Proactive’s Post

Eni DOUBLING DOWN IN CÔTE D’IVOIRE Eni is poised to reinforce its strategic presence in the Ivorian Basin through the acquisition of four additional offshore exploration blocks surrounding its recent discovery, the Calao field, in Côte d'Ivoire. This strategic maneuver mirrors its previous approach following the significant Baleine discovery in block CI-101, where Eni secured adjacent exploration licenses (CI-401, CI-801, and CI-802) to capitalize on growth opportunities in the eastern waters of the Abidjan Margin. Building on this strategy, Eni's Murène 1X NFW exploration well on block CI-205 uncovered the Calao field, marking Côte d'Ivoire's second-largest discovery to date. With preliminary estimates suggesting substantial reserves (1-1.5 Bboe), Eni promptly initiated discussions for new Production Sharing Contracts (PSCs) for blocks CI-504, CI-526, CI-706, and CI-708, following expressions of interest and approval to commence negotiations. Upon the signing of these PSCs, Eni will expand its block portfolio in Côte d'Ivoire to 11, including previously relinquished acreage, thereby solidifying its commitment to exploration and development in the region. Source: Jimmy Boulter

As of June 30, a total of 21,175 meters had been drilled across 513 holes comprised of 19 Diamond Drilling (“DD”) holes for 1,765 meters, 79 Reverse Circulation (“RC”) holes for 7,159 meters, 342 Aircore holes for 11,872 meters, and 73 Auger holes for 379 meters. During Q1-2024, exploration efforts focused on DD drilling whereas efforts in Q2-2024 focused on RC, Aircore, and Auger drilling to better inform the upcoming Diamond Drilling programme. The results in this press release relate to the DD programme completed as the preliminary RC and Aircore drill results are currently being analyzed with full assays results expected to be received in the coming weeks. Notable intercepts from the Diamond Drilling campaign include: (apparent width) − Diouma North: 14.10m at 8.04g/t Au and 17.45m at 2.74g/t Au, 22.45m at 1.52 g/t Au − Lokolo Main: 12m at 6.60g/t Au − Sissédougou: 19m at 3.08g/t Au − Yeré North: 14m at 1.62g/t Au #Koné Project

SK Earthon have been awarded the Ketapu cluster in Sarawak. The Korean company will hold an 85% stake and operatorship, with PETROS, the Sarawak state oil company, holding the remaining 15%. The Ketapu cluster consists of four fields: C13, C2, C6, and C3 and was offered in the MBR+ bid round that was launched in late 2023 after being previously offered (and not awarded) in 2022 as the C Cluster. I have not seen confirmation of the terms but imagine it will be under the Small Field Asset (SFA) terms. This seems like a sensible award, given that SK Earthon (and PETROS) were also awarded the surrounding SK-427 exploration block back in December 2021. The remaining block from the MBR+ round is the DEWA complex, located offshore Sarawak. #oilandgas #malaysia

South32 commits N$273 million for copper exploration in Namibia: Junior explorer Noronex has secured an earn-in agreement and strategic alliance with a wholly-owned subsidiary of South32 to accelerate copper exploration in Namibia. South32 has committed to fund N$273 million in exploration over five years at Noronex’s Humpback-Damara project in the Kalahari copper belt and will earn up to 60%

Mozambique Licensing Alert! CNOOC International has entered the country with the award of 5 exploration blocks as part of the Sixth Licensing Round. The awards are for deepwater blocks A6-D, A6-E and A6-G in the Angoche Basin, and S6-A and S6-B in the Save Basin further south, acreage which has both shallow and deepwater. The company will hold 70-80% stakes and partner with Empresa Nacional de Hidrocarbonetos EP, the country’s NOC. Regulator INP said CNOOC had committed to acquire at least 26,000 km² of 3D seismic and drill 4 exploration wells. The Angoche Basin has seen some exploration, most notably Eni’s unsuccessful Raia-1 well on A5-A in 2023. But the Save offshore is almost totally unexplored. The acreage awarded is next to adjacent to Sasol’s onshore Pande, Temane and Inhassoro fields. The Sixth Licensing Round was launched back in November 2021 with 16 blocks offered – the only other bid came from Eni for Block A6-C.

