Tag Archives: mining

Hurricane Energy Shares Surge 14% on Record 2020 Oil Production

Shares of Hurricane Energy PLC (LON: HUR) surged 14% after the oil exploration, and mining company reported that total oil production for the 2020 calendar year was 5.1MMbbls or an average of 13,900 barrels per day.

The company sold all of the oil produced generating full-year revenues of $179 million resulting in a net free cash flow of $106 million at the end of December compared to the $86 million free cash flow recorded in November.

Hurricane noted that during the fourth quarter, oil production was lower averaging 12,700 bopd following a decision to limit production from the 205/21a-6 well to c.12,000 bopd in November 2020 for reservoir evaluation management purposes.

The Lancaster field continues to produce from the 205/21a-6 well alone, with the 19th cargo of Lancaster oil was lifted at the end of December 2020.

Antony Maris, Hurricane Energy’s EO, commented: “Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio.

Adding:

“As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding in order to maximise the potential value of our assets.”

Hurricane Energy share price

Tradingview chart of Hurrricane Energy share price 14012021

Hurricane Energy shares surged 14.07% to trade at 3.0p having risen from Wednesday’s closing price of 2.63p.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .


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Author: Simon Mugo

Hurricane Energy Shares Surge 14% on Record 2020 Oil Production

Shares of Hurricane Energy PLC (LON: HUR) surged 14% after the oil exploration, and mining company reported that total oil production for the 2020 calendar year was 5.1MMbbls or an average of 13,900 barrels per day.

The company sold all of the oil produced generating full-year revenues of $179 million resulting in a net free cash flow of $106 million at the end of December compared to the $86 million free cash flow recorded in November.

Hurricane noted that during the fourth quarter, oil production was lower averaging 12,700 bopd following a decision to limit production from the 205/21a-6 well to c.12,000 bopd in November 2020 for reservoir evaluation management purposes.

The Lancaster field continues to produce from the 205/21a-6 well alone, with the 19th cargo of Lancaster oil was lifted at the end of December 2020.

Antony Maris, Hurricane Energy’s EO, commented: “Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio.

Adding:

“As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding in order to maximise the potential value of our assets.”

Hurricane Energy share price

Tradingview chart of Hurrricane Energy share price 14012021

Hurricane Energy shares surged 14.07% to trade at 3.0p having risen from Wednesday’s closing price of 2.63p.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .


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Author: Sam Boughedda

Hurricane Energy Shares Surge 14% on Record 2020 Oil Production

Shares of Hurricane Energy PLC (LON: HUR) surged 14% after the oil exploration, and mining company reported that total oil production for the 2020 calendar year was 5.1MMbbls or an average of 13,900 barrels per day.

The company sold all of the oil produced generating full-year revenues of $179 million resulting in a net free cash flow of $106 million at the end of December compared to the $86 million free cash flow recorded in November.

Hurricane noted that during the fourth quarter, oil production was lower averaging 12,700 bopd following a decision to limit production from the 205/21a-6 well to c.12,000 bopd in November 2020 for reservoir evaluation management purposes.

The Lancaster field continues to produce from the 205/21a-6 well alone, with the 19th cargo of Lancaster oil was lifted at the end of December 2020.

Antony Maris, Hurricane Energy’s EO, commented: “Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio.

Adding:

“As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding in order to maximise the potential value of our assets.”

Hurricane Energy share price

Tradingview chart of Hurrricane Energy share price 14012021

Hurricane Energy shares surged 14.07% to trade at 3.0p having risen from Wednesday’s closing price of 2.63p.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .


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Author: Simon Mugo

Hurricane Energy Shares Surge 14% on Record 2020 Oil Production

Shares of Hurricane Energy PLC (LON: HUR) surged 14% after the oil exploration, and mining company reported that total oil production for the 2020 calendar year was 5.1MMbbls or an average of 13,900 barrels per day.

The company sold all of the oil produced generating full-year revenues of $179 million resulting in a net free cash flow of $106 million at the end of December compared to the $86 million free cash flow recorded in November.

Hurricane noted that during the fourth quarter, oil production was lower averaging 12,700 bopd following a decision to limit production from the 205/21a-6 well to c.12,000 bopd in November 2020 for reservoir evaluation management purposes.

