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Glenwick share chat (GWIK)

Discussion in 'General share chat (GWIK)' started by Steamy, Mar 10, 2016.

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  1. linkin-mark

    linkin-mark Demi God of BlueShare

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    12thDecember 2018

    i3 Energy plc

    ("i3" or the "Company")


    i3 Energy Provides Serenity Update


    i3 Energy plc, an independent oil and gas company with assets and operations in theUK,has released a new presentation on its website which provides additional information regarding its Serenity prospect. The Company will be presenting this material as part of its participation at the PROSPEX 2018 oil and gas exploration networking event inLondonon December 12thand 13th.

    As previously announced, i3 has been assessing a structure in the northern portion of its 100% owned Licence P.2358 Block 13/23c, which it calls the Serenity prospect. Serenity is an amplitude supported feature that has an areal extent of circa 10 km2and is interpreted to be the westerly extension into Block 13/23c of the Tain discovery. The Tain discovery well, drilled in September 2005, encountered 32° API oil in Captain and Coracle sands and was subsequently appraised by three wells.

    i3 estimates Serenity to have a P50 STOIIP of 197 MMstb, bringing the total potential un-risked Mid case STOIIP within i3 Energy's licenced areas containing the Greater Liberator development and the Serenity prospect to greater than 500 MMstb.

    Serenity provides i3 with exposure to low cost and potentially high return upside that could be tied in to either its Liberator Phase I or incremental Phase II infrastructure.

    The new presentation will be available on the Company's website later today.


    Majid Shafiq, i3's CEO, commented
    "The Serenity prospect provides significant organic growth potential to i3 beyond our plans for the Liberator development and demonstrates the quality of the licence we acquired in the 30thRound."
     
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  10. Groucho

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    20 December 2018

    i3 Energy plc

    ("i3" or the "Company")


    i3 Energy Provides Liberator Update

    i3 Energy plc, an independent oil and gas company with assets and operations in theUK,is pleased to announce that it continues to progress the necessary documentation with theUK'sOil & Gas Authority ("OGA") to achieve Field Development Plan ("FDP") approval in early 2019 for the Company's 100% owned and operated Liberator development.

    i3 expects to enter the final authorisation phase of the OGA's FDP planning and consent process in Q1 2019 and continues to position itself for mid-2019 development execution with Liberator Phase I first oil anticipated in mid-2020.


    John Woods, i3's COO, commented

    "We are pleased by the progress being made towards Liberator Phase I field development approval and are appreciative of the ongoing support and guidance of the OGA."
     
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  12. linkin-mark

    linkin-mark Demi God of BlueShare

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    Hmmm hoped this would go through before the end of 2018 like previous stated...At least we are still moving forwards I guess.
     
  13. Groucho

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    Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

    21 December 2018

    Cora Gold Limited ("Cora", "Cora Gold" or "the Company")

    Drill Rig Mobilisation to Sanankoro


    Cora Gold Limited, the West African focused gold exploration company, is pleased to announce the mobilisation of a multipurpose drill rig to recommence its drill programme at the Sanankoro Gold Discovery in Southern Mali("Sanankoro" or "the Project").


    To view this announcement with illustrative images, please use the following link:
    http://www.rns-pdf.londonstockexchange.com/rns/2428L_1-2018-12-21.pdf


    Overview:

    · Targeted drill programme to involve a 3,000m aircore ("AC") / reverse circulation ("RC") and 200m core drilling at Sanankoro

    · Infill aircore/RC drilling at the Selin and Zone A prospects with the objective of continuing to define higher-grade zones

    · Previous drilling highlights (see RNS announcements dated 4 June 2018; 26 July 2018) include:

    o 2.53g/t Au over 34.8m at Zone A

    o 2.41g/t Au over 52m and 3.54 g/t Au over 32m at the northern end of the Selin prospect

    · Drill targets determined by results of previous drill programmes from 2017/2018 dry season where an Exploration Target for Sanankoro of 1-2 million ounces with significant material upside was independently determined by consultants SRK Consulting (UK) Limited (see RNS dated 15 October 2018)

