The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Says Schlumberger logging operations performed in well ROB-1 of the Robbanna concession onshore Tunisia have shown major corrosin in the casing, as well as a lack of cementing where the previous perforations from 1988, which is the reason for water ingress in the wellbore. ‘To remedy the above, the company has retrieved the old packer installed in ROB-1, and now successfully set a new packer supplied by Weatherford in ROB-1 at a higher depth. The company plans to start rigging down the workover unit today, with a view to running the recently acquired Weatherford sucker pump back into ROB-1 during the next 48-72 hours,’ Zenith explains. Production from ROB-1 is predicted to restart next Wednesday, with stablished production expected to be achieved around June 18.
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Pelatro PLC - London-based marketing software specialist - Wins contract with African telco to provide its mViva Campaign Management Solution for an initial value of around $300,000. ‘This win has helped us penetrate the growing African market further. This is our first new customer in 2022 and we are confident of adding several more in the year,’ says Chief Executive Officer & Managing Director Subash Menon.
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Alpha Growth PLC - London-based financial advisory specialising in ’longevity assets’ such as life insurance - For the 16 months to December 31, pretax loss widens to £1.7 million from £567,200 in the the year ended August 31, 2020. Total revenue in the 16-month period rises to £2.6 million from £81,592 in the 12-months to August 31, 2020. Does not propose dividend for the period ended December 31, 2021.
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BMO UK High Income Trust PLC - invests for dividend income plus prospects for capital growth - Says net asset value total return per share for the year ended March 31 was 1.9%, underperforming its benchmark, the FTSE All-Share Index, which returned 13%. Net asset value per share at period end drops to 95.97p from 99.25p a year prior. Pretax profit drops to £2.4 million from £32.3 million. Total dividend for the year is 5.45p, an increase of 3% year-on-year. The firm notes a cautious outlook for the year ahead, noting the volatile macroeconomic backdrop.
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Billington Holdings PLC - Barnsley, England-based construction company - Says 2021 was a year of ‘partial recovery’ from the pandemic, having secured many large industrial contracts. Trading in 2022 so far is in line with expectations, despite headwinds from inflation, material availability and price volatility, the firm says.
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Secure Trust Bank PLC - Solihull, England-based savings accounts and lending services provider - Completes sale of portfolio loans to Intrum UK Finance Ltd. Says sale will generate net profit before tax benefit in the current financial year, and ‘release around £72 million of risk weighted assets’ with the capital release to be reinvested into its specialist lending businesses.
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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Enters agreement with G2 Energy Corp where Cloudbreak will provide G2 with a portion of acquisition financing, around $2 million, for the Masten Unit Energy Project, in Cochran County Texas, in return for a 3.25% overriding royalty interest on the project. G2 will pay 12% interest a year to Cloudbreak, and granted Cloudbreak 6.5 million warrants with a $0.30 strike price with two-year term from financial close. ‘This first royalty acquisition highlights the beginning of a great working relationship between Cloudbreak and G2. We are excited to be working with G2 and look forward to additional regional acquisitions, showcasing how our project generator model can be transitioned to the energy royalty sector,’ says Cloudbreak Chief Executive Officer Kyler Hardy.
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Uru Metals Ltd - Toronto-based investor and mine project developer - Agrees to extend repayment date and long-stop date for conversion of convertible loan notes held by Boothbay Absolute Return Strategies LP by a year to May 31, 2023.
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Chill Brands Group PLC - Grand Junction, Colorado-based cannabidiol products - Announces open offer to shareholders, further to announcement on May 9. Terms of the offer are one open offer unit for every 60 existing ordinary shares, at a price of 12 pence per unit. Each unit consists of one new ordinary share and five unsecured convertible loan notes. Firm will raise up to £483,673.92 through the issue of up to 4.0 million open offer units.
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TomCo Energy PLC - London-based oil explorer in Utah - Says drilling of the three exploration wells on the Tar Sands Holdings II site has been completed, with initial results in line with the company’s expectations. Results are being assessed and confirmed by Netherland, Sewell & Associates Inc, who will update in the coming months. Greenfield is progressing requisite permitting for the planned well production programme on the TSHII site, and anticipates receipt of necessary permits for well drilling to commence in the third quarter of the year. Production is then expected in the four quarter, for a total of seven wells, increased from five previously.
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Mkango Resources Ltd - Vancouver-based mineral exploration and development company - For three months to March 31, pretax loss widens to $2.8 million from $1.5 million in first quarter last year.
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Wishbone Gold PLC - precious metals trading and exploration company with assets in Australia - Says that the drill rig will mobilise from Perth towards the end of this week, to the company’s Red Setter gold-copper project in the Patersons Range area in Western Australia. The small delay has been caused by severe wet weather in the Pilbara as well as in the eastern states of Australia. The first phase of the drilling contract is for 3,000 metres of drilling at Red Setter, with the second phase of the contract for a further 7,000m of drilling split between Red Setter and the company’s Cottesloe project to the south.
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Mining Minerals & Metals PLC - investment vehicle seeking acquisitions in natural resources - For the year ended January 31, pretax loss narrows slightly to £172,468 from £207,637 the prior year. No revenue is reported in the period, and the firm does not anticipate paying dividends in the near future. Continues to pursue acquisition of Narnia Mauritius Gas Holdings Ltd in order to gain control of gas exploration licenses in the Free State Province of South Africa.
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Insig AI PLC - London-based data science and machine learning - Inks data partnership and research agreement with Blurred Global - a strategy advisor on ESG positioning and corporate communications.
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Global Invacom Group Ltd - Whitstable, Kent and Singapore-based satellite communications equipment and electronics firm - Says subsidiary, OnePath Networks Ltd has launched its new Mini-Global Navigation Satellite System repeater kit. The repeater equipment is designed to cover a wide range of commercial and military applications, such as aircraft hangars, fleet management facilities, tunnels, police and fire Stations, manufacturing and testing facilities, it explains.
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Foresight Sustainable Forestry Co PLC - forestry investment trust, managed by private equity firm Foresight Group LLP - Completes acquisition of Dove Hill, an afforestation property located near Dalry in Scotland. Increases portfolio to 8,543 hectares, and was acquired for £1.1 million. FSF has £3 million left for acquisitions, having raised £130 million at its initial public offering.
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Oscillate PLC - investor in companies in the medical psychedelics industry - For the year ended November 30, swings to pretax loss of £386,318 from profit of £100,709 a year prior, with basic loss per share of 0.3p compared to profit of 0.2p. Net assets expanded to £3.1 million at period end, from £239,621.
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Katoro Gold PLC and Power Metal Resources PLC - London-based metal exploration companies - Joint venture partners announce first rock drilling at Haneti project has shown presence of nickel, copper, gold, and platinum group elements but not in ‘economically significant intersections’. Notes significant lithium potential at the Babayu prospect.‘ Confirmation of significant lithium at the Babayu Prospect, is a fantastic outcome from the work undertaken and is very significant given current global lithium demand. We intend to pursue this lithium potential by inclusion into our exploration planning and actively planning and executing appropriate work programmes,’ says Katoro Chair Louis Coetzee.
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