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Proactive weekly oil & gas highlights: 88 Energy, Block, Union Jack Oil, Touchstone Exploration, Mosman, Chariot, Eco Atlantic, ADM Energy …

88 Energy Ltd (LON:88E) (ASX:88E) this week declared its takeover bid for XCD Energy unconditional and said the offer wont be increased.

Earlier this week, 88 Energy reported that it had received acceptances representing 37.58% of XCDs shares and it now confirms it has passed 59.27%. The company also noted that XCD shareholders which accepted the offer before it became unconditional will receive accelerated payment, before June 26, whilst subsequent acceptances will be paid within seven days of their acceptance being processed.

It added that once it has received 90% or more, it intends to proceed with compulsory acquisition of outstanding minority shareholdings and options.

On Thursday, Block Energy Plc (LON:BLOE) chief executive Paul Haywood said the company remains “enthusiastically active on many fronts” as the firm updated on developments at the West Rustavi field in Georgia.

The group noted that key equipment is arriving at the West Rustavi field and a new contractor is being ..

88 Energy Ltd (LON:88E) (ASX:88E) this week declared its takeover bid for XCD Energy unconditional and said the offer wont be increased.

Earlier this week, 88 Energy reported that it had received acceptances representing 37.58% of XCDs shares and it now confirms it has passed 59.27%. The company also noted that XCD shareholders which accepted the offer before it became unconditional will receive accelerated payment, before June 26, whilst subsequent acceptances will be paid within seven days of their acceptance being processed.

It added that once it has received 90% or more, it intends to proceed with compulsory acquisition of outstanding minority shareholdings and options.

On Thursday, Block Energy Plc (LON:BLOE) chief executive Paul Haywood said the company remains “enthusiastically active on many fronts” as the firm updated on developments at the West Rustavi field in Georgia.

The group noted that key equipment is arriving at the West Rustavi field and a new contractor is being brought on board to help advance projects.

Block pointed out, however, that production remains shut-in due to the coronavirus pandemic although the Republic of Georgia is presently at the beginning of a phased approach to restart businesses following lockdown. Restrictive measures have been relaxed for Georgias citizens and a re-opening of borders to foreign travellers is due in July.

Union Jack Oil Plc (LON:UJO) revealed the highlights of a GaffneyCline authored Carbon Intensity Study on the West Newton project, onshore East Yorkshire.

The group said the study had positive conclusions including an AA rating for carbon intensity for its potential upstream crude oil production, confirming it is significantly lower than the UK average and also when compared to other onshore analogues.

According to the GaffneyCline report, West Newton could produce the equivalent of just 5 grams of CO2 per megajoule of energy created and that could be reduced further, to 3.5, with the application of gas-to-grid technologies.

Touchstone Exploration Inc (LON:TXP, CVE:TXP) completed the final phase of testing on the Cascadura well in Trinidad, with two intervals both flowing above 5,000 barrels oil equivalent per day (boepd). A 24-hour test, limited by the capacity of surface test equipment, saw the upper section flow at an average of 5,472 boepd while the lower flowed at 5,157 boepd.

Findings of flow and build-up testing suggested that the upper would have absolute open flow (AOF) of 390mln cubic feet per day, while the same test suggested an AOF of 92mln cubic feet per day from the lower.

Touchstone pointed out that analysis of the AOF suggests that it is reasonable to design for an initial production rate between 7,750 to 9,700 boepd, comprising 40 to 50 mln cubic feet of gas and 1,100 to 1,400 of condensate.

US-focused Mosman Oil And Gas Ltd (LON:MSMN) saw shares strengthened on Friday as the company announced it has granted an extension to the buyer of its Welch asset in Texas.

The company previously entered into a contract with Eagle Natural Resources LLC for US$300,000 (A$460,000) to buy the Welch project in May, with a non-refundable deposit of US$30,000 paid.

In a statement, Mosman said that the purchaser had asked for a 14-day extension to complete the transaction and said it would increase the deposit amount to US$60,000.

Explorer Chariot Oil & Gas PLC (LON:CHAR) highlighted its continuing work to advance the Anchois gas field, offshore Morocco, to define the project and unlock debt financing.

Posting its full-year 2019 results, the company confirmed that completion of pre-FEED work for the gas field is the key strategic focus for the group through the remainder of 2020. It is working to progress concept testing, selection and definition, along with engineering modelling and design. Meanwhile, commercially, it is aiming to secure heads Read More – Source

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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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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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