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LONDON (Alliance News) - Evocutis PLC Monday said the deadline to increase its stake in Brazil Tungsten Holdings Ltd has been extended.
The company said the exclusive option to increase its holding in the company to 20%, by investing USD1 million towards the expansion of the Bodo tungsten mine in Brazil, has been extended to June 5.
In February, the natural resource investment company acquired a 10% interest in Brazil Tungsten Holdings, which owns the producing Bodo tungsten mine in Rio Grande do Norte in Brazil by investing USD1 million to expand the mine.
The Bodo mine is currently processing 50 to 60 tonnes of ore per day through an on-site treatment plant that has the capacity to treat 200 tonnes of ore per day. Tungsten from the mine is being sold to global export markets.
In a separate statement on Monday, Evocutis and its partners on the Horse Hill project in Surrey, England, said the upper portland sandstone reservoir could contain up to 21.0 million barrels of oil, which is higher than previous estimates, but questions remain over how much of that oil will be recoverable.
Evocutis holds a 2% stake in the Horse Hill project, which was subject to a flurry of attention in April after the media and the Chairman of UK Oil and Gas Investments PLC, David Lenigas, one of Evocutis' partners on the project, claimed there could be more than 100.0 billion barrels of oil in place at the site.
UK Oil and Gas have repeated on numerous occasions that none of the figures, including those released Monday, should be taken as a reserve or be considered recoverable, which also was confirmed in Evocutis' statement on Monday.
Evocutis shares were down 4.6% to 0.210 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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