Resources round-up: Wasabi, Oilex, Solgold

Australia-based cleantech investor Wasabi Energy has said its Chinese licensee, Shanghai Shenge New Energy Resources Science and Technology Company (SSNE) has signed a design and technical services agreement with China Petroleum and Chemical Corporation (Sinopec) for the design of a 4.0 megawatt electrical Kalina Cycle power plant at their Hainan petrochemical plant. The plant will capture waste heat from the paraxylene process stream and turns it into zero emission electricity as well as reducing the overall greenhouse gas emissions from the petrochemical plant.

By MoneyWeek

published 2 August 2012

Oilex is to raise around A$7.09m (£4.75m) before expenses through a fully underwritten issue on the basis of two new shares for every five currently held. The new shares are being issued at A$0.07 (4.6p). Shareholders who take up their rights will also receive one option exercisable at 15 cents at any time up to September 7th, 2015 for every two new shares they buy. The proceeds will be used to assist in funding the drilling of a high impact offset well and conducting a flow test of the Cambay Eocene Reservoirs near the Cambay-76H well, onshore Gujarat in India, and for general working capital purposes.

SolGold has been advised by Newmont Ventures, a subsidiary of Newmont Mining Corporation, that it is resigning as manager of, and will cease funding of, the Guadalcanal joint venture in the Solomon Islands. SolGold is now in discussions with Newmont over the exploration tenements which comprise the JV, which comprises five prospecting licences in the Solomon Islands. Newmont has to date earned a 70% interest in the JV. "Despite the prospectivity of the region, this development does not come as a surprise and offers potential opportunities to SolGold," the firm said.