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FAR Ltd signs new Joint Operating Agreements for Gambian blocks

FAR Ltd (ASX:FAR) (OTCMKTS:FARYF) (FRA:FA6) wholly-owned subsidiary FAR Gambia Ltd has signed new Joint Operating Agreements (JOAs) in respect of the A2 and A5 Blocks offshore The Gambia.

The JOAs with PC Gambia Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS) follow the granting of new licences for those blocks by The Government of The Gambia effective October 1, 2019.

After the grant of the licences, FAR and PETRONAS took the opportunity to update the terms of the existing JOAs by entering into new JOAs with effect from October 1, 2019.

These new JOAs better reflect the terms of the new licences for which FAR remains the operator.

Seeking partner[hhmc]
Efforts to find an additional partner for the drilling of the next well in The Gambia are ongoing with FAR having run numerous data room presentations for interested parties.

FAR is working to conclude a farm-out before the restart of the drilling operations.

FAR management said “We are delighted to enter into new JOAs w..

FAR Ltd (ASX:FAR) (OTCMKTS:FARYF) (FRA:FA6) wholly-owned subsidiary FAR Gambia Ltd has signed new Joint Operating Agreements (JOAs) in respect of the A2 and A5 Blocks offshore The Gambia.

The JOAs with PC Gambia Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS) follow the granting of new licences for those blocks by The Government of The Gambia effective October 1, 2019.

After the grant of the licences, FAR and PETRONAS took the opportunity to update the terms of the existing JOAs by entering into new JOAs with effect from October 1, 2019.

These new JOAs better reflect the terms of the new licences for which FAR remains the operator.

Seeking partner


Efforts to find an additional partner for the drilling of the next well in The Gambia are ongoing with FAR having run numerous data room presentations for interested parties.

FAR is working to conclude a farm-out before the restart of the drilling operations.

FAR management said “We are delighted to enter into new JOAs with PETRONAS in respect of the A2 and A5 Blocks, following the granting of the new licences last year.

"This is testament to an excellent partnership between FAR and PETRONAS.”

South of Sangomar Field


FAR has a 50% interest in Block A2 and Block A5 in The Gambia with both blocks to the south of FARs Sangomar Field development offshore Senegal.

The blocks cover an area of approximately 2,682 square kilometres within the rapidly emerging and prolific Mauritania-Senegal-Guinea-Bissau-Conakry Basin and lie about 30 kilometres offshore in water depths ranging from 50 to 1,200 metres.

In combination, Blocks A2 and A5 have potential to contain prospective resources in excess of 1 billion barrels of oil (on an unrisked, best estimate, 100% basis).

Technical and commercial analysis supports drilling of the Bambo well to test the main target of S400 series sands (152 mmbbls, P50, gross), which FAR has mapped as the southern culmination of the Sangomar Field extending into The Gambia.

The Bambo prospect has multiple reservoir targets, having two of the main reservoirs in S400 series sand being hydroRead More – Source

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Australia

S&P/ASX 200 drops 2.4% this week over worries of rising COVID-19 cases worldwide

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update[hhmc]
306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top ..

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update


306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top gainers


Todays top gainers on the ASX include VIP Gloves Ltd (ASX:VIP) (+10.00%), Artemis Resources Ltd (ASX:ARV) (+14.29%), Comet Resources Limited (ASX:CRL) (+13.33%), Esense-Lab Ltd (ASX:ESE) (+11.11%) and Archtis Ltd (ASX:AR9) (+12.50%).

Proactive news headlines:

Legend Minings ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz


Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date. Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

Red River Resources sets new quarterly copper production record


Red River Resources Limited (ASX:RVR) has achieved record copper production at its Thalanga Operation in Northern Queensland for the quarter ending June 30, 2020. An increase in copper grade of ore milled to 1.0% and a record copper recovery to copper concentrate of 84.7% resulted in quarterly production of 2,697 tonnes of high-quality copper concentrate, compared to 2,310 tonnes in the previous quarter.

Andromeda Metals' maiden halloysite-kaolin reserve supports 26-year mine life


Andromeda Metals Ltds (ASX:ADN) 12.5 million tonnes maiden ore reserve at Careys Well deposit within the Poochera Halloysite-Kaolin Project JV in South Australia supports a 26-year mine life at an annual mining rate of 500,000 tonnes. The reserve of bright white kaolinised granite in the probable category comprises 15% halloysite and 78% kaolinite in the minus 45-micron fraction.

Bellevue Gold fields strong support for $100 million placement, reflecting quality of project


Bellevue Gold Ltd's (ASX:BGL) $100 million fully underwritten share placement has been strongly supported on the back of its impressive gold story with firm commitments from institutional investors for the issue of 100 million new shares at $1.00 per share. There was strong demand from domestic and offshore institutions with the book multiple times covered over the placement amount.

Creso Pharma wins second purchase order from Israels Univo for premium medicinal cannabis flower


Creso Pharma Ltds (Read More – Source

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Australia

Legend Minings ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date.

Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

The stockbroker believes on-going hits of thick, massive nickel-copper sulphides are highly encouraging in terms of the evolution of a major new discovery.

