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88 Energy raises A$5mln ahead of Charlie well programme

88 Energy Ltd (LON:88E) has raised A$5mln of new capital ahead of next months drill programme at the Charlie appraisal well.

The explorer, in a statement, said the capital injection would cover any potential costs above those carried by Premier Oil PLC (LON:PMO) via its farm-in to the Charlie project.

It will also pay for lease rental payments for the Alaskan acreage, interest on debt, and support new venture activity, 88 Energy added.

A total of 238mln new shares are being sold to investors at a price of 2.1 Australian cents, equating to 1.1p per share – versus a London market price of 1.23p.

READ: 88 Energy says Charlie is on track for February spud[hhmc]
“The decision by the board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program,” said Dave Wall, 88..

88 Energy Ltd (LON:88E) has raised A$5mln of new capital ahead of next months drill programme at the Charlie appraisal well.

The explorer, in a statement, said the capital injection would cover any potential costs above those carried by Premier Oil PLC (LON:PMO) via its farm-in to the Charlie project.

It will also pay for lease rental payments for the Alaskan acreage, interest on debt, and support new venture activity, 88 Energy added.

A total of 238mln new shares are being sold to investors at a price of 2.1 Australian cents, equating to 1.1p per share – versus a London market price of 1.23p.

READ: 88 Energy says Charlie is on track for February spud


"The decision by the board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program,” said Dave Wall, 88 Energy managing director.

“We would like to thank our advisers and shareholders for their continued support as we enter into this critical phase.”

Premier is paying up a total of US$23mln to drill Charlie which is designed to be an appraisal of the Malguk-1 discovery made by BP in 1991.

Malguk-1 discovered 251 feet of light oil Read More – Source

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Great Western Exploration appoints executive chairman

Great Western Exploration Limited ASX:GTE) has appointed current non-executive chairman Kevin Somes to the position of executive chairman effective immediately.

Somes has agreed to assume the role as executive chairman with no increase to his non-executive remuneration package of $55,000 per annum plus superannuation.

Other appointments[hhmc]
Jordan Luckett has stepped down as managing director for personal reasons but will continue to provide support in his new role as technical direRead More – Source

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Proactiveinvestors
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Great Western Exploration Limited ASX:GTE) has appointed current non-executive chairman Kevin Somes to the position of executive chairman effective immediately.

Somes has agreed to assume the role as executive chairman with no increase to his non-executive remuneration package of $55,000 per annum plus superannuation.

Other appointments


Jordan Luckett has stepped down as managing director for personal reasons but will continue to provide support in his new role as technical direRead More – Source

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Australia

Pure Minerals receives coverage from Independent Investment Research

Pure Minerals Ltd (ASX:PM1) has received research coverage from Independent Investment Research (IIR).

The 22-page report goes into detail regarding the proposed Townsville Energy Chemical Hub (TECH) Project in Queensland.

The report notes the building blocks are coming together quickly for the TECH Project with the pre-feasibility study (PFS) completed in December 2019 as well as the recently completed high purity alumina (HPA) scoping study.

Share price at deep discount to project's estimated NPV[hhmc]
Using a share price of 1.9 cents, the company has a market capitalisation of $16.1 million.

While the report does not designate a share price target, it does estimate a net present valuation (NPV) for the proposed TECH Project of between $47 million and $585 million.

The research firm does note the valuation relies on a number of factors including PFS assumptions and project approvals.

The following is an extract from the report:

VALUATION VERY SENSITIVE, BUT PRICE TREND PO..

Pure Minerals Ltd (ASX:PM1) has received research coverage from Independent Investment Research (IIR).

The 22-page report goes into detail regarding the proposed Townsville Energy Chemical Hub (TECH) Project in Queensland.

The report notes the building blocks are coming together quickly for the TECH Project with the pre-feasibility study (PFS) completed in December 2019 as well as the recently completed high purity alumina (HPA) scoping study.

Share price at deep discount to project's estimated NPV


Using a share price of 1.9 cents, the company has a market capitalisation of $16.1 million.

While the report does not designate a share price target, it does estimate a net present valuation (NPV) for the proposed TECH Project of between $47 million and $585 million.

The research firm does note the valuation relies on a number of factors including PFS assumptions and project approvals.

The following is an extract from the report:

VALUATION VERY SENSITIVE, BUT PRICE TREND POSITIVE

If we include the deferred consideration shares, Pure Minerals at A$0.019/sh would have a market capitalization of A$16.1M. Our NPV for the NiCo plant ranges from A$47M using the cycle price lows of the last three years to A$585M using cycle price highs over the last three years, and A$241M assuming current spot prices flat in real terms forever. The HPA bolt-on is additional value. These valuations are for the project only, and take no account of the cost of corporate overheads, nor of financing diRead More – Source

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Pure Minerals gains new substantial holder in managing director John Downie

Pure Minerals Ltd (ASX:PM1) has gained a new substantial holder in managing director John Downie.

Downie now holds 40.78 million shares increasing his stake in the company to 6.83%.

High-purity alumina (HPA) scoping study adds value[hhmc]
Pure recently received results for a scoping study evaluating the production of high-purity alumina (HPA) from its Townsville Energy Chemicals Hub (TECH) Project in Queensland.

The scoping study assessed the production of 4N HPA on a standalone basis, using the aluminium hydroxide as a feedstock.

This scoping study followed the December 2019 pre-feasibility study (PFS) on the TECH Project which identified the production of HPA as a key value-add opportunity for the project.

A 25-year operation producing 4,007 tonnes per annum (tpa) of 4N HPARead More – Source

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Proactiveinvestors
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Pure Minerals Ltd (ASX:PM1) has gained a new substantial holder in managing director John Downie.

Downie now holds 40.78 million shares increasing his stake in the company to 6.83%.

High-purity alumina (HPA) scoping study adds value


Pure recently received results for a scoping study evaluating the production of high-purity alumina (HPA) from its Townsville Energy Chemicals Hub (TECH) Project in Queensland.

The scoping study assessed the production of 4N HPA on a standalone basis, using the aluminium hydroxide as a feedstock.

This scoping study followed the December 2019 pre-feasibility study (PFS) on the TECH Project which identified the production of HPA as a key value-add opportunity for the project.

A 25-year operation producing 4,007 tonnes per annum (tpa) of 4N HPARead More – Source

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