The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Polarean Imaging PLC - London-based medical imaging technology company - Says it has upgraded the University of Missouri Health Care Department of Radiology’s polariser system to a clinical configuration, delivering a gas blend cylinder for the production of Xenoview. Says Xenoview is ‘the first and only inhaled contrast agent approved by the US Food & Drug Administration for use with magnetic resonance imaging for the evaluation of lung ventilation in adults and paediatric patients aged 12 years and older’. Polarean Chief Executive Officer Christopher von Jako says: ‘I am delighted that MU Health Care has upgraded its polariser system for clinical use, and will imminently begin clinical scanning for pulmonary patients. This represents further execution of our strategic plan to convert existing Xenoview research sites, whilst in parallel looking to secure new installations.’
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Beacon Energy PLC - Germany-focused upstream oil & gas company - Says following a successful recovery of its directional drilling assembly stuck in a hole section of the Schwarzbach-2 well, the deeper part of the hole has ‘proved to be unsuitable for onwards drilling’. Says the operations team are now undertaking a deviated mechanical sidetrack to achieve the primary objectives of testing the reservoir targets. This is alongside completing the well as a producer as part of the development of the Stockstadt Mitte segment of the Erfelden field. Chief Executive Officer Larry Bottomley says: ‘We believe the fishing operation degraded the quality of the deeper part of the 12.25 inch hole and felt it prudent to undertake a mechanical sidetrack to ensure that we can fully evaluate the primary objectives and complete this well as a producer. This causes an additional small delay in completing the SCHB-2 development well as we maintain our focus on delivering a material increase to the company’s production’.
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Touchstone Exploration Inc - Calgary, Canada-based oil and gas company focused on Trinidad & Tobago - Says both wells at the Cascadura field in the Ortoire block, Trinidad & Tobago are currently shut in, with wellhead pressures at approximately 4,100 pounds per square inch. This after Cascadura-1ST1 and Cascadura Deep-1 downhole safety plugs were removed earlier this month. Anticipates that the Cascadura natural gas and liquids facility will operate between approximately 600 to 750 pounds per square inch. Says it will finalise electrical and instrumentation connections required to link the Cascadura facility to the National Gas Co of Trinidad & Tobago pipeline tie-in point, as it continues to pressure test the facility. Adds production testing at Royston-1X is ongoing and it will update the market when testing has concluded.
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Frenkel Topping Group PLC - Manchester-based professional and financial services firm focused on asset protection - Extends 50:50 joint venture between its independent financial advisor arm and Lime Solictors, reaching ‘double digits’ in partner firms and expanding its work ‘with the country’s top-tier law firms’. Now has 10 JVs with ‘leading’ law firms. Notes that in 2022, total assets under managements added from Frenkel Topping’s JV partners was £32.7 million, around 25% of total AuM added during the year. Says: ‘Mutually beneficial JVs is a core component of Frenkel Toppings five year growth strategy and the company continues to work on further similar opportunities.
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First Property Group PLC - Acquires remaining 23% interest in E&S Estates Ltd, a fund managed by the group for £213,361, to fully own its shares in issue. Says E&S is invested in one supermarket in Praga, Warsaw, which was refinanced following the sale of two other properties owned by E&S Estates Ltd, as announced in March. Says this property was valued at €3.4 million at the end of March.
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Trident Royalties PLC - London-based diversified mining royalty company - In the second quarter of 2023, reports $2.3 million receipts from exposure to gold, copper and iron ore, up 18% from the second quarter of 2022. Notes ’several key initiatives‘ undertaken in the quarter, including a $8 million acquisition of a ’near-production‘ silver royalty, admission to trading on the OTCQX in the US and ’significant‘ advancements within the royalty platform. Chief Executive Officer Adam Davidson says: ’Trident has enjoyed another positive quarter which saw significant progress at key assets, as well as the announcement of a new acquisition. Completion of the La Preciosa acquisition, an attractive long-life silver asset in Mexico, provides Trident with exposure to a new commodity well positioned to benefit from the energy transition and further adds to the diversity of Trident’s portfolio. The dismissal of the appeal of approval of the Thacker Pass lithium project further validates the robustness of the environmental standing of the project and reaffirms the importance of the asset for US battery manufacturing. The existing portfolio continues to generate cash, and our balance sheet is in a strong position to act on a robust pipeline of prospective transactions. Royalties have a particular attraction to operators at present, as both debt and equity become more relatively expensive. We look forward to providing updates as the year progresses.‘
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