21 December 2017
AKTOGAY EXPANSION PROJECT APPROVED
· $1.2 billion expansion project approved to double sulphide ore processing capacity at Aktogay from 2021
· Annual copper production from sulphide ore to increase to 170 kt from 2022 to 2027 and 130 kt thereafter
· Net cash cost guidance to 2027 maintained at 100-120 USc/lb
· Capital investment supported by strong cash flows from Bozshakol and Aktogay
KAZ Minerals PLC ("KAZ Minerals" or "the Group") announces a planned expansion of its processing facilities at the Aktogay copper mine in the East Region of Kazakhstan. Following the achievement of commercial production at the Aktogay sulphide concentrator in October 2017, the Board has approved the construction of a second concentrator which will double the current sulphide ore processing capacity from 25 million to 50 million tonnes per annum.
The expansion represents a low risk growth project, being a duplicate of the sulphide processing facilities successfully commissioned at Bozshakol and Aktogay. Construction will be managed by the KAZ Minerals projects division which delivered the original project, with contracts to be tendered in 2018. The capital budget for the expansion project is expected to be in the region of $1.2 billion with approximately $200 million to be invested in 2018. The remaining expenditure will be incurred from 2019 to 2021. The mining fleet will be upgraded to support the higher ore throughput.
Output from the new concentrator is expected to commence in the second half of 2021 with the facility ramping up during 2022. Copper production from sulphide ore at Aktogay will increase by 80 kt to an average of around 170 kt per annum from 2022 to 2027, supported by higher copper grades. Over the remaining life of the mine, when copper grades will be in line with the average resource grade of 0.34%, the Aktogay expansion will add 60 kt per annum, increasing annual production to around 130 kt. Due to higher processing volumes the life of the sulphide ore body will reduce from over 50 years to approximately 28 years. Copper cathode production from oxide ore at Aktogay will be unchanged at the current level of around 20 kt per annum for the remaining eight year life of the oxide deposit.
Net cash cost guidance to 2027 following the expansion is unchanged at 100-120 USc/lb in 2017 US dollar terms with efficiency gains from larger scale mining operations offsetting the effect of accelerated grade decline as processing volumes are brought forward. Sustaining capital expenditure will increase from $30-$40 million to $50-$60 million per annum from 2022 onwards. The expansion is expected to generate a return in excess of the Group's cost of capital in the analyst consensus copper price scenario.
Oleg Novachuk, Chief Executive, said: "I am pleased to announce the planned expansion of our second major growth project, Aktogay, which will double its processing capacity from 2021. This expansion represents an opportunity for our proven project team to deliver a strong return on investment from an asset we know well by replicating the existing sulphide plant. Our outlook for copper remains positive and this development will help us to continue to grow in a tightening market. The capital expenditure over the period to 2021 for the expansion will be supported by strong cash flows from our new, low cost operations at Bozshakol and Aktogay."
A call for analysts will be held at 10:00am UK time. To participate in the call in listen-only mode please use the following dial-in details:
Conference call dial in: +44 (0) 20 3003 2666
Password: KAZ Minerals
Webcast: http://view-w.tv/834-1089-19140/en
Presentation download: http://www.kazminerals.com/investors/presentation-library/
RNS Number : 0051A
Pantheon Resources PLC
21 December 2017
21 December, 2017
Pantheon Resources plc
Increase in working interest to 75% of the VOBM#5 well, Polk County
Pantheon Resources plc ("Pantheon" or the "Company"), the AIM-quoted oil and gas exploration and production company with a working interest in several conventional project areas in Tyler & Polk Counties, onshore East Texas is pleased to provide the following update:
VOBM#5 Well, Polk County, Increase in working interest from 58% to 75%
Pantheon is pleased to announce the acquisition of an additional 17% working interest in the upcoming VOBM#5 development well, and the surrounding 320 acre unit, in Polk County, East Texas. Upon completion of the acquisition Pantheon's working interest in the VOBM#5 well and unit will increase from 58% to 75%.
Purchase consideration for the additional 17% working interest will comprise an additional pro-rata 17% share of drilling and completion costs. No premium is being paid for this increased working interest.
VOBM#5 will be the first well of the 2018 campaign and will be a vertical well targeting the Eagle Ford sandstone and is considered by the operator to be a development well offsetting the VOBM#1 well. Spudding of the VOBM#5 well remains on track to occur by early January 2018; the drilling programme is fully funded from existing cash resources and anticipated production cashflow.
Jay Cheatham, CEO, said:
"This is a superb opportunity for Pantheon and the least expensive way to acquire potential reserves by drilling a development well and paying no back costs or promote. The location immediately west and south of the VOBM#1 production well offers the real possibility of exceeding a P50 well. The principal at Vision will have a 25% interest which is some 50% above his attributable interest when Kaiser Francis Oil Company was his 2/3 partner."
