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Proactive news summary - Circle Oil, TyraTech, Tissue Regenix, Mirada, Tungsten, Cyan, Aminex, Leni Gas & Oil, Weatherly

Published: 01:56 20 May 2014 AEST

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Circle Oil (LON:COP) has fired the starting pistol on a 12-well programme in Morocco.

It represents the third campaign on the Sebou permit and first on the Lalla Mimouna property. The drill rig has already started turning on the former with the spudding of the SAH-W1 well.

In all the dozen wells are targeting a gross in place resource of 25bn cubic feet of gas.

Elsewhere, TyraTech (LON:TYR) has hit an important milestone, with its Vamousse product line becoming available for purchase online in the USA through Amazon.

Chief executive (CEO) Bruno Jactel had told investors 2014 would be about delivery. Five-and-a-half months into the year, the company has made significant progress commercialising its range of nature-derived and safe insecticides.

Today’s is just the latest in a series of significant milestones. The company also revealed Drugstore.com have agreed to take Vamousse – TyraTech’s safe, natural, treatment for head lice. As well as being available online has also been stocked in 4,100 Wal-Mart stores in the US since the beginning of April.

It is the second important announcement from TyraTech in the last few weeks. On April 30 TyraTech revealed Novartis had launched Natunex, a new line of non-toxic biocides that provides highly effective and fast insect control in and around livestock production facilities.

The products will be distributed by Novartis Animal Health in the States, and taps both companies into a worldwide market predicted to be worth US$1bn by 2016.

Regenerative medical devices company Tissue Regenix (LON:TRX), meanwhile, remains on course to launch its DermaPure flagship product Stateside in the first half of the year.

The company added in its full-year results that the ‘soft launch’ of DermaPure in the UK by the National Health Service Blood and Transplant (NHBST) authority has gone well, with initial positive results from patients and clinicians.

The company spent much of 2013 gearing up for the commercialisation phase of its evolution, with a particular emphasis on the US.

Elsewhere, audio-visual specialist Mirada (LON:MIRA) said it has landed its largest ever contract - a multi-million dollar deal “with a large established Latin American digital TV operator”.

The name of the customer and terms of the deal weren’t revealed. However the announcement followed the successful trial of the company’s iris tv-anywhere application, which itself was worth US$1.4mln.

“Typically, the set-up fees are no larger than half a million to a million [dollars], so this is very, very big. This is only the set-up fees,” chief executive Jose Luis Vazquez told Proactive Investors.

Tungsten Corp (LON:TUNG), which specialises in electronic invoicing, has landed a significant new customer with GE agreeing a multi-year deal.

Potentially, Tungsten could process 16mln invoices annually for the giant American conglomerate.

Cyan Holdings (LON:CYAN) believes it has strong prospects for 2014 as it posted last year's results.

There is positive momentum in the smart metering market and the firm has good partnerships in Brazil, it said.

In the oil and gas sector, Africa-focused Aminex (LON:AEX) is considering a number of financing options to complete its work programme at the Ruvuma lincence in Tanzania.

Aminex raised US$15mln in February to help pay for a seismic programme and other outstanding commitments at Ruvuma, but is looking for financing solutions that will allow it to expand its activities while paying down its existing loan finance as soon as possible.

The Ruvuma PSA expires towards the end 2016 and though time is limited the programme is manageable, said Jay Bhattercherjee, Aminex’s chief executive,

Leni Gas & Oil (LON:LGO) told investors that production will soon begin from the newly drilled GY-664 well on the Goudron field, onshore Trinidad.

The successful GY-664, which hit more than 1,500 feet of gross sand in three formations, has been completed as producer from the Gros Morne – which has the best production potential of three, according to chief executive Neil Ritson.

The second well - GY-665, in the programme of 30 planned at the Goudron field, will be spudded shortly, Leni added.

Kazakhstan focussed Max Petroleum (LON:MXP) says its cost cutting programme is saving the company around US$4mln.

General and administrative costs have been reduced by almost a third, it revealed. Cutbacks have included the closure of the company’s office in Houston, a downsizing of the London office and a reduction in the management and admin headcount across the whole business.

Copper mine develop Weatherly International (LON:WTI) revealed an updated financial model has put a price tag of US$132.7mln on the Tschudi project in Namibia.

African mining services group Minxcon raised the after-tax net present value (NPV) of the project from US$105mln in 2012 when it carried out the bankable feasibility study  for the AIM-listed miner.

At the same time, the life of mine cash costs have come down by around US$41 to US$4,226 per tonne of copper. The breakeven price has been calculated at US$4,675 a tonne, which is also the total notional all-in cost.

Minxcon concluded that “under the CE [Consensus Economics] forecast for copper prices the project is very robust with an IRR [internal rate of return] of 89% and an NPV of US$133 million”.

At the end of April, the project was 44% complete and on schedule to deliver first copper in the second quarter of 2015.

ECR Minerals (LON:ECR) shares rose as it announced positive assays from surface and underground sampling at the Itogon gold project in the Philippines. The firm said the work confirmed that the gold mineralisation there was likely to be of economic interest.

Ortac Resources (LON:OTC) said a third batch of assays from its associate Andiamo’s drilling programme at the Yacob Dewar copper/ gold prospect in Eritrea has shown economic grades.

Gold grades included 4.14 g/t over 22.4 metres from 21.6 metres down, including bumper grades over short widths, and 3.60 g/t over 11.3 metres in another. The drilling also recorded 1.27% copper over 10.7m in one drill hole.

Positive exploration results also came for Stratex International (LON:STI), which said that drilling at the Dalafin project in Senegal, has extended the strike of gold to at least 500 metres in length.

The findings have also prompted the possibility that there is more than one mineralised system at the property, the mining firm said. The latest results are from the Faré South prospect and include 10 metres (m) at 4.31 g/t gold, including 1m at 16.29 g/t gold.

Sunrise Resources (LON:SRES) reckons investor sentiment in diamond firms is turning a corner, it said, posting its latest half year numbers.

They are increasingly recognising the looming supply shortfall looming after years of under investment in exploration and new mines, it said. Sunrise has kicked off this financial year with a higher level of exploration activity and renewed optimism, it said.

Resource investment company Armadale Capital (LON:ACP) is fully funded for the next stage of development at Mpokoto, its flagship gold in the DRC, it said on Monday.

The group recently published a scoping study for Mpokoto indicating a US$33mln net present value based on a gold price of US$1,250 per ounce. Armadale acquired the right to an 80% interest in Mpokoto in August last year.

“It is a very robust project at low gold prices,” chief executive Justin Lewis told Proactive Investors.

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