• Tungsten mine and fully built mill in a proactive and stable mining jurisdiction

• Phase 1 production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years

• Publicly listed tungsten peer near this company’s mine at a C$1.9 billion valuation with a 2,300 tonnes/year target

• Company has raised C$8 million, with a post-money, pre-IPO valuation of just C$48 million and has upsized this same round by another C$2 million

• Listing in Canada or London with a target date of Q1 2026

• Offering closing date: November 28, 2025

Find out more

* Tungsten is essential war material and in short supply in the West, critical since it has exceptional density and the highest melting point of all known elements

Now, on to today’s detailed evaluation of a fascinating gold opportunity, plus an intriguing oil and gas gamble

Read more

Own your share of this essential military minerals company*

• Tungsten mine and fully built mill in a proactive and stable mining jurisdiction

• Phase 1 production target of 1,000 tonnes of concentrate per annum, ramping to 4,000 tonnes/year within 2–3 years

• Publicly listed tungsten peer near this company’s mine at a C$1.85 billion valuation with a 2,300 tonnes/year target

• Company is raising C$8 million, with a post-money valuation of just C$48 million

• Listing in Canada with a target date of Q1 2026

• Offering closing date: October 15, 2025

Find out more

* Tungsten is essential war material and in short supply in the West, critical since it has exceptional density and the highest melting point of all known elements

A Frontier Bet on Namibia’s Offshore Boom

Few places on earth are commanding as much attention from global energy investors as Namibia’s offshore basins. Since 2022, the country has witnessed an extraordinary run of discoveries — 14 successes out of 16 wells drilled, an 87.5% hit rate that rivals Guyana’s world-class play. Supermajors like TotalEnergies, Shell, Chevron, Exxon, BP/ENI, Galp, and Rhino Resources are rushing in. Some analysts now suggest Namibia could be the world’s next transformational oil province.

Amid this surge, Stamper Oil & Gas (TSX-V: STMP; OTC: STMGF; Germany: TMP0) is positioning itself as a small-cap, high-leverage way to play the boom. Through its acquisition of BISP Exploration, Stamper gains exposure to five offshore blocks across three prolific basins — Orange, Walvis, and Luderitz. For investors, this offers diversified upside with a carried-interest structure that reduces financial risk while keeping the potential rewards intact.

Financing

To fund the BISP acquisition and exploration costs, Stamper raised C$11 million via a private placement. The raise is designed to provide working capital, fund operations, and position Stamper for farm-outs or joint ventures with majors.

For context, this was early-stage venture-style investing: accredited investors with a minimum C$20,000 ticket were offered exposure to a frontier play with asymmetric outcomes — limited downside, outsized upside.

Namibia

Why Namibia, and why now?

• Orange Basin has become the epicenter of global exploration excitement. TotalEnergies’ Venus discovery in 2022 and Shell’s Graff find opened the floodgates. Subsequent wells continue to confirm massive hydrocarbon systems.

• Walvis Basin is drawing Chevron, which has acquired acreage and is targeting drilling campaigns around 2026–2027.

• Luderitz Basin is anchored by BW Energy’s planned appraisal of the Kudu field in 2025, which could validate gas commercialization.

• Rhino Resources, a private operator, just flow-tested a discovery at over 11,000 barrels/day from temporary facilities — a dramatic early validation.

Add in Petrobras entering the play, and Namibia is now regarded as the most promising frontier oil patch worldwide.

Asset Portfolio

Stamper’s acquisition of BISP delivers a balanced portfolio of carried and working interests:

1. Orange Basin (PEL 107, Block 2712A)

   • ~5,484 km²

   • 32.9% working interest

   • Surrounded by majors and the most de-risked basin.

2. Walvis Basin (PEL 98, 106; Blocks 2213B, 2011B, 2111A)

   • ~11,542 km²

   • 5% carried interest

   • Chevron’s nearby activity adds strategic value.

3. Luderitz Basin (PEL 102, Block 2614B)

   • ~5,511 km²

   • 20% carried interest

   • Adjacent to BW Energy’s Kudu gas development.

The structure matters: carried interests mean Stamper benefits if partners drill without needing to fund the lion’s share of capital, significantly mitigating financial exposure.

Strategy and Comparisons

Stamper’s game plan is straightforward:

• Diversify exposure across multiple basins.

• Leverage supermajor spending — let Chevron, BW, and others de-risk the geology.

• Use farm-outs to bring in capital and validate acreage.

The company often compares itself to Sintana Energy (SEI), which once held similar Namibian exposure. Sintana’s valuation ballooned from ~$27M pre-discovery to >$200M after Shell and Total’s discoveries validated its acreage. Stamper argues it offers comparable or better positioning, but at a much lower starting valuation.

Risked NAV

Exploration is about probabilities and payoffs. Using conservative assumptions ($2–3 per barrel in-ground, 10–20% chance of success depending on basin), Stamper’s Namibia portfolio could look like this:

• Unrisked Net Value: ~$1.5B

• Risked Value (probability-adjusted): ~$255M

Compared to today’s ~$11M US valuation, that implies 20–25x upside on a probability-weighted basis. Most of this comes from Orange Basin’s PEL 107, where Stamper has a large 32.9% interest.

Scenario Analysis

To frame the range of possibilities:

• Bear (No Discoveries) → Portfolio drifts down to ~$10M option value.

• Base (One Success – Orange Basin) → ~$197M valuation (~18x current).

• Bull (Multiple Discoveries) → ~$400M (~36x current).

• Super-Bull (SEI-style rerating) → ~$1B (~91x current).

This is classic frontier oil math: downside is capped, but upside is exponential.

Catalyst Timeline

What transforms potential into reality are catalysts. Here’s what’s on the horizon:

• Q4 2025

  • BW Energy’s Kudu appraisal via the Deepsea Mira rig — could validate Luderitz gas.

  • Multiple wells contracted by BW & Rhino in Namibian waters.

• 2026–2027

  • Chevron’s first Walvis Basin wells — if successful, a transformational event for basin perception.

  • TotalEnergies’ FID for Venus — delayed but still expected around 2026. Sanctioning this project would anchor Namibia as a global oil province.

• Late 2020s

  • Development, infrastructure build-out, and eventual first oil.

  • Farm-outs and license renewals for juniors like Stamper, potentially adding capital and derisking.

Each of these events has the potential to shift sentiment and valuations almost overnight, especially for small players with leveraged exposure.

Marketing Muscle

On October 1, 2025, Stamper announced it had signed two major marketing and investor relations contracts:

• Bluehand Consulting AG (Switzerland) → leading on SEO, content creation, branding, and lead generation. Contract value: €400,000 over one year.

• X Media Inc. SEZC → running a broad digital media and communications campaign, with a contract value of $500,000.

Why does this matter? Because in high-risk frontier stories like Stamper’s, visibility and investor engagement are just as critical as drilling results. These campaigns suggest management is serious about scaling awareness ahead of seismic, farm-down, and drilling catalysts. It also signals confidence: you don’t invest nearly a million dollars in marketing unless you believe your story is worth telling.

The Bottom Line

Stamper Oil & Gas is not a company for conservative investors. It’s a venture-style exploration play, structured to maximize exposure to Namibia’s frontier oil boom while limiting financial risk through carried interests.

At today’s ~$11M valuation, Stamper is priced like a lottery ticket. But Namibia is proving to be a game where the odds are unusually attractive: an 87.5% discovery rate, supermajors committing billions, and multiple catalysts in the next 24 months.

Now, with nearly $1M in annual marketing firepower, Stamper is positioning itself not just geologically, but narratively — aiming to get in front of a broader investor base ahead of the next big catalysts.

If Stamper’s acreage delivers even a fraction of what’s possible, the payoff could be extraordinary — a 15x to 20x re-rating on a single success, and potentially far higher if Namibia lives up to its billing as the next Guyana.

These are opinions only of the individual author.  The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company.  All content is purely subjective and you should do your own due diligence.  No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made.  Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice.  Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved.  No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece.  The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity. Advertisement

A big winner so far this year has been Predator Oil & Gas (PRD). Management has sensibly (from their point of view) continually delayed testing, ensuring the ability to keep fundraising for each well. It has also offered a profitable trade each time. The initial MOU-1 well in Morocco was drilled in 2021 and provided exceptional gains, moving up from a low of 1.21p post placing to a high of 22.5p prior to the spud. Three further wells have been drilled this year: MOU-2 (funded by a 5.5p placing in 2022; the share price reached a high of 12.3p prior to the spud), MOU-3 (funded again by a 5.5p placing; the share price reached a high of 9.89p prior to the spud) and MOU-4 (funded by an effective 10.5p placing; the share price reached a high of 21.3p subsequently - back at 15.5p another placing now appears imminent). All were covered in the Private Blog, which I’ll refer to as the Private Letter henceforth, to match in with the Substack title of Oilman Jim’s Letter.

Forget long term investment potential with companies like PRD. The project might come off, but the vast majority don’t and overall you’ll lose more than you gain by holding on to these types of companies post drill. The easiest money with these is made from the short term trading while events are taking place. Gear it up a little through a broker like IG and gains of several hundred per cent are there to be had each time. Read the Core Information section on the website to understand all this and more.

Another good one this year with similar dynamics to PRD was Petro Matad (MATD) and its Velociraptor-1 well. The company’s shares moved up from a placing price of 2.5p to 7.1p prior to the spud. Like most, its well didn’t come in, but that did not matter to those who traded it for what it was. These drilling events happen regularly and they are all covered in the Private Letter. There are more in progress now.

These are in my view the most viable way of playing the market and making money. For those wanting to invest in oil and gas development and production, and receive income from it, consider investing direct in wells (via fractional interests) and cut out the small public company in between, which is taking several million pounds a year out of the pot in salaries and administrative expenses and will rarely return any cash to shareholders. It’s satisfying to participate directly and you’ll actually be part of the oil industry owning a direct interest in a well or wells, receiving monthly operating and production reports - and even more importantly revenue cheques. If that’s too daunting, invest in the larger companies with fully professional managements and a strong history of dividend payments.

If you’re a longer term investor, a good measure of management effectiveness is the comparison of the total amount invested into the company with the market capitalisation. For example, a total of £183 million has been invested direct into Serica Energy (SQZ) and its market capitalisation is £858 million. In contrast, over $30 million has been invested into Nostra Terra Oil & Gas (NTOG) and shareholders have been rewarded with a market capitalisation of just over £1 million. Pantheon Resources (PANR)’s management has consumed over $300 million of investors’ money and delivered a market capitalisation of less than £100 million. Something to think about if you're buying shares in a company other than for a trade.

The Private Letter has been published each week since November 2019. The Sunday Blog has been going even longer since February 2018, first on Blogspot and then on Substack. Henceforth I’ll refer to the Sunday Blog as Oilman Jim’s Letter, again to be consistent with its Substack title. Oilman Jim’s Letter is free. The Private Letter is paid for and shares my actual trading ideas: the document I send out is exactly what I use to guide my own trading, with all the company and well information actually necessary. Why I trade these particular situations exclusively is explained fully in the Core Information section on the Substack website.

It’s important to understand that all that matters in the stock market is whether you’re right or wrong about the direction of the share price (the fundamentals are interesting, but even if your analysis of the operational side is correct it does not necessarily ensure a profit as the Core Information section explains). Check back through the letters/blogs and I believe you’ll find that I’ve invariably got it right.

Go for fully funded companies with no convertible bonds or similar outstanding, which have a strong future news flow leading up to a potentially transformational event. Maintain the discipline not to trade different situations and risk losing money. And remember, you do not have to be in everything; other than spreading risk it makes no difference if your funds are in similar shares. Just go for the best ones with large audiences, there is no reason to be in more. You can subscribe to the Private Letter below. The price is just a small fraction of one good trade.

That’s what I said then and coverage has since expanded to also cover companies in the other English speaking markets: Australia, Canada and the US. Since you’re already subscribed to a sister publication, Exploration News, I’ll include this weekend a special 80% first year discount on the Private Letter so you can try it out. This is the link:

https://oilman.substack.com/subscribe?coupon=8312f258

The Private Letter is published on Sunday evening and I look forward to welcoming you on board.

These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.

West African Resources (WAF.ASX WFRSF W25.F) announced that resource definition drilling at M1 South Main Deeps returned multiple high-grade gold intersections beneath current ore reserves, including a standout 44 metres at 25.8 grams per tonne gold. Additional significant intercepts include 44.5 metres at 17.1 grams per tonne gold, 38.5 metres at 17.4 grams per tonne gold, and 21.5 metres at 24 grams per tonne gold among others. Results will feed into the updated Mineral Resource Estimate and Ore Reserves, scheduled for release in Q3 2025. Per Executive Chairman, Richard Hyde, the outcomes confirm M1S as a high-margin, long-life asset and are expected to increase tonnes and contained gold versus the 2024 model.

Pantheon Resources (PANR.L PTHRF P3K.F) announced the completion of flow testing of the Megrez-1 well. Two intervals in the Lower Sagavanirktok 3 Formation at 4,830–4,850 feet and 4,930–4,950 feet produced over 2,000 barrels of liquid per day but no mobile oil or gas. Megrez-1 was shut in on 20 May 2025 and is suspended indefinitely pending further evaluation of the results, which are said by the company to have no impact on the already certified 1.57 billion barrels of marketable liquids and 6.6 trillion cubic feet of natural gas resources at Ahpun and Kodiak. The forward programme includes advancing Ahpun field development to achieve cash-flow self-sufficiency and $5/barrel value recognition by 2028, and planning the Dubhe-1 demonstration well for summer 2025.

Torex Gold Resources (TXG.TSX TORXF 73GN.F) announced the remaining 2024 and initial 2025 drilling results from its ELG Underground project, which delivered notable high-grade intercepts, including 12.18 grams per tonne gold equivalent over 26.4 metres and 43.68 grams per tonne gold equivalent over 10.3 metres, confirming continuity in the central and north zones. Step-out drilling along the El Limón West trend returned significant results (as an example, 8.98 grams per tonne gold equivalent over 35.8 metres; 19.57 grams per tonne gold equivalent over 2.2 metres), indicating mineralization remains open along strike and at depth. Torex has allocated $12 million and four rigs to drill 48,000 metres at ELG Underground in 2025, aiming to expand inferred resources and replace mined reserves across multiple mineralized trends. Results support the company’s objective of extending ELG Underground mine life and sustaining Morelos Complex production above 450,000 gold equivalent ounces per year well beyond 2030.

