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

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

• Post-money, pre-IPO valuation of just C$48 million

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

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

• C$8M placement in two phases:
  Phase 1: C$3M @ C$0.20 (oversubscribed)
  Phase 2: C$5M @ C$0.20 (closes December 12, 2025)

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* 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

Pantheon Resources (PANR.L PTHRF) reported that clean-up of the Dubhe-1 well is ongoing, with production still dominated by stimulation fluids, intermittent oil since 3 November and consistent small oil volumes and steady gas output from around 19 November, after recovering about 40% of injected water. The company plans to continue clean-up operations until a representative oil flow rate can be determined, noting that Dubhe-1’s multi-stage frack may lead to a different clean-up profile compared with the Alkaid-2 SMD-B interval analogue. Final drilling and completion costs for Dubhe-1 totalled approximately $33 million, above the earlier c.$25 million estimate, reflecting the addition of a pilot hole, coring and broader appraisal scope, as well as contingencies and inflation, with a further $2.5 million spent on constructing the new Dubhe pad for future wells. More detailed Dubhe-1 results will be disclosed once available.

ADX Energy (ADX.ASX ADXRF) has updated prospective gas resource estimates for its C.R 150.AU permit in the Sicily Channel to a mean (Pmean) of 619 BCF for its 100% interest. The best‑case (P50) prospective gas volume has risen by 31% to 484 BCF, with low (P90) and high (P10) cases increasing to 188 BCF and 1,265 BCF respectively compared with August 2022 figures. The revision reflects integration of data and recovery assumptions from nearby Lippone-Mazara, Argo, Cassiopea and Gemini gas fields, as well as proven shallow gas intervals in historic wells and three newly added prospects/leads in the expanded permit area. ADX plans further resource updates after a January 2026 ENI seismic data room visit and additional 2D seismic purchases, ahead of incorporating the results into an independent Competent Persons Report.

Reconnaissance Energy Africa (RECO.V RECAF) reported that the Kavango West 1X well on PEL 73 in onshore Namibia encountered about 400 metres of gross hydrocarbon section in the Otavi carbonate interval. This is also a positive announcement for 88 Energy (88E.ASX EEENF 88E.L) which owns adjoining acreage on PEL 93. Wireline logs and mud logs indicate approximately 64 metres of net hydrocarbon pay within an 85-metre net reservoir, plus a further 61 metres of hydrocarbon shows in deeper, naturally fractured limestone sections. The well was drilled to a total depth of 4,200 metres, temporarily abandoned, and is planned to be re-entered for a tubing-conveyed perforating production test in the first quarter of 2026, with testing expected to last around one month.

Pulsar Helium (PLSR.V PSRHF PLSR.L) has mobilised its rig and ancillary equipment to the Jetstream #5 drill pad at the Topaz project in Minnesota, 1.8 miles (3 km) northeast of Jetstream #1, and has commenced drilling. Jetstream #5 was spudded on 28 November 2025 and is planned to reach a target depth of 5,000 feet (1,524 metres). The new well follows earlier Jetstream #1–#4 wells, which have encountered high helium concentrations, strong reservoir pressures and natural gas flow, with helium-3 identified at Jetstream #1 and testing pending on Jetstream #3 and #4. Data from Jetstream #5 forms part of Pulsar’s ongoing multi-well drilling campaign aimed at improving understanding of the Topaz helium reservoir.

Sintana Energy (SEI.V SEUSF) announced it has secured the necessary Challenger shareholder approvals at the Court Meeting and General Meeting for its acquisition of Challenger via a court-sanctioned scheme of arrangement. The scheme is now subject to court sanction and remaining conditions, with completion targeted for 11 December 2025 and associated changes to share listings on TSXV and AIM. At the Court Meeting, 98.04% of scheme shares voted were in favour of the scheme; at the General Meeting, 97.60% of votes supported the special resolution to implement it. These approvals satisfy key conditions of the scheme, with completion still subject to court sanction and remaining conditions, and effectiveness expected on 11 December 2025. Following completion, new Sintana shares are expected to be admitted to trading on the TSXV, Challenger’s AIM listing will be cancelled, and Sintana intends to seek admission of its shares to trading on AIM.