The Lancaster field continues to produce from the 205/21a-6 well alone, with the 19th cargo of Lancaster oil was lifted at the end of December 2020.

Antony Maris, Hurricane Energy’s EO, commented: “Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio.

Adding:

“As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding in order to maximise the potential value of our assets.”

Hurricane Energy share price

Tradingview chart of Hurrricane Energy share price 14012021

Hurricane Energy shares surged 14.07% to trade at 3.0p having risen from Wednesday’s closing price of 2.63p.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .


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Author: Sam Boughedda

Hurricane Energy Shares Surge 14% on Record 2020 Oil Production

Shares of Hurricane Energy PLC (LON: HUR) surged 14% after the oil exploration, and mining company reported that total oil production for the 2020 calendar year was 5.1MMbbls or an average of 13,900 barrels per day.

The company sold all of the oil produced generating full-year revenues of $179 million resulting in a net free cash flow of $106 million at the end of December compared to the $86 million free cash flow recorded in November.

Hurricane noted that during the fourth quarter, oil production was lower averaging 12,700 bopd following a decision to limit production from the 205/21a-6 well to c.12,000 bopd in November 2020 for reservoir evaluation management purposes.

The Lancaster field continues to produce from the 205/21a-6 well alone, with the 19th cargo of Lancaster oil was lifted at the end of December 2020.

Antony Maris, Hurricane Energy’s EO, commented: “Production in line with expectations, a December lifting from Lancaster, and higher oil prices combined to deliver a $19 million increase in net free cash at year-end compared to end November 2020. A continued recovery in oil prices would further enhance the significant value we see in our West of Shetland portfolio.

Adding:

“As previously reported, we are currently engaging with our stakeholders on a proposed development plan for Lancaster and its associated funding in order to maximise the potential value of our assets.”

Hurricane Energy share price

Tradingview chart of Hurrricane Energy share price 14012021

Hurricane Energy shares surged 14.07% to trade at 3.0p having risen from Wednesday’s closing price of 2.63p.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .


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Author: Sam Boughedda

Australian state considers mining camps for coronavirus quarantine

MELBOURNE (Reuters) – An Australian state premier said on Thursday she was considering the use of remote mining camps to quarantine international arrivals, aiming to break a cycle of coronavirus outbreaks around the country at city hotels used for isolation.

Queensland’s state capital of Brisbane emerged earlier this week from a snap three-day lockdown sparked by the discovery of the highly infectious strain of COVID-19 in a worker at a quarantine hotel.

“I think with this new strain, we have to put all options on the table,” Queensland Premier Annastacia Palaszczuk said of the camp proposal, which received a mixed reaction in Australia.

Since Australia effectively eliminated local transmision of COVID-19 in the second half of last year, almost all new outbreaks have stemmed from quarantine hotels.

Palaszczuk said health officials are considering “a number” of camps near airports as a way to isolate COVID-19 cases and prevent the potential spread of the virus through common infrastructure such as airconditioning.

Neighbouring Northern Territory began using a shuttered mining camp outside the city of Darwin in October for quarantining international arrivals.

A proposal for wider use of camps is on the agenda of a national cabinet meeting next week but New South Wales, the country’s most populous state, has already voiced its objections. The vast majority of incoming travellers to Australia arrive in Sydney where they are quarantined at city hotels.

“There’s strong views held in our public health team it makes sense to continue to have the hotel quarantine arrangements we currently have,” said NSW Health Minister Brad Hazzard, citing difficulties in providing support staff in regional locations and concerns about transporting infected travellers.

In Brisbane, authorities transferred 129 quarantined travellers from the Grand Chancellor hotel to another hotel late on Wednesday while investigations into the latest outbreak are conducted.

Both Queensland and NSW reported zero locally transmitted infections overnight, but six in returning travellers, while the Northern Territory recorded two cases in hotel quarantine.

Australia, which has recorded a total of around 28,650 infections and 909 deaths, has managed to suffocate several small outbreaks in recent weeks through targeted lock downs, contact tracing and mandatory mask-wearing.

