Union Jack Oil shares rise 6.90% to 31p as it reaches £10m of revenues from flagship Wressle project
Union Jack Oil announced it has passed £10 million of revenues from its flagship Wressle project, located within licenses PEDL180 and PEDL182 in North Lincolnshire. Union Jack currently holds a 40% interest in Wressle.
To date, Wressle has produced over 225,000 barrels of oil with zero water cut, with an average rate of 300 bopd and instantaneous rates of over 1,000 bopd achieved. Union Jack is actively developing the site, approved for production through 2039, and recently increased its stake in Wressle to 40%. GaffneyCline's recent independent report sees steady production of c. 800 bopd for at least another 5 years.
Additionally, Union Jack announced it has exercised 4m warrants at 2.5p to subscribe for 4m ordinary shares in Egdon Resources. Following the exercise, Union Jack holds 3.13% of the issued capital of Egdon, worth £910K at close on 3 October 2022. Egdon is the operator of Wressle and holds a 30% interest in the project.
Union Jack said it continues to be cash flow positive, covering all G&A, Opex, and contracted or planned Capex costs, including any drilling activities for at least the next 12 months. On 3 October 22, the company's cash balance and short-term receivables stood at over £10m.
Quadrise Fuels shares rise 16.38% to 1.35p on narrowed loss in FY22
Quadrise Fuels said is has seen "material progress" across a range of international projects, and expects to deliver commercial revenues in the current fiscal year.
Quadrise reported a narrowed loss after tax of £2.6m (2021: £4.3m), of which of £1.5m (2021: £1.4m) was attributable to production and development costs and £1.4m (2021: £1.5m) was related to administrative and corporate expenses. The company's total assets stood at £8.0m on 30 June 2022 (2021: £10.7m), and cash balances were £4.4m (2021: £7.0m).
Quadrise also said it was progressing discussions with candidate sites in Panama and Honduras to trial its MSAR and bioMSAR emulsion fuels at power plants as a precursor to potential commercial supply in 2023.
Jason Miles, CEO, commented on highlights from FY22:
"2022 has seen the Company sign key agreements with MSC Shipmanagement for marine fuel, Valkor for upstream applications, and with our client in Morocco to trial our bioMSAR™ and MSAR® fuels as a precursor to commercial supply. Project activities are ongoing to deliver positive outcomes for Quadrise, and we continue to invest and collaborate in RDI to enhance our IP portfolio and future.
The pace of decarbonisation continues to accelerate, and the energy industry that we serve is having to adapt quickly to this and other world events that have impacted supply and demand, and escalated energy costs. Our innovative fuel and biofuel solutions offer clients key opportunities to reduce energy costs and greenhouse gas emissions today to effect an early transition to net zero carbon."
Made.com shares jump 39.82% to 4.74p as it begins talks with potential buyers
Made.com said it has begun discussions with a number of interested parties regarding sale of the group. Made.com explained it would require funding of £45-70m over the next 18 months to implement its "longer-term strategy of sustainable profitability".
Made.com said interested parties would be invited to put forward non-binding indicative proposals in the middle of October. The company's board will then invite a select number of them to participate in a second phase to conclude "as soon as practicable thereafter".
On 23 September, Made.com announced it would conduct a "formal review of the various strategic options" including a formal sale process amid sharply lower demand due to the cost of living crisis.
Bluebird Merchant Ventures shares rise 20% to 1.5p after license extension is granted for Batangas Gold Project
Bluebird said it has received a two-year exploration license extension for its Batangas Gold Project in the Philippines.
Bluebird explained the extension would facilitate completion of final major studies for a production decision, as well as de-risk the project significantly. With the extension, the company said it is confident of concluding discussions with a local partner regarding development of the project.
Bluebird said the extension would also allow for the completion of the remaining Exploration and Environmental work programmes to increase the resource and rework the plan for the underground mining potential at the high-grade Lobo area of the project. This in turn will facilitate the submission of a Declaration of Mining Project Feasibility and the gaining of an Environmental Compliance Certificate (ECC), the last major prerequisite for underground gold production at Lobo.