IQE plc
Trading on track to exceed full year expectations.
Cardiff, UK. 20 December 2017: IQE plc (AIM: IQE, "IQE" or the "Group"), the leading global supplier of advanced wafer products and wafer services to the semiconductor industry, announces its pre-close trading update for the full year ending 31 December 2017.
The Group announces that it expects full year revenues to be ahead of market expectations, and to be not less than £150m for the year ending 31 December 2017. Wafer sales are on track to deliver strong double-digit growth in 2017 and to continue to diversify. The three primary markets are Photonics, InfraRed and Wireless.
The Photonics business has enjoyed strong double-digit growth over the past few years largely driven by new product development and pilot production for a wide range of applications. This growth continued to accelerate sharply in the second half of 2017 as a VCSEL product development programme moved to mass market production in June. As a result, the Photonics division is on track to achieve approximately 100% growth in 2017 over 2016. IQE believes that it has created a sustainable lead in this market by virtue of its intellectual property, its ability to scale this complex technology into mass market, and its dual-site supply strategy. This is further underpinned over the next few years by several, multi-year supply contracts.
The InfraRed business enjoys global leadership in the supply of advanced antimonide wafer products. It has a history of delivering steady growth, and is on track to deliver growth in 2017 of approximately 10%. This business has historically focussed on advanced "see in the dark" technologies in the defence sector, but it is now engaged with major OEM and device companies in product development programmes targeting mass market consumer applications.
Wireless sales are expected to be broadly flat year on year, with a forex tailwind mitigated by a reduction of inventories downstream. IQE successfully managed this inventory reduction to enable it to focus capacity on the rapidly expanding photonics division. This was achievable by virtue of its strong Supplier Managed Inventory ("SMI") relationships with its customers. These inventory levels will normalise in 2018 as we replenish normal SMI levels.
The Group also generates license income from Joint Ventures. As anticipated, this will reduce from the prior year, which included significant upfront amounts. License income is expected to be no more than £2m for the full year.
The majority of the Group's revenues are denominated in foreign currency. A forex tailwind of approximately 5% against the prior year turned into an approximate 5% headwind in the second half. However, this is largely presentational as the majority of the groups costs are also in foreign currency.
The increase in wafer sales will continue to drive an expansion of wafer margins in 2017. As a result, profit before tax for the Group is expected to be ahead of current market expectations. In particular, wafer sales are expected to be materially higher, partially mitigated by lower license income. This margin expansion is after upfront investment in overheads to establish the new foundry that will begin operations in 2018. Progress with the new foundry is on track, with the first five new tools ordered being scheduled for installation in early 2018, and generating revenues by mid-year. In addition, the Group has agreed terms for a further ten production tools, and is in the process of agreeing the specification for the first five of these additional tools.
Net funds are expected to be in the range of current market expectations.
As reported in October, a prior year tax liability estimated to be £4.2m was identified and settled in full. The Group's tax advisors have now completed their review of the tax computations and the tax return has been filed. Whilst there were no indications of any further potential omissions, the Board commissioned an international independent tax firm to complete a comprehensive review of the Group's tax compliance in the UK, the US and Asia. This review is ongoing and has not identified any further unrecorded liabilities. This review is scheduled for completion during Q1 of 2018.
Additionally, the US Government's much publicised plan to reduce the corporation tax rate from 35% to 21%, if passed would have a positive long term financial benefit for the IQE group, which has operations in the US. However, if enacted, this change will give rise to an upfront non-cash deferred tax charge relating to a reduction in the associated deferred tax asset. The quantum of the potential reduction has not yet been evaluated.
The Group is scheduled to report its full year results for 2017 on 20 March 2018, and will provide forward looking guidance at that time.
Dr Drew Nelson, Chief Executive of IQE, said:
"I'm very pleased to confirm that IQE is on track to achieve record financial results in 2017. The adoption of VCSELs in the mass market has been a key revenue driver in the year. IQE has built a strong and sustainable lead in this complex materials technology. We see VCSEL being a long term growth driver for the Group across a diverse range of applications including sensing, LIDAR, optical communications, industrial heating, machine vision and heat assisted magnetic recording.
"VCSEL is just one of many advanced materials technologies that IQE has developed which will drive continuing growth in the near and mid term. IQE has created strong differentiation in the industry through its broad portfolio of materials technologies and it ability to scale and supply reliably in the mass market. Combined with our recent fund raising to pump prime our expansion, IQE's outlook is for strong, diverse and sustainable growth"
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
RNS Number : 8913Z
Carillion PLC
20 December 2017
Carillion plc
Chief Executive Appointment
On 27 October 2017, Carillion plc ("Carillion") announced the appointment of Andrew Davies as Chief Executive Officer with effect from 2 April 2018. The Board of Carillion is now pleased to announce that it has been agreed that Mr Davies will assume his appointment at an earlier date, and will become Chief Executive Officer with effect from 22 January 2018, at which point he will also join the Board. Keith Cochrane will step down from his role as Interim Chief Executive Officer, and from the Board, on that date but will remain with Carillion in an advisory capacity for a period thereafter in order to ensure an orderly transition.