HyTerra (HYT.ASX HYTLF 8TP0.F) has commenced drilling at its Blythe 13-20 well in Kansas as part of the Nemaha Project, targeting a new natural hydrogen play near historic high-hydrogen occurrences. The well spudded on May 20 with Murfin Rig 116 as the second of two firm wells in HyTerra’s 100% owned Nemaha Project. The well targets a new natural hydrogen play near the historic Scott-1 well, which reported up to 56% hydrogen in the sedimentary section. Objectives include drilling sedimentary and Pre-Cambrian basement sections, confirming hydrogen/helium presence via mud gas logging and laboratory analysis, and characterizing reservoir quality. The campaign has an option to drill a third well at the company’s discretion, with drilling, logging and sampling expected to take 3–4 weeks…more Further news reported that the Sue Duroche 3 exploration well produced mud gas samples with up to 96% hydrogen and 5% helium, among the highest concentrations reported in the US. The well is now a long-term monitoring site to inform the next phase of the Nemaha Project exploration program.

Perpetua Resources (PPTA PPTA.TSX 9MIB.F) announced that the United States Army Corps of Engineers has issued the company's Clean Water Act Section 404 permit for the Stibnite Gold Project. With receipt of this permit, Perpetua is focused on finalizing the remaining state permits and securing project financing needed to begin construction. The Stibnite Gold Project is positioned to deliver significant environmental and economic benefits to rural Idaho while enhancing US national security. The project is projected to be one of the highest-grade open-pit gold mines in the United States, with gold reserves of approximately 4.8 million ounces, and is expected to produce approximately 450,000 ounces of gold annually over its first four years of production. Additionally, the project holds an estimated 148-million-pound antimony reserve — the only identified antimony reserve in the US and one of the largest reserves outside of Chinese control.

Helix Exploration (HEX.L) announced the results of flow testing at the Linda #1 well in the Rudyard Project, Montana. 218 feet of Linda #1 was perforated simultaneously, testing the Souris and Red River reservoir horizons. Flow rates sustained at 3.85 million cubic feet per day of raw gas at 40/64" choke which is 40% above the flow rates reported at Darwin. High grade helium assayed at 1.2% helium with the balance being primarily nitrogen. Linda #1 has the capacity to generate pre-tax cashflow of c.$4 million a year in line with projections. Results expand the company's view of the Rudyard Field's potential. Based on cumulative flow data, lateral extent, and undeveloped drilling inventory, Helix believes that the Rudyard Field could represent one of the largest new single field helium discoveries in North America in recent years.

Aya Gold & Silver (AYA.TSX AYASF 0HE1.F) announced high-grade silver intersections at its Zgounder mine, including 3,279 grams per tonne silver over 8 metres and 1,640 grams per tonne silver over 12.6 metres at depth. It also identified multiple regional targets around Zgounder with anomalies up to 178 grams per tonne silver, 10.3 grams per tonne gold and 4.4% copper. Additional intercepts in the Central Zone (5,297 grams per tonne silver over 4.0 metres) and open-pit area (1,123 grams per tonne silver over 6.0 metres) further demonstrate high-grade mineralization. A total of 7,122 metres have been drilled in the 2025 exploration program to date, with three rigs operating and further results expected.

ADX Energy (ADX.ASX ADXRF GHU.F) announced it has formalised licence variations to optimise its Upper Austrian acreage for low-risk shallow gas targets and matured four 100%-owned drill-ready prospects, with seven additional prospects under development. Planning and permitting for Q4 2025 drilling have commenced alongside farm-in discussions to secure co-investment. There has been a formal amendment of the ADX-AT-I/II licence areas to focus on low-risk, pipeline-proximal shallow gas targets across 1,022 km2 and advanced seismic analysis has matured 13 prospects, including four 100%-owned drill-ready targets, two 50%-owned targets, and seven further prospects under maturation. Drilling of the first cluster, GOLD, ZAUN and GRAB with 11 billion cubic feet best-case, is planned for Q4 2025, utilising shared infrastructure to reduce costs. Meanwhile, farm-in discussions are underway using ADX’s partnership model to secure co-investment and fund the 2025 drilling programme.

Kali Metals (KM1.ASX 6OB.F) announced that it has entered into a binding agreement to acquire exploration licence E45/6389, adding 28.8 km2 to its Marble Bar Gold Project and expanding total tenure to ~96 km2. The new tenement borders existing tenure on three sides and lies along strike of a 9.5 kilometre gold-in-soil anomaly with rock chip values up to 4.0 grams per tonne gold. Consideration comprises $20,000 cash plus 3.5 million ordinary shares, with an additional 3.5 million shares each upon discovery of greater than 100,000 ounces and a greater than 250,000 ounce JORC gold resources at a 0.5 grams per tonne cutoff within four years. Heritage arrangements are in place, exploration will commence immediately, and Kali has collected 299 rock chips at Marble Bar with assay results to be announced soon.

On to the most interesting one

Read more

Cornish Metals (CUSN.V CUSN.L ZYR1.F) announced that it has closed the second and final tranche of the fundraising previously announced on January 28, 2025 and that James Whiteside has joined the Board of Directors as Non-Executive Director, effective immediately. Proceeds of the £46,666,055 (C$83,406,240) gross fundraising will be principally used to ensure that the company can continue with its path to development through completing the shaft refurbishment and de-watering process, the start of early project works, ordering long lead items and completion of the project finance process and up to the point of the formal final investment decision at its South Crofty Tin Mine in Cornwall, United Kingdom. Vision Blue Resources now holds 29.14% of the total voting rights and the National Wealth Fund holds 28.50% of the total voting rights.

Rockhopper Exploration (RKH.L RCKHF R4Y.F) noted the recent publication by Navitas Petroleum, the operator, of an updated NFB independent resource report conducted by Netherland Sewell & Associates. The report reflects work carried out to mature the resource base and accelerates later phases of the development programme in the build up to first investment decision. Overall resources at Sea Lion remain unchanged, however, as a result of the work carried out, a significant number of barrels have been moved from Development On Hold to Development Pending classification. Navitas continues to estimate capex to first oil on Phase 1 of c.$1.4 billion and in this regard has entered into a number of FEED agreements including a MOU for a FPSO which is currently operating in the North Sea, along with various agreements relating to the provision of subsea equipment. Navitas's target for first investment decision remains mid-year 2025. As the project moves further along the path towards first investment decision, Rockhopper intends to commission its own independent resource evaluation which will be published later this year. Rockhopper holds a 35% working interest in Sea Lion and associated licences and benefits from various loans from Navitas in relation to the development.

Thor Explorations (THX.V THX.L THXPF T2X.F) announced it has drilled two discovery holes in its Douta-West licence, which lies contiguous to the west of the original Douta licence and, together, constitute the Douta Gold Project, Senegal. The project encompasses the Makosa gold deposit, which currently comprises a total resource of approximately 1.78 million ounces of gold that consists of an indicated resource of 20.2 million tonnes grading 1.3 grammes per tonne gold for 874,900 ounces of gold, together with an inferred resource of 24.1 million tonnes grading 1.2 grammes per tonne gold for 909,400 ounces of gold. The drilling program is at the Baraka 3 Prospect, a 1 kilometre long drill target delineated by the company in 2024 through geological mapping, together with geochemical surveys and rock chip sampling. The two discovery drill holes were drilled one hundred metres apart in two adjacent drill sections. The remaining strike length will be drilled as part of an ongoing drilling program. Geochemical anomalies along this geological trend extend for approximately 3 kilometres. The assay results from the two discovery drill holes include: from drillhole DTWRC129, 19 metres at 2.46 grammes per tonne gold from 29 metres; and from drillhole DTWRC134, 26 metres at 1.31 grammes per tonne gold from 21 metres. In addition, results have been received from a series of diamond drillholes that have been completed along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource. Highlights include 9 metres at 1.35 grammes per tonne gold from 110 metres and 9 metres at 2.06 grammes per tonne gold from 127 metres, 3 metres at 5.3 grammes per tonne gold from 131 metres, 8 metres at 1.31 grammes per tonne gold from 197 metres, 4 metres at 2.44 grammes per tonne gold from 203 metres and 6 metres at 1.71 grammes per tonne gold from 220 metres.

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced an update. The Jackson-4 well has been successfully drilled to total depth of 1,260 feet measured depth with free gas confirmed by wireline logs. The well flowed naturally during drilling and at total depth, demonstrating good reservoir communication, and encountered 62 feet gross pay of high-quality, gas-saturated sands in the Upper Lyons Sandstone Formation. Samples have been sent to the laboratory for analyses of helium and CO₂ concentrations, and the well head is being installed ahead of surface pressure readings and flow testing. Blue Star is advancing the Galactica project in joint venture with Helium One Global; under the farm-in agreement, Helium One will fund the first $450,000 of this well.

Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) reported significant new high-grade gold results from 2,194.70 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the Ura lode system which is currently being mined and all drilling was conducted from near surface underground workings. The company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 metres in length and most of the high-grade drill intercepts are located within 50 metres of current underground workings. Drill results include multiple bonanza grade gold assays such as 142.66 grams per tonne over 2.2 metres, 489.52 grams per tonne over 0.4 metres, 168.95 grams per tonne over 0.5 metres, 189.15 grams per tonne over 0.3 metres, and 179.95 grams per tonne over 0.3 metres. The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The company expects to be mining the areas targeted by this drill program in the next three to six months.

Empyrean Energy (EME.L E1E.F) announced an update on the Wilson River-1 well, which has reached total depth of 1,464 metres. Following reaching TD, open hole quad combo logs were acquired to measure multiple formation properties and reservoir characteristics. Based on preliminary log analysis and hydrocarbon shows, including approximately 6 metres of potential gross oil zone in one of the main target reservoirs, 7-inch production casing has been run into hole and cemented to a depth of 1,459.6 metres. The well has been cased and suspended while petrophysical analysis is completed and the results are compared with existing producing wells nearby to better define a testing and completion regime.

Excellon Resources (EXN.TSX EXLLF E4X2.F) announced new confirmatory exploration results from ongoing surface sampling at the Tres Cerros Gold-Silver Project in north-central Peru. Assays returned gold values of up to 9.313 grams per tonne gold in oxidized quartz-sulfide vein outcrops, confirming the presence of a high-sulfidation epithermal system. Silver grades over 1,000 grams per tonne silver were also identified in brecciated zones, highlighting the potential for robust precious-metal mineralization. Elevated copper content (0.3%-0.6%) in select channel samples suggests a deep porphyry-style target. Over 500 samples collected since 2016 confirm a consistent precious-metal anomaly (+100 parts per billion gold and/or 1 ounce per tonne silver) along the full 2,500 metre trend, reinforcing the potential for a large, cohesive mineralized system. Over 19% of these samples assayed above 1 gram per tonne gold and 22% were above 1 ounce per tonne silver. Tres Cerros shares similar host rocks (Tertiary Calipuy volcanic units abutting Cretaceous Chimu silicified arenites), advanced argillic alteration, and structural controls to the Lagunas Norte deposit, which historically produced over 10 million ounces of gold in the same regional belt.

Helium Evolution (HEVI.V HEEVF) announced an update on two of the company’s helium discovery wells: the 5-30-3-8W3 well and the 10-36-3-9W3 well, both located along the Mankota helium fairway. HEVI holds a 20% working interest in both the 5-30 and the 10-36, in partnership with the operator, North American Helium. A post-flow pressure transient analysis of the 5-30 well, conducted by Petro Management Group, has provided promising data, indicating a calculated absolute open flow potential of 20.7 million standard cubic feet per day. Pressure data analysis indicated the 5-30 is a new pool discovery and further drilling will be necessary to determine the size of the helium reservoir. Post-flow pressure transient analysis of the 10-36 well, calculated an absolute open flow potential of 38.0 million standard cubic feet per day, HEVI’s largest AOFP to date.

LaFleur Minerals (LFLR.CSE LFLRF 3WK0.F) announced updates on the Beacon Mill Restart and the Swanson Gold Project. The Beacon Mill is a fully refurbished and permitted gold mill situated in Val-d'Or, Québec, on the mineral-rich Abitibi Greenstone Belt, where LaFleur Minerals is focused on restarting gold production using large bulk samples and mineralized material from nearby gold deposits. With the price of gold in excess of $3,000 per ounce, many nearby deposits can be quickly monetized using the company's 100%-owned Beacon Mill. The mill's operating capacity exceeds 750 tonnes per day and is strategically located in a highly prospective mining region for gold exploration and development, within an area that is host to over 100 historical and currently operating mines. The advancement of operations at the Beacon Mill has transformational qualities for the company, evolving it from explorer to a near term gold producer in a Tier 1 jurisdiction with significant upside potential. A final plan and budget to restart the mill will be completed by ABF Mines by late April once final inspections are complete. The company is committed to restart production at the Beacon Mill to process bulk samples and/or for custom milling purposes prior to the end of 2025, or once all required restart work has been completed and final approvals have been received by the Québec government. At Swanson, which extends over 16,000 hectares and includes several prospects rich in gold and critical metals, the company has submitted an application for a diamond drilling permit to the Québec government and will be sending requests for quotes to local drilling contractors, with drilling expected to commence in the spring.

These are opinions only of the individual author.  The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company.  All content is purely subjective and you should do your own due diligence.  No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made.  Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice.  Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved.  No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece.  The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.

88 Energy (88E.ASX 88E.L EEENF POQ.F) announced that it has entered into binding terms for a farmout participation agreement with Burgundy Xploration in relation to Project Phoenix, located on the North Slope of Alaska. Under the agreement, 88 Energy's will be provided with a full carry for all costs associated with the upcoming horizontal well programme, including an extended flow test currently scheduled for H1 2026. Burgundy will fully fund up to $39 million of Project Phoenix's total gross future work programme costs in exchange for up to an additional 50% working interest, providing a clear funding avenue to advance Project Phoenix towards a final development decision via a two-phase farm-in arrangement. In phase 1, Burgundy is to fund $29 million for the 2025/26 work programme, including drilling of a horizontal well and production testing scheduled for H1 2026 in which 88E will be fully carried for a post Phase 1 farmout 35% working interest. Upon Phase 1 success, Burgundy will fund up to $10 million for an additional well or other CAPEX programme in which 88E will be carried up to $7.5 million, with an 88E post Phase 2 farmout 25% working interest. Upon completion of the participation agreement, Burgundy will assume the role of operator, allowing 88 Energy to focus on the advancement and de-risking of Project Leonis.