    · Core drilling will provide further geological information on controls to gold mineralisation

    · Drill programme is anticipated to be completed in Q1 2019 and will also include a collection of samples for preliminary metallurgical testing

    · In addition, Cora Gold has mobilised a small rotary air blast ("RAB") drill rig to Sanankoro which is planned to commence drilling short (approximately 40m length) reconnaissance holes early in Q1 2019

    · The RAB rig will be operated by Cora and provides a low cost, first pass drilling option that can readily move across project and prospect sites identifying new targets for follow up by AC/RC drilling


    Jonathan Forster, Chief Executive Officer of Cora, said:

    "Following our recent successful fundraise we have swiftly begun preparations to continue our drill programme at Sanankoro with a view to unlocking the significant value potential in the Project. Following the mobilisation of the drill rig, our work programme will commence immediately to begin delineating gold mineralisation in areas anticipated to have potential for higher grades, focusing predominantly in the oxide horizons, which will act as "starter-pits" for any possible future mining operations. I look forward to updating our shareholders in the New Year regarding the Project's development."


    Figure 1: Gold intersections from previous drilling at the Selin Prospect.
    (Note - SC 124 3.5/32m refers to previous drill hole number and g/t grade over drilled interval in metres)

    Figure 2: Gold intersections from previous drilling at Zone A Prospect, Sanankoro Structure.
    (Note - previous drill intersections are shown with g/t grade over drilled interval in metres)

    Figure 3: Overview of the Sanankoro Gold Discovery from the Company's corporate presentation

    **ENDS**
     
  14. Groucho

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    W H Ireland - i3 Energy 08/01/2019
    Review of Serenity Prospect


    We have undertaken a technical review of the Serenity prospect and believe some of our findings are also relevant for the prospectivity of the Liberator Extension (Liberator Phase 2) to the northwest of the Liberator discovery (Phase 1). In our opinion, i3 Energy has essentially unlocked a regional geological model that is robust, coherent and supported by the entirety of a broad cross-disciplinary data set. Based on this model and its supporting data, we believe that Serenity and the Liberator Extension are particularly attractive in terms of the probability that drilling them will result in success, although of course our positive appreciation will need to be tested by the drill bit.

    Context: Liberator Phase 2 has been ascribed 69 million barrels of potentially recoverable oil (22 million barrels of 2C for Phase 2 East and 47 million barrels of prospective resources for Phase 2 West as estimated by AGR Tracs). These resources are additive to those of Liberator Phase 1 (consisting of 11 million barrels of proven and probable reserves as estimated by AGR Tracs). We estimate Serenity has 69 million barrels of prospective resources based on i3 Energy’s oil in place estimate of 197 million barrels and a 35% recovery factor. We perceive the risk/reward profile to be exceptionally compelling for both Serenity and the Liberator Extension to the northwest of the Liberator discovery. We further perceive that there will be a weak correlation between the success or failure of Serenity and the Liberator Extension, which favours a multi-well campaign in our opinion.

    Regional model: The Blake field, the Liberator discovery inclusive of its extension to the northwest, the Tain discovery and the Serenity prospect are all considered to be a single petroleum system sharing an oil water contact at 5,270’.

    Chance of Success: For reference, AGR Tracs has ascribed geological chances of success of 70% and 56% to Liberator Phase 2 East and Liberator Phase 2 West respectively. We perceive that Serenity’s chance of geological success is comparable to that of Liberator Phase 2 West or 56%. This reflects our assessment of i) a robust petroleum system, inclusive of our appreciation of the ubiquitous high quality of Captain Sand reservoirs, ii) supportive pressure data from the Tain discovery and iii) supportive seismic data inclusive of an amplitude anomaly conforming to the 5,270’ contour interval.

    Valuation: Based on a host of assumptions and a $55/barrel crude oil price (inflated at 1% p.a.) we estimate that the gross best estimate success case values (after-tax NPV10) of Liberator Phase 1, Liberator Phase 2 and Serenity to be $154 million, $457 million and $518 million respectively.

