The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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UK Oil & Gas PLC - exploration and production company focused on UK and Turkey - Says it will need to seek further finance before the middle of the fourth quarter to fund oil exploration in Turkey. The UK energy company says the operator of the Resan licence intends to shoot a new, unbudgeted seismic programme before continuing with the Basur appraisal drilling program. This, combined with a longer than expected seismic acquisition period, has required additional working capital and deferred the start of cash flows from a successful Basur well, UKOG explains. ‘Given the promising positive outlook derived from the company’s Basur Phase 1 seismic programme, plus the confirmation from the oil seep that the area has an active light oil petroleum system, the company’s focus for the forthcoming 6-9 months will be firmly upon the delivery of Phase 2 seismic and a new Basur appraisal well, now anticipated to be able to add near-term oil production to the company in H1 2023,’ it says.
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Chariot Ltd - Devon, England-based transitional energy firm focused on Africa - Sees material increase in its gas resources offshore Morocco so it can fast track its field development plans for the Anchois gas project. Anchois sees an 81% rise in high confidence 1C contingent resources to 365 billion cubic feet from 201 billion and a 76% rise in 2C contingent resources to 637 billion cubic feet, whilst prospective resources covering three undrilled targets at Anchois have been estimated at some 754 billion cubic feet. The total remaining recoverable resource at Anchois now stands at 1.4 trillion cubic feet.
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San Leon Energy PLC - Dublin-based oil & gas exploration company - Signs new $16.0 million 4-year loan to ELI Malta with 14% coupon. In addition, San Leon subscribes for further 10% of ELI’s diluted share capital.
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Angle PLC - Surrey, England-based medical diagnostics company - Notes results of a University of Athens study undertaken in early-stage non-small cell lung cancer. Study demonstrates the benefit of analysing epigenetic alterations in circulating tumour cells to assess patient prognosis. The company‘s Parsortix technology was used to isolate circulating tumour cells that provide the tell-tale signs of the disease. ‘We are pleased to report on the use of the Parsortix system for the isolation of CTCs in early-stage NSCLC, showing potential to enable genetic analysis that provides informative prognostic information. This showcases the potential of liquid biopsy, using the Parsortix system, as a promising tool for the assessment of early-stage disease, which is a key priority for healthcare systems world-wide,’ says Chief Executive Officer Andrew Newland.
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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Says French subsidiary has acquired and intends to upgrade and recommission a 6.5 megawatt electric waste-to-energy gasification plant in Villers-sous-Montrond, France. The plant is expected to generate a revenue of more than €10 million a year and construction work is expected to start in the first quarter of 2023. Eqtec said the plant, which has already received an investment of €35 million, will be acquired at nominal value, as the recommissioning will require a further investment of €30 million.
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