The following is a round-up of updates by London-listed companies, issued on Monday and Friday not separately reported by Alliance News:
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Aeorema Communications PLC - live events agency - Revenue in year ended June 30 jumps to record £12.2 million from £5.1 million. Swings to pretax profit of £843,564 from £159,698 loss. ‘This is an incredible achievement and is arguably all the more impressive given the global backdrop during the period. This milestone achievement is testament to the skill set of our team, who have adapted and developed our service offering to become an integrated agency, reflecting evolving market demands and underpinning the innovative nature of our business,’ Aeorema says. Reinstates dividend with 2 pence per share payout.
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Resolute Mining Ltd - Perth-based gold miner in Africa - Upsizes equity raising to A$164 million, about £93.5 million, from A$140 million. Notes ‘strong demand from high-quality, eligible existing and new domestic and international investors’. Seals placement and institutional entitlement offer to raise A$96 million. Receives ‘cornerstone’ backing from North American institutional investor to tune of A$55 million, just over a 16% stake. ‘Proceeds to strengthen the balance sheet and provide a financial platform for growth,’ Resolute says.
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Molecular Energies PLC - oil & gas company focused on Latin America, formerly known as President Energy PLC - Reports nine-month earnings under Argentine reporting rules. Revenue in first nine months of 2022 amounts to $26 million with pretax profit of $16.9 million. ‘During the period the average oil reference price in Rio Negro for domestic sales was $60.94 per barrel compared to the average price for H1 2022 of $58.89,’ Molecular adds. ‘Currently the reference price for domestic sales in Argentina is $65 per barrel.’
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Pensana PLC - London-based rare earth metal miner - Reports results from exploration programme on Coola licence. Says sampling at Sulima West carbonatite reported grades of up to 5.2% total rare earth oxides. ‘The results from Sulima West are considered to be a significant discovery and will be the main focus of exploration activities in 2023,’ Pensana says.
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Artemis Resources Ltd - Perth-based miner with gold, copper and cobalt projects in Australia - Says two priority, untested gold and copper targets named Marillion and Europa identified at Greater Carlow asset. ‘Marillion and Europa are the highest priority greenfield targets developed thus far. A combination of new and existing databases were used to generate these targets and both targets have never been drilled,’ Executive Director Alastair Clayton says.
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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Opens representative office in Aden, Yemen. ‘We are very pleased to have opened a representative office in Yemen. The team and I have had the opportunity to visit Aden and have fruitful interactions with the country’s local authorities. Yemen is a country endowed with very significant oil and gas reserves, having attracted sizeable investment from many leading international oil and gas companies in the recent past,’ Chief Executive Andrea Cattaneo says.
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Oracle Power PLC - Cambridge, England-based power and natural resource project developer with focus on Pakistan - Signs deal with TUV Sud to explore ‘green hydrogen and green ammonia certification’ for a green hydrogen project in development in Pakistan. ‘TUV Sud will review the project design of Oracle Energy’s proposed 400MW capacity green hydrogen plant with annual production capacity of 55,000 tonnes with a view to certifying the green credentials of the proposed production of green hydrogen and ammonia. It is anticipated that this will include all value chain processes including compression, storage, conversion, transport to end customer,’ Oracle says.
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Arkle Resources PLC - Ireland-focused gold and zinc explorer - Raises £200,000 from placing of 50.0 million shares at 0.4 pence each. ‘The net funds received from the placing will be used for the anticipated drilling programme for zinc in Limerick at the Stonepark joint venture as well as for general corporate activities,’ Arkle says.
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Gulf Keystone Petroleum Ltd - Bermuda-based oil & gas exploration company - Says gross $57.7 million, net $45.3 million to company, received from Kurdistan Regional Government for Shaikan crude oil sales in July.
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IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - First gas expected from Southwark A1 well in the second quarter of 2023. First gas is expected from Southwark A2 well around the end of this year. Also says Saturn Banks Pipeline System has been depressurised to enable safe installation of final subsea spool connecting to Southwark over the coming days. CEO Rupert Newall says: ‘For the remainder of 2022, our top priorities are safe and timely resumption of Saturn Banks production after the Bacton shutdown and successful stimulation to deliver first gas at the Southwark A2 well.’