Rupert Resources (RUP.TSX RUPRF RO5.F) announced that it has completed a pre-feasibility study for its 100% owned Ikkari Project, located 40 kilometres from the town of Sodankylä in Northern Finland. A maiden mineral reserve has been declared for the project with a probable mineral reserve of 52 million tonnes at 2.1 grams per tonne gold for 3.5 million ounces Au. After-tax net present value at a 5% discount is $1.7 billion with an unlevered internal rate of return of 38% and payback after 2.2 years, assuming a long term market consensus gold price of $2,150 per troy ounce. Net present value is $2.5 billion with an internal rate of return of 49% and a 1.7 year payback at $2,650 per ounce. Expected lowest quartile all-in sustaining cost is $918 per ounce over life of mine and $717 per ounce during years 1 to 10 due to a high open pit grade and low strip ratio. Life of mine is 20 years, comprising an open-pit operation for the first 10 years with average annual production of 227 thousand ounces per annum, transitioning to an underground operation in years 10 - 20. The initial capital requirement is $575 million. First gold pour is targeted in 2030 based on environmental impact assessment submission and definitive feasibility study initiation in H2 2025, a 24-month permitting timeline and a 2½ year construction period.

Zion Oil & Gas (ZNOG) announced that renewed operations are underway on the recompletion of the Megiddo-Jezreel 1 well in Israel. The company's rig crew has commenced maintenance and preparatory work, following which the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing. The company has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into Israel has steadily resumed, further supporting logistical operations. With all necessary equipment expected to be on-site by mid-March, Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025.

Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) announced new high-grade gold results from 3,312.5 meters of near mine exploration and infill drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the West Zone target west of the Tuvatu Gold Mine. The West Zone is located approximately 300 metres to the west of the main Tuvatu deposit, in close proximity to existing mine infrastructure. Drilling was conducted from two surface drill pads and consisted of resource infill and expansion drilling with the purpose of bringing the West Zone into the long term mine plan for Tuvatu. High-grade mineralized structures were intersected in 14 drill holes, including multiple bonanza grade gold assays such as 896.00 grams per tonne, 306.78 grams per tonne, 264.55 grams per tonne, and 178.55 grams per tonne gold over narrow widths of 0.3 metres. All high-grade gold results were intersected between 30 metres and 150 metres depth from surface. The West Zone is hypothesized to have a separate feeder system from Tuvatu and represents a prime target for near-mine resource expansion.

Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced that it has been included in the 2025 Toronto Stock Exchange Venture 50 list. The company ranked number 20 on the list for achievements made in 2024, Pulsar's first full year on the TSX Venture Exchange. Additionally, it was announced that down-hole testing equipment is scheduled to mobilise to site on Monday, February 24. The tools consist of an optical televiewer and LithoScanner, both of which will be run on the Jetstream #1 and #2 appraisal wells. The data collection process, expected to take approximately two days, will provide insights into reservoir characteristics. Jetstream #1 was deepened to a total depth of 5,100 feet, while Jetstream #2 reached a total depth of 5,638 feet. Flow rate and bottom-hole pressure testing will occur in March 2025 once wellhead pressures are anticipated to have stabilised. The flow testing will be conducted over a period of up to two weeks for each well. All data will then be sent to an independent resource estimator for a resource update, and to Chart Industries for production scenario assessment and conceptual processing facility design. The Jetstream #1 appraisal well reached a total depth of 2,200 feet on February 27, 2024. This identified top-tier helium concentrations of up to 14.5%, significantly exceeding the widely accepted economic threshold of 0.3%. Moreover, CO2 concentrations exceeded 70%, which is expected to further enhance the project's economics. The recent deepening of Jetstream #1 and the completion of Jetstream #2 are crucial steps in advancing Pulsar's strategy to meet the growing global demand for helium as the company progresses toward its production objective.

Goliath Resources (GOT.V GOTRF B4I.F) announced high-grade gold intercepts of up to 10.91 grams per tonne gold equivalent (10.53 grams per tonne gold and 22.83 grams per tonne silver) over 10.00 meters, including 15.51 grams per tonne gold equivalent (14.99 grams per tonne gold and 31.10 grams per tonne silver) over 7.00 meters from multiple mineralized veins that remain open at Surebet on its 100% controlled Golddigger Property, Golden Triangle, B.C. Assays compiled and modelled for 6 new drill holes from the successful 2024 drill program intersected excellent gold grades, demonstrating minable widths and grades. This large expanding gold discovery remains wide open both laterally and to depth with untapped discovery potential remaining. Assays compilation, interpretation and modeling are underway for an additional 77 holes that will be announced shortly. Per Roger Rosmus, Founder and CEO, it is clear that Surebet is a world-class discovery, in one of the world’s premier jurisdictions.

D3 Energy (D3E.ASX DNRGF) announced that it has been granted three new Technical Cooperation Permits adjacent to the company’s exploration permit, ER315. Technical Cooperation Permits TCP258, TCP259 and TCP260 cover a combined area of 14,325 acres, increasing D3 Energy’s contiguous permitted and applied for exploration footprint in the Free State, adding further low cost exploration and appraisal upside in what is said to be one of the world’s most prospective helium exploration and production provinces. Appraisal work at ER315 has yielded significant results with the successful production testing of multiple boreholes with helium samples confirmed of up to 6.2% at sustained rates from shallow depths. The TCPs are for a period of one year and involve extremely low-cost desktop studies. At the conclusion of these studies, D3 may then apply for exploration rights over the relevant areas. This is the process by which the company has applied for the grant of new Exploration Right ER386 (formerly ERA341, TCP235 & TCP240). Upon final grant of ER386 and should the company apply for and be granted further exploration rights at the conclusion of the term of the TCPs, D3 expects to be able to add to the already extensive helium and methane contingent resource and prospective resource held by the company in ER315.

Power Nickel (PNPN.V PNPNF IVV.F) announced that due to significant demand, it has decided to upsize its previously announced private placement offering by up to C$10 million, bringing the aggregate total proceeds up to C$50 million. The offering consists of the previously announced C$40 million of Quebec flow-through shares at C$2.83 each and up to C$10 million of non-flow through shares at C$1.45 each. Existing shareholders including Robert Friedland are participating in the upsize. The company is focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into potentially Canada's next poly metallic mine. Separately, the company announced that it has received approval from the TSX Venture Exchange to change its name to Power Metallic Mines. To quote the company, nickel isn't a four-letter word in North America but it also does not reflect the high grade polymetallic discovery made at Nisk and a more compelling name was needed. It also possibly adds to the problems of the alleged short sellers of the stock.

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Pantheon Resources (PANR.L PTHRF P3K.F) announced a Megrez-1 upgrade after preliminary log, core and cuttings analysis, plus a consequential anticipated upgrade of resource for Ahpun's Eastern Topset. Preliminary volumetrics for the Upper Schrader Bluff and Upper & Lower Prince Creek formations indicate the potential for a 15% - 50% increase in resource estimates from the pre-drill estimate of 609 million barrels. Four initial flow tests are planned of 10 days each, beginning in Q1 2025, and resources are expected to be reclassified to contingent (2C) upon successful testing. Three additional potential oil bearing zones in the Lower Sagavanirktok formation have been identified, resulting in substantial further resource upside potential in the Lower Sagavanirktok, which also will be tested if confirmed by further logs and analysis.

Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) announced new high-grade gold results from 3,866.8 metres of infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on zone 5 and includes that zone's best assay result to-date of 2,749.86 grams per tonne of gold over 0.3 metres. All drilling was completed from existing near surface underground workings and the company intersected high-grade mineralized structures in 24 holes drilled up-dip, down-dip, and south along strike of the UR2 and URW3 lodes where current mining activities are in progress. 17 holes intersected multiple high-grade mineralized structures, all of which are near existing underground workings. Most of the drill holes did not exceed 130 metres in length from underground drill stations and included multiple bonanza grade assays. Due to the proximity of drill results to existing workings there is a strong probability that some of these structures can be incorporated into the mine plan in the next six to twelve months.

Predator Oil & Gas (PRD.L 1EM.F) announced that civil engineering work, to improve access roads and prepare the MOU-5 well pad, has commenced on its Guercif licence, onshore Morocco. Presently it is forecast that MOU-5 drilling operations are on track to commence on or about 25 February 2025. As Paul Griffiths, CEO, points out the hydrocarbon sector has seen a global resurgence of interest and activity outside of the UK and Europe over the past few months led by the United States, Norway, Middle East, Africa and Far East.

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced that it has secured the Johan Dahl Land licence, expanding its footprint in the South Greenland Copper Belt. The addition underscores the region's potential for significant copper-gold mineralization and enhances the company's already substantial land holdings. Amaroq’s land portfolio in South Greenland now totals 6,800 km2, with 3,147 km2 in the copper-rich South Greenland Copper Belt. The new licence includes the promising Ukaleq target, where initial explorations have uncovered high gold grades up to 12.3 grams per tonne gold and copper grades up to 5.1% copper. Geochemical analyses suggests the presence of an intermediate-to-high sulphidation epithermal system, indicating significant potential for copper, gold, and silver extraction. Planned exploration activities for 2025 include detailed geophysical surveys, advanced geochemical sampling, and regional exploration to identify more mineralized systems.

Empyrean Energy (EME.L E1E.F) announced it has successfully completed the acquisition of an option to participate in a conventional oil exploration project, the Wilson River prospect, situated close to existing infrastructure in the prolific Cooper Basin in South West Queensland, Australia, and adjacent to several producing oil fields. The prospect is being prepared for near-term drilling once final surveys are complete and permits granted. Wilson River is said to have multiple stacked reservoir targets, lies within an oil migration pathway and shares similar structural orientation and features to nearby fields. Based on current rig availability, and subject to the completion of surveys and permitting, the well is scheduled to be drilled in March 2025. The prospect has been mapped with a combination of 2D and 3D seismic and, per the company has estimated prospective oil in place in the range of 8.7 million barrels of oil equivalent to 37.4 million barrels of oil equivalent with a mean of 21.3 million barrels of oil equivalent. Nearby fields are said to have recovery factors in the more prolific formations of up to 59 percent. The option allows Empyrean to earn a minimum 40 % working interest in the permit by paying two-thirds of the gross cost of drilling an exploration well, estimated at approximately A$2.8 million gross.

Founders Metals (FDR.V FDMIF 9DL0.F) announced a new high-grade gold discovery at the Van Gogh zone within the Antino gold project in Suriname, offering a substantial increase in gold production. The discovery, 1.8 kilometres west of the Lawa prospect, showed 17.8 meters of 5.68 grams per tonne gold in initial channel sampling, indicating a high-grade gold presence. Assays of additional grab samples ranged from 1.5 grams per tonne to 66.8 grams per tonne, highlighting the potential for high-grade deposits. The new zone is part of an emerging multi-kilometre gold trend parallel to the main Antino structure, with current mapping showing the structure extending over 300 meters along strike. The company has initiated a 60,000 meter drilling program for 2025, focusing on this and ten other high-priority targets, aiming to expand known mineralization and explore new areas. The ongoing exploration and upcoming drilling campaigns are fully funded, positioning Founders Metals for a productive and exciting year of development and potential new gold discoveries.

Helix Exploration (HEX.L) announced updated reserves and results of economic modelling at its Rudyard project and a proposed capital raising of not less than £4 million through the issue of a minimum 26,666,667 new ordinary shares at 15 pence. Reserves of 355 million cubic feet of helium are said to have been calculated by Aeon Petroleum Consultants on the northern dome. Net revenue of $115.2 million over a 12.5 year life of field has been calculated with a peak sustained post-tax cash flow of $15-25 million per year using a flat helium price of $500 per thousand cubic feet.

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Helios Energy (HE8.ASX) announced an independent contingent resource report for its Presidio project confirming substantial hydrocarbon potential, highlighting significant oil, natural gas liquids and gas resources discovered through drilling and testing of four wells. Contingent resources include 5-8 million barrels of oil, 2-4 million barrels of natural gas liquids, and 36-57 billion cubic feet of gas. The Ojinaga formation is analogous to the Austin Chalk formation, suggesting substantial resource potential. Helios plans to advance the project with technical experts and anticipates increased drilling density and reduced costs. Per the company, future efforts will focus on enhancing technical evaluation, infrastructure development, and regulatory engagement.

First Helium (HELI.V FHELF 2MC.F) announced that it has engaged the services of a drilling contractor to drill its 7-15 high-impact exploration location, along with its proven undeveloped 7-30 oil location. The company expects the rig to arrive at the 7-30 location and begin drilling within two weeks. Following drilling of the 7-30 well, the rig will be released and mobilised directly to the 7-15 location to begin drilling in early February. The 7-15 on seismic is approximately 5 times the areal extent of HELI’s successful 1-30 light oil pool discovery. Work has begun at both the 7-30 and 7-15 vertical well locations to prepare for drilling. Pending results, necessary preparations are being made to complete, equip and tie-in the two wells prior to spring break in Alberta.

Helium Evolution (HEVI.V HEEVF) announced an update on its helium discovery following the completion of the Deadwood zone and initial testing of the 10-1 joint well. The company previously announced that the well successfully flow tested at approximately 9.5 million standard cubic feet per day (0.75% helium and 96.3% nitrogen) and a post-flow pressure transient analysis has now calculated an absolute open flow potential of 26 million standard cubic feet per day. The absence of water during the test period is a favourable factor for helium recovery and processing. Per Greg Robb, CEO, the positive findings underscore the potential for a large and productive helium reservoir in southern Saskatchewan and provide additional confidence as the company continues to advance its exploration and development activities. Next is the 12-29 well, which is expected to spud on or around January 20.

