Issue 1 of this bond opened on 9th November 2015 and closed for subscriptions on 8th November 2016. The total subscribed just prior to closure was c£GBP 12m. Indicative commitments for carry over to Issue 2 already stand at c£GBP 8.5m.
Powder River Resources, Inc West Salt Creek Field Improvements and Work October 2016 Update
Roads, culverts and drainages for access to the leaseholds and wells were in a state of disrepair. This impacted the ability to access the wells and production facilities during weather events and during winter months. Consequently, substantial infrastructure, road and well pad improvements were planned and carried out over the summer. We believe these improvements will help us to avoid shut-in events; maintain access for continuous and consistent production; as well as allow production through most, if not all, of the winter months.
Geologic Data Collection and New Drilling Locations
A testing regimen incorporating a digital magneto-telluric technology developed by DMT Technologies of Broken Arrow Oklahoma, was deployed to obtain new and detailed subsurface data. From the data so far we have identified many specific, new drilling opportunities with high probability of success for shallow, inexpensive conventional vertical wells.
Well Workover Program
Early in the summer a regimen of field testing and well assessment was developed to identify the wells that would most benefit from workover and increase production. During August and September, 12 of 16 wells identified have been worked over with cleanouts, replacement of the pumps, and repair or replacement of rods and tubing as necessary, and swabbing to assess and enhance production potential.
Production and Wellsite Facilities and Infrastructure
As the workover program progressed the production and wellsite facilities were inspected and reviewed for safety, need of repair, and opportunities for savings in operating costs. The Bison Production Battery was repaired brought back to safe and efficient production. The treater building is being repaired and prepared for operation in the winter months. Electrical service has been repaired. Flow lines at two of the wells are being replaced so the wells can be brought online. Tanks have been cleaned and inspected. Little Joe regulators have been installed on certain of the wells to maximize use of free gas from the wells.
Chemical Treatment Program Under Development
As the wells were worked over it became clear that many of them would benefit from chemical enhancement to mitigate conditions inhibiting production. The company’s pumpers and consultants are in process of developing a cost effective and simple chemical treatment regimen for the appropriate wells that will enable consistent and trouble free production. In some cases we believe these treatments can even increase the daily production over an extended period.
William Wright - for Powder River Resources Inc
S.M.R.L Ana Paula Bebe & Project Partners International S.A.C October 2016 Update
Project Partners International S.A.C (“PP”) has recently opened new offices in Lima to house our staff of geologists, engineers and administration. The PP geologists are local to Cajamarca the region where our mines are located and PPI has all of the permits needed to completely exploit the Ana Paula Mine. The shafts have been upgraded and work continues to insure safe and steady progress and the ability to move the ore more quickly to the processing plant.
The contractors have completed restoration of the roads to the mine, built housing for the labor force, storage facilities for the explosives and blasting caps and fashioned a secure spacious work area for loading trucks and moving equipment. Personnel at sites of over 100 should increase to 200+ during 2017. These tasks plus the environmental impact and community related assessments have all been completed and accepted by the mining ministry.
The geologists have taken more samples and have assured PP that the ore in Ana Paula Bebe is of the optimum grade and that the reserves are richer than had been anticipated from earlier sampling. The PP geologists recently sampled Butcha2, evaluating the grade of lime and the general scope of the mine. The sampling showed that the lime is of the highest grade (over 92%).
The geologists also found vast quantities of other minerals including gold and copper.
After more exploration they informed us that throughout Butcha2 there are sizable and numerous veins of gold that run the length of the property east and west and north and south. PP’s Butcha2 mine has now generated additional opportunities for income streams alongside the lime processing and sales.
The offtake agreement is in place with the Trafigura Group and they have informed Ana Paula Bebe that the ore sampled is the best that they have encountered in Peru. http://www.trafigura.com/
Clifford Feldman – for S.M.R.L Ana Paula Bebe & Project Partners International S.A.C
CGrowth Capital, Inc in the News
Cgrowth capital record financial results for 2nd quarter 2016
Cgrowth capital expands on manufacturing facility
Cgrowth capital increases bond offering to 30000000 to meet demand
Cgrowth capital engages auditor and prepares for uplist to higher exchange
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