workings, now largely abandoned.

Kibo Mining PLC (LON:KIBO) is to raise £500,000 by placing shares with an investment fund in Ireland at 5.25p a share. The funds from the placing will boost general working capital but more specifically will speed-up the ongoing advanced feasibility studies at the Mabesekwa independent coal-to-power project (MCIPP) in Botswana and at the Benga independent power project (BIPP) in Mozambique following faster-than-expected progress on both projects over the past two months.

Construction and commissioning phases are expected to commence at the Salamanca uranium mine owned by Berkeley Energia Ltd. (LON:BKY) in late 2018 and 2019 respectively, subject to receipt of permits. Berkeley Energia has also recently identified further cost savings amounting to a potential €9mln, through the optimisation of plant capacities, outsourcing of peripheral infrastructure and reducing initial throughput for production from the Retortillo deposit.

Connemara Mining Company PLC (LON:CON), the Irish zinc and gold exploration and development company, said it has received notification that Michael O'Reilly has a beneficial interest in 6,840,000 ordinary share, representing 6.01% of the company's issued share capital with voting rights.


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