W Resources (WRES) shares rise 12.77% to 12.65p as it secures $5.5m facility extension
The mining company says one or more funds and accounts managed by BlackRock Financial Management have agreed to increase its existing loan facility by an additional US$5.5 million.
The additional $5.5m in funding will in part be used to fund some items of capital expenditure at the company’s La Parrilla mine as well as to provide an increased working capital buffer.
Whilst W Resources has experienced a number of challenges over the previous four months, the Board said it believes it is well positioned to bring about a rise in concentrate production.
88 Energy (88E) shares jump 12.50% to 2.7p as it finalises rig mobilisation ahead of spud
On Tuesday morning, the Alaskan-focused explorer confirmed to investors that the mobilisation of the Arctic Fox rig to its Merlin-2 well drilling location had been completed.
In a statement released yesterday, 88 Energy said pre-spud operations were continuing and that they were entering the final phase ahead of the Merlin-2 spud date which is scheduled for the week starting 7 March 2022, with the well permitted to a Total Depth (TD) of 8,000 feet.
The Merlin-2 appraisal well located on Alaska’s North Slope is planned to be initially drilled to 2,000 feet, with the surface casing then installed and the Blowout Preventer system tested.
Union Jack Oil (UJO) shares tick up 12.29% to 2.9p while it undertakes capital reorganisation
Last week, Union Jack said it had plans to adopt a capital allocation and distribution policy to allow the payment of a dividend or implement a share repurchase programme in future.
The UK focused onshore hydrocarbon production, development and exploration company said this decision follows a recent review of its operational and financial plans for 2022.
To allow such distributions, it must reorganise its capital to create distributable reserves. The company, which has proposed a reduction in its capital subject to approval by shareholders, outlined that it intends to apply a consistent and disciplined approach to capital allocation.
The Board said this strategy will enable the group to manage its overall funding requirements whilst maintaining a strong balance sheet which is debt free throughout the oil price cycle.
Union Jack said the policy was consistent with the company’s progression into “a meaningful producing company, making appropriate distributions in order to reward its shareholders.”
Petropavlovsk (POG) shares were trading 40.70% lower at 2.94p amid Russian sanctions
During Monday afternoon trading, shares in the Russian gold miner Petropavlovsk fell 24.15% to 7.197p after Western nations ramped up sanctions. On Tuesday, it shed a further 30% in value. Today, the stock continues to plummet, trading 40.70% lower at 2.94p this afternoon.
Shares in the miner continue to plummet as Russia-focused metals and mining stocks take a greater hit as Western nations ramp up sanctions against Russia amid its invasion of Ukraine.
Again, in the FTSE 250, the Russian gold mining company has been today’s biggest faller.