Andrew Davies was appointed to the role of Chief Executive of Wates Group Ltd in 2014. Prior to that he held a series of senior roles with BAE Systems plc over a 28 year period. He is currently a Non-Executive Director of Chemring Group PLC and brings executive, strategic, turn around and leadership skills to the Company as well as experience of complex public sector contracting in projects, support services and construction.
Philip Green, Chairman of Carillion, said, "We are very grateful to the Board of Wates Group Ltd, and to James Wates CBE, their Chairman, for their facilitation of Andrew's earlier appointment. It is a demonstration of how the sector is willing to cooperate and collaborate to ensure the long term sustainability of UK industry.
"As I said when we announced his appointment, Andrew has the ideal combination of commerciality, operational expertise and relevant sector experience to build on the conclusions of the strategic review and to lead the on-going transformation of the business, and I look forward to his bringing that experience and expertise to Carillion in the New Year."
There are no disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA's Listing Rules.
RNS Number : 8552Z
Online Blockchain PLC
20 December 2017
For immediate release
20 December 2017
Online Blockchain PLC
("OBC" or the "Company")
Change of name and new website
The Board of OBC announces that the company's name has been changed to Online Blockchain PLC and Tradeable Instrument Display Mnemonic on AIM to "OBC" with effect from today. The Company's ISIN remains unchanged.
The new website in compliance with AIM Rule 26 is be available at www.onlineblockchain.io
RNS Number : 8605Z
Victoria Oil & Gas PLC
20 December 2017
Victoria Oil & Gas Plc
("VOG" or "the Company")
La-108 Well Test Result Ahead of Expectations
Victoria Oil & Gas Plc is pleased to provide an update on the Group's well operations, which are managed by Gaz du Cameroun S.A. ("GDC"), a wholly owned subsidiary of VOG.
· Completion equipment and production "Christmas tree" installed and the drilling rig released from the La-108
· Initial gas flow rates up to 15mmscf/d commenced from just the Lower Logbaba sands of La-108 - ahead of expectations - La-107 flow tested at a lower rate of 4 mmscf/d from an equivalent horizon
· Operations on La-108 suspended ahead of testing the Upper Logbaba sands to allow production from La-107 during peak demand season
As previously announced, well La-108 was successfully drilled to its planned Target Depth (TD) of the 6" hole section at 2,865m Measured Depth (MD) (2,463m True Vertical Depth) on 7 November. The completion equipment has now been run, the drilling rig has been skidded off La-108 and released and the production Christmas tree has been installed.
Flow testing of the Lower Logbaba sands has now commenced, with flowrates from these sands up to 15 mmscf/d being achieved on a 40/64ths inch choke with a flowing wellhead pressure of 2006 psi. This is ahead of expectations and substantially better than the 4mmscf/d which was obtained from the Lower Logbaba sands in La-107. This is very encouraging and further evaluation will be carried out on these sands in 2018 before the well is put into full production. This work will also recover a spent perforating gun which currently remains stuck in the well.
When full production potential of the Lower Logbaba sands in La-108 has been evaluated, a decision will be taken on the timing of adding more perforations into the highly prospective Upper Logbaba sands.
As previously announced, analysis of the La-108 logs indicated 84.5m of net gas sand in the Logbaba Formation and current production results have been obtained from perforating 18.7m of sands in the Lower Logbaba only.
Commenting today Ahmet Dik, CEO, said: "It is very pleasing to have reached the end of drilling and completion operations on La-108 and the resultant release of the drilling rig. This milestone marks the end of the major capital spend on these wells as we move into the production phase. We have also achieved higher than expected flowrates from the Lower Logbaba sands in La-108. The Production Management Plan for the well is now being prepared by our team and we expect this to be completed by early 2018. Naturally, it is important to VOG that we meet short term demand, whilst aiming to maximise reserves from the field. This will help us meet the growing demand in the Douala market, which management believes will be forthcoming over the longer term."
Sam Metcalfe, the Company's Subsurface Manager, has reviewed and approved the technical information contained in this announcement. Mr. Metcalfe is a graduate in BA Geology, BSc Civil Engineering, and MSc Petroleum Engineering.
This announcement contains inside information.
