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Publication of 2020 Annual Report
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12 March 2021 | 09:58am
StockMarketWire.com - Premier African Minerals has been granted an Exclusive Prospecting Order over an area that encompasses the Zulu Lithium and Tantalum claims in the Fort Rixon district of Zimbabwe.
The order is effective for three years from 12 March 2021 to 11 March 2024.
George Roach, chief executive of Premier commented: ‘I am deeply appreciative of the Zimbabwe Government for the granting of this substantial EPO and Premier will reciprocate with mobilization for the commencement of the definitive feasibility study on the Zulu deposit which has an estimated completion time of 14 months.’
Premier is expected to provide details in regard to further developments associated with Zulu and full details of the terms and conditions associated with the grant of the EPO in the near future.
The loss was driven by non-cash exploration write-offs and impairments, according to annual results from the company.
Revenue at the Irish-founded group fell to $1.4bn in 2020, from $1.7bn in 2019.
During the year Tullow’s working interest production averaged 74,900 barrels of oil per day, in line with expectations.
The company had net debt at year-end of around $2.4bn.
As part of its ongoing refinancing discussions, Tullow said it has now received approval for a new debt capacity amount under the Reserve Based Lending facility of $1.7bn. It now has liquidity headroom and free cash of around $900m.
Tullow said the combination of “strong business delivery, increased liquidity, recent asset sales and higher commodity prices is providing a positive impetus to constructive discussions with creditors.”
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