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Vaalco Energy Inc - Houston, Texas-based hydrocarbon explorer - Expects fourth-quarter output of 13,900 and 16,300 net revenue interest barrels of oil equivalent per day. ‘The company highlights that, due to completion timing of the merger, Q4 guidance includes the contribution for the TransGlobe assets for only half of the month of October,’ Vaalco adds. Back in July, Vaalco agreed to an all-share merger with Calgary, Alberta-based TransGlobe. Vaalco shareholders will hold about 54.5% of the combined company, with shareholders of TransGlobe owning the remaining 45.5%.
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Lexington Gold Ltd - mineral explorer with projects in US - Receives maiden mineral resource estimate for Jones-Keystone part of Jones-Keystone-Loflin project. Reports total inferred resource of 7.0 million tonnes at 0.94% grammes of gold per tonnes for 210,800 ounces of contained gold for combined JKL project. For Jones-Keystone deposit alone, it outlines at total inferred resource of 4.4 million tonnes at 0.91% grammes of gold per tonne, for 128,000 ounces of contained gold.
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Europa Oil & Gas Holdings PLC - oil and gas exploration, development, and production company in the UK, Ireland and Morocco - Revenue in year ended July 31 jumps to £6.6 million from £1.4 million. Swings to pretax profit of £1.4 million from £845,000 loss.
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Mobeus Income & Growth 4 VCT PLC - venture capital trust - Net asset value per share at September 30 half-year end falls to 86.50p from 94.66p at end of June amid ‘fall in unrealised valuations’.
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Avation PLC - Singapore-based passenger aircraft leasing firm - Refinances two leased Airbus A220-300 aircraft. ‘The aircraft were previously financed in Avation’s floating rate warehouse finance facility and have now been refinanced with fixed rate term loans from a major Japanese bank,’ aviation says. Lians amount to $43.7 million and have extended term of eight-and-a-half years. Loan has euro and dollar tranches.
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Ondo InsurTech PLC - London-based insurtech firm - In the six months ended August 31, pretax loss widens to £2.1 million from £1.6 million the previous year. This comes as the firm books a £706,000 reverse acquisition expense in the period, and costs of sales rise to £511,000 from £475,000. Revenue, meanwhile, jumps to £1.0 million from £646,000 the year prior. Ondo says this revenue growth was driven by a growth in registered devices, which were up 43% against the prior year. ‘While today’s economic situation is challenging, we are well placed to weather the storm... We are managing upward cost pressures on our hardware costs successfully, and although we have seen some cost increases, we have managed to pass these on to our customers,’ the firm adds.
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Powerhouse Energy Group PLC - Bingley, England-based hydrogen-from-waste-plastic producer - Says planning recorder appointed by Scottish government to review planning permission for hydrogen production facility at Rothesay Dock. ‘The planning application was granted on the site owned by Peel Group, PHE’s development partner,’ Powerhouse says. ‘The recorder has been asked to consider the Scottish government’s position of no support for the development of further municipal waste incineration capacity in Scotland, how the development relates to the waste hierarchy, the deposit return scheme, and a number of other matters related to the source of waste, incineration of the waste and use of the hydrogen produced.’
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Galliford Try Holdings PLC - Uxbridge, England-based construction company - Says operations are ‘performing well and we are trading in line with expectations’. Galliford adds: ‘Against a backdrop of unsettled wider market conditions, the board is confident of meeting its objectives for the current financial year and the group is continuing to make good progress on its sustainable growth strategy.’
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Crystal Amber Fund Ltd - Guernsey-based investment company - Declares interim dividend of 10 pence per share amid investee Hurricane Energy PLC’s possible sale. CAF holds just under 29% of Hurricane, which earlier in November said it received an unsolicited indicative takeover offer. ‘Should the formal sale process result in an offer for Hurricane and the realisation of the fund’s holding at the indicative offer price of 7.7p a share, it would amount to £44.3 million or 53.2p per Crystal Amber share.,’ CAF says. Hurricane in November also said that should an offer not materialise from formal sales process, it would launch a £70 million capital return programme. CAF would stand to receive £17.8 million. CAF added: ‘The board of Crystal Amber has resolved that, rather than await the outcome of the Hurricane formal sale process, it should now resume its returns to shareholders.’
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abrdn Latin American Income Fund Ltd - investment firm - Net asset value per share at August 31 year-end rises to 63.16p from 62.89p a year earlier. Maintains dividend at 3.50p per share. Net asset value total return was 6.8%, undershooting benchmark total return of 12%.
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