(Reporting by Melanie Burton; editing by Jane Wardell)


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Australian state considers mining camps for coronavirus quarantine

MELBOURNE (Reuters) – An Australian state premier said on Thursday she was considering the use of remote mining camps to quarantine international arrivals, aiming to break a cycle of coronavirus outbreaks around the country at city hotels used for isolation.

Queensland’s state capital of Brisbane emerged earlier this week from a snap three-day lockdown sparked by the discovery of the highly infectious strain of COVID-19 in a worker at a quarantine hotel.

“I think with this new strain, we have to put all options on the table,” Queensland Premier Annastacia Palaszczuk said of the camp proposal, which received a mixed reaction in Australia.

Since Australia effectively eliminated local transmision of COVID-19 in the second half of last year, almost all new outbreaks have stemmed from quarantine hotels.

Palaszczuk said health officials are considering “a number” of camps near airports as a way to isolate COVID-19 cases and prevent the potential spread of the virus through common infrastructure such as airconditioning.

Neighbouring Northern Territory began using a shuttered mining camp outside the city of Darwin in October for quarantining international arrivals.

A proposal for wider use of camps is on the agenda of a national cabinet meeting next week but New South Wales, the country’s most populous state, has already voiced its objections. The vast majority of incoming travellers to Australia arrive in Sydney where they are quarantined at city hotels.

“There’s strong views held in our public health team it makes sense to continue to have the hotel quarantine arrangements we currently have,” said NSW Health Minister Brad Hazzard, citing difficulties in providing support staff in regional locations and concerns about transporting infected travellers.

In Brisbane, authorities transferred 129 quarantined travellers from the Grand Chancellor hotel to another hotel late on Wednesday while investigations into the latest outbreak are conducted.

Both Queensland and NSW reported zero locally transmitted infections overnight, but six in returning travellers, while the Northern Territory recorded two cases in hotel quarantine.

Australia, which has recorded a total of around 28,650 infections and 909 deaths, has managed to suffocate several small outbreaks in recent weeks through targeted lock downs, contact tracing and mandatory mask-wearing.

(Reporting by Melanie Burton; editing by Jane Wardell)


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‘Ethical’ British-Owned Mine That Produced the Queen’s Famous Pink Diamond Accused of Beating, Killing Locals

A publicly listed British mining company, which was the source of one of Queen Elizabeth’s most famous diamonds and markets itself as a producer of ethical gems, has been accused of a string of human rights abuses.

Petra Diamonds has been condemned by an activist group which claims that security guards at one of the company’s African mines have killed seven local people and assaulted another 41, leaving many with “life-changing injuries.”

The company has said it is investigating the allegations, made by British NGO Rights and Accountability in Development (RAID).

The Williamson mine in Tanzania is famous for its pink diamonds. A stunning 54-carat rough diamond discovered there in 1947 was given as a wedding gift to the queen by the mine’s then-owner. The diamond was later set into a Cartier flower brooch which the queen has worn at numerous important state occasions, including the wedding of Charles and Diana. The Royal Collection describes the stone as “the finest pink diamond ever discovered.”

The mine is 25% owned by the Tanzanian government and 75% owned by British mining company Petra Diamonds, which is listed on London’s ethical stock index FTSE4GOOD and has regularly boasted in annual reports that its policies and “robust internal systems” mean that human rights violations are not considered to be a “material risk” to its business.

“Such claims appear clearly false,” RAID said in their damning and extensive report, which detailed shocking accounts of a de facto private prison being operated on the site, and of individuals being “handcuffed to hospital beds at the mine’s medical facility”.

The alleged killings since 2009 involved six people who were shot dead, while a seventh was beaten to death. The 41 alleged assaults included 17 shootings, with one of the men injured shot from a distance of 40 meters while fleeing. Many of the individuals interviewed in the report “are in need of medical treatment that they cannot afford” as a result of their injuries, RAID said.

Anneke van Woudenberg, executive director of RAID, told The Daily Beast in a telephone interview that while the disturbing stories coming out of the Williamson mine were “by no means the first time we have heard of security guards running amok” there were several “uniquely disturbing features” of this inquiry, including the fact Petra Diamonds pitches itself as an ethical company.

“The disjuncture between what they say and what actually happens is stark,” she said.

