Vulcan Energy shares fall as Citi interest drops 1% on securities lending agreement
Make us a preferred source
Make us a preferred source on Google
More news: Vulcan Energy shares slipped as Citi’s interest in the company dropped by about 1.4% after selling more than 3 million shares under various securities lending agreements.
At 3:33pm AEDT, shares in Vulcan Energy had slipped 8.5% to $6.14.
Vulcan announced to the exchange on Wednesday afternoon that Citi’s voting power in Vulcan dropped from 6.7224% to 5.3233%. The change occurred on 17 November.
Vulcan Energy shares dip despite a ‘positive’ Lionheart Project drilling update
The news: Vulcan Energy shares have slipped despite reporting “positive and expected subsurface results” from drilling for its Phase One Lionheart Project in the Upper Rhine Valley Brine Field in Germany.
The numbers: At 1:27pm AEDT, shares in Vulcan had slipped 4.62% to $6.40 while the wider materials sector rallied 1.75%.
The context: Vulcan said that its drilling has confirmed lithium grade, heat, reservoir quality and matrix permeability is consistent with the Field Development Plan and consistent with Vulcan’s existing operational wells in the Phase One area.
Following the drilling of the LSC-1 vertical well and LSC-1a sidetrack for the Lionheart Project, Vulcan will now drill an additional LSC-1 sidetrack “with cased completion, and a production test”.
What they said: “It’s pleasing to have our LSC1 well further confirm reservoir quality in terms of permeability, lithium grade, temperature, and pressure response, all of which is consistent with the Lionheart Field Development Plan,” Vulcan Energy managing director and CEO Cris Moreno said.
“The outcomes further de-risk the project, reinforcing Vulcan’s leadership in the sustainable development of lithium and renewable heat resources in Europe.”