    Low Break-evens: Due to the highly productive character of resources in the Captain Sands channel and the low cost to drill wells to this reservoir depth, we estimate, assuming a success case, that Liberator Phase 1, Liberator Phase 2 and Serenity would have NPV10 break-even oil prices of $29/barrel, $30/barrel and $29/barrel respectively.

    Commercial Independence: We believe it is important to appreciate that i3 Energy’s portfolio is commercially diversified to the extent that Liberator Phase 1 is intended to be produced via the existing Bleo Holm FPSO (operated by Repsol/Sinopec) whereas we believe that Liberator Phase 2 and Serenity would, if successful, be produced through a fit for purpose FPSO with sufficient scale for those developments.

    upload_2019-1-8_10-14-15.png
     
    Last edited: Jan 8, 2019
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  16. Groucho

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    9 January 2019

    Cora Gold Limited ("Cora", "Cora Gold" or "the Company")

    Appointment of Wardell Armstrong International to Undertake Metallurgical Test Work


    Cora Gold Limited,the West African focused gold exploration company, is pleased to announce that it has appointed Wardell Armstrong International ("WAI") as independent consultants to undertake a preliminary metallurgical test work programme. The test work programme has been designed to assess the amenability for cyanide leach extraction of gold from oxide mineralisation at the Company's Sanankoro Gold Discovery in southernMali("Sanankoro" or "the Project") which has an Exploration Target of 1-2 million ounces of gold with significant upside as independently determined by consultants SRK Consulting (UK) Limited ("SRK") (see RNS dated 15 October 2018).


    The test work, whichwill consider both cyanide-in-leach ("CIL") and heap leach gold extraction technologies,will be conducted at WAI's laboratory facilities in theUnited Kingdomand will use two composite samples of approximately 80kg weight each that have been recently collected from core holes drilled at the "Zone A" and "Selin" prospect areas at Sanankoro. Results are expected during Q2 2019.


    Jonathan Forster, Cora Gold's CEO, commented,"We are pleased to appoint WAI as our independent consultants for this preliminary metallurgical test work programme which is intended to provide initial guidance on methodology for future potential gold extraction at Sanankoro. This programme is running in parallel with a drill programme, already underway, that is aimed at outlining areas of higher grade that may present potential starter pits for any future mining project. Indications from SRK's Exploration Target Report that there is significant potential for oxide mineralisation at Sanankoro has guided our exploration programme which is currently focused on the exciting oxide potential at Sanankoro. We are delighted to kick off the year with an active work programme and I look forward to reporting the results of the metallurgical test work targeted for Q2 2019, as well as drill results as and when they become available."
     
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    10 January 2019


    i3 Energy plc

    ("i3" or the "Company")


    i3 Energy Provides Operational and Funding Update


    i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market on its operational and funding progress for the appraisal and development of its 100% owned and operated Liberator field and Serenity prospect.


    Highlights:

    · Letter of Intent signed for summer 2019 consecutive multi-well drilling campaign ("Rig LOI") across the Liberator field and Serenity prospect which i3 estimates have STOIIPs of 314 and 197 million barrels ("MMbbls") respectively. Subject to funding, the Company will drill:

    o The A3 appraisal well in Block 13/23c ("Liberator West") to commence in June 2019, expected to convert Liberator West resources into reserves

    o The first Liberator Phase I production well (called L2) in Block 13/23d

    o The S1 well into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery

    · Upon the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls from its current licences

    · Offtake terms received from two parties for Liberator Phase I production

    o Indicative terms received from Repsol Sinopec Resources UK Limited ("RSRUK") for utilization of its existing facilities

    o Memorandum of Understanding ("MOU") executed for provision of standalone FPSO for mid-2020 delivery to the Liberator field

    · i3 is negotiating terms and expects near-term agreement for US$100 to US$130 million of debt for appraisal drilling and 2019/2020 Liberator Phase I development capex

    · Strong response to joint venture farmout process with several companies conducting due diligence and a bid date likely to be set in February