Petro Matad (MATD.L PRTDF HA3.F) announced a Heron-1 production update and a new production sharing contract. The Heron-1 well in Block XX continues to produce oil naturally without pumping, maintaining stable production of over 200 barrels per day and 15,750 barrels have been transported and stored in Block XIX facilities, with sales revenue expected to commence soon. A new production sharing contract for Borzon Block VII has been signed, covering a large exploration area in southern Mongolia, the financial commitment for which is low, with a phased work program allowing for exploration and potential farmout opportunities. Petro Matad now is seeking partners for exploration activities in this block, with field work planned for Q2 2025.

D3 Energy (D3E.ASX DNRGF) announced confirmation of the potential of northern area ER315 with successful production testing. Per the company, production testing at Nooitgedacht Major in the northern area of ER315 shows promising results with significant helium and methane concentrations. The findings are said to suggest a new production province with lower development costs. Nooitgedacht Major recorded an average flow rate of 102 thousand cubic feet per day over a 7-day period, with gas analysis showing helium concentrations of 5.6% and methane at 83.2%. The results are stated by D3 to highlight the potential of the northern area as a significant helium and natural gas resource. The testing is part of D3 Energy's strategy to unlock the full potential of ER315 and the shallower depths suggest lower development costs compared to southern wells.

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced the successful completion of the deepening operation for the Jetstream #1 appraisal well at its Topaz project in Minnesota. The drilling operation reached total depth of 5,100 feet on 11 January, 2025, successfully penetrating the entire interpreted helium-bearing reservoir and beyond, with multiple helium zones encountered throughout the deepening operation from 2,200 feet to 5,100 feet. Mud log gas levels containing up to 7.24% helium were encountered during drilling. These samples are diluted by atmospheric air due to the rotary air drilling method used and unaffected samples for laboratory analysis will be acquired in due course. Down-hole wireline logging data was acquired over 11-12 January and this data will be integrated with additional downhole data that will be acquired over the coming weeks. Drilling for the Jetstream #2 appraisal well has now commenced. Jetstream #2 is planned to reach approximately 5,000 feet depth and is scheduled to reach total depth around the end of January.

Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced a drilling update for the Galactica-Pegasus project in Las Animas County, Colorado. Blue Star Helium has now completed site works for the Jackson 31 and Jackson 04 wells, all casing has been delivered to the site, the drilling contractor is preparing to mobilise the rig and drilling at Jackson 31 is set to commence next week. The rig will move to Jackson 04 after completing Jackson 31, following which three additional wells are approved for drilling.

Valkea Resources (OZ.V OZBKF 4A7.F) announced that it has completed over 2,000 metres of core drilling at its 100% owned Paana Project, located near the Kittila mine, said to be Europe's largest gold producer. The inaugural drill program at Paana was part of the company's Phase 1 exploration strategy designed to unlock the potential of the Aarnivalkea West target. The Paana project is strategically located within Finland's highly-prospective Central Lapland Greenstone Belt. Drilling at Paana was focused on investigating the extent and structural controls on higher-grade and disseminated gold mineralization at the Aarnivalkea West target. Assay results are expected next month.

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Pantheon Resources (PANR.L PTHRF P3K.F) announced the Megrez-1 well as a discovery in the eastern topsets in the Ahpun field. The well has reached target depth and the company has run production casing in anticipation of long term testing commencing early 2025. The well has discovered a large light liquids hydrocarbon column based on logs and gas chromatography and analysis indicates three hydrocarbon bearing zones over an approximate 1,260 foot vertical section, including the two primary objective formations. Separately, Pantheon announced results for the year ended 30 June 2024. The company reduced its convertible loan balance to $17.2 million as of 9 December 2024, further reducing to $14.7 million on 13 December. As of 9 December 2024, unaudited cash and cash equivalents totalled $23.7 million, which are currently funding the ongoing Megrez-1 well operations, with the majority of the costs remaining to be spent. Per David Hobbs, Executive Chairman, the past 18 months have seen extraordinary progress in three key areas. Pantheon received independent validation of the company's contingent resources base at 1.6 billion barrels of ANS crude, funded and is executing the Megrez-1 well programme, with its potential to add up to a further c. 40% to the overall resource base and secured a path to potential monetisation of the 6.6 trillion cubic feet of natural gas in a way that may support the development capital needs from Ahpun first investment decision.

Sintana Energy (SEI.V SEUSF) announced a further update regarding the second campaign on blocks 2813A and 2814B located in Namibia’s Orange Basin. Galp (operator) and its partners decided to retain the Santorini drillship to continue the ongoing exploration and appraisal campaign during the southern hemisphere summer thus avoiding mobilisation and de-mobilisation costs. The Mopane-2A (well #4) now has been spud in nearby AVO-3 and the Mopane-3X (well #5) is expected to be spud in early 2025 in AVOs 10 and 13 (stacked) taking advantage of newly processed 3D seismic. The upcoming activities also include a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex set to start in December 2024. Results of Mopane-1A (well #3) released on December 2 noted that the well encountered light oil and gas-condensate in high-quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures. Together with the Mopane-1X (well #1) and Mopane-2X (well #2) findings, this appraisal well confirmed the extension and quality of AVO-1 and supported the acceleration of the program. Additionally, Sintana announced the entry of QatarEnergy into the Petroleum Exploration License 90 joint venture through its acquisition of a 27.5% working interest in the license and petroleum agreement associated with Block 2813B operated by Harmattan Energy, an indirect subsidiary of Chevron. Upon completion of the acquisition the license owners will be 52.5% Chevron as operator, 27.5% QatarEnergy, 10% National Petroleum Corporation of Namibia and 10% Trago Energy, a wholly owned subsidiary of Custos Energy, in which Sintana maintains a 49% indirect interest. Located approximately 200 kilometres offshore in Namibia’s Orange Basin and approximately 70 kilometres north of TotalEnergies’ Venus discovery, in which QatarEnergy is also increasing its ownership, Block 2813B’s license covers an area of 5,433 square kilometres in a water depth of 2,400 to 3,300 metres. Earlier this year, the joint venture contracted Northern Ocean’s semi-submersible drilling rig Deepsea Bollsta for its inaugural exploration campaign in PEL 90 and the rig is mobilizing to drill the Kapana-1X well in the second half of December 2024.

HyTerra (HYT.ASX HYTLF) announced that it has continued leasing within several priority areas in the Nemaha project, Kansas. Approximately 8,000 acres have been acquired bringing the total lease position from 52,000 acres to over 60,000 acres, supporting the upcoming exploration campaign. The Kansas Corporation Commission has approved a further three well permits: Downey Ranch 13-31, Crome 1-28 and Larson 1-14. Each of these prospects are based on existing and recently purchased gravity, magnetic and seismic data. The drilling contractor has advised that preparation of the drill site earthworks and access road starts this week at the Blythe 13-10 prospect location.

New Era Helium (NEHC NEHCW) announced that its stock and warrants are now trading on Nasdaq under the symbols NEHC and NEHCW, respectively. The company intends to establish itself as a consolidator of helium and natural gas production and already holds over 137,000 acres in Southeast New Mexico and 1.5 billion cubic feet of proved and probable helium reserves. New Era has announced a non-binding joint venture with Sharon AI to build a 90MW net-zero Tier 3 data center to be located within the Permian Basin. The joint venture combines Sharon AI's expertise in high-performance computing with New Era's extensive helium and natural gas reserves. The state-of-the-art facility will feature a liquid-cooled Tier 3 data center powered by sustainable energy, offsetting approximately 250,000 metric tons of CO2 annually through carbon capture technology and qualifying for tax credits.

Parkmead Group (PMG.L) announced the signing of an agreement to effect the sale of its wholly owned subsidiary, Parkmead (E&P), to Serica Energy (SQZ.L SQZZF A3P.F). The Netherlands asset portfolio is excluded from the transaction with Parkmead retaining 100% of its revenue producing assets, which comprise its Dutch natural gas fields and its UK wind farm, all onshore. The consideration being received by Parkmead consists of £14 million of firm cash and up to £120 million of contingent cash (which compares with a market capitalisation of £14 million at the time of announcement). The UK offshore sector faces continuing challenges in the form of the current political environment towards UK oil & gas and the focus of the UK Government on its net zero strategy, thus Parkmead believes that the opportunity to progress these UK North Sea licences would be best served within the portfolio of a larger, North Sea focused company.

Helium Evolution (HEVI.V HEEVF) announced preliminary test results from its 10-1-4-9W3 helium discovery well. HEVI holds a 20% working interest in the 10-1 well, in partnership with the operator, North American Helium. Completion, perforation and initial production testing of the well is ongoing and at the end of a 4-day extended flow testing period, the 10-1 was producing approximately 9.5 million standard cubic feet per day at 10,800 kilopascal flowing tubing pressure. The preliminary test also confirmed a helium content of 0.75%, higher than the commercially viable threshold of 0.3%. Additionally, the well produced negligible water, indicating strong potential for efficient helium recovery and processing. HEVI states that it continues to work closely with North American Helium to plan the next phase of development. This includes the drilling of a joint well at 10-36-3-9W3, which is expected to spud on or around January 2, 2025, subject to surface conditions. The 10-36 well is designed to further delineate the helium pool and support the continued expansion of the project. HEVI intends to participate in the 10-36, with the estimated total cost for the company’s share being approximately $0.4 million. A portion of this cost will be paid for in-kind, with HEVI contributing spare casing inventory to the project. In addition to drilling activities, North American Helium is evaluating the installation of processing facilities in the area, which HEVI supports. The installation of a processing facility will be contingent upon positive evaluation of results in Q1 2025. Establishment of processing facilities is an essential step in HEVI’s strategy to move toward commercial helium production.

Prospex Energy (PXEN.L) reported flow rates from the testing of the recently drilled and completed Viura-1B development well in northern Spain, which exceeded pre-drill expectations. Viura-1B achieved flow rates up to 17.7 million cubic feet per day (2.6 million cubic feet per day net to Prospex). The well will now be placed on long term production at a stabilised plateau rate of 10.6 million cubic feet per day (1.5 million cubic feet per day net to the company), more than doubling net production since the beginning of December to 2.9 million cubic feet per day. This increase does not include production from the existing Viura-1ST3 well which has been producing intermittently since mid October at rates up to 7.1 million cubic feet per day (1.0 million cubic feet per day net to Prospex) as water handling issues are managed until the completion of the current workover on the Viura-3 water injection well. Increased energy prices in Europe also have resulted in much higher revenues. Eleven further wells are planned in the next 18 months to two years across Prospex's three onshore production concessions in Spain and Italy, and prospective blocks identified for acquisition in Poland.

Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced that it has reached target depth at the Alberta Llanos-1 well on the Tapir Block in the Llanos Basin of Colombia using the contracted Petroworks rig. The well was successfully spud on November 30, 2024 and reached target depth on December 13, 2024. The well targeted a three-way fault-bounded structure with multiple reservoir objectives and was drilled to a measured depth of 9,960 feet (8,846 feet true vertical depth). According to initial log interpretation, the well encountered four main hydrocarbon bearing reservoirs with a total true vertical depth value of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque, and the company intends to start production testing shortly. The next steps are said to be to put the well on production and once done, the rig will immediately move to drill Alberta Llanos-2 to further evaluate this discovery.

Zephyr Energy (ZPHR.L ZPHRF VD5N.F) announced an update on funding and operations on the State 36-2R LNW-CC well at the Paradox project, Utah. The company has now entered into binding documentation to fully-fund all expected drilling, completion and production test costs in the amount of $7.5 million from a US based industry investor in exchange for a 50% non-operated working-interest in the single well. Zephyr also has retained a right of first refusal to repurchase the working interest at a discount to fair market value in the event that the wellbore investor chooses to sell its 50% non-operated working-interest in the future. Net revenues from the well will be split 50:50 between Zephyr and the wellbore investor from the time of first production. The company expects full drilling operations for the extended lateral to begin in early January 2025. Once drilling operations have been completed, the Zephyr will immediately proceed to a production test, with results expected in the first quarter of 2025.

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced the results of its recent sampling campaign at the Eagle’s Nest target within the Anoritooq licence area, part of the Nanortalik Gold Belt, located 31 kilometres from the Nalunaq Gold Mine in Southern Greenland. The findings, which confirm the presence of two distinct gold quartz veins, align with Amaroq’s strategic focus on developing satellite targets to support operations at the newly commissioned Nalunaq processing facility. Sampling identified gold grades up to 54.5 grams per tonne; the newly discovered veins are believed to be the source of multiple +10 grams per tonne gold float samples identified in prior exploration. The initial geochemical results are suggestive of a similar mineralisation style to Nalunaq. Eagle’s Nest is one of nine identified satellite targets within the Nanortalik Gold Belt within proximity to Nalunaq. This target is said to exemplify the untapped mineral wealth of Southern Greenland and highlights the company's strategic focus on high-grade gold opportunities in what is described as a world-class geological setting. Separately, Amaroq announced the closing of its fundraising which raised gross proceeds of approximately £27.5 million (C$49.0 million, ISK 4.8 billion) through a placing of 9,150,927 shares pursuant to the UK placing, 20,100,648 shares pursuant to the Icelandic placing, and 2,783,089 shares pursuant to the Canadian subscription. Net proceeds will be used to strengthen the company’s working capital position whilst Nalunaq is in commissioning phase and accelerate growth opportunities within the company’s portfolio of assets in Greenland. Specifically, the net proceeds will be to fund further resource drilling at Nalunaq to expand resource and provide mining flexibility, further exploration drilling at Nanoq to define resource potential and the development opportunity, investments in mining equipment, other facilities and green energy production to further optimise operations in Nalunaq, and advancement of the company’s strategic portfolio, alongside JV partners with further target exploration, and to provide additional working capital. Director Eldur Olafsson participated, acquiring a total of 582,690 shares representing gross proceeds of approximately £0.50 million (C$0.89 million, ISK 88.2 million), director Sigurbjorn Thorkelsson participated, acquiring a total of 1,165,382 shares representing gross proceeds of approximately £1.00 million (C$1.78 million, ISK 176.4 million) and director David Neuhauser also participated, acquiring a total of 116,538 new common shares representing gross proceeds of approximately £0.10 million (C$0.18 million, ISK 17.6 million).