For further information, please visit www.victoriaoilandgas.com
RNS Number : 8914Z
Sound Energy PLC
20 December 2017
20 December 2017
Sound Energy PLC
("Sound Energy" or the "Company")
Tendrara Volume Certification - Preliminary TE-5 Horst Results
Sound Energy, the African and European focused upstream gas company, is pleased to announce receipt of the preliminary results of the resources certification in relation to the TE-5 horst core volumes at the Company's Tendrara asset, onshore Morocco ("Certification").
The Certification, which will include a full technical review of the Tendrara project, is being conducted by RPS Energy Consultants Ltd ("RPS"). The Certification, which utilises the latest SPE Petroleum Resources Management System ("PRMS") approved definitions of Reserves and Resources, is a very important step towards concession application and a Final Investment Decision.
The preliminary results of the Certification (final results on the Tendrara area are expected to be available in early January 2017) provide volumetric estimates for the TAGI-1 and TAGI-2 reservoir units in the TE-5 Horst.
On 23 May 2017, the Company announced an internal preliminary mid case gross Gas Originally in Place ("GOIP") estimate for the TE-5 horst of 0.63 Tcf.
Sound Energy is delighted to report that the preliminary results of the Certification validate this previous mid case GOIP (gross) estimate.
Preliminary results of the RPS certification:
· A mid case GOIP for the TE-5 horst alone of 0.65 Tcf
· A 2C (mid case) recoverable, contingent resource for the TE-5 horst of 377 Bcf
The results of the Certification will be utilized for development planning and to advance development funding solutions, already under discussion.
The Certification was undertaken on an area of 250km2, which equates to around 1% of the total Eastern Morocco permit area of approximately 23,500km2. Planning for the Exploration drilling programme, announced on the 4 October 2017, continues in parallel with the development activity. This programme is an important step in unlocking the Company's previously estimated unrisked GOIP potential across all the Eastern Moroccan acreage, of 17 Tcf mid case (31 Tcf upside case and 9 Tcf low case), as announced on the 1 February 2017.
RNS Number : 7189Z
Petrofac Limited
19 December 2017
Press Release
19 December 2017
PETROFAC COMPLETES MIGRATION OF SANTUARIO CONTRACT IN MEXICO
Petrofac announces that it has completed the migration of the Santuario Production Enhancement Contract (PEC)1 into an interest in a Production Sharing Contract (PSC)2.
Effective from 18 December 2017, Petrofac will own a 36% equity interest in the PSC, with PEMEX Exploration & Production Mexico (PEMEX) having a 64% interest. The PSC will run for 25 years, with two optional five-year extensions. Petrofac will be Operator of the block and will carry PEMEX's share of cash calls for the first year.
Rob Jewkes, Chief Operating Officer, Integrated Energy Services, commented: "We are pleased to have successfully concluded the migration of the first of our Production Enhancement Contracts. We are committed to unlocking value in the block through a new field development plan in conjunction with our partner PEMEX."
Notes
1. The Santuario Production Enhancement Contract was signed in October 2011. It covers the onshore Santuario block in Tabasco State, central Mexico, which produced an average of c. 7 kboed in 2016.
2. As at 30 June 2017, the net book value of the Santuario PEC was US$260 million. As a result of the migration, Petrofac expects it will incur a small impairment charge.
RNS Number : 7092Z
Genel Energy PLC
19 December 2017
19 December 2017
Genel Energy plc
Receipt of payments for KRI oil exports from Tawke and Taq Taq PSCs
Genel Energy plc ('Genel' or 'the Company') announces the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during September 2017 from the Tawke and Taq Taq PSCs.
DNO ASA, as operator of the Tawke PSC, has announced the receipt of $54.32 million from the KRG as payment towards September 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $13.58 million.
The Taq Taq field partners have received a gross payment of $9.70 million from the KRG for oil sales during September 2017. Genel's net share of the payment is $5.33 million.
Genel has also received an override payment of $6.55 million from the KRG, representing 4.5% of Tawke gross field revenues for the month of October 2017, as per the terms of the Receivable Settlement Agreement.
Combined, Genel's December 2017 net receipts total $25.46 million.
RNS Number : 8364Z
Faroe Petroleum PLC
19 December 2017
Faroe Petroleum plc
("Faroe", "Faroe Petroleum", the "Company")
Fenja field development plan submission
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, is pleased to announce that the partners in the Fenja (previously named Pil/Bue) field (licence PL586) have submitted the Plan for its Development and Operation ("PDO") to the Norwegian Ministry of Petroleum and Energy.
The Fenja field (Faroe 25%) was discovered in 2014, in the Norwegian Sea, approximately 30 kilometres south west of the Statoil-operated Njord field (Faroe 7.5%). The operator of the Fenja development, VNG, estimates that the field contains gross recoverable resources of approximately 100 million barrels of oil equivalent, and is comprised predominantly of oil.
