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The Herald Scotland
07-05-2025
- Business
- The Herald Scotland
Aberdeen oil services group Wood issues major North Sea news
The company announced this morning that its securing of the 'trio of reimbursable contract extensions' would see it continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business. Wood added that it would, through the extensions, continue to 'support operations for an extensive offshore portfolio'. This includes Shell UK's Shearwater, Gannet, Nelson and Penguins assets; CNOOC's Golden Eagle, Buzzard and Scott fields; and the Triton and Western Isles FPSOs (floating production, storage and offloading vessels) for Dana Petroleum. Read more Under the cost-reimbursable arrangements, Wood recovers costs incurred in executing the contracts from the clients, and earns a profit margin. As it announced its success in extending this North Sea work, Wood highlighted its securing last year of all of its contract renewal and extension options across its UK North Sea portfolio. Wood announced on April 14 that it had received a 'holistic non-binding conditional proposal' from Dubai-based Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara), including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company. A 35p a share offer would value Wood at around £240 million. Shares in Wood were last July, before they were hit by a series of negative updates from the company, trading significantly above 200p. On April 17, Wood announced its board had requested, and the Takeover Panel had consented to, an extension to the deadline by which Sidara is required either to announce a firm intention to make an offer for the Aberdeen company or to announce that it does not intend to make an offer to 5pm on May 15. This deadline can be further extended with the agreement of the board of Wood and the consent of the Takeover Panel. Steve Nicol, Wood's president of operations, said today: 'We have an unmatched legacy in operating and maintaining North Sea energy infrastructure. Our longstanding clients continue to partner with us to enhance operations and improve production efficiency to ensure a reliable, safe and sustainable energy supply. 'In 2024, we secured 100% of our contract renewal and extension options across our UK North Sea portfolio and continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.'
Press and Journal
07-05-2025
- Business
- Press and Journal
Troubled firm Wood says new North Sea contracts will support 500 Aberdeen jobs
Troubled Aberdeen firm Wood has secured three North Sea contracts worth around £88 million. The engineering group will continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business. Wood shares are currently suspended after the group did not file its accounts for the 2024 financial year in time. It is undergoing an independent review, which has already highlighted 'inappropriate management pressure' as well as issues with project contracts. The contracts will continue to be supported by around 500 employees in the north-east. Aberdeen firm's 'unmatched legacy' Wood president of operations Steve Nicol said the firm has an 'unmatched legacy' in operating and maintaining North Sea energy infrastructure. Its contracts will see it support operations for an 'extensive' offshore portfolio including Shell UK's Shearwater, Nelson and Penguins assets. Mr Nicol said: 'Our long-standing clients continue to partner with us to enhance operations. 'And improve production efficiency to ensure a reliable, safe and sustainable energy supply. Steve Nicol, Wood's president of operations. Image: Wood 'In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio. 'And continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.' Wood shares suspended as takeover talks continue Last week, Wood issued a statement confirming that its accounts wouldn't be published in time. It said: 'As a result, Wood's shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1 until its FY24 results are published.' Wood said temporary retrospective waivers for its debt facilities have been extended until June 30 2025. Aberdeen-based Wood Group has secured extensions to three North Sea contracts. Image: Kenny Elrick/DC Thomson It is the latest setback for the firm, which is the subject of a fresh takeover bid from Dubai-based group Dar Al-Handasah, known as Sidara, made in February. The deal would be worth 35p per share – around £242m in total. It would also see a further £340m injected into Wood after Sidara confirmed it made 'significant progress' with due diligence. Wood's share price is suspended at 18.2p.
