88 Energy Ltd
Operations Update for the projects located on the North Slope of Alaska: 88 Energy Ltd.’s (ASX: 88E) stock surged 6.1% on April 06, 2018 after the company gave the update on the operations for its projects located on the North Slope of Alaska. 88E has announced the completion of the Icewine 3D seismic survey, which is as per the schedule and is within budget. 88E’s preparation for the launch of its planned farm-out is underway, and is ahead of 2019 drilling operations. The formal process is expected to start in mid-2018, as per the early products from the 3D seismic survey. 88E is confident of achieving a successful outcome to the farm-out process prior to year-end. This is on back of excellent oil shows, including live oil to surface, in nearby wells at horizons where good quality reservoir is also evident. The recent industry transactional activity on neighboring acreage also reflects the valuation of discovered resources at >US$3/bbl. Further, the company has excellent operating capability and has high quality database comprising both modern reconnaissance 2D and focused 3D seismic. Moreover, 88E has finalized the planning for the re-opening of the Icewine#2 well by April/May 2018. Additionally, 88E has awarded a seismic contract to SAExploration to acquire ~96km2 of 3D seismic, majorly over the Yukon Gold leases. The acquisition commenced in March and was completed on April 01, 2018. As a result, 88E stock has risen 13.79% in three months as on April 05, 2018. Based on the foregoing, we give a “Hold” recommendation on the stock at the current price of $ 0.035.
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Icewine 3D Survey (Source: Company Reports)
Beadell Resources Ltd
Tucano plant upgrade on budget and on track to be commissioned in mid-2018: Beadell Resources Ltd.’s (ASX: BDR) stock surged 9.3% on April 06, 2018 while the group reported about forfeiture of Employee Options. Meanwhile, BDR’s Tucano plant upgrade has been said to be on budget and on track to be commissioned in mid-2018. The biggest risk of delay in the plant upgrade schedule was removed when the new ball mill shells and heads for the Tucano plant upgrade arrived at the Tucano mine site last week. The mine will be optimised for the first time from September 2018 quarter. Moreover, BDR and Golden Harp Resources Inc. of Canada will merge through an Australian scheme of arrangement transaction. The new merged entity will be named Americano Mining Inc. and there will be dual listing on the Australian Securities Exchange (via CDIs) and on the TSX Venture Exchange. The implementation of the merger is expected to occur in the June 2018 quarter. Meanwhile, BDR stock has been rising lately on the back of the gold price movement. Further, the group’s Tucano plant has untapped big exploration potential as per the 2,500 km greenstone belt. Based on the foregoing, we give a “Hold” recommendation on the stock at the current price of $ 0.094.
Silver Lake Resources Ltd
Strong March Quarter Production and upgraded FY18 sales guidance: Silver Lake Resources Ltd.’s (ASX: SLR) stock surged 15.2% on April 06, 2018 after the company delivered outstanding gold production of from its Mount Monger operations in Western Australia during the March quarter, which resulted in a A$20.6 million increase to cash flow for the period. This is achieved on the back of higher mined grades from both underground and open pit ore sources. The company has posted for the March quarter, the gold sales of 45.2koz, which is a 31% rise on the December quarter and 21% higher than any previous quarter from Mount Monger’s, Randalls Gold Processing Facility (RGPF). Moreover, at the end of the March quarter, the company’s cash and bullion balance is of A$87.3 million and has no debt. Further, during the March quarter, SLR has announced a suite of strong exploration results, which reflects Mount Monger’s capacity to grow its mineral inventory and mine life from exploration targets proximal to its existing mine infrastructure. Additionally, SLR has raised the FY18 sales guidance to 145-150koz. SLR stock has risen 12.86% in one month as on April 05, 2018, and given the potential, we maintain a “Speculative Buy” recommendation on the stock at the current price of $ 0.455.
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