The proposed Fenja field development will comprise three horizontal production wells-one gas injector well and two water injector wells-tied back to the Njord A floating production facility for processing and export via the Njord B floating storage and offloading vessel (FSO). The Fenja licence partners are planning to invest NOK 10.2 billion (£900 million) with planned production start-up in 2021 and a planned field life of 16 years.
Graham Stewart, CEO of Faroe Petroleum commented:
"I am very pleased to announce that the development plan for the Fenja field has now been submitted. When Fenja comes on stream it will provide significant additional volumes across the Njord host facility (Faroe 7.5%, and currently undergoing refurbishment) and contribute considerable cash flow to Faroe. Fenja is another outstanding example of the exploration success and subsequent monetisation Faroe has delivered in Norway.
"As 2017 draws to a close, Faroe Petroleum is in a good place, with a fully funded investment programme, a strong balance sheet, a number of high quality development projects underway to meet our production goals. We also look forward to another high impact exploration programme in 2018, starting with the OMV-operated Aerosmith/Hades well, currently drilling in Norway."
RNS Number : 5748Z
Echo Energy PLC
18 December 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
18 December 2017
Echo Energy plc
("Echo" or the "Company")
Proposed acquisition of interests in oil and gas assets in Argentina
Placing of 36,391,412 Ordinary Shares at 17.5 pence per Ordinary Share
Intended Open Offer of up to 11,428,572 new Ordinary Shares at 17.5 pence per Ordinary Share
Admission of Enlarged Share Capital to trading on AIM
Notice of General Meeting
Echo Energy plc, the South and Central American focused upstream gas company, is pleased to announce that an admission document detailing the proposed farm-in to 50 per cent. interests in each of the Fracción C, Fracción D and Laguna De Los Capones concessions (the "Concessions") and to a 50 per cent. interest in the Tapi Aike exploration permit (the "Exploration Permit"), each located onshore in Argentina (the "Transaction") has been published and posted to Shareholders. The admission document contains a notice convening a general meeting of the Company for 2.00 p.m. on 3 January 2018 at the offices of Link Asset Services, 65 Gresham Street, London EC2V 7NQ. The admission document includes a Competent Person's Report on the Company's proposed new assets.
The Company expects that trading in the Company's Ordinary Shares on AIM will resume at 8.00 a.m. today.
Highlights:
· The Company announced on 1 November 2017 that, in line with its stated strategy, it had entered into a conditional farm-in agreement with Compañía General de Combustibles S.A. ("CGC") for the acquisition by the Company of 50 per cent. working interests in certain of the onshore Argentinian gas and oil assets of CGC.
· Echo is to acquire 50 per cent. working interests in each of the Fracción C, Fracción D and Laguna De Los Capones Concessions and in the Tapi Aike Exploration Permit each located in the Austral basin of Santa Cruz province, onshore Argentina, and covering a total of 11,153km2.
· The Acquisition is expected to provide the Company with a compelling blend of multi tcf exploration potential, appraisal and production.
· On the Tapi Aike Exploration Permit the Competent Person's Report has identified 41 leads over three independent plays, each typically with gross (100%) prospective resources of 50-600 Bcf at the best estimate level; the largest two are assessed as potentially containing 3.8 Tcf and 2.6 Tcf of gas in place (on a gross unrisked basis) in the high case, with three others potentially containing in excess of 1 Tcf (on the same basis), all of these numbers confirming the highly prospective value of the Tapi Aike Exploration Permit.
· Existing gross production of a total of approximately 11.2 mmscfe/d (5.6 mmscfe/d net to the Company, pre-royalty) on Fracción C and Fracción D with, the Directors believe, the potential to significantly increase current gross production across the Concessions to over 80 mmscfe/d over a five year period.
· The Acquisition will provide the Company with a material position in Argentina, with strong local gas prices, and a well-respected local strategic partner.
· Completion of the Acquisition is conditional, inter alia, on the passing of Resolution 1 at the General Meeting.
· The Company has conditionally raised £6.4 million, before expenses (£4.7 million net of total estimated costs and expenses relating to both the Placing and Admission) through the Placing of 36,391,412 Placing Shares at 17.5 pence per Placing Share, being equal to the closing mid-market price per Ordinary Share on 27 October 2017, being the last date prior to the Ordinary Shares being suspended from trading on AIM pending publication of the admission document.
· The Placing Shares will represent approximately 9.1 per cent. of the Enlarged Share Capital on Admission.
· Following Admission, Echo intends to deploy the Company's existing cash balances and net proceeds of the Placing towards the development of the Licences, and towards the Company's working capital requirements.
· The Company is grateful for the support of all its Shareholders and therefore intends to undertake an Open Offer in January 2018 of up to 11,428,572 Offer Shares at 17.5 pence per Offer Share to raise up to £2.0 million, before expenses. This is intended to provide qualifying shareholders with the opportunity to subscribe for additional Ordinary Shares at the same price as was available under the Placing.
Commenting on the Acquisition Echo's Chief Executive Officer, Fiona MacAulay, said:
"This Transaction will give the Company a material Argentinian position and I am delighted to announce the publication of our AIM admission document and a fundraise at a price equal to the mid-market price prior to suspension in trading. Trading in the Company's ordinary shares is expected to recommence today, with the Transaction expected to complete, subject to shareholder approval, in January. We are delighted to resume trading so quickly ."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
RNS Number : 5771Z
MX Oil PLC
18 December 2017
MX Oil / Ticker: MXO / Index: AIM / Sector: Oil & Gas
18 December 2017
MX Oil plc ("MX Oil" or the "Company")
Conversion of debt and issue of equity
MX Oil, the AIM quoted oil and gas investing company, is pleased to announce that it has agreed to repay £1.575 million of short term debt that it currently has outstanding, that has been used for working capital and other general corporate purposes, through the issue of 196,875,000 new ordinary shares ("New Shares") at a price of 0.8 pence per share. This represents approximately a 90 per cent. premium to the closing mid price on 15 December 2017 of 0.42 pence per share. The New Shares represent 11.8 per cent. of the enlarged issued share capital of the Company which, following this issue, will comprise 1,671,349,664 ordinary shares.
Application has been made to the London Stock Exchange for the New Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the New Shares on AIM will commence on or around 22 December 2017.
Following Admission, the issued share capital of the Company will comprise 1,671,349,664 ordinary shares with one voting right per share. The Company does not hold any shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 1,671,349,664. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
RNS Number : 5746Z
Savannah Resources PLC
18 December 2017
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
18 December 2017
Savannah Resources Plc
Maiden Lithium Resource of 3.2Mt for the Mina do Barroso Lithium Project, Portugal with Significant Expansion Potential
Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce a maiden Mineral Resource Estimate of 3.2 million tonnes for the Reservatorio Deposit, which is one of three targets currently being advanced as part of the ongoing exploration and development programme for the Mina do Barroso Lithium Project ('Mina do Barroso' or the 'Project') in northern Portugal (Figure 1). Crucially further upside remains as the drill programme is ongoing, with the aim of further expanding the Reservatorio Mineral Resource and defining new JORC - 2012 compliant Mineral Resource Estimates at other deposits. To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5746Z_-2017-12-17.pdf
HIGHLIGHTS:
· Initial Inferred Mineral Resource of 3.2Mt at 1.0% Li₂O containing 32,000t of Li₂O for Reservatorio Deposit
· Reservatorio is one of at least eight pegmatite deposits on the Mina do Barroso Mining Lease and one of three deposits currently being drilled
· Further drilling is now planned both down dip and targeting the potential eastern extension of the deposit where higher lithium grades occur
· Mineral Resource updates are likely for Reservatorio during 2018 as the drilling programme continues
· A maiden Mineral Resource Estimate for the Grandao deposit is expected during Q1 2018
· Drilling is ongoing and will take a short break over Christmas before commencing again in early January at which time a second rig will be introduced to accelerate the drilling programme
Savannah's CEO, David Archer said: "That we have an estimated 3.2 million tonne Resource from just one of at least eight pegmatite deposits at our Mina do Barroso Lithium Project gives an indication of the potential scale of this project. We are now focused on defining a significant aggregate Mineral Resource from the multiple pegmatites that sit within the major lithium mineralised corridor that runs through our Mining Lease. The first to add to this aggregate Mineral Resource will be the high-grade (up to 2.1% Li₂O) Grandao deposit where we have completed extensive drilling and expect to deliver a Resource Estimate in the first quarter of 2018.
"The drilling results announced to date continue to underscore the potential of the Mina do Barroso Lithium Project to be a strategic upstream feature in the European lithium value chain. We believe Mina do Barroso is the closest European analogue to the very successful Australian hard-rock, open cut mine developments, which produce highly sought-after lithium spodumene concentrates for international markets. Our focus is therefore on rapidly advancing the project so that we can look to provide a European source of battery-grade lithium to supply the growing number of European battery manufacturers. With this in mind, we look forward to continuing to advance at pace our drilling and metallurgical test work programmes, which will be used to support an early scoping study around a potential mine development."
RNS Number : 4700Z
Sky PLC
15 December 2017
15th December 2018
Sky and BT agree cross supply of TV channels
Sky has concluded an agreement with BT which means Sky customers will have their choice of the best sports all through a single Sky TV subscription, while also broadening the reach of Sky's leading entertainment channel brands to all major Pay-TV services in the UK for the first time.
