AUSTRALIA

Decade-long relationship crashes

THE decade-long relationship between flak catchers Professional Public Relations and Peter Landau has come crashing down, with PPR this week seeking to wind up junior oiler Citation Resources and minerals explorer and treasure hunter Black Mountain Resources.

Decade-long relationship crashes

PPR has petitioned the Supreme Court of Western Australia to wind up the companies, with a hearing scheduled for September 15.

After some backroom discussions Landau has apparently agreed to a process where the application will be withdrawn.

Black Mountain and Citation have terminated their agreements with PPR, and will sign a new PR firm.

PPR executive director Peter Harris told Energy News the legal action relates to long outstanding debts owed by Citation and Black Mountain.

"PPR is hopeful the outstanding debts will be paid prior to Tuesday, September 15," he said.

Harris did not want to discuss the size of the debts.

Citation has oil and gas interest in Guatemala and Texas, both projects associated with Landau's former flagship, Range Resources, although more recently it has considered an investment in a technology to turn waste tyres into liquid fuels, for which it intends to raise $6.1 million this month.

Citation had just $449,000 in cash at the end of the last quarter and debts of $1.75 million.

Black Mountain, which cancelled its listing on London's Alternative Investment Market earlier this year, is seeking to raise up to $6.8 million for drilling of its Conjecture silver project in the US and to take a 20% stake in a speculative salvage operation, looking to recover gold and silver believed to be in two World War One shipwrecks off the coast of Ireland.

Its New Departure silver mine is on care and maintenance due to the low silver price.

Black Mountain had just $67,000 in cash at the end of the last quarter.

Laundu's Okap Capital has a stable of other troubled resources companies: Continental Coal, Ausroc Metals and Kaboko Mining, all of which are suspended from trading on the Australian Securities Exchange.

Okap also has a relationship with International Goldfields, a company making a move into the hemp and cannabis business. PPR national director David Tasker, formerly Landau's main PR contact, is a director of that company.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry