Serinus Energy shares fall 26.09% to 8.5p on Moftinu Nord-1 well suspension
Serinus Energy said drilling operations at its Moftinu Nord-1 exploration well in Romania have been suspended.
After drilling Moftinu Nord-1 for 1000m, targeting 4 prospective hydrocarbon zones, Serinus found indications of residual gas, but insufficient gas resources to justify proceeding with the testing and completion program for the well. The company spent US$867K on drilling Moftinu Nord-1.
Serinus added that CTF, Tunisia's state-owned drilling company, has confirmed availability of its CTF-04 rig to perform the workover and installation of artificial lift for Serinus' W-1 well in Sabria, Tunisia. The rig is expected to be mobilised to the W-1 wellsite and commence work in 4Q 2022. A 3rd party engineering study estimates that the W-1 well will have a mean gross initial production rate of 796 boe/d, with Serinus' net share being 358 boe/d.
Immediately following completion of the W-1 workover and artificial lift installation, the CTF-04 rig will move to the Sabria N-2 well to perform a workover to recomplete the well, expected to take 30 days. Serinus estimates the mean gross initial production of the N-2 well will be 385 boe/d, with the company's net share being 173 boe/d.
Union Jack Oil shares rise another 8.06% to 33.5p as it reaches £10m of revenues from flagship Wressle project
Union Jack Oil announced yesterday it had 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.
Union Jack shares rose 6.9% on the news yesterday, and another 8.06% today.
Europa Metals shares jump 29.91% to 3.8p on US$6m farm-in agreement with Denarius Metals for up to 80% of Toral project in Spain
Europa Metals said it has signed a letter of intent for an option and joint-venture arrangement with Denarius Metals, allowing the latter to acquire up to an 80% ownership interest in Europa Metals' wholly-owned Toral Zn-Pb-Ag project in the Leon Province of Spain in two stages.
In stage one, Denarius will be afforded the exclusive right to acquire 51% of the project's intermediate holding company, Europa Metals Iberia SL, or the project's underlying permit, by spending US$4m on the Toral project over a period of up to three years.
In stage two, Denarius will be afforded the exclusive right to acquire an additional 29% interest for US$2m.
Myles Campion, Executive Chairmand and acting CEO of Europa Metals commented:
"The Board has for some time been evaluating a range of options to advance the Toral Project towards development in a manner that minimises dilution for the Company's shareholders as far as possible whilst also providing exposure to the significant future value inherent in the project."
N4 Pharma shares rise 22.73% to 2.7p on double siRNA testing update for Nuvec
N4 Pharma announced yesterday successful in vitro testing of Nuvec loaded with two small interfering RNA (siRNA) probes. Nuvec is N4's proprietary silica nanoparticle delivery system for cancer and vaccine treatments.
On 14 September 2022, N4 delivered an update highlighting its intention to focus further development work on multiple loaded siRNA on Nuvec. The company has now completed initial in vitro testing of Nuvec loaded with two generic siRNA probes, GFP (Green Fluorescent protein), and EHMT-2 (Euchromatic Histone Lysine Methyltransferase 2) at the same time.
The siRNA probes were loaded onto Nuvec in equal amounts. Testing demonstrated that both siRNA probes were able to significantly silence their respective targets.
Nigel Theobald, CEO, commented:
"Showing that Nuvec® loaded with two generic siRNA probes still achieves significant silencing of their respective genes is validation for us to now begin the further work that we announced on 14 September with EGFR and BCl-2 in a PC9 lung cancer model."