Associated Press
06-05-2025
- Business
- Associated Press
TRU Announces Commencement of Drilling at Golden Rose
TORONTO, ON / ACCESS Newswire / May 6, 2025 / TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) ('TRU' or the 'Company') is pleased to report that drilling has commenced on an approximate 1,800 metres 2025 diamond drilling program at the Golden Rose Project ('Golden Rose'). Golden Rose is strategically located along the gold deposit bearing Cape Ray - Valentine Lake Shear Zones in Central Newfoundland. The target area for the 2025 drilling program is focused upon a portion of the Mark's Pond to Rich House 'exploration fairway.' ( see News Release dated April 03, 2025 ). This exploration fairway was selected for the 2025 drill program based upon its interpreted prospectivity and to comply with certain drilling commitments required prior to early July 2025 pursuant to the terms of the Option Agreement with Quadro Resources, as modified, on the Staghorn licenses, which comprise part of the exploration fairway. (see News Releases dated June 16, 2022 and August 18, 2022 ). The Staghorn licenses represent less than 12% of the total Golden Rose licenses area. Concurrently, the Company has recently completed its revised and refined geological and structural property-wide synthesis of Golden Rose and is now advancing an assessment of the outcomes of this work. The completed models identify numerous targets with potential for orogenic gold mineralization across the nearly 300 sq. kilometres ('km') land package. This pipeline of quality exploration targets will be validated by field work prior to drilling. TRU CEO Steve Nicol commented: 'We are very pleased to announce the commencement of the 2025 drill program at the Mark's Pond to Rich House exploration fairway which represents the first area to be tested among the multiple prospective targets emerging from our geological and structural site-wide model. I look forward to updating investors on the results of this initial drilling program, and upon our ongoing assessment of other emerging target areas, as results from each become available.' Figure 1: Initial Exploration Fairway at Golden Rose About TRU Precious Metals Corp. TRU (TSXV:TRU, OTCQB:TRUIF, FSE:706) is on a mission to build long-term shareholder value through prudent natural resource property development. The company's flagship project is the Golden Rose Project a regional-scale 297.50 km2 land package in Central Western Newfoundland (includes a 33.25 km2 package of claims over which TRU has an option with TSX-listed Quadro Resources to acquire up to an aggregate 65% ownership) which straddles a 45 km strike length along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Project and AuMEGA Metals' Cape Ray Gold Project. TRU is currently focused on efficiently discovering the full gold and copper potential at Golden Rose, targeting continuity along this proven gold bearing trend. The Golden Rose Project is currently subject to an Earn-In Agreement with TSX-listed Eldorado Gold Corporation ('Eldorado'), whereby Eldorado has the option to fund CAD15.25M in cash payments and exploration expenditures over 5 years to earn an 80%-interest in the Golden Rose project. Please refer to the July 30th, 2024 press release for further details of the agreement. TRU is approximately 36%-owned by European strategic investor Ormonde Mining plc (AQSE:ORM). For further information about TRU, please contact: Steve NICOL CEO TRU Precious Metals Corp. Phone: 1-855-760-2TRU (2878) Email: [email protected] To connect with TRU via social media, below are links: X (formerly Twitter): YouTube: LinkedIn: Instagram: Facebook: Acknowledgement TRU would like to thank the Government of Newfoundland and Labrador for financial support through the Junior Exploration Assistance Program and the Federal Government for its critical mineral assistance funding for the exploration activities at Golden Rose. Forward-Looking Statements This press release contains certain forward-looking statements. These statements are based on numerous assumptions regarding Golden Rose, the Company's exploration programs and results, and commodities prices that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Golden Rose; the exploration potential of Golden Rose and the nature and style of mineralization at Golden Rose; risks inherent in mineral exploration activities; volatility in precious metals and base metals prices; volatility in economic conditions and financial markets; and those other risks described in the Company's continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws. This press release is solely the responsibility of TRU, and Eldorado is not in any way responsible or liable for the contents hereof. Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. SOURCE: TRU Precious Metals Corp. press release
Associated Press
03-04-2025
- Business
- Associated Press
TRU Awards Drilling Contract for the 2025 Drilling Program at Golden Rose
TORONTO, ON / / April 3, 2025 / TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) ('TRU' or the 'Company') is pleased to report that it has awarded a contract to MCL Drilling ('MCL') to provide drilling services for an approximate 1,800 metres ('m') diamond drilling program planned for the 2025 field season at the Golden Rose Project ('Golden Rose'). Golden Rose is strategically located along the gold deposit bearing Cape Ray - Valentine Lake Shear Zones in Central Newfoundland. The 2025 drilling program constitutes the first pass in a larger plan to follow up on the pipeline of quality exploration targets emerging from the revised and refined geological and structural property scale model that has been in preparation for several months and is expected to be completed shortly. The focus of the 2025 drilling program is on the Mark's Pond to Rich House 'exploration fairway', a portion of which is host to the very high-grade gold grab samples that were collected by TRU late in 2024 (see News Release dated December 5, 2024). Drilling will commence once the target selection on the exploration fairway is complete. TRU CEO Steve Nicol commented: 'The shift to a 'big picture' perspective at Golden Rose announced in October 2024 is leading to the generation of a pipeline of exploration and drill targets, with this 2025 