Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) is seeing “operational success” on the Tapir Block in the Llanos Basin of Colombia, according to analysts at Canaccord Genuity (TSX:CF, LSE:CF).
The energy firm reported earlier that its second well in the company's 2023 drilling programme at the Rio Cravo Este field (RCE) on the Tapir licence reached total depth (TD) at 8,053 feet true vertical depth (TVD).
Empire Metals has raised £1.25mln before expenses through a placing at 2.25p each to accelerate its plans at the Pitfield copper project in Western Australia.
With the placing funds, Empire said it is now fully funded for an expanded maiden drilling campaign at Pitfield.
Pan African Resources’ shares should run strongly, believes Peel Hunt, after the gold producer completed financing for the Mintails project.
Analysts believed that the potential need to turn to the market to complete the financing was “weighing heavily on the share price.”
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has provided an update on the drilling activity at Rio Cravo Este (RCE) oil field on the Tapir Block in the Llanos Basin of Colombia, noting that the RCE-4 well was spud on March 1, 2023, and reached total depth on March 8, 2023.
In a statement, Marshall Abbott, CEO of Arrow commented: "RCE-4 was drilled quicker than any other well on the Rio Cravo structure to date. The team's growing experience with the play is resulting in more efficient operations and lower costs. The log results of RCE-4 are in line with our expectations for the well. This is the fifth well drilled by Arrow on the Tapir block and it has confirmed the continuity of oil-bearing intervals seen in adjacent wells.
Roquefort Therapeutics PLC (LSE:ROQ, OTCQB:ROQAF) said it has no exposure to Silicon Valley Bank (SVB).
The collapse of the US lender has affected a number of technology and life sciences companies listed here in the UK.
Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has requested a temporary suspension of trading in its shares on AIM as it assesses the impact to the business of the collapse of Silicon Valley Bank (SVB).
Of the US$13.9mln of cash it had at the end of last month, US$1.5mln was in a Wells Fargo account, while US$12.4mln was with SVB.
Ariana Resources PLC (AIM:AAU) has released positive results from an induced polarisation resistivity geophysical survey conducted at the Kepez North and Kepez Main areas of the Kiziltepe Sector project in Turkey.
Both Kepez Main and Kepez North are part of Zenit Madencilik, held in partnership with Proccea Construction and Ozaltin Holding. Zenit Madencilik is 23.5% owned by Ariana.
Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) said it has completed a 400mln rand (US$21.6mln) transaction with Rand Merchant Bank (RMB), a division of FirstRand Bank Limited, as the final component to the funding package for construction of the Mintails Project.
Following the successful issue of the group’s inaugural Domestic Medium Term Note programme of 800mln rand (US$43.2mln) in December 2022, and receipt of a 1.3bn rand (US$70.3mln) credit approved and underwritten term sheet from RMB for the senior debt tranche of Mintails Project funding, the full upfront capital of 2.5bn rand (US$135.1mln) has been secured with the transaction.
Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) has said the proposed sale of La India project in Nicaragua is now entering the end of its first phase, with various parties having conducted site visits and others ongoing.
Three formal expressions of interest, including two non-binding offers have been received by the company, and further offers are expected as nine companies are under a non-disclosure agreement.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it has identified significant copper mineralisation at Xarxar in the Gadabay region of Azerbaijan and an initial exploration model of the mineralisation has been prepared
The AIM-listed gold, copper and silver producer, which is primarily focused in Azerbaijan, noted that a geological block model and open pit mining study are currently being developed and will be published in the coming weeks.
Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF), the developer of novel immunotherapies for treating cancer and infectious disease, has confirmed that it has no banking relationship with either Silicon Valley Bank (SVB) or Silicon Valley Bank UK, and therefore no cash on deposit in them.
This announcement follows the closure of SVB by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, and the statement by the Bank of England noting that it has placed SVB UK into resolution.