In today’s briefing:
- Tietto Minerals (TIE AU): Zhaojin’s Revised and Final Takeover Offer Remains Light
- EDG: 2024 Exploration Plans; Work Commencing in May
- Tethys Oil AB (SSE: TETY): Increasing further the size of the prize
- Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries
Tietto Minerals (TIE AU): Zhaojin’s Revised and Final Takeover Offer Remains Light
- Tietto Minerals Ltd (TIE AU) has disclosed a revised conditional proposal from Zhaojin Mining Industry H (1818 HK) at A$0.68 per share, a 17.2% premium to the previous offer of A$0.58.
- The offer is conditional on a 50.1% minimum acceptance condition (which can be waived). The offer is declared best and final.
- Despite the bump, the offer is below the IE’s valuation range of A$0.79 to A$0.93 per share. The IE’s valuation range would be around 25% higher at current gold prices.
EDG: 2024 Exploration Plans; Work Commencing in May
- EDG announced its 2024 exploration program at the Reliance Gold Project.
- Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as well as other initiatives.
- Work is expected to commence in early May, well ahead of Golden Triangle peers.
Tethys Oil AB (SSE: TETY): Increasing further the size of the prize
- • The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate.
- • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean).
- • The geological chance of success ranges from 6% to 11% for the six new prospects.
Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries
- The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession.
- These reservoirs are believed to be recurring across the Nong Yao D area.
- The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further appraisal and exploration drilling in the vicinity to derisk sufficient volumes to justify a future development.
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