Under the agreement, Sky will receive wholesale supply of the BT Sport channels enabling it to offer its customers access to every single match of the Premier League, the UEFA Champions League and Europa League shown on Sky and BT channels through one simple Sky contract. This will be the first time Sky is able to provide BT Sport to its customers directly as part of a Sky bundle or on a standalone basis and across all Sky platforms including Sky Go. BT Sport will also be available as an app on NowTV boxes.
Sky will make its NowTV streaming service available on the BT TV set-top-box. As retail agent, BT will sell NowTV on Sky's behalf, offering BT TV customers access to NowTV's most popular content including Sky Atlantic, Sky One, Sky Living, Sky Sports and Sky Cinema.
This agreement is a further step in Sky's strategy to maximise distribution of key channel brands and to monetise its content investment further across all TV platforms. By adding NowTV to the heart of BT's TV offering, Sky's portfolio of TV entertainment brands will be available to all UK consumers through each major Pay-TV service, reaching new customers and expanding the appeal of our channels to advertisers.
It is expected that these new services will be available to customers from early 2019.
Jeremy Darroch, Group CEO, Sky, said,
"This is great news for Sky customers who will be able to access all matches on Sky and BT channels from the Premier League, UEFA Champions League and Europa League directly with a single Sky TV subscription and with the great customer service that we provide.
UK consumers will have even more ways to watch great Sky entertainment content with our leading portfolio of channels - Sky Atlantic, Sky One and Sky Living - available on all major Pay-TV platforms for the first time.
This is all part of our stated strategy to enhance our customer offering, to broaden our appeal and to open up new revenue streams for our business."
Notes to editors
- BT TV customers will be able to access the NowTV service on their box
- Customers will be able to watch a wide variety of Entertainment, films, kids and sports including shows on Sky Atlantic, Sky One, Sky Living and Sky Cinema
- Shows on Sky's channels include Sky Original Productions:, Britannia, Save Me, Melrose and Bounty Hunters and the best of the US including West World Series 2 and the Good Doctor
- NowTV subscribers also have access to over 250 box sets, 1000 movies and a new premiere every day
- BT TV customers will be able to buy NOW TV passes to access great content on their BT TV box
- For Sky customers, they'll be able to include BT Sport as part of their overall Sky subscription for the first time
- BT customers will be able to access BT Sport on NowTV boxes and Sky customers will be able to access BT Sport through Sky Go
About Sky
Sky is Europe's leading entertainment company, serving 22.5 million customers across seven countries - UK, Ireland, Germany, Austria, Italy, Spain and Switzerland. The company has annual revenues of £12.9 billion and is Europe's leading investor in television content with annual programming spend of over £6 billion.
From exclusive partnerships with HBO and Showtime, to Sky Original Productions, Sky offers the best and broadest range of content along with the best viewing experience to suit each and every customer. Whether that's through the multi-award winning next generation box, Sky Q, or Sky's contract-free online streaming service, NOW TV, customers have access to the latest movies, drama, sports and kids entertainment wherever and whenever they like. This is all supported by Sky's best in class customer service.
Sky's success is not just based on what the company does but how it does it. Named as one of the Top 10 Green Companies in the World by Newsweek, one of the world's most recognised rankings of business's environmental performance, Sky ensures its responsible business strategy is embedded right across the group.
Sky has over 31,000 employees and is listed as one of The Times Top 50 employers for women. Sky is listed on the London Stock Exchange (SKY).
RNS Number : 4689Z
BT Group PLC
15 December 2017
This announcement contains inside information.
December 15, 2017
BT AND SKY AGREE SUPPLY OF MARKET-LEADING TV CHANNELS ON EACH OTHER'S PLATFORMS
BT TV customers will be able to sign up for all of NOW TV's top quality content, including Sky Sports and Sky Atlantic
BT today announced a multi-year agency deal for BT to market and sell Sky's NOW TV service to BT TV customers. NOW TV offers Sky's most popular content, including Sky Sports, Sky Cinema and the Sky Atlantic channel.
Sky will make the full NOW TV service available on BT TV's set top box and BT will be able to sell subscriptions to NOW TV's great passes directly to BT customers.
BT customers will be able to watch the Sky content seamlessly as an integrated part of the BT TV platform.
At the same time, BT has agreed to wholesale its BT Sport channels to Sky, allowing Sky to sell these channels directly to Sky satellite customers. The BT Sport channels include exclusively live UEFA Champions League and Premier League football. This will mean that satellite customers will be able to buy BT Sport from Sky as well as from BT.
The agreement brings to a successful conclusion negotiations that have been on and off for a number of years.
Gavin Patterson, chief executive of BT, said: "This is an important day for BT and for our customers, who will be able to enjoy a whole range of Sky's sport and entertainment programming on their BT TV boxes.
"This is the next logical step for our TV and content strategy. Having built up an outstanding portfolio of exclusive sports rights and a loyal base of customers, we feel that now is the right time to broaden the ways in which we distribute BT Sport.
