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Proactive news snapshot: UK Oil & Gas Investments, ValiRx, Kazera Global …

A glance at some of the day's highlights from the Proactive Investors newswire
Your daily round-up from the world of Proactive

UK Oil & Gas Investments PLC (LON:UKOG) moved higher after plans to test the Horse Hill discovery received approval from the UK authorities. The UK Oil and Gas Authority (OGA) has greenlighted a proposed 150-day extended production well test at Horse Hill, where both the conventional Portland and unconventional Kimmeridge zones will be flowed.

ValiRx Plc (LON:VAL) is continuing “advanced conversations” with a number of possible partners as it looks to press ahead with the development of its VAL401 lung cancer candidate. Earlier this year, the AIM-quoted firm released the results from a phase II trial which confirmed that the drug had a “statistically significant” improvement in overall survival for patients with non-small cell lung cancer compared to those receiving no treatment.

Kazera Global PLC (LON:KZG) has confirmed that it has commissioned the MSA Group (MSA), a leading provider of exploration, mineral resources and reserve estimation, to carry out the targeted exploration programme.

Pre-clinical work by ImmuPharma PLC (LON:IMM) on P140, the peptide currently being developed as Lupuzor for the treatment of people with lupus, reveals it may have other potential indications.  The company's co-founder, Professor Sylviane Muller, and her team believe the drug could be deployed to treat an autoimmune disease called chronic inflammatory demyelinating polyneuropathy, or CIDP.

Stobart Group PLC (LON:STOB) announced that, following the receipt of comprehensive legal advice, it today served notice on its former chief executive officer Andrew Tinkler, summarily terminating his employment with the group.  The firm said Tinkler will cease to be a director with effect from today's date and the company will also be issuing legal proceedings imminently against him for, amongst other things, breach of contract and breach of fiduciary duty. 

Xtract Resources PLC (LON:XTR) has provided an update on operations at the Manica project in Mozambique. The AIM-listed gold miner said in the update that there had been a substantial improvement in alluvial mining contractor gold production for the current quarter to date and ahead of the first quarter of 2018.

Cadence Minerals (NEX:KDNC ) (OTC: KDNCY) reported that its investee company Macarthur Minerals Limited (TSX-V:MMS) has announced that it has completed a sediment sampling programme at its Bonnie Scot tenement in the Pilbara region of Western Australia, with encouraging results. It said m ulti-element assays were received confirming several anomalous sediment values ranging from 13 parts per million (ppm) of silver up to 113 ppm. Cadence holds approximately 12% of the issued equity interest in Macarthur.

Acquisitive US oil firm Diversified Gas & Oil plc (LON:DGOC) has agreed a deal to pick up more assets, paying US$575mln for additional assets in the Appalachian Basin. The next package of assets comprise some 11,350 wells yielding 32,100 barrels oil equivalent per day.

Eland Oil & Gas PLC (LON:ELA) told investors that it has successfully drilled and completed the Opuama-9 well, which is due to handed over to the field’s production team in the coming week. The Nigeria focussed oil company, in a statement, said a production tree is currently being installed to the well.

ITM Power plc (LON:ITM) saw strong growth in its orders and tender opportunity pipelines in the latest financial year. The AIM-listed hydrogen energy company said in a trading update that its overall deal pipeline stood at £39mln, an increase of around 42% since June 2017 after recognising £10.4mln as income in the period.

Faron Pharmaceuticals Ltd (LON:FARN) has made some important observations while assessing the data from its unsuccessful phase III trial of Traumakine for acute respiratory distress syndrome (ARDS). It has discovered that a sub-group of patients with higher levels of certain bio-markers (CD73 serum and MxA activation) showed a reduced mortality rate and increased ventilator-free days.

Primary Health Properties PLC (LON:PHP) has announced that a wholly owned subsidiary of PHP has acquired the Moredon Medical Centre (net assets acquired £6.1mln), a standing let investment property situated in Moredon, Swindon.

SDX Energy Inc (