Multiply Sintana Energy by Reconnaissance Energy Africa

Former RECO.V management and a SEI.V type deal, but with 4x more super-major activity in its basin areas, 3+ years additional geological knowledge/validation and a flow of news upcoming…

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Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L) has signed a binding Framework Agreement with Navitas Petroleum (NVPT.TA), receiving US$2 million for exclusive farm-in options over the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa. Under the Orinduik Option, exercisable within 12 months, Navitas can pay US$2.5 million to acquire an 80% working interest and operatorship, while carrying Eco’s 20% interest for an initial exploration or appraisal programme capped at US$11 million net to Eco. Under the Block 1 CBK Option, exercisable within six months, Navitas can pay US$4 million to secure up to a 47.5% working interest and operatorship, carrying Eco’s share of the exploration work programme up to US$7.5 million, alongside Eco’s separate option to increase its stake via OrangeBasin Energies. The Strategic Partnership also grants Navitas options to acquire at least 25% interests (and potentially operatorship) in Eco’s other licences and to participate 50:50 in future assets, with option proceeds earmarked to support Eco’s licence work programmes and assessment of new oil and gas opportunities.

Desert Mountain Energy (DME.V DMEHF) has signed a non-binding Letter of Intent to form a joint venture to build and operate a sodium–nickel–chloride (SNC) battery manufacturing facility in Roswell, New Mexico. The project will treat and reuse produced water from regional oil and gas wells for cooling and processing, and will integrate with an AI data-centre complex powered in part by the company’s natural-gas resources. Sodium recovered from produced water will be used in SNC battery production, while extracted rare earth elements will be shipped to third-party facilities for further refining, creating additional revenue streams. The initiative is expected to generate local economic benefits and qualifies for various energy-transition and advanced-technology incentives, with due diligence and engineering work now under way towards a definitive joint-venture agreement.

Finder Energy (FDR.ASX), via its subsidiary Jarl Marine, has agreed to acquire the Petrojarl I FPSO from Amplus Energy for US$15 million, payable in US$6 million cash and 37,233,008 Finder shares (US$9 million) subject to shareholder approval. The FPSO will be redeployed to the KTJ Project, with ownership expected to de-risk and accelerate development towards a targeted FID by mid‑2026 and first oil by the end of 2027, while delivering potential capex and opex savings versus leasing. Finder has secured binding commitments for a two‑tranche, non‑underwritten share placement of approximately 67.6 million new shares at A$0.37 to raise A$25 million before costs, an 18.1% discount to the 15‑day VWAP. Placement proceeds, together with existing cash, will fund the PJI acquisition (including holding and maintenance costs), accelerate KTJ FEED and related long‑lead planning, and provide working capital; Amplus MD Steve Gardyne will join Finder’s board as a non‑executive director following completion of the share component of the deal.

Plug Power (PLUG PLUN.F) has started its first liquid hydrogen supply contract with NASA, valued at up to $2.8 million, to deliver as much as 218,000 kilograms of liquid hydrogen. The hydrogen will be supplied to NASA’s Glenn Research Center in Cleveland, Ohio, and the Neil A. Armstrong Test Facility in Sandusky, Ohio. Plug Power will use its own cryogenic transport fleet and U.S. hydrogen production network to provide low-carbon, high-purity liquid hydrogen meeting NASA’s performance and reliability requirements. The contract marks Plug Power’s initial entry into the space industry and aligns with its strategy to extend its hydrogen ecosystem into high-specification markets such as aerospace. Separately, the company has signed a letter of intent with Hy2gen to supply a 5MW PEM electrolyser for installation at Hy2gen’s Sunrhyse green hydrogen project in Signes, southern France. The collaboration aims to support RFNBO-certified renewable hydrogen production for logistics, transport and industrial users in the Provence-Alpes-Côte d’Azur region, contributing to France’s hydrogen roadmap. Under the LOI, Plug Power will also support the transport and distribution of hydrogen from Sunrhyse and expand its turnkey hydrogen forklift solutions in the region. The agreement is said to strengthen Plug Power’s European growth strategy and builds on its broader partnership with Hy2gen across Europe and North America.

Pennpetro Energy (PPP.L) plans to re-enter a historic well on the Limnytskyi licence in western Ukraine, including seismic re-analysis, permitting, road repairs and pad construction, potentially with additional sidetracks to assess hydrocarbons. The Company intends to increase the principal of its fully subscribed £250,000 Convertible Loan Note with RMD Group, with extra funds dedicated solely to the Limnytskyi work programme and calculated monthly until the works are completed. If shareholders do not approve the necessary resolutions at the 23 December General Meeting, the extra investment will not be added to the CLN and the works, assets and equipment will remain with RMD Group and/or the Polish holding company until Pennpetro meets governance requirements. Management has outlined a defined work plan for re-appraising Limnytskyi well number two and will tender shortly for a workover rig and key equipment, with further updates to shareholders to follow.

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