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The Markets
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The Markets
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Proactive news summary: 88 Energy, Amur Minerals, Atlantis Res, Brady, Deltex, Eurasia Mining...

A round-up of the significant news in the Proactive universe

Ascent Resources (LON:AST) lived up to its name, soaring on news it had had won an environmental permit to install a gas gathering and separation station at its Petišovci field in Slovenia.

Alaskan oil explorer 88 Energy (LON:88E) was also in demand after saying it had agreed a US$50mln funding deal with Bank of America.

In other funding news, Mosman Oil & Gas (LON:MSMN), the New Zealand and Australia-focused oil explorer, raised £400,000 through a share placing and subscription.

Premier African Minerals (LON:PREM) shares took a step back as finance house Darwin Strategic took possession of 35mln new Premier shares as a result of exercising some warrants at 1.25p a throw.

Sound Oil (LON:SOU), meanwhile, has raised just shy of £3mln through its open offer share sale.

The Mediterranean oil junior confirmed it received acceptances for 15.59mln new shares, which will be issued at 19p each.

Deltex Medical (LON:DEMG) has picked up a UK government grant worth £170,000 to develop further its range of blood monitoring systems.

While those companies informed shareholders of cash coming in, others were notifying their owners of dosh going the other way.

Central Asia Metals (LON:CAML) said it is investing a further US$3mln in Chile-focused company Copper Bay as it completed a pre-feasibility study on the latter’s Chañaral tailing project.

In doing so CAML will increase its holding in Copper Bay to 75%. The money will be used to complete a feasibility study on the asset, which is on a beach, 1,000 kilometres north of country’s capital Santiago.

MX Oil (LON:MXO) teased investors, saying it intends to imminently proceed with an acquisition of a new project, though it has yet to reveal key details.

There was plenty of news from the resources sector on existing projects, such as the titbit from Russia-focused Eurasia Mining (LON:EUA), which revealed Moscow has provisionally approved its application for a licence at its West Kytlim platinum project.

In similar vein, Amur Minerals (LON:AMC), the base metals projects developer, received approval of its Kun-Manie nickel copper sulphide project plan.

“We are ready to move on to the next phase of site evaluation by infill drilling and initiation of the metallurgical test work that will guide us in selecting the specific process design for Kun-Manie. This next phase of project de-risking and assessment will provide an increase in the reserve base necessary to undertake the production decision," said Robin Young, chief executive of Amur.

Somewhat further along the evaluation path is KEFI Minerals’ (LON:KEFI), where the widely anticipated definitive feasibility study (DFS) of its flagship Tulu Kapi project in Ethiopia has burnished its potential to be a low cost mine.

The report, which confirmed the ability to produce 960,000 ounces of the precious metal over the next 13 years, will now be reviewed by the technical consultants to potential lenders.

Kibo Mining (LON:KIBO), meanwhile, has received positive first results from an airborne survey at its Haneti project in central Tanzania, which included identifying a new zone for follow up exploration.

The firm can now identify further priority areas and drill targets similar to those already defined at Mihanza and Mwaka Hills for Ni-Cu-PGM (nickel, copper, platinum group metals) style mineralisation, the firm said.

Armadale Capital (LON:ACP) will re-commence drilling in July at Mpokoto to boost the resources at the gold deposit in the Democratic Republic of the Congo.

An agreement with mining contractor African Mining Contracting Services (A-MCS) has furnished it with US$20mln to finish a definitive feasibility study at Mpokoto and build a mine at the site.

Mandalay Resources (TSE:MND) said production has been suspended at the Cerro Bayo mine in Chile due to a strike.

The union started a legal strike yesterday (Tues) amid "ongoing bargaining efforts to reach a new collective agreement", the firm said in a brief regulatory update.

In the oil sector, LGO Energy (LON:LGO) has revealed a new independent assessment of the Goudron field, in Trinidad, which delivers a five-fold increase in oil-in-place resources.

The new ‘best’ estimate for Goudron was provided by consultant LR Senergy, and it now stands at 805mln barrels of oil in place.

In terms of currently recoverable oil, the new assessment more than doubles proven (1P) reserves within the producing Goudron sandstone and C-sand reservoirs to 1.5mln barrels of oil.

Proved and probable (2P) reserves, meanwhile, increase by almost 60% to 11.37mln barrels.

Range Resources (LON:RRL) shares were wanted as Beijing Sibo Investment Management was revealed as a major shareholder, with an 11.3% stake.

In other oil news, Nostra Terra (LON:NTOG) has appointed former Gulf Keystone executive Ewen Ainsworth as its new chairman.

From oil to palm oil and DekelOil (LON:DKL), which said it expects to report significant production and revenue growth and to report first meaningful full year profits in 2015.

The group continues to focus on increasing output at its Ayenouan project in Ivory Coast.

Away from the resources sector and on to software firm Brady (LON:BRY), which is celebrating a significant contract win.

A glass of wine or two might also have been downed at today's annual general meeting of tidal power player Atlantis Resources (LON:ARL), as the company confirmed progress on the development of the company's flagship MeyGen project is on track for first power in 2016,

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