Aterian plc (LSE: ATN), the critical metal-focused exploration and development company, is pleased to provide an update on Rwandan exploration activities by its Rwandan subsidiary, Eastinco Limited ("Eastinco").   Highlights: 👉 Eastinco has been formally invited by the Rwanda Mines, Petroleum and Gas Board ("RMB") to negotiate terms for a significantly larger mineral exploration licence for the Musasa project area in Rwanda. 👉 Eastinco will exercise its option to acquire the 15 % minority partner interest from Kuaka Cooperative ("Kuaka"), its partner in the Musasa project. 👉 Eastinco announces that it has sent a joint venture termination notice to its partner, Dynasty Construction ("Dynasty"). 👉 The Government of Rwanda recently announced that it has partnered with Rio Tinto Minerals Development Limited ("Rio Tinto") to collaborate in mineral exploration activities and potential mineral development and mining operations for lithium, tin, tantalum, tungsten and associated metal deposits in Rwanda.   The Musasa licence area is known for its significant mineral potential, showing prospective mineral opportunities for #lithium, #tantalum, #niobium, tungsten, and tin. The RMB invitation to negotiate final terms for the exploration agreement marks a key step forward in Eastinco's strategic expansion within the region and, upon completion, will increase Eastinco's total Rwandan project exploration area by no less than 350 hectares to 3,100 hectares. The new licence area significantly increases the licence area from 50 hectares under the original agreement with Kuaka. https://lnkd.in/gR5AUsW7

Oriole Resources PLC (AIM:ORR) posted results for last year at what the gold explorer calls a "very exciting time", with two programmes underway in Cameroon's Bibemi and Mbe projects and results expected in the coming months. A loss for the year of £2.3 million was reported, inflated by a legacy impairment provision, revaluation of a receivable and an adverse foreign exchange movement, all of which had no cash-flow implications. Administrative expenses were reduced 4% and the cash outflow from operations by 59% as cash-saving measures were introduced. A lack of cash hindered exploration in the year but the cash position has significantly improved with the signing of the two agreements with BCM and since year end, Oriole has received US$1.5 million of signature payments. Chief executive Tim Livesey said 2023 was "a year of consolidation in a very difficult market for junior explorers". More at #Proactive #ProactiveInvestors #AIM #ORR #gold #explorers http://ow.ly/KK7x105nEco

Oriole Resources PLC continued its recent upward march as it restarted #exploration at the Mbe #gold project in Cameroon. Mbe is one of two of Oriole's projects in East Africa where gold producer BCM recently agreed to fund exploration in return for a sizeable equity stake. BCM can earn up to 50% for a US$1 million signature payment at Mbe plus U$4 million in exploration expenditure and resource-linked success payments. Through a similar deal, BCM can take a 50% stake in the Bibemi, another of Oriole's projects in Cameroon. #OrioleResources that sampling is now underway at Mbe to confirm its belief that a corridor of gold mineralisation runs across all of its licences in Cameroon. Shares rose 13% to 0.35p having doubled since the start of the year. More at #Proactive #ProactiveInvestors http://ow.ly/gV20105jL66 #AIM #JSE #OTC #JLP #JBL #JUBPF

Galp Shares Jump on Mopane Exploration in Namibia - MarketWatch: Galp Shares Jump on Mopane Exploration in Namibia  MarketWatch

Option to Acquire Baga Gold Project, Cote d’Ivoire Many Peaks Minerals (ASX:MPK) Executive Chairman, Travis Schwertfeger commented: “Having quickly established ourselves in Côte d’Ivoire and successfully initiating exploration activity within weeks following acquisition of the exciting Odienné and Ferké projects, the Company is very pleased to identify an additional opportunity further bolstering our pipeline of projects for growth within the same jurisdiction. The Baga Gold Project is complimentary to the existing portfolio in Côte d’Ivoire providing several operational synergies delivering opportunities for an increase in positive results to the market and significant leverage to adding value through exploration success. Located in a region that has demonstrated its potential to host world-class gold deposits, this acquisition aligns with our commitment to adding shareholder value through innovative and cost- effective exploration, discovery, and resource development.” Congrats to the whole team at Many Peaks Minerals (ASX:MPK) Travis Schwertfeger Ben Phillips, Marcus Harden, Aaron Bertolatti #asxnews #investingnews #gold #goldinvesting https://lnkd.in/ga_sJTa6