Traders Cafe with Zak Mir: Angus Energy, Bezant, Dukemount Capital, Edenville Energy, i3 Energy, Oriole, Thor Mining, Valereum Blockchain

Independent onshore oil and gas development company, Angus Energy (AMGS), which is focused on advancing its portfolio of licensed UK assets, served up its half yearly report. The highlight here is the company’s £12 million facility for the re-development of Saltfleetby, with the company on track to deliver first gas. Rather cleverly, Angus has hedged approximately 70% of future gas sales, estimated under a conservative projection, for three years beginning in July 2022. This provides Angus with downside revenue protection, while allowing it to capture upside in the event of higher gas prices.

Copper-gold exploration and development company, Bezant Resources (BZT) announced its audited final results for the year ended 31 December 2020. It said it remained focused on seeking to develop its existing projects through strategic alliances, sales and the identification and acquisition of copper-gold resources. At the Kalengwa Project the key areas of interest include a sparsely drilled copper mineralisation just 4km northeast of the main pit and a 13km strike zone of coincident geochemical and structural anomalism, which has not been drill tested. Bezant has a 70% plus interest in the Hope Copper Gold project in Namibia which means it is well positioned in the gold-copper space when the demand for copper is expected to double by 2030. Post the year end Bezant increased its position in Southern Africa by the acquisition of the Kanye Manganese Project in Botswana.

11.00 a.m on 15 July 2021 will effectively be High Noon for shareholders of Dukemount Capital (DKE), as it will be the occasion of a General Meeting where they vote on the funding facility for the long dated income company’s Environmental Energy Project. The funding of £6.5m is to be provided by Global Corporate Finance Opportunities 14, and if approved, £3m will be lent to fund the HSKB Joint Venture over the next six months, beginning with a tranche of £1.2m. The remaining £3.5m will be drawn down, if required, to fund future projects in the fast-growing UK flexible 11kv power sector, where HSKB is set to deliver a strong pipeline of deals.

Edenville Energy (EDL), the operator of Rukwa Coal Project in southwest Tanzania served up its audited results for the year ended 31 December 2020. Interestingly enough, the highlights here were arguably post period. During the first half of 2021, the Company reached an agreement with Lind regarding its outstanding debt and in January and May 2021 raised an aggregate £3.4 million which enabled it to pay off the full amount outstanding to Lind. The company also gained new major shareholders including RAB Capital and Mr. Anthony (Tony) Buckingham.

After being surprisingly slow to react to the soaring oil price, healthy production and acquisition news, and the prospect of a maiden dividend, it would appear that there is something of a stampede at sprawling oil and gas company i3 Energy (I3E). The latest one day 17% surge comes after last week’s announcement that the company’s Noel well acreage in Northeast British Columbia has exceeded initial expectations by 30%.

There was bumper news from Oriole Resources (ORR) Bibemi Project as drilling confirmed gold at all four prospects. The AIM-quoted exploration company focused on West Africa, announced final results for its recently completed maiden diamond drilling programme at the 51%-owned Bibemi gold project in Cameroon. Results support the potential for large-scale mineralisation at the Project, with gold now confirmed at all four prospects within the 8.3km-long orogenic system.

There was also welcome news from Thor Mining (THR), as the multi-pronged explorer announced positive preliminary internal copper results from early stages of diamond drilling at Alford East Copper-Gold Project, SA. The company said it was “excited” by these preliminary results, adding that the step out of 21AED002 and confirmation of a wide copper intercept, highlights the potential to increase the current Mineral Resource Estimate.

Finally, on the Aquis market it was the turn of Gibraltar based blockchain technology builder, Valereum Blockchain (VLRM) to be back on the top of the leaderboard, after stepping back following a recent £1 million fund raise to fund "The Valereum Bridge." With traders suggesting that the recent churn was out of the system, it was perhaps not too surprising that the stock rose 25% to 52p. All of this has happened with the forthcoming OTCQB listing in the US still to come, and presumably the increased access to Stateside liquidity, as well as appreciation of Valereum’s strategy.