Southern Cross Gold (SXG.ASX) announced drill results from the Apollo prospect at its Sunday Creek gold-antimony project. The discovery includes 186 meters at 8.8 grams per tonne gold, with a peak of 2,541.9 grams per tonne gold over 0.5 meters. These intersections rank among the most impressive gold intercepts reported globally in recent years. Sunday Creek also is on track to become one of the most significant antimony projects in the Western world. China last week increased supply pressure, imposing an ban on exports of antimony to the United States. This positions the project as one of the few significant future antimony sources in the Western world at a time when defence supply chains face mounting pressure sourcing antimony and other critical metals. Further drill results from 14 holes are pending, with a large exploration program ongoing.

Endeavour Mining (EDV.L EDV.TSX EDVMF 6E2.F) announced that it has recently completed a positive pre-feasibility study for the Assafou-Dibibango project on the Tanda-Iguela property in Côte d’Ivoire. The study results meet Endeavour’s strategic targets and confirm Assafou’s potential to be a tier 1 asset, which justifies advancing the project to the definitive feasibility study stage. Per Ian Cockerill, CEO, the company has defined a large, low-cost and long mine life project, capable of producing 330,000 ounces of gold a year over the first ten years, while remaining in the lowest cost quartile. All in sustaining costs are $892 per ounce. Project economics are said to be robust with an after-tax NPV5 of $1.526 billion and an IRR of 28% at a $2,000 per ounce gold price.

Collective Mining (CNL CNL.TSX GG1.F) announced that it has discovered high-grade subzones in Apollo and drilled the best hole ever, intersecting 150.55 metres at 6.16 grams per tonne of gold equivalent within 534.40 metres at 2.70 grams per tonne of gold equivalent. Two additional holes to test the newly modelled high-grade subzones have been completed. Both holes intersected the projection of the newly modelled subzones and cut significant sulphide mineralization over broad intervals with assay results expected in early Q1, 2025. Drilling in 2025 will systematically test the vertical extent of the new modelled high-grade subzones, which cover more than 1,000 vertical metres, as they have the potential to significantly increase the overall grade profile of the Apollo system. The company currently has four drill rigs operating as part of its fully funded and on-schedule 40,000-metre drilling program for 2024. A fully funded 60,000-metre drill program is planned for 2025, which will be the largest drilling campaign in the history of the company.

Greatland Gold (GGP.L GRLGF G8G.F) announced an update on operations at its Telfer gold-copper mine. On 8 December 2024, the first gold bars under Greatland ownership were poured at Telfer. Greatland completed its acquisition of Telfer and Havieron from Newmont Corporation on 4 December 2024. Prior to completion, processing operations were utilising only one of the two nominal 10 million tonnes per annum processing trains, preserving Telfer ore and stockpiles for Greatland to process after completion. Shortly following completion of the acquisition, Greatland resumed dual-train processing operations. An estimated 30.5 million tonnes to 34.5 million tonnes of stockpiles were acquired by Greatland on completion. The stockpiles include an estimated 11.5 million tonnes of high-grade run-of-mine grade ore stockpiles, plus a further estimated 19.0 to 23.0 million tonnes of low grade stockpiles. Mining is continuing in the West Dome open pit and Main Dome underground. Greatland has purchased gold put options in respect of 150,000 ounces of Telfer gold production volumes at an average strike price of A$3,905.17 per ounce.

Rainbow Rare Earths (RBW.L RBWRF RR1.F) announced that its interim economic study confirms Phalaborwa as one of the highest margin rare earth projects in development today with a post tax NPV10 of $611 million. Updated up-front capital cost is $326 million. The interim study is based on a project life of 16 years, processing an average of 2.2 million tonnes of phosphogypsum per annum. The overall recovery rate of magnet REE is stated at 65% based on the pilot campaign undertaken in 2023 to 2024, with c.1,900 tonnes of magnet REO production annually. Phalaborwa's operating cost is considerably lower than traditional rare earth projects as the phosphogypsum material is already sitting at surface in a chemically cracked form, which eliminates the cost and risk of mining, hauling, crushing, grinding, flotation, and cracking. This favourable profile positions Phalaborwa as the highest margin rare earth project in development today outside of China.

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Sintana Energy (SEI.V SEUSF) announced an update regarding the second campaign on blocks 2813A and 2814B located in Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 which is operated by a subsidiary of Galp Energia of Portugal. Sintana maintains an indirect 49% interest in Custos Energy, which holds a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest. Mopane well 1A encountered light oil and gas-condensate in high quality reservoir- bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO2 and no H2S concentrations. Together with the Mopane-1X and Mopane-2X findings, this appraisal well confirms the extension and quality of AVO-1. Galp and its partners will continue to analyse and integrate all newly acquired data, while progressing with the upcoming activities, which include additional exploration and appraisal wells, and a high-resolution proprietary 3D seismic campaign set to start in December 2024. This appraisal well is the first of an up to four well program consisting of two exploration wells and two appraisal wells. This second campaign builds off an initial two well program completed in Q2 of 2024 the results of which included the discovery and appraisal of AVO-1, as well as other discoveries. This second campaign is intended to provide additional insights into the scope and quality of the Mopane complex.

Royal Helium (RHC.V RHCCF RD31.F) announced that it intends to complete a non-brokered private placement offering of up to 13,520 convertible debenture units at a price of $1,000 per unit. Up to 4,500 of the units will be issued to new investors for aggregate gross proceeds to Royal of up to C$4,500,000 and up to 9,020 units will be issued to existing debenture holders in exchange for the forfeiture of their debentures. Each unit will consist of 1,000 20% senior unsecured convertible debentures having a face value of C$1 convertible into shares at a conversion price of C$0.05 per share with a maturity date three years from the closing date and 20,000 share purchase warrants, each entitling the holder to purchase one share at C$0.05 per share for a period of three years following the closing date. Net proceeds of the offering are expected to be used to fund capital expenditures related to the re-commissioning of the Steveville production facilities and for general corporate and working capital purposes.

New Zealand Energy (NZ.V NZERF) announced preliminary results of the Tariki-5A gas development well. The Tariki-5A intersected the target Tariki sands, which are interpreted to be gas bearing from shows, cutting samples and preliminary evaluation of wireline logging. The well is being completed. Perforating and production testing are expected to be carried out in the week commencing December 16, 2024, with commissioning of facilities for gas processing are also planned for later that week, following which gas sales can start. Management expects the reservoir to be able to deliver at least 9 million cubic feet of gas per day.

Top End Energy (TEE.ASX) announced it has entered into a binding conditional share purchase agreement to acquire 100% of Serpentine Energy and its 100% owned and operated natural hydrogen project in Kansas. The project is located in the heart of what the company describes as an active land rush, fuelled by historical observations of natural hydrogen and a surge in recent exploration activity, including seismic surveys, drill site permitting, drilling and testing operations. In parallel with the acquisition, the company has raised A$6 million at A$0.10 through a placement. Funds will be deployed to expand the project's lease holdings, ahead of drilling programs being planned by multiple explorers, as well as geological evaluation for the company’s own drilling program in H2 2025. Serpentine has executed more than 100 leases with private landowners totalling approximately 20,000 acres across Marshall, Washington and Riley counties. For those interested, Northeastern Kansas is a focal point of evaluation due to the combination of geological factors required for the generation, migration and preservation of natural hydrogen. The Nemaha Uplift is the culmination point for the migration of hydrogen gas.

Pharos Energy (PHAR.L SOCLF) announced a trading and operational update. The company now is debt free having repaid all outstanding facilities in September 2024; cash balance at 30 November 2024 was c.$18 million. Discussions continue with potential farm-in partners and rig contractors required to progress Block 125 & 126 in Vietnam. Drilling Block 125 is potentially transformational: the competent person's report for the block confirms gross unrisked prospective oil resources of between 1.178 billion barrels (1U) and 29.785 billion barrels (3U) with a mean value of 13.328 billion barrels. Detailed drilling engineering studies for the well on Prospect A commenced in Q3 2024 and purchase orders were placed for long lead items in August 2024.

Pantheon Resources (PANR.L PTHRF P3K.F) noted the announcement made by Alaska Gasline Development Corporation stating that the Alaska Industrial Development and Export Authority has approved a resolution to negotiate a letter of credit with the Alaska Gasline Development Corporation to backstop the costs of front end engineering and design on Alaska LNG Phase 1, the in-state pipeline portion of Alaska LNG. The importance for Pantheon is that the resolution is a key step to securing private investment in the project and moving to a final investment decision. Pantheon and Alaska Gasline Development Corporation signed a gas sales precedent agreement in June 2024 which includes, among other conditions, a requirement for the Alaska LNG project to reach final investment decision. The value of a take or pay contract under a gas sales agreement based on the terms of the gas sales precedent agreement, if finalised, could potentially allow Pantheon to secure funds required to cover capital costs from the point of Ahpun first investment decision to cash-flow self-sufficiency.

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Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced that it has reached total depth of 13,727 feet on the Naingopo exploration well on Petroleum Exploration Licence 073, onshore Namibia. The company will now commence an extensive evaluation program, which will include wireline logging and coring, modular formation dynamics tester sampling and testing of any hydrocarbons present, and a vertical seismic profile. The technical team will then assess all data to determine the results. RECO expects to have the preliminary results of the Naingopo well in the next several weeks. During December 2024 , the company will undertake repair and maintenance activities on the Jarvie -1 drilling rig and expects to move to the Kambundu (Prospect P) well location after completing the review of the results from current operations. The Naingopo well is targeting 181 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources or 937 billion cubic feet of unrisked and 65 billion cubic feet of risked prospective natural gas resources. Kambundu is targeting 309 million barrels of unrisked and 15 million barrels of risked prospective light/medium oil resources or 1.6 trillion cubic feet of unrisked and 64 billion cubic feet of risked prospective natural gas resources.

New Zealand Energy (NZ.V NZERF) announced that it has completed the closing of its non-brokered private placement offering of common shares. NZ issued 4,444,444 shares at a price of C$0.45 for gross proceeds of ‎‎$2 million. The shares are subject to a hold period that expires on March 23, 2025. Net proceeds will be used to fund the sidetrack of the Tariki-5 well (Tariki-5A) and to advance the company's plans regarding the Tariki gas production/storage development and for general working capital. A company wholly-owned by Frank Jacobs, a director of NZ, subscribed for 100,000 shares. In addition, Charlestown Energy Partners, a private equity firm at which Robert Bose is a Managing Member, subscribed for 444,444 shares.

Falcon Oil & Gas (FO.V FOG.L FAC.F) announced the spudding of the Shenandoah S2-4H horizontal well (previously referred to as the SS3H well) with joint venture partner, Tamboran. SS4H is the second well of the Shenandoah South Pilot Project and will be drilled from the same well pad as the S2-2H ST1 sidetrack well. The SS4H well is estimated to be drilled to a total measured depth of 20,669 feet including a horizontal section of approximately 10,000 feet, targeting the Amungee Member B-shale. Following the drilling of the SS4H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS4H wells, with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period. Falcon Australia will continue its participation in the Shenandoah South Pilot Project at its elected participating interest of 5%.

Eco (Atlantic) Oil & Gas (EOG.V ECO.L ECAOF EOI.F) announced unaudited results for the three and six month periods ended 30 September 2024. Of particular interest, Eco says it is witnessing considerable interest in its licenses in Namibia and is currently assessing options to progress its exploration work programmes including a potential farm-out.

Union Jack Oil (UJO.L UJOGF 1UJO.F) announced a positive drilling update for the Taylor 1-16 well, Seminole County, Oklahoma, in which Union Jack holds a 45% working interest. The well was drilled to a total depth of 4,577 feet and electric logs were acquired. The main objective for this well, the Hunton Limestone interval, was encountered at 4,168 feet and is confirmed to be hydrocarbon-bearing and appears highly porous and permeable. Production casing has been run and cemented and the rig released. The operator, is currently planning the completion programme which is expected to commence in early December 2024. Two other potential secondary intervals were observed, the Cromwell Sand and Misener Sand, which will be evaluated at a later date.

Foran Mining (FOM.TSX FMCXF 48M.F) announced that it has entered into an option agreement with Voyageur Mineral Explorers (VOY.CSE CPEFF) to acquire a 100% interest in Voyageur's Hanson Lake property, located in east-central Saskatchewan. The property lies approximately 3 kilometres north of Foran's McIlvenna Bay Deposit and the Tesla Zone along a prospective geological trend that has been of longstanding interest to the company. By consolidating the Hanson Lake property into its exploration portfolio, Foran has strengthened its position in the region, gaining seamless access to one of the district's most geologically prospective trends. Foran will make an initial payment of C$1 million in common shares to Voyageur and will then have five years to explore the Hanson Lake property, with no minimum spending requirement, and hold the option to acquire 100% of the Property for a one-time payment of C$10 million in cash or common shares at Foran's election during this period. If the option is exercised by Foran, Voyageur will retain a 2% net smelter return royalty in respect of the Hanson Lake property. At any point prior to a construction decision regarding any potential development of the Hanson Lake property, Foran may buy back 50% of the net smelter return royalty for C$1 million and an additional 25% after 54 months of production for a further C$1 million, after which Voyageur will retain a 0.5% net smelter return royalty.

Aldebaran Resources (ALDE.V ADBRF) announced the results of an updated mineral resource estimate for the Altar copper-gold project in San Juan, Argentina, which includes three main porphyry discoveries (Altar Central, Altar East, and Altar United) reported within a single conceptual open pit. Measured & indicated resources are 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of silver, and there is an inferred resource of 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of silver, all representing significant increases compared to the 2021 mineral resource estimate. Per John Black, CEO, the company has completed over 63,000 metres of drilling since 2021 and the results demonstrate that Altar is one of the largest undeveloped copper-gold deposits in the world. On the back of the resource estimate, Aldebaran has begun working towards the first PEA on the Altar project, to be completed in Q2-2025. The results position Altar as one of the few giant copper-gold projects still in the hands of a junior exploration company.