The following is an extract from Euroz research update on Legend:

Assay Results from RKDD015 and RKDD018 at Mawson
Key Points[hhmc]

LEG has announced assay results received from diamond drillholes RKDD015 and RKDD018 at Mawson;
We highlight the consistency of these results with those that gave rise to the original discovery hole (#7) and that otherwise occur proximal to the ongoing following massive sulphide intersections ..

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date.

Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

The stockbroker believes on-going hits of thick, massive nickel-copper sulphides are highly encouraging in terms of the evolution of a major new discovery.

The following is an extract from Euroz research update on Legend:

Assay Results from RKDD015 and RKDD018 at Mawson

Key Points

  • LEG has announced assay results received from diamond drillholes RKDD015 and RKDD018 at Mawson;
  • We highlight the consistency of these results with those that gave rise to the original discovery hole (#7) and that otherwise occur proximal to the ongoing following massive sulphide intersections as follows;
  • RKDD018:
    • 19.2m @ 1.69% Ni, 1.23% Cu, 0.09% from 97.9m (incl. 4.5m @ 3.05% Ni, 2.32% Cu, 0.19% Co from 103.7m;
    • 34.65m @ 0.51% Ni, 0.35% Cu, 0.03% Co from 130.7m;
  • The grades contained in the above 4.5m intercept in hole 18 are the best seen to date at Mawson;
  • RKDD018 was designed to test the eastern extension of sulphide mineralisation in both the upper disseminated and lower massive sulphide intervals intersected in RKDD008;
  • Of particular note was the “leopard textures” encountered. Per the Voiseys Bay analogue, leopard textures are considered to indicate close proximity to an ultramafic intrusive source;
  • RKDD015:
    • 73.5m @ 0.32% Ni, 0.29% Cu, 0.02% Co from 87.5m;
    • 24.3m @ 0.22%, Ni 0.26% Cu, 0.02% Co from 279m;
  • RKDD015 was designed to test the northern extension of massive sulphide mineralisation in RKDD011 and the eastern extension of the upper sulphide zone in RKDD007;
  • LEG is progressing its 3,000m RC drilling programme over the next month;
  • We anticipate an extension of the program with further positive results and incorporation of diamond tails where warranted, with diamond drilling to follow in a success case;
  • The aircore anomalism continues to build in the eastern shadow of the main gravity feature;
  • We note substantial infill on the previous update, that is exhibiting a coherent cluster of geochem anomalism immediately adjacent to the main gravity features;
  • Furthermore, 2D modelling of these gravity features suggest densities consistent with mafic and ultramafic packages that to date appear to be possible sRead More – Source
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Calima Energy to outline production plan for Montney Formation at Proactive Oil & Gas webinar

Calima Energy Ltd (ASX:CE1) will present its plan to bring three wells at the highly ranked Montney Formation in British Columbia, Canada, into production during Proactives Oil & Gas webinar this Tuesday, June 14.

Regarded as one of the top-ranked resource plays in North America and the companys main asset, the Montney Formation is where Calima holds a 100% interest in more than 60,000 acres of drilling and production rights.

Calima's CFO Mark Freeman will make the presentation at the Proactive online forum.

After drilling was conducted on the three wells in 2019, Calima has been focused on a Field Development Plan (FDP) to bring the acreage into production.

The FDP provides the basis for a qualified reserves statement and is the foundation upon which Calimas landholdings in British Columbia can be promoted to prospective partners and financiers.

Tommy Lakes acquisition[hhmc]
Calima acquired the Tommy Lakes infrastructure in April, which president Michael Dobovich said was a ..

Calima Energy Ltd (ASX:CE1) will present its plan to bring three wells at the highly ranked Montney Formation in British Columbia, Canada, into production during Proactives Oil & Gas webinar this Tuesday, June 14.

Regarded as one of the top-ranked resource plays in North America and the companys main asset, the Montney Formation is where Calima holds a 100% interest in more than 60,000 acres of drilling and production rights.

Calima's CFO Mark Freeman will make the presentation at the Proactive online forum.

After drilling was conducted on the three wells in 2019, Calima has been focused on a Field Development Plan (FDP) to bring the acreage into production.

The FDP provides the basis for a qualified reserves statement and is the foundation upon which Calimas landholdings in British Columbia can be promoted to prospective partners and financiers.

Tommy Lakes acquisition


Calima acquired the Tommy Lakes infrastructure in April, which president Michael Dobovich said was a milestone for the company as it could potentially bring the Calima Lands into production within six to nine months.

He said: “The suspension operations have been done to a very high level and in a manner which allows them to be re-started efficiently when the Calima Lands are brought into production.”

Highlights of the facility include:

  • Cost-efficient access to North River Midstream pipeline and the Jedney processing facility;
  • Access to regional markets through the major pipeline networks including, NGTL, Alliane and T-North;
  • Gathering pipelines, compression facilities and associated faclilites capable of transporting up to 50 Mmcf/d of gas and 2,500 bbls/d of condensate;
  • Field office with a control centre and flexible camp facilities suitable for drilling operations;
  • Year-round condensate storage and off-loading facilities; and
  • Only 20 kilometres from Calima Lands with approval to build connecting pipeline already secured.

Calima believes it is well-positioned going forward with a substantial primary gas resource, a gas and liquids facility connected to sales markets, reduced overheads and a working capital position that will support the business through to early 2022.

Three companies presenting


Three companies will present at the webinar including Calima, Carnarvon PRead More – Source

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