    Rig secured for 2019

    The Company has entered into a Rig LOI with Dolphin Drilling Limited ("Dolphin") for a three-well appraisal and development drilling programme to be conducted in the summer of 2019. Per the terms of the Rig LOI, i3 will be utilizing either the Blackford Dolphin or Borgland Dolphin semi-submersible drilling rig to spud its first well between 1st June and 1st July 2019. i3 will first drill the A3 appraisal well in Block 13/23c ("Liberator West"), then drill and suspend the first Liberator Phase I production well in Block 13/23d (L2) and complete the campaign by drilling the S1 well into the Serenity prospect.


    i3's advancement of its integrated subsurface analysis now maps STOIIPs of 314 MMbbls in the Liberator field and 197 MMbbls in Serenity (using conservative assumptions on oil column thickness). As previously announced, if successful, the A3 appraisal well is expected to convert a portion of Liberator West's resources into reserves, in addition to determining the placement of the second Phase I production well (either L4 or L1), which would be brought onstream alongside the L2 well at a potential combined rate of up to 20,000 barrels of oil per day in mid-2020. A third Phase I well is expected to be delivered in mid-2021 to maximise infrastructure utilization.


    The S1 well at Serenity is intended to prove what i3 believes is a material extension of the Tain discovery, which is an unclosed oil-bearing structure immediately adjacent to the east into which there are 4 well penetrations. The A3 and S1 appraisal wells will allow the Company to optimally size the standalone FPSO facility for a potentially enlarged Phase II development which includes both the Liberator and Serenity fields. Upon the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls from its current licences.


    Offtake terms received from two infrastructure owners

    As previously announced, it is the Company's intention to deliver first oil from Liberator Phase I by mid-2020 and i3 has sought offtake terms from a number of infrastructure providers that enable it to meet this timeline.


    In December 2018, i3 received indicative terms from RSRUK for Liberator's use of their leased Bleo Holm FPSO facility via Ross field infrastructure, and the parties are working together agreeing the terms for Liberator Phase I construction and tie-in, and transportation, processing and operating services agreements. These agreements are expected to be finalized alongside the 2019 field development plan ("FDP") approval by the UK Oil and Gas Authority.


    As an alternative to the use of the Bleo Holm, i3 has also executed a Memorandum of Understanding for the provision of a standalone floating, production, offloading and storage ("FPSO") vessel for the Company's 2020 delivery of Liberator Phase I. i3's lease of the FPSO would eliminate its reliance on access to third-party operated infrastructure.


    The Company will continue to assess both offtake solutions in order to maximize shareholder value as it moves towards its final investment decision at FDP approval.


    Appraisal and Development Funding

    The Company continues to progress its previously announced joint venture ("JV") farmout process and has been pleased with the response. Several companies are conducting due diligence, with additional parties scheduled to enter the process in January, and i3 expects to set a bid date during the course of February.


    In addition to advancing its JV process, the Company is working with senior and junior lenders in the UK and North Americanegotiating facilities that would, on finalisation of agreements, provide between US$100 and US$130 million, of which up to 25% would be available towards i3's 2019 appraisal and development drilling, with the balance drawable for the residual 2019/2020 Liberator Phase I production wells, subsea installation and field tie-in.


    The Company expects its three-well 2019 drilling programme to cost c.US$41 million with additional capex to 2020 first oil of c.US$90 million, inclusive of considerable contingency.


    i3 is pleased with the strong interest it continues to receive to fund its proposed appraisal and development programme and expects to provide further funding updates in due course.


    There can be no certainty that the above negotiations and discussions will lead to definitive agreements.


    Majid Shafiq, i3's CEO, commented:

    "We are very pleased with the progress we are making to move the Liberator field towards development and with the ongoing technical maturation of the upside in our acreage to drill ready status. We look forward to the completion of our FDP and funding initiatives and the commencement of a very exciting drilling programme this summer."
     
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  18. linkin-mark

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    Just need funding finalized now.
     
  19. Groucho

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