Toubani Resources (TRE.ASX TOUBF 3V20.F) announced an update for the Kobada gold project following release of the 2024 definitive feasibility study, which outlined a low capital cost and high production development over an extended mine life. The company has appointed Endeavour Financial as its financial advisor for the project financing of the project following interest received from potential financiers post the release of the study. Updating of the previously approved environmental and social impact assessment has commenced and drilling activities are set to begin at Kobada to test for extensions at depth, as well as additional high-margin oxide ounces to bolster Kobada’s initial 9-year life-of-mine. Discussions are advancing with the State of Mali on the final investment agreements for Kobada with Toubani's business operations continuing as normal. Endeavour is highly experienced in executing a range of project finance mandates on the African continent, including Mali where members of the Endeavour team have acted as lenders or have advised on project financings for the Morila, Loulo, Syama, Tabakoto and Yanfolila developments. The appointment follows interest received by Toubani from potential financiers, including African banks and credit funds, following the release of the Kobada definitive feasibility study last month that demonstrated Kobada as one of the lowest capital cost development projects in West Africa. The company is also preparing for drilling activities to commence next month with the campaign targeting extensions to the main Kobada deposit at depth, as well as additional oxide mineralisation in and around the deposit.

Mawson Gold (MAW.V MWSNF MXR.F) announced that Southern Cross Gold (SXG.ASX) has made another significant discovery at its 100%-owned Sunday Creek gold-antimony project, located north of Melbourne. SXG's latest drilling has revealed exceptional gold grades at depth at the historic Golden Dyke mine area. Hole SDDSC141 intercepted 5.5 metres at 25.4 grams per tonne gold, including a very high-grade zone of 1.4 metres at 101.1 grams per tonne gold, extending known mineralisation 100 metres to 200 metres deeper than previous drilling. Per the company, the breakthrough came from drill hole SDDSC0141 that extended nearly 550 metres below the surface, discovering multiple zones of high-grade gold and antimony mineralisation. This discovery is particularly significant as it extends the known mineralised area by up to 200 metres below previous drilling, demonstrating that the high-grade gold vein sets continue to depth. The critical metal component adds another compelling dimension to this story. Sunday Creek's antimony content (approximately 20% of in-situ recoverable value) positions it as one of the few high-quality antimony projects in the Western world at a time when China's recent export restrictions are pressuring Western defence supply chains. Mawson owns 96,590,910 shares of SXG, representing 48.7%.

Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced it has completed the first gold pour at its Nalunaq gold mine in Greenland. On November 26, 2024, the Government of Greenland approved the Phase 1 commissioning of the Nalunaq plant, which has since been operated at its nameplate capacity. The first gold pour at Nalunaq took place on November 27, 2024, producing 1.2 kilograms (39 troy ounces) of gold after a 10-hour processing period. The company will continue to optimise the processing plant during Phase 1 commissioning and aims to conduct a gold pour on a weekly basis. Phase 2 commissioning, incorporating the flotation circuit, is due to complete in Q2 2025 and ramp-up to a steady state nameplate plant capacity of 260-300 tonnes per day of material between 12-16 grams per tonne gold is expected to take place in Q4 2025. An updated mineral resource estimate for Nalunaq is expected to be published in Q1 2025.

GreenX Metals (GRX.ASX 5PMA.F) announced that high grade antimony mineralisation has been identified at the company’s Eleonore North project in Greenland, based on historical results recently released by the Geological Survey of Denmark and Greenland. Antimony prices have been on a rapid uptrend since China announced export controls, with antimony prices in the US reaching $37,500 per tonne, up from $18,300 per tonne the previous week. Historical results from the survey fieldwork include grab samples from outcropping mineralised veins with individual specimens grading up to 23% antimony and other samples grading up to 4 grams per tonne gold. Antimony mineralisation has been identified along an approximately 4 kilometre trend in veins and structures that broadly align with previously identified gold veining at surface within a 15 kilometre trend. Significantly, the survey’s geologist’s identified stibnite as the antimony mineral. This is the predominant ore mineral for commercial antimony production. Antimony is designated a critical raw material by both the EU and the US, with China being the world’s major antimony ore producer and major exporter of refined antimony oxides and metallic antimony. Antimony is a crucial material in the defence supply chain, used in various military applications including ammunition, flame retardants and smart weaponry, and is essential in renewable energy technologies including more-energy efficient solar panel glass and in preventing thermal runaway in batteries. The antimony market is expected to grow by 65% between 2024 and 2032.

Global Petroleum (GBP.L) updated on the progression of the Namibia oil and gas PEL94 project. The company has in recent months has been actively working with a commercial farm-out partner to secure a farm-out agreement for the PEL94 oil and gas exploration licence. As part of the process, Global has also been engaging with current JV partners in the licence, Namcor and Aloe, to get their final approval over the farm-out agreement. Discussions are said to have been positive and progressing well on all fronts with a series of meetings to be held in London over the next two weeks with the commercial farm-out partner. The aim of Global and the commercial farm-out partner is to have the farm-out agreement finalised by the end of the calendar year and then move onto the final formal approvals required to complete the process.

Helium Evolution (HEVI.V HEEVF) announced that its farm-in partner, North American Helium, has successfully completed drilling operations and is proceeding with casing of the joint well at the 10-1 well, located on lands near Mankota in Saskatchewan. North American Helium will complete, test and evaluate the 10-1 well in the coming weeks to confirm the presence of helium and assess commerciality of the potential helium discovery. The 10-1 well is part of the development plan for up to nine wells in the Mankota area.

First Helium (HELI.V FHELF 2MC.F) announced plans to drill two complementary vertical Leduc oil targets at its Worsley property. The program will include drilling two strategic targets: the company's proven undeveloped location at 7-30, which has been assigned proved plus probable undeveloped reserves of 196,700 barrels by Sproule Associates; and the recently identified 7-15 Leduc anomaly. HELI has initiated licensing for both locations and intends to optimize drilling costs by executing a two-well program in succession. The 7-15 well will target a large structure in the Leduc Formation that is on trend with and approximately 5 times greater in areal extent than the company’s initial 1-30 Leduc oil pool discovery. Upon completion, the 1-30 well flowed 419 barrels per day of 35-degree API light oil from the Leduc Formation over a test period of 72 hours on a minimal drawdown. Given its premium light oil pricing, attractive vertical well drill costs and lower initial royalty rates, the 1-30 well paid out in less than 4 months. The 7-30 well directly offsets the 1-30 well. Its location was identified using the same seismic interpretation technique as used for the previously successfully drilled offset wells 1-30, and 4-29. Together, the 2 wells have produced 113,000 barrels of light oil and generated in excess of $13 million in revenue and $8 million in cash flow to date. In addition to the 7-30 and the 7-15 location on the Leduc Anomaly, the company has identified 10 further Leduc locations based on the same interpretation over existing proprietary 3D seismic. Through the 1-30 and 4-29 drilling successes, HELI has achieved a direct correlation of its Leduc seismic interpretation. Continued success through drilling the 7-30 well, and 7-15 will result in an immediate low risk 10 well scalable project.

Triangle Energy Global (TEG.ASX 626.F) advised that on behalf of the EP 437 JV, comprising Triangle with 50%, subsidiaries of Strike Energy (STX.ASX RJN.F) with 25% and Echelon Resources (ECH.ASX NZEOF) with 25%, it has signed a contract securing Silver City Rig 24 for the upcoming Becos-1 exploration well in the PerthBasin. The rig will mobilise to the well site at the end of March 2025. Becos-1 will target a range in resources from a low case of 1 million barrels to a high case of 21 million barrels with a best estimate of 5 million barrels and a chance of success of 20%.

Longhorn Exploration (LEX.V), now PureWave Hydrogen (PWH.V), announced that it has closed its acquisition of the private PureWave Hydrogen, a company which holds five natural hydrogen lease agreements in Kansas covering approximately 829 acres. Per Anthony Zelen, CEO, the acquisition brings increased acreage, a knowledgeable and competent technical team, and a pipeline of potential transactions.

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Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced an operational update. The company is currently drilling ahead on the Naingopo exploration well at a depth of approximately 4,000 metres (13,125 feet). On completion of drilling activities, RECO will undertake a comprehensive logging and coring program and perform a vertical seismic profile of the well. Results of the well will be provided following a thorough analysis of an extensive logging program and any obtained oil or natural gas samples. Meanwhile, road and well site construction activities are nearly complete for Kambundu (Prospect P). The company anticipates moving to the Kambundu exploration well site following the complete analysis of the results of the Naingopo well.

First Helium (HELI.V FHELF 2MC.F) announced that it is reviewing its drilling inventory for follow up operations to its planned Leduc anomaly drill targeting light oil. The program focuses on opportunities to establish immediate cash flow while setting the stage for accelerated development of oil and helium-enriched natural gas at Worsley, executed alone or with larger partners. De-risking the Leduc and Blue Ridge plays through select operations will help unlock significant potential value through follow up development drilling on the company’s expansive 100% owned land base, per Ed Bereznicki, President & CEO. All drill targets to be tested in the anticipated program have the potential to encounter multiple productive horizons which can include natural gas with associated helium, natural gas liquids and light oil, are located on trend and adjacent to past producing helium-enriched natural gas pools and light oil wells, and can garner premium pricing, with netbacks ranging from 2 - 4 times the netbacks of conventional natural gas, when enriched with helium. The company’s Worsley Property encompasses more than 53,000 acres of 100% owned land along a trend of sizeable, past producing helium enriched natural gas pools. This includes the 15-25 helium discovery well, with an independently evaluated resource of 323 million cubic feet of helium, along with numerous multi-zone targets for helium, oil, natural gas liquids and natural gas. Management estimates that past producing Leduc natural gas pools, located west of its 15-25 discovery, have produced over 1 billion cubic feet of associated helium that was not captured for use.

Longhorn Exploration (LEX.V) announced that effective at the open on Thursday, November 21, 2024, the company’s shares commenced trading on the TSX Venture Exchange under its new name PureWave Hydrogen (PWH.V). In addition, the company has entered into a consulting agreement with Plutus Invest and Consulting pursuant to which Plutus will provide the company with marketing and communications services for a 12-month term, building investor awareness of the company through Plutus's network in Europe. The company has agreed to pay Plutus a consulting fee of €100,000, payable upon the commencement of services.

80 Mile (80M.L BLLYF S5WA.F) announced that the acquisition offer for White Flame Energy has now received the necessary regulatory approvals from the Greenland Government. As part of this process, White Flame has been granted a four year extension to the first licensing sub-period. With ownership finalised and licensing extended, 80 Mile will now commence essential work programmes required for exploratory drilling in licensing sub-period #2. These initiatives are aimed at gathering data to guide future drilling and exploration in line with Greenlandic regulatory standards. The licences are said to be highly prospective for helium and white hydrogen, as well as all industrial gases & natural gas and liquids, and lie adjacent to Pulsar Helium's Tunu project.

Corcel (CRCL.L CRCL.V RM4B.F) announced that it has entered into a binding option agreement with Petroborn Óleo e Gás to acquire a 20% interest in the IRAI gas field, a right-of-first refusal over the remaining 80% and another right-of-first refusal for 100% of the adjacent TUC-T-172 exploration block, all located in the state of Bahia, onshore Brazil. The IRAI gas field, in production since 2018, has produced 390,000 barrels of oil equivalent of gas from three wells. One well is currently online, producing 117 barrels of oil equivalent per day, with two others shut-in pending workover operations. Field production is said to be highly profitable, with high expected netbacks and payback on well investments within months. Per the company, expected peak production from the IRAI gas field full field development could average over 1,000 barrels of oil equivalent per day. Corcel will fund two workover operations on the shut-in wells, expected to begin in Q1 2025, targeting to boost production to an average of 188 barrels of oil equivalent per day throughout 2025. The option requires Corcel to provide a loan of approximately $550,000 to Petroborn for two workovers in Q1 2025. If the option is not exercised, the loan will be repaid in full. Should the company decide to exercise the option, Corcel will advance a capped $2.95 million for additional development activities over a two-year period.

Noble Helium (NHE.ASX NBHEF) announced rig mobilisation to drill the shallow gas cap targets. BoreXpert is expecting final customs clearance at the Kenya/Tanzania border and will then mobilise to site. They have advised the company they expect to receive final customs clearance over the weekend and plan to be on site by the end of next week, with drilling to commence shortly afterwards. Wellheads, drill pipe, drill bits, cement and chemicals required to drill are all on site and access tracks to the Kinambo well sites have been prepared with additional upgrades to ensure access in the event of any rain events. Notwithstanding the significant unexpected delay as a result of the permanent importation of the rig, the company says it is confident that this delay will not create any additional issues in completing the program to drill the potentially significant shallow gas cap targets.

Finder Energy Holdings (FDR.ASX) announced an update on developments affecting its UK and Australian portfolio. The Dorado trend does not extend into WA-542-P in the Northern Carnarvon Basin and the permit does not contain sufficient prospectivity to be of interest to Finder. Due to the licence commitments on WA-542-P, Finder does not wish to retain this licence in its portfolio. UK North Sea P2528 contains the Whitsun Prospect which was identified on the Big Buzz reprocessed 3D seismic data. Despite Whitsun being an attractive exploration target, the joint venture has made a decision not to transition to Phase C and commit to a well. The company’s strategy in the UK has been hampered by ongoing political and fiscal uncertainty which is having a negative impact on the industry and investment in oil and gas activity. However, Finder says it remains committed to its Infrastructure-Led Exploration strategy in the UK, which is centred around opportunities close to key production hubs, giving the company the best chance of success in what it describes as a challenging environment. Finder has minimal commitments associated with its UK portfolio and, as operator, receives contributions from joint venture partners for the work undertaken. This allows Finder to continue to pursue its strategy to secure high impact farmouts and drill high impact wells in the UK with very low cost exposure and ensuring capital is directed toward fast-tracking the development of the Kuda Tasi and Jahal oil fields offshore Timor-Leste.

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Pantheon Resources (PANR.L PTHRF P3K.F) announced the spudding of the Megrez-1 well to explore the eastern topsets in the Ahpun field. Megrez-1 will target three topset horizons, which the company estimates to contain an aggregate 2U prospective resource of 609 million barrels of oil, condensate and natural gas liquids and 3.3 trillion cubic feet of natural gas. Per the company, there are few, if any, onshore wells targeting what is estimated to be more than 1 billion barrels of oil equivalent of 2U prospective resource anywhere in the world during this year. Initial results from the well will be announced when drilling operations are complete. Pantheon says it was greatly encouraged by the supportive words made by President-elect Trump and the Governor of Alaska last week with respect to their intentions for progressing the proposed Alaska natural gas pipeline, which is Phase 1 of the Alaska LNG project.

Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced an operational update. CNB HZ-6 is now on production having cleaned up at an initial rate of 2,250 barrels of oil per day (1,125 net to Arrow) and CNB HZ-6 is currently flowing at a rate exceeding 1,900 barrels of oil per day gross (960 net to Arrow) with a 31% water cut. The water disposal facility at the CNB pad began operating on November 2, 2024, allowing Arrow to increase pump rates and production. CNB HZ-7 was spud on October 22, 2024. Once complete, the rig will move to drill the Alberta Llanos prospect (formerly known as Baquiano-1). Current net corporate production is over 5,305 barrels of oil equivalent per day, inclusive of CNB HZ-6, with the company's cash position exceeding $18 million on November 1, 2024.

Helix Exploration (HEX.L) announced the completion of drilling at the Darwin #1 well. A total depth of 5,488 feet was reached in 12 days of drilling. There are said to have been significant helium gas-shows in multiple horizons up to 1,312 parts per million in drilling mud. Over 330 feet of potential gross pay was reported, including formations not tested in historic drilling, and targets were hit high to prognosis, indicating a larger anticline structure than previously modelled. The company will now proceed with wireline logging at Darwin #1 to identify reservoir zones for perforation and testing. Meanwhile, testing remains ongoing at Clink #1 with results from first gas analysis to be announced shortly.

Zephyr Energy (ZPHR.L ZPHRF VD5N.F) announced an operations update for the State 36-2R LNW-CC well in the Paradox Basin, Utah. Preparations for the commencement of drilling operations to extend the lateral on the well are at an advanced stage. Surface operations on the pad will begin as soon as possible, with the company expecting full drilling operations to commence early in the first quarter of 2025, subject to rig availability and weather conditions. The existing well was drilled to 10,200 feet, including 130 feet of completed reservoir interval in the short horizontal section of the well. The extended lateral will be drilled horizontally from the existing wellbore and is expected to target an additional 5,500 feet of the Cane Creek reservoir.  The cost of the operation is expected to be around $7 million and an asset level investment from an industry investor is expected to fund 100% of the expected costs required to drill, complete and test the extended lateral. Per Zephyr, no equity or warrants will be issued as part of the transaction and the investor will not receive any future interest or option in the Paradox project other than the working interest in the well. Additionally, Canaccord Genuity has been appointed as the company's joint broker with immediate effect.

First Helium (HELI.V FHELF 2MC.F) announced that it has completed its field survey activities and selected the surface location for its Leduc anomaly test well planned for drilling this winter. The well location has been selected based on evaluation of recently acquired proprietary 3D seismic data where the company has identified an anomaly in the Leduc Formation which it believes to be prospective for oil. To date, HELI has drilled two successful Leduc oil wells at Worsley, including the 1-30 and 4-29 Leduc oil pool discoveries which together have produced more than 113,000 barrels of light oil, generating in excess of $13 million in revenue and $8 million in cash flow. Completion of the recent financing will allow the company to proceed with a number of operations this winter, which include testing the large 3D seismic anomaly targeting Leduc oil and completing the previously drilled Blue Ridge horizontal well targeting helium-enriched natural gas.

Helium One Global (HE1.L HLOGF HE1.F) and Blue Star Helium (BNL.ASX BSNLF) announced an update on the Galactica-Pegasus project in Las Animas County, Colorado. Helium One completed a farm-in agreement with Blue Star on 4 November 2024. The Colorado Energy and Carbon Management Commission has approved permits to drill five additional helium development wells at the Galactica/Pegasus project and the five additional wells, together with the State 16 well, which is suspended ahead of tie-in to production, are expected to form part of the initial gas gathering into the Galactica helium production facility. Drilling is planned to start Q4 2024.

New Zealand Energy (NZ.V NZERF) announced that the Tariki-5 well drilling operations suspended in late October 2024 will resume on Monday, November 18, 2024. The new wellbore will be designated Tariki-5A and has a target location based predominantly upon additional control points gained from drilling the primary Tariki-5 well. The well data and the planned location are said to have been extensively reviewed and endorsed by external experts. Management expects that all production facilities will be on schedule and ready to commence production soon after completion of the well. The previously announced private placement offering is expected to close on or before November 20, 2024.

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Upcoming Stock Promotions - A number of readers have asked how they can find out about these before they start (many do very well with the share price doubling or more in a week). The details actually are out there but difficult to find, however it can be done. I've decided to make this information available and have started today to publish it in Trading Keys. The promotion detailed in today's issue of Trading Keys is expected to commence in the next few days. Subscribe here

Touchstone Exploration (TXP.TSX PBEGF TXP.L PNW1.F) announced execution of an exploration and production licence for the Rio Claro block. Touchstone, through a subsidiary, holds an 80 percent operating working interest in the licence while the National Gas Company of Trinidad and Tobago retains the remaining 20 percent. Like Touchstone's Charuma, Cipero and Ortoire licences, the Rio Claro Licence initially has a six-year exploration term, with the possibility of a 19 year extension for areas where commercial discoveries are approved. Located adjacent to the company's Ortoire block, the Rio Claro acreage surrounds the recently acquired Balata East field, marking an extension of Touchstone's exploration and development focus within the Herrera Formation fairway. Proprietary seismic data highlights several promising Herrera Formation anomalies, which extend from the Ortoire block into the Rio Claro acreage, situated in structurally favorable up-dip positions. Touchstone's Cascadura-3ST1 discovery within the Ortoire block appears to extend into the Rio Claro block. Seismic interpretation further reveals that both the Royston anomaly in the Herrera Formation and the Kraken anomaly in the Cretaceous Formation extend into the Rio Claro acreage. With existing sales infrastructure at Ortoire and Balata East, any future discoveries of liquid hydrocarbons or natural gas within the Rio Claro block can be seamlessly integrated into production.

Reconnaissance Energy Africa (RECO.V RECAF 0XD.F) announced dual-listing on the Namibian Stock Exchange, the renewal of Petroleum Exploration Licence 001 onshore Botswana and an operational update with respect to its exploration activities on Petroleum Exploration Licence 073 onshore Namibia. Following the completion of logging and casing operations and the planned switch to a 10,000 pounds per square inch blowout preventer on the Naingopo exploration well, the company required additional time to replace a hose on the choke manifold. Drilling recommenced in mid-October and is currently drilling ahead at 3,500 metres (11,500 feet). RECO expects to complete drilling operations towards its target depth of 3,800 metres (12,500 feet) and will disclose results following analysis of logging and any obtained oil or natural gas samples. Road construction activities relating to the Kambundu exploration well (Prospect P) are nearing completion and well site construction is well advanced. The company anticipates moving to the Kambundu exploration well following analysis of the results of the Naingopo exploration well. RECO is also progressing its planned 3D seismic survey on PEL 73, where it will acquire 500 kilometres of 3D seismic data over the prospective Kavango Rift Basin play. Acquisition of this survey is expected to occur in mid-2025.

Longhorn Exploration (LEX.V) announced that it has closed its acquisition of PureWave Hydrogen, a private company that holds five natural hydrogen lease agreements in Kansas covering approximately 829.20 acres. Per Anthony Zelen, LEX CEO, the acquisition brings increased acreage, a knowledgeable and competent technical team, and a pipeline of potential transactions. The company is focused on the acquisition, exploration and development of natural (white) hydrogen assets.

Challenger Energy (CEG.L BSHPF) announced an update for its AREA OFF-3 block, offshore Uruguay. The company has entered into a licence agreement to secure access to historic 3D seismic data over AREA OFF-3 for the purposes of reprocessing. This is underway, and Challenger expects preliminary outputs prior to year end, with the work expected to be fully completed in Q2, 2025. 3D seismic reprocessing work will be supplemented with a range of other seismic workflows including amplitude variation with offset, which was utilised successfully on AREA OFF-1. The objective of this work is to mature the available data set for AREA OFF-3 in an accelerated time frame, sufficient to enable a robust prospect inventory to be mapped and for potential drill locations to be identified, in support of a formal farmout process which the company is targeting to commence in mid-2025.

Pulsar Helium (PLSR.V PLSR.L PSRHF Y3K.F) announced an operational update on the Topaz project in Minnesota. With the recent upgrades to site access, roadways, and drill pad setup, the company is on track to deepen the Jetstream #1 well by approximately 500 metres to reach the anticipated full height of the helium reservoir. The drill pad is said to be fully prepared and ready to accept the drilling rig and ancillary equipment which is anticipated to begin arriving to site during the first week of December.

Triangle Energy Global (TEG.ASX 626.F) advised that on behalf of the EP 437 JV, comprising Triangle with 50%, subsidiaries of Strike Energy (STX.ASX RJN.F) with 25% and Echelon Resources (ECH.ASX NZEOF) with 25%, it has signed a contract securing Silver City Rig 24 for the upcoming Becos-1 exploration well in the PerthBasin. The rig will mobilise to the well site at the end of March 2025. Becos-1 will target a range in resources from a low case of 1 million barrels to a high case of 21 million barrels with a best estimate of 5 million barrels and a chance of success of 20%.

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Gold Hydrogen (GHY.ASX GHYLF) announced major findings following the successful completion and analysis of the inaugural drill program at its Ramsay project in South Australia. Oxford University’s specialist noble gas research laboratory within its Department of Earth Science, has measured and confirmed the presence of Helium-3 in gas samples taken from the Ramsay 2 well at depths from 280 meters to 1000 meters. Helium-3 is an extremely rare and valuable gas, with only 7.2 parts per trillion within the atmosphere. Commercial supplies of Helium-3 could significantly impact the global energy market by providing a clean, efficient fuel for nuclear fusion, potentially revolutionizing energy production. Current prices for Helium-3 exceed $2,500 per litre ($70.8 million per thousand cubic feet), over 140,000 times the value of Helium-4.

Deltic Energy (DELT.L 7RC0.F) confirmed the Selene gas discovery. Based on preliminary information available from the wellsite, Deltic has updated its volumetric model and now estimates Selene to contain gross P50 estimated ultimate recoverable resources of 131 BCF (P90-P10 range of 95 to 176 BCF) which is at the lower end of pre-drill estimates. However, the bulk of the recoverable resources are concentrated in the higher quality B-Sand up-dip from the 48/8b-3Z well location which should support a simpler and cheaper development option with greater gas production per well than was envisaged pre-discovery. Based on the results of the well and the data collected, Deltic believes that the JV should be well placed to progress towards field development planning and a final investment decision on a future development without requiring a further appraisal well. In addition to Selene, Deltic will re-evaluate the Endymion prospect, located on the north-eastern corner of the block, which is another low-risk Leman Sandstone opportunity that could be tied into any future Selene development.

First Helium (HELI.V FHELF 2MC.F) announced the closing of its upsized non-brokered private placement financing. First Helium issued 60,666,671 units at a price of C$0.06 per unit for gross proceeds of C$3,640,000.26 (the “Offering). Each unit consists of one share and one share purchase warrant exercisable at a price of C$0.09 per share for a period of 36 months, subject to an acceleration clause. The company intends to use the net proceeds to fund additional asset development and operating expenses on its Worsley project, as well as for general working capital. Per Ed Bereznicki, President & Chief Executive Officer of First Helium, the company is extremely excited about the potential at its Worsley property which encompasses more than 53,000 acres of wholly-owned land on the historically productive Peace River Arch. This includes its helium discovery well, with an independently evaluated resource of 323 million cubic feet of helium, along with numerous multi-zone targets for oil, and helium-enriched natural gas, substantiated by its two successful oil wells and cased horizontal well. This winter, the company will test the large Leduc anomaly identified on 3D seismic. All securities issued under the offering will be subject to a statutory hold period of four months.

Borders & Southern Petroleum (BOR.L BDRSF B5T.F) announced the extension of its Falkland Islands production licences PL018, PL019, PL020, including the Darwin discovery area. The revised expiry date of the three licences will now be 31 December 2026. The company's prime focus continues to be the monetisation of the Darwin gas condensate discovery that contains 462 million barrels of recoverable liquids (plus material upside in adjacent structures) by identifying a suitable partner to appraise it. The licence extensions will allow BOR to continue its search for a partner and move the Darwin discovery forward by either testing Darwin East or drilling another target. The company says it continues to be encouraged by progress on the relaunched farm-out process where it is working with a large global advisor. Per the CEO, with a partner secured, BOR offers significant upside potential.

88 Energy (88E.ASX 88E.L EEENF POQ.F) announced the completion of 2D seismic processing over Petroleum Exploration Licence 93 in the Owambo Basin, Namibia. Significant structures are said to have been identified in the processed data, which is yet to be interpreted in-house. The programme has been designed to enable an independent estimation of a maiden independent prospective resource for PEL 93 and identify potential future drilling locations. Volumetrics are anticipated to estimate a significant prospective resource from the Mulden (Upper and Lower) and Otavi reservoirs, validating PEL 93 as a project with material scale and opportunity.

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Deltic Energy (DELT) announced a strategic, operational and organisational update. Per the company, the UK is not the ideal place in which to invest in new oil and gas exploration or appraisal opportunities. Thus, over the next 12 months, Deltic's strategic focus will be on extraction of value from its existing core UK assets, principally the Selene prospect, eliminating or deferring expenditure on non-core UK assets, identifying and accessing opportunities in overseas arenas with an initial focus on projects with early cash flows and faster cycle times from entry to value crystallisation, and high-impact exploration. Meanwhile, operations continue on the Selene exploration well, where results from the logging and fluid sampling operations are awaited. In a success case, the intention would be to proceed directly to field development planning as further appraisal drilling is not considered to be necessary to support a future development investment decision. Furthermore, given the positive read across from Selene to the Blackadder prospect, Deltic says it has been in receipt of farm-in interest in the licence from a number of companies and, to allow time for discussions to mature, Deltic intends to defer the commencement of planned work programmes until at least mid-2025, minimising any near-term expenditure. Regarding the Syros prospect, the ongoing political and fiscal uncertainty in the UK has prevented a number of parties that participated in the farm-out process from moving forward with a transaction. Deltic has requested a 12-month extension from the NSTA to Phase A to allow a period of stability post the October budget in which Deltic could re-engage with those interested parties, however, the NSTA has indicated it is not minded to support the request and it is likely this licence will now expire on 30 November 2024. Regarding Dewar, given the continuing deterioration of the fiscal and operating environment in the UK since this licence was awarded in February 2024, Deltic has entered into negotiations with the NSTA in relation to the Phase A work programme requirements and the company does not intend to incur any of the planned costs associated with the Phase A work programme in 2025.