drilling program being the first step down the road towards following up on each of the prioritised targets generated. We are very pleased to have arrived at an agreement with MCL for the provision of the drilling services and excited about working with this very experienced and well-regarded local drilling and civil works company to efficiently execute the 2025 drilling program. I look forward to updating investors on the results of this initial drilling program, and on results of subsequent follow-up works on the other targets generated by our 'big picture' review across the remaining project area, as results become available.' Drilling Contact Following a competitive tendering process that began in February 2025, TRU selected MCL as the preferred tenderer. MCL will provide all drilling and reclamation services with mobilisation currently expected in the Spring 2025. The 2025 drilling program is planned to comprise approximately1,800 m of diamond drilling, depending upon results or conditions encountered. 2025 Drilling Program In October 2024, the Company reported on its shift to a 'big picture' view of Golden Rose embarking on the preparation of a revised and refined geological and structural property scale model with the view to identifying multiple targets across the nearly 300 sq. kilometres ('km') land package. The initial focus of this work is on the Mark's Pond to Rich House exploration fairway. (See News Release dated October 22, 2024). Figure 1: Initial Exploration Fairway at Golden Rose The Mark's Pond to Rich House exploration fairway, which is approximately 7.5 km long and up to 2 kms wide (see Figure 1) and forms part of the Staghorn licenses, was selected for the initial exploration and drilling focus based upon its interpreted prospectivity and to comply with certain drilling commitments required prior to early July 2025 pursuant to the terms of the Option Agreement with Quadro Resources, as modified, on the Staghorn licenses. (see News Releases dated June 16, 2022 and August 18, 2022). The Staghorn licenses cover areas of significant exploration potential and include the Mark's Pond gold zone where past drilling has provided intercepts including 3.22 grams per tonne gold ('g/t Au') over 5.0 m, the Northcott gold zone where trenching has returned samples including 57.6 g/t Au over 2.5 m, 34.0 g/t Au over 2.0 m, and 23.5 g/t Au over 2.0 m, and also includes the area which is host to the very high-grade gold grab samples that were collected by TRU late in 2024 near Rich House (see News Releases dated January 12, 2023, December 5, 2024 and NI 43-101 Technical Report on the Golden Rose Project, Newfoundland Labrador, Canada dated October 11, 2023 on the Company's website). The Staghorn licenses represent less than 12% of the total Golden Rose licenses area. The eventual locations of the drill holes for the 2025 drilling program will be determined when the final results of the property scale target generation work are completed and interpreted. The scientific and technical information disclosed in this news release has been prepared and approved by Joel Cranford, Project Geologist for TRU, and a Qualified Person as defined in NI 43-101. About MCL Drilling MCL Drilling, a division of Major's Contracting Ltd, is a privately-owned, family business with more than 40 years experience in the fields of construction, civil works, drilling, and forestry. Based locally out of Deer Lake, Newfoundland, MCL is recognised throughout Newfoundland for it's innovative and high quality work, performed to the highest standards of safety and environmental protection. MCL also prides itself on its record for sustainable diversity in its employment decisions. With its fleet of seven diamond drill rigs, MCL has safely and successfully completed over 120,000 metres of diamond drilling since 2020. About TRU Precious Metals Corp. TRU (TSXV:TRU)(OTCQB:TRUIF)(FSE:706) is on a mission to build long-term shareholder value through prudent natural resource property development. The company's flagship project is the Golden Rose Project a regional-scale 297.50 km2 land package in Central Western Newfoundland (includes a 33.25 km2 package of claims over which TRU has an option with TSX-listed Quadro Resources to acquire up to an aggregate 65% ownership) which straddles a 45 km strike length along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Project and AuMEGA Metals' Cape Ray Gold Project. TRU is currently focused on efficiently discovering the full gold and copper potential at Golden Rose, targeting continuity along this proven gold bearing trend. The Golden Rose Project is currently subject to an Earn-In Agreement with TSX-listed Eldorado Gold Corporation ('Eldorado'), whereby Eldorado has the option to fund CAD15.25M in cash payments and exploration expenditures over 5 years to earn an 80%-interest in the Golden Rose project. Please refer to our July 30th, 2024 press release for further details of the agreement. TRU is approximately 36%-owned by European strategic investor Ormonde Mining plc (AQSE:ORM). Steve NICOL CEO TRU Precious Metals Corp. To connect with TRU via social media, below are links: X (formerly Twitter): Acknowledgement TRU would like to thank the Government of Newfoundland and Labrador for financial support through the Junior Exploration Assistance Program and the Federal Government for its critical mineral assistance funding for the exploration activities at Golden Rose. Forward-Looking Statements This press release contains certain forward-looking statements. These statements are based on numerous assumptions regarding Golden Rose, the Company's exploration programs and results, and commodities prices that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Golden Rose; the exploration potential of Golden Rose and the nature and style of mineralization at Golden Rose; risks inherent in mineral exploration activities; volatility in precious metals and base metals prices; volatility in economic conditions and financial markets; and those other risks described in the Company's continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws. This press release is solely the responsibility of TRU, and Eldorado is not in any way responsible or liable for the contents hereof. Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