She added: “We don’t normally see a company with its own detention center where people are kept in squalid and terrible conditions or a company running a hospital on site where they are taking people they have injured on their concession and handcuffing them to beds and denying them medical treatment. When we first heard about it we thought it couldn’t possibly be true, but it is.”

Van Woudenberg said that the company argued the detention facility was a police facility, but said, “We have strong evidence that is not the case. We have spoken to several individuals never saw police. We have asked to see documents proving this is a police establishment but none have been provided.”

Petra Diamonds, responding to queries from The Daily Beast specifically asking them to comment on the nature of the detention facility or alleged abuses at the mine’s hospital, said that the detention facility has now been closed. They added it “was only ever used by the Tanzanian police force as a temporary police post, and never used by the operator of the mine.”

Petra said the hospital is being upgraded and is a service for workers and the local community.

Van Woudenberg said that the Williamson mine appears to have grown accustomed to operating with impunity partly because of its heritage as a former colonial mine and the fact that the local town is located entirely within its lands.

In a statement, Petra Diamonds said it was “working hard to address the allegations as a matter of urgency… and an investigation has been initiated and is being carried out by a specialist external adviser in conjunction with the Company’s lawyers.”


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Author: Tom Sykes

Vast Resources Shares Plunge 16.9% on £4.8M Discounted Capital Raise

Shares of Vast Resources PLC (LON: VAST) today surged 16.9% after the mining company announced that it had raised £4.8 million via a share placement to meet the equity requirements to finance its Baita Plai project in Romania.

The company said that the detailed term sheet announced earlier had been agreed by its executives and those of the international banking institution (the “Bank”) and that the Bank’s final credit committee would meet to approve the financing on December 15.

Part of the conditions for the financing was that the company raises $6.2 million, which is why it raised £4,846,579.90 via the placement of 3,671,651,439 ordinary shares at a pice of 0.132p per share.

Today’s decline was precipitated by the 19% discount at which the new shares were offered to investors in comparison to the stock’s closing price on Tuesday.

Andrew Prelea, the Company’s CEO, said: “The asset-backed debt facility is a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021.  This is clearly recognised by the new and existing investors who have participated in today’s placing and I believe that this development will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp-up to full production at our Baita Plai Polymetallic Mine.”

The new shares will be admitted for trading on the AIM in two trenches with the first batch of 755,587,515 ordinary shares being admitted on 15 December 2020, while the second tranche of 2,916,063,924 shares will start trading on 23 December 2020.

Vast share price

Tradingview chart of Vast share price 09122020

Vast Resources share plunged 16.9% today to trade at 0.135p having fallen from Tuesday’s closing price of 0.1626p.

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Author: Simon Mugo

Vast Resources Shares Plunge 16.9% on £4.8M Discounted Capital Raise

Shares of Vast Resources PLC (LON: VAST) today surged 16.9% after the mining company announced that it had raised £4.8 million via a share placement to meet the equity requirements to finance its Baita Plai project in Romania.

The company said that the detailed term sheet announced earlier had been agreed by its executives and those of the international banking institution (the “Bank”) and that the Bank’s final credit committee would meet to approve the financing on December 15.

Part of the conditions for the financing was that the company raises $6.2 million, which is why it raised £4,846,579.90 via the placement of 3,671,651,439 ordinary shares at a pice of 0.132p per share.

Today’s decline was precipitated by the 19% discount at which the new shares were offered to investors in comparison to the stock’s closing price on Tuesday.

Andrew Prelea, the Company’s CEO, said: “The asset-backed debt facility is a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021.  This is clearly recognised by the new and existing investors who have participated in today’s placing and I believe that this development will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp-up to full production at our Baita Plai Polymetallic Mine.”

The new shares will be admitted for trading on the AIM in two trenches with the first batch of 755,587,515 ordinary shares being admitted on 15 December 2020, while the second tranche of 2,916,063,924 shares will start trading on 23 December 2020.

Vast share price

Tradingview chart of Vast share price 09122020

Vast Resources share plunged 16.9% today to trade at 0.135p having fallen from Tuesday’s closing price of 0.1626p.

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Author: Sam Boughedda