Source - Alliance News

The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:


Trinity Exploration & Production PLC - Trinidad & Tobago-focused independent exploration and production company - Spuds onshore Jacoblin well, which Chief Executive Jeremy Bridglalsingh labels a ‘significant well and potential growth catalyst for Trinity’. Trinity adds: ‘The target volume of resources to be exploited is significant and highly material for Trinity, with a mean oil in-place volume of 5.7 million barrels and an upside case of over 10 million barrels in-place.’


Equipmake Holdings PLC - manufacturer of electrification products for use across the automotive, aerospace, bus, coach and fire truck industries - Signs licensing agreement with Indian automotive components manufacturer Sona Comstar. Deal will see Equipmake ‘license certain products from its range of drive motors, inverter, and electric powertrain technology to Sona Comstar for applications in electric cars, buses, commercial vehicles and off-road vehicles in India, Thailand and other select South Asian countries’. Sona pays fixed one-time licence fee worth £300,000, as well as running royalties on licensed products made and sold by Sona Comstar.


nanosynth group PLC - London-based company specialising in the synthesis and application of nanoparticles to create new and improve existing products - Appoints liquidators as funding options ‘unlikely to come to fruition within the required timeframe’. Firm will undertake creditors’ voluntary liquidation insolvency process. Convenes general meeting on winding up.


PetroTal Corp - Peru-focused oil and gas company - Begins share buyback programme of around $3 million per quarter. ‘The company believes that, at times, the prevailing share price does not reflect the underlying value of the common shares and the repurchase of its common shares for cancellation represents an attractive opportunity to improve PetroTal’s per share metrics and thereby increase the value of the common shares,’ PetroTal says.


Zephyr Energy PLC - oil & gas exploration and development company in the Rocky Mountains in the US - Reports first quarter revenue net to company of $6.3 million from Williston Basin asset in North Dakota, US. Revenue down from $7.4 million in the fourth quarter of 2022. ‘Q1 revenues reflect the standard decline expected from the portfolio and the lower commodity price environment during the quarter,’ Zephyr says.


African Pioneer PLC - Namibia-focused exploration and development company - Says new mineral resource estimate at Ongombo copper project in Namibia results in an additional 100,000 tonnes in contained copper metal and an additional 84,000 ounces of gold across all resource categories. Reports total indicated resources of 5.7 million tonnes and inferred underground potential resources of around 23 million tonnes.


Pantheon Resources PLC - oil and gas company focused on onshore operations in the US - Proposes placing and subscription to raise minimum of $10.5 million. Shares to fetch at 17 pence each during fundraise. Funds to further developments at projects, including flow testing of Shelf Margin Deltaic horizon from the Alkaid #2 well, as well as two separate independent expert reports on Theta West and Alkaid projects. Funds will also go towards preparation of dynamic models and field development modelling by SLB and to seal acquisition of Alaskan North Slope acreage.


Afentra PLC - Africa-focused energy company - Pretax loss in 2022 widens to $9.1 million from $5.0 million in 2021. Total administrative expenses rise to $9.0 million from $5.0 million.


Mirriad Advertising PLC - London-based advertising platform - Raises £5.8 million from placing of 191.7 million shares at three pence each. Also proposes raising £2 million open offer at same prices. Qualifying shareholders will be entitled to five open offer shares for every 21 existing shares. Mirriad warns net proceeds from placing will only meet working capital requirements up to end of June 2024. ‘Additional capital will be required to achieve cash flow break even,’ Mirriad says.


Semper Fortis Esports PLC - London-based professional e-sports team operator - Subscribes for £250,000 convertible loan notes in GL Membership Ltd, which trades as Good Life+. Good Life offers a monthly membership which allows for entry into ‘luxury prize draws whilst simultaneously providing access to thousands of discounts and deals’. It has received backing from Victor Chandler, founder of bookmaker BetVictor. ‘Should the CLNs convert, they are expected to do so following the acquisition of the entire issued share capital of Good Life+ by Semper by way of a reverse takeover transaction under the AQSE Access Growth Market rules,’ Semper adds.


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