The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
----------
Arrow Exploration Corp - Colombia-focused oil explorer - Reports a ‘fantastic year’ in 2022, with growth in annual production, revenue and earnings. Pretax income totals $8.4 million in 2022, up from $4.4 million in 2021. Total oil and natural gas revenue, net of royalties, multiplies to $25.0 million from $6.5 million year-on-year. Natural gas and crude oil product, before royalties, totals 1,345 barrels of oil equivalent per day, up from 461boed the year prior. Operating netbacks increase to $42.40 per barrel from $3.16 per barrel. Looking forward, Chief Executive Marshall Abbott says: ‘Arrow has multiple near-term catalysts capable of delivering material value. Currently, Arrow is ready to spud the first well at Carrizales Norte which could have a significant impact on the company in both production and reserves as well as establishing a new core area.’
----------
Mkango Resources Ltd - Vancouver-based mineral explorer and developer - Posts a narrowed pretax loss in 2022 as the firm’s total annual expenses fall. Pretax loss narrows to $6.0 million in 2022 from $9.3 million in 2021 as expenses fall to $5.9 million from $9.1 million year-on-year. Firm also announces it has entered an agreement with Tavistock Communications Ltd to act as its communications and investor relations adviser for £4,250 per month.
----------
First Class Metals PLC - Canada-focused mineral explorer - Posts a widened pretax loss in 2022 as its costs increase. Pretax loss widens to £701,040 in 2022 from $168,339 in 2021. Administrative expenses increase to £693,583 from £168,339. Reports no revenue, unchanged from a year prior. During the year, ground exploration activity was undertaken on six of the 100%-owned claim blocks. Additionally, over 6,000 metres was drilled at the West Pickle Lake joint venture area. Since year-end, company says it has undertaken a detailed geophysics survey over almost the entire Sugar Cube block.
----------
Agronomics Ltd - Isle of Man-based company focused on the field of cellular agriculture - Reports a net asset value per share of 16.14 pence at March 31, down slightly from 16.37p at December 31. The average discount to NAV per share over the last 12-months was 4%. Chair Richard Reed says: ‘Agronomics welcomed a new company to the portfolio this quarter, through its participation in the successful $3.3 million pre-seed financing of Wild Microbes, a company developing next-generation microbes for biomanufacturing. This quarter also saw the second approval of a cultivated chicken product by the US Food & Drug Administration, with Good Meat receiving a ’No Questions letter’...We expect to see more regulatory approvals in the US for cultivated meat in the near term.’
----------
Copyright 2023 Alliance News Ltd. All Rights Reserved.
