Directa Plus warns of administration risk without £2.5m funding; Greatland grows Telfer to 8Moz; 88 Energy targets 64m barrels
Directa Plus PLC shares tumbled 17.5% to 7.01p after warning of possible administration without securing up to £2.5m in fresh funding within weeks. Greatland Resources hiked Telfer resource by 150% to 8 million ounces at $5/oz and 88 Energy commenced permitting for an Alaska well targeting 64 million barrels.
1. Directa Plus Funding Warning
Directa Plus PLC saw its share price fall 17.5% to 7.01p after issuing a caution that it could enter administration if it fails to secure up to £2.5 million in fresh funding within weeks. The company is in advanced discussions with an unnamed institutional investor for a funding facility to extend its cash runway but faces uncertainty over closing any transaction.
2. Greatland Resources Telfer Expansion
Greatland Resources Ltd reported a 150% increase in its Telfer gold resource to 8 million ounces, adding 4.8 million ounces at a discovery cost of approximately $5 per ounce. The higher-confidence measured and indicated category grew 163% to 3.8 million ounces, providing a stronger foundation for mine planning and conversion into mineable reserves.
3. 88 Energy Alaska Well Permitting
88 Energy Ltd has commenced permitting and planning for the Augusta-1 exploration well on Alaska’s North Slope, targeting prospective resources of 64 million barrels of oil equivalent on a gross unrisked basis. The well will test stacked Ivishak and Kuparuk reservoirs within the 52,269-acre South Prudhoe project, where the company holds a 100% working interest.