Seascape Energy Asia (SEA) announced that it has been awarded a 28% participating interest in a small field asset production sharing contract over the DEWA complex cluster off the coast of Sarawak, Malaysia. Partners are EnQuest (ENQ) (42%, operator) and Petroleum Sarawak (30%). DEWA is comprised of 12 gas discoveries in shallow water (40-50 metres) near to infrastructure and the partnership is anticipated to initially focus on the D30, Danau, D41, D41W, Dana and Dafnah West discoveries, which are estimated by the company to contain around 83 million barrels of oil equivalent. Given the shallow water depths and nearby infrastructure, the partnership is targeting a low-cost development plan utilising normally unmanned platforms with minimal processing which could support a potential production plateau of up to 100 million cubic feet per day. The initial low-cost work commitment (approximately $0.6 million net to Seascape) is to conduct a detailed resource assessment and deliver a field development and abandonment plan within two years.

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Touchstone Exploration (TXP.TSX TXP.L PBEGF PNW1.F) announced that the Cascadura-2ST1 and Cascadura-3ST1 wells have been completed with initial shut-in wellhead pressures building to 3,600 pounds per square inch and 2,665 pounds per square inch, respectively. The fluid column gradient observed in the tubing at Cascadura-2ST1 suggests a significant presence of natural gas, comparable to findings in the Cascadura-1ST1 well, reinforcing the companies geological models. Cascadura-3ST1 successfully flowed crude oil from the lower sheet 5 Herrera interval on September 17, 2024, followed by a test from the sheet 4 Herrera interval on September 26, 2024 confirming natural gas. Touchstone has successfully installed the flowline connecting the Cascadura C surface location to its natural gas facility, and hydrotesting of the line will commence shortly. Infrastructure also has been enhanced with the test separator at the Cascadura natural gas facility having been installed, and the riser at the Cascadura B site has been completed, optimizing operational capabilities. Also reported was a significant production increase at Balata East: since acquiring the field in June 2024, production has surged by nearly 300 percent from a targeted workover and optimization program.

Petro Matad (MATD.L PRTDF HA3.F) announced that Heron-2, the first development well to be drilled on the Petro Matad operated Heron oil field in Block XX in the Tamsag Basin of eastern Mongolia, has reached total depth and wireline logging has been completed. The well reached a total depth of 2,908 metres seven days ahead of schedule and an oil zone of 18 metres gross thickness was encountered which wireline logging indicates is very likely the same stratigraphic unit as that successfully tested in the Heron-1 discovery well. Production casing has been run in preparation for a well testing programme.

Predator Oil & Gas (PRD.L 1EM.F) announced the helium potential for its MOU-5 prospect at Guercif, Morocco. The potential conventional prospective gross recoverable gas resources for the primary reservoir target in MOU-5 were previously reported as being 5.916 trillion cubic feet (P50 upside case), thus potential gross estimates of in-place helium for the P50 upside case are, per the company, 104.31 billion cubic feet based on a global averaged scenario of 1.298% helium and 598.88 billion cubic feet for the P10 upside case based on a global averaged scenario of 4.066% helium.

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Petro Matad (MATD.L PRTDF HA3.F) announced that it has spudded the Gobi Bear-1 exploration well in the Tamsag Basin of eastern Mongolia. The well is being drilled by the DQE International rig #30609 and is located around 12 kilometres southwest of the Heron-1 oil discovery well in the Block XX exploitation area. Gobi Bear-1 is targeting reservoir quality sandstones in the Cretaceous Lower Tsagaantsav formation which is the main producing horizon in the Tamsag Basin and which was proven to be oil bearing in the company's nearby Heron-1 and Gazelle-1 wells. Based on seismic interpretation, the primary reservoir target in Gobi Bear-1 is anticipated to be reached at a depth of around 1,400 metres within a combination structural/stratigraphic trap at the southern end of the Toson Uul sub-basin in which approximately 2 billion barrels of oil in place have been discovered in the last 20 years. The Gobi Bear prospect is estimated to have mean oil in-place potential of 307 million barrels and the well is planned to drill to a total depth of around 1,800 metres. Gobi Bear-1 is expected to take approximately 20 days to drill to total depth following which wireline logging will be conducted to determine if it merits testing. In the event of encouragement, well testing will be performed using the same contractor engaged for the operations planned at the nearby Heron-2 well. The well cost is estimated to be $1.5 million, making it a high impact/low cost, near-field exploration well. It also has the potential to de-risk other prospects and leads identified within Block XX.

Noble Helium (NHE.ASX NBHEF) announced that it has received firm commitments from institutional, sophisticated and accredited investors to raise A$3.0 million before costs through a placement of 66,666,667 million shares at an issue price of $0.045. The funds will be used for deeper targets in the western margin shallow analytical program, the preliminary work program to prepare for 2025 dry season activity on the eastern margin of the North Rukwa basin, exploration license renewals, preliminary exploration activity at the other Tanzanian exploration license areas, estimated costs to proceed to dual listing on AIM and general working capital, corporate and offer costs. The company says it is continuing to acquire and analyse the shallow geophysics data to finalise all of the drilling locations, including some deeper targets at approximately 150 metres in the southern area. Once approval to appoint the drilling contractor is received from the Tanzanian Mining Commission under the local rules, the company will execute the contract and then give notice to mobilise to site. Noble expects this to occur next week and the rig to be onsite before the end of October to begin the drilling component of the appraisal program.

Arrow Exploration (AXL.V CSTPF AXL.L C1JT.F) announced an update on operational activity. The fourth horizontal well on the Carrizales Norte "B" pad (CNB HZ-5) is now on production and has a current flow rate exceeding 2,700 barrels of oil per day gross (1,350 net to Arrow) with production continuing to increase. Management's expectations are that CNB HZ-5 will achieve production rates similar to the company's first three horizontal wells, and similar payback schedules of less than 2 months. CNB HZ-5 was spud on August 22, 2024, and reached a target depth of 8,472 feet on September 7, 2024.  The well was drilled to a total measured depth of 13,350 feet with a horizontal section of approximately 4,070 feet. The Petroworks rig is now being moved to the sixth cellar on the Carrizales Norte B Pad where the company plans to spud the fifth horizontal well (CNB HZ-6). Thereafter, Arrow expects to drill one additional horizontal well on the B pad, followed by the Chorreron-1 (formerly known as Baquiano-1) exploration well, which is on trend with the Carrizales Norte field. Current net corporate production is approximately 5,835 barrels of oil equivalent per day, inclusive of CNB HZ-5, and the cash position was approximately $15 million on September 1, 2024, with the company maintaining a healthy balance sheet and no debt.

Corcel (CRCL.L CRCL.V RM4B.F) announced that its 90% owned subsidiary, Atlas Petroleum Exploration Worldwide, has received authorisation for the assignment of an additional 20% interest in its operated block KON-16, onshore Angola. The assignment of this incremental equity will result in Atlas holding a 55% gross (49.5% net to Corcel) equity interest in KON-16. The company simultaneously announced a subscription of £1,220,000 with strategic investors to fund its ongoing operations and strategy. New seismic acquisition in 2025 will allow the company to drill the first new well on the block since the 1960s. Any new well drilled on KON-16 - a large 1,022 km2 (252,500 acres) block - would be testing significant potential resources and success would be transformational for Corcel.

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Corcel (CRCL) announced that its contractor, Metatek Group, has completed the acquisition of the data phase of the eFTG survey on block KON-16, which is 35% owned and operated by the company. Focus now moves to processing and interpretation, which is expected to extend through Q4 2024, enabling Corcel to high grade prospective areas in the 1,000 square kilometre block and design a focused 2D seismic acquisition program in 2025 which the company intends will ultimately lead to the drilling of the first new well on the block since the 1960s. Prospectivity is said to range from shallow oil-prone targets analogous to the nearby Tobias and Galinda fields, to the deeper pre-salt play which is analogous to the deep water Kwanza Basin discoveries in TotalEnergies Kaminho project.

Petro Matad (MATD) announced that on 8 September it spudded the Heron-2 development well in the Tamsag basin of eastern Mongolia. This is the first development well to be drilled on the Petro Matad operated Heron field, which has total oil in place potential of around 190 million barrels and was discovered when the Heron-1 well was drilled and tested in 2019. Heron-2 is located around 800 metres south of the original Heron discovery well and is targeting the same reservoir units of the Cretaceous Lower Tsagaantsav formation that were proven productive in Heron-1, which flowed at a maximum rate of 821 barrels of oil per day on test from a 12 metre interval in an overall oil column of some 70 metres. Heron-2 has been located to investigate the extension of the productive reservoir zone seen in the discovery well and will be drilled to a total depth of around 2,900 metres. Drilling to total depth is expected to take about 30 days following which wireline logging will be conducted to evaluate the productive potential of the reservoir. A well test and stimulation programme are planned to be executed during the 2024 operational season and, if successful, Heron-2 will be put on stream in either late 2024, if time permits, or in Q2 2025 after the winter operational shut down. Meanwhile, mobilisation activities for the Gobi Bear-1 exploration well are underway with anticipated spud by mid-September.

80 Mile (80M) announced that it has successfully identified high concentrations of helium at surface in select historical drill holes, with values of up to 10.7% helium in the Perttilahti area. This marks the first published occurrence of helium detected flowing to the surface in Finland. Previously, helium was identified in solution within groundwater at depth and these new results position the company to fast-track further exploration efforts providing a foundation for the continued evaluation of the Outokumpu Belt's potential as a major source of industrial gases. Gas samples from a 2,480 metre deep drill hole have additionally revealed up to 46% geological hydrogen, highlighting the belt's potential for industrial gas reserves. 80M will undertake further detailed sampling and analysis, focusing on areas with the highest helium concentrations, including additional surface sampling, re-entering select drill holes for deeper testing, and integrating the findings with historical seismic data to pinpoint the most prospective zones. The company has additionally begun planning a proof of concept study aimed at assessing the commercial recovery of helium and hydrogen from existing deep drill holes. This study will focus on evaluating the technical and economic feasibility of extracting these gases using modern recovery techniques. Per the company, the success of this study could represent a significant step towards generating cash flow from the project.

Australian company, Hartshead Resources (HHR), announced an update on the results of their 33rd Licensing Round applications. The company has received from the North Sea Transition Authority letters of offer and license documentation covering six new oil and gas licenses which cover 10 offshore blocks. Three of these licenses have now been fully executed and formally awarded to Hartshead. All contain discovered hydrocarbons and present a range of re-development, development and appraisal opportunities. Per Chris Lewis, CEO, Hartshead is now a significant acreage holder in the Southern North Sea and additionally has a single license and acreage in a new area of interest, the East Irish Sea. Total additional contingent and prospective resources are 1,187 billion cubic feet (2C + 2U) net to Hartshead and, in aggregate, the new licence awards, combined with the existing P2607 Licence, see Hartshead with a net interest of 1.5 trillion cubic feet of reserves and resources, contingent and prospective.

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Helix Exploration (HEX) announced that drilling of the Clink #1 well on the Ingomar Dome project area in Montana has commenced. The well will test the stacked reservoir targets in the Amsden, Charles, Flathead Formations and fractured pre-Cambrian basement. Historic drilling has identified nitrogen-rich gas in the Amsden, Charles and Flathead formations that has never been assayed for helium. Drilling will take 3-4 weeks to complete, followed by wireline logging and extended flow tests. This is the first well in a two-well Q3 drilling programme with the second well to be drilled to appraise contingent helium resources at the Rudyard project. If successful, the Clink #1 well will be used as a future production well, reducing time and cost to move towards first gas production anticipated before the end of 2025.

Global Petroleum (GBP) announced a PEL94 license update. Following recent activity in the Walvis Basin, offshore Namibia, the company has seen increased interest in the data room for PEL94 from various parties. As a result, Global has entered into early commercial discussions with a potential operating partner for a farm-in agreement. Global believes a farm-in, if successfully concluded, could be transformational for the business, with a strategic partner potentially enabling the exploitation of the licence’s estimated 2,747 million barrels of oil unrisked net best estimate (P50) prospective resources. The company says it is hopeful in reaching a mutually beneficial agreement with the partner in due course following further due diligence and negotiations.

Sunda Energy (SNDA) announced it has entered into an exclusivity agreement with Pacific LNG Operations enabling a period of mutual due diligence relating to a potential strategic investment into the Chuditch PSC project that would fund the planned field appraisal well. It is anticipated that such investment, should it occur, would be through an equity issuance in a Sunda subsidiary company and not at the Sunda Energy plc level. The agreement contains carve-outs for several other potential funding partners, some of whose involvement may be complementary in supporting the project, not only through the appraisal well but also in future development of gas in the asset. Discussions with the other parties continue during the period of the exclusivity agreement. Meanwhile, operational planning has continued and negotiations to secure the use of an identified drilling rig are ongoing, as are procurement processes for other essential drilling equipment and services. As a result of the detailed planning, in particular the current scheduling of the targeted drilling rig, the company still expects, subject to financing being in place, to drill the Chuditch-2 appraisal well in early 2025.

Pantheon Resources (PANR) announced that it has executed a contract to secure the use of the Nabors 105AC rig to drill the Megrez-1 well in Q4 2024. The company is familiar with the rig, having used it in previous drilling campaigns. Site works for construction of a gravel pad along the west side of the Dalton Highway are expected to commence in September and upon completion of these works the drill rig will be mobilised. The Megrez-1 well is estimated to have a 69% geological chance of success and will target the topset sands in the Ahpun East project area which Pantheon estimates to contain a 2U prospective resource of 609 million barrels of marketable liquids and 3.3 trillion cubic feet of natural gas. The Ahpun East topsets are significantly shallower than the Ahpun western topsets drilled previously and per Jay Cheatham, CEO, the company believes this to be one of the most impactful onshore exploration well being drilled anywhere in the world during 2024.

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