Mosman Oil and Gas (MSMN) shares jump 17.39% to 0.135p as it finishes construction
On Wednesday, the oil exploration, development, and production company told investors that it had completed construction of the gas network in East Texas, allowing for the sale of gas from the Winters-2 and Stanley-4 wells, in which it holds two working interests, respectively.
The gas network connects several leases, including one operated by Arcadia Operating LLC (‘Arcadia’) and will be owned by Mosman’ s subsidiary, Nadsoilco and Arcadia, it explained.
Mosman said costs have been split between the parties ‘to provide a strong economic foundation for the pipeline and operating costs will be in proportion to gas sales volumes.’
Corcel (CRCL) shares jump 14.29% to 1.4p as it is awarded a new contract by National Grid
The natural resource exploration company has been awarded a contract from National Grid.
Following a capacity market auction, Corcel’s Avonmouth gas peaking project has now been provisionally granted a 15-year contract worth around £1.5m per annum in gross revenue.
Commenting on this morning’s news. Scott Kaintz, Chief Executive Officer of Corcel said:
“This is a highly encouraging step towards closing funding on our gas peaking projects, and means that a large part of anticipated revenues at Avonmouth are effectively guaranteed.”
Empire Metals (EEE) shares rise 11.63% to 1.2p as it gains exclusive right to mine new lease
Empire has signed an agreement with Maher Mining for the Gindalbie Gold Project located near the historic gold mining town of Gindalbie, and adjacent to the group’s Eclipse Gold.
The deal grants Empire with an exclusive right to explore, develop and mine within a granted area on Maher Mining’s 100% owned mining lease M27/158, which extends the current area for exploration targets by
over 200% to a total of 943ha. Empire has started an exploratory drilling campaign aimed at testing several priority targets around historical mine workings.
“The signing of the Tribute Agreement and commencement of drilling at Gindalbie represents a significant milestone in our development plans for Empire,” the company informed investors.
Ferrexpo (FXPO) shares fall 36.92% to 156.2p as it closely monitors Ukrainian operations
Shares in the Iron ore miner Ferrexpo, which has operations in Ukraine, stated this morning that it would be monitoring the situation after Russian forces launched an invasion of Ukraine.
Ferrexpo, which is an exporter of high grade iron ore pellets, told investors that it was “continuing to assess developments locally and will prioritise the safety of its workforce”.
The company noted that its mining and processing facilities - located adjacent to the city of Horishni Plavni, in central Ukraine, where the situation remains stable - are currently in operation. However, the Ukrainian government has now suspended rail transportation. The company added that it would make a further announcement “as and when appropriate.”