Independent Oil and Gas Plc (LON:IOG) failed to add extra resources to the Skipper project as deeper exploration in the new well found no hydrocarbons.The two exploration targets - the Lower Dornoch and Maureen formations - were the well’s secondary target, and it will now be plugged and abandoned. CLICK HERE
Shares rose to a six month high at around 1.62p, and are up 22% in that period. Shore Capital reckons puts Aminex’s net ‘risked’ asset value at 4.8p a share or £90mln. CLICK HERE
Sierra Rutile’s (LON:SRX) board of directors and major shareholder have accepted a takeover bid from Iluka Resources that values it at £215mln.The Sierra Leone-based mineral sands group received the 36p cash offer on Friday and said 53.4% shareholder Pala Resources had now agreed to the bid. CLICK HERE
Recent sampling work identified a potential gold-bearing corridor 9km north of (LON:CNR) planned mine at La India in Nicaragua. Mark Child, chief executive of tells Proactive Investors the “really high grade at surface is encouraging” for the company, adding that the “significant” find will now be followed up with trenching on the area. CLICK HERE
Providence Resources PLC (LON:PVR) confirmed it has now cleared the decks following its US$70mln funding.The Irish oil firm told investors it has now repaid a US$20mln debt, together with interest, owed to Melody Business Finance. As a result, Melody will now release the security it held (a floating charge over the group’s assets). CLICK HERE
With a new ‘buy’ recommendation and a 50p price target stockbroker finnCap sees more than 100% upside to the current price for Hurricane Energy Plc (LON:HUR). FinnCap analyst Dougie Youngson in a note today highlighted that Hurricane’s Lancaster field is one of the largest undeveloped fields in the UK North Sea. And he added that the field was of “strategic significance” as it promises to open up a new area of production. CLICK HERE
Xcite Energy Limited (LON:XEL) has cautioned there is “material uncertainty” over its financial position as it continues to work on a debt restructuring deal ahead of a September 30 deadline.Bonds issued by a wholly owned Xcite subsidiary back in 2014 were initially due for repayment at the end of June, but as the company did not have sufficient funds a temporary extension was agreed. CLICK HERE
Now that Gulf Keystone Petroleum Limited’s (LON:GKP) bondholders have given the green light to its proposed debt restructuring, the question for soon-to-be minority shareholders is quite simple.Will the new owners stick or twist? Gulf Keystone has today revealed that 82% of bondholders have approved the debt-for-equity swap. It surpasses the 75% acceptance threshold, and, as such, means Gulf Keystone can proceed with plans to reduce its debts by US$500mln to US$100mln. CLICK HERE