"This agreement fits with our strategic goal of being the best provider in the UK of converged network services, and adding NOW TV boosts our growing roster of outstanding content from the likes of Netflix, great pay channels like AMC and all the major catch-up services."
The agreement demonstrates the importance that BT places on sport as a key offering to its customers, and enables BT Sport to reach a new audience.
Currently, BT TV customers can only buy Sky Sports Main Event as a bolt-on to their TV service for £27.50 per month, and are not able to choose from the full range of Sky Sports channels. As a result of this agreement, BT TV customers will be able to take all eleven Sky Sports channels, as well as a NOW TV Entertainment pass offering great channels including Sky Living, Sky One and Sky Atlantic, which also offers box sets including Game of Thrones, Big Little Lies and Billions. BT customers will be able to buy all of this in competitively priced bundles with BT TV.
It is expected that these new services will be available to customers from early 2019.
RNS Number : 4340Z
SDX Energy Inc.
15 December 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
15 December 2017
SDX ENERGY INC.
("SDX" or the "Company")
Update on drilling operations in Morocco
SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that the KSR-15 well on the Sebou permit in Morocco (SDX 75% working interest) has been completed and tested at a restricted average flow rate of conventional natural gas into the sales line of 7.52 MMscfd (million standard cubic feet per day). The well has also now been placed on production.
The KSR-16 well has been connected to the existing infrastructure and it is anticipated that test production will commence in the next 10 days. The Company will update investors on the flow rates in due course.
As per the announcement on 11 December 2017, the drilling rig will now move to the ELQ-1 prospect on the Gharb Centre permit.
Paul Welch, President and CEO of SDX, commented:
"This positive result reaffirms our ability to deliver increased rates to our customers in 2018. We now have two wells that exceed our existing daily commitments of 6 MMscfd on a stand-alone basis. We are now very confident in delivering upon our planned natural gas sales rates of 10-11 MMscfd in 2018. I look forward to reporting on the flow rates of our recently drilled KSR-16 well in due course."
Adams Buys Further 78,000 Shares In Petrofac For GBP351,317
LONDON (Alliance News) - Adams PLC on Friday said it bought a further 78,000 shares in FTSE 250-listed oil and gas service provider Petrofac Ltd at an average 449.95 pence each for a total GBP351,317.
Unilever To Sell Spreads Business To KKR For EUR6.83 Billion
LONDON (Alliance News) - Anglo-Dutch consumer goods manufacturer Unilever PLC said late Friday that it will sell its global spreads business to US buyout fund KKR & Co LP for EUR6.83 billion on a cash and debt free basis.
The sale is a result of Unilever’s decision to sell off non-core assets, which it initiated after rebuffing a USD143 billion takeover approach in February from Kraft Heinz Co.
"The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR's ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities," said Unilever Chief Executive Paul Polman.
Nicolas Liabeuf, chief executive of the spreads business said "There is a positive momentum in the performance of the spreads business and we are excited about continuing this journey with KKR. We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership." Liabeuf will continue to lead the spreads business after the sale.
The investment is being funded by both the European and North American private equity funds of KKR, the FTSE100 listed company said.
Unilever intends to return the net cash realised to shareholders, unless it finds more value-creating acquisition opportunities. The deal is expected close in the middle of next year.
Unilever's spreads business includes brands such as Becel, Flora, Country Crock, Blue Band, I Can't Believe It's Not Butter, Rama and ProActiv. It operates across 66 countries around the world. In 2016, the business had a turnover of EUR3.03 billion, adjusted earnings of EUR680 million and assets of EUR1.11 billion.
The deal with KKR excludes Unilever's South Africa spreads business. Unilever, as previously announced, plans to acquire Remgro's 25.75% shareholding in Unilever South Africa Holdings (Pty) Ltd in exchange for the Unilever spreads business in Southern Africa as well as a cash consideration.
London listed shares in Unilever closed at GBP41.96, up 1.4%.
Jupiter European Opportunities Director Buys Shares.
LONDON (Alliance News) - Jupiter European Opportunities Trust PLC said Friday that Director Virginia Holmes bought 3,750 shares at a price of GBP7.21 per share, equivalent to roughly GBP27,000.
Holmes' shareholding following the purchase was not disclosed.
Shares in the company were trading 0.1% higher at 714.50 pence.
LONDON (Alliance News) - Red Rock Resources PLC said Friday that two directors bought shares in the company on Thursday.
Andrew Bell purchased 5 million shares at a price of 0.6865 pence. Scott Kaintz purchased 732,093 shares at 0.695 pence.
Bell now owns 19.5 million shares or 4.03% of the company's issued share capital. Kaintz owns 7.9 million shares or 1.64% stake.
Shares in Red Rock were trading 16% higher at 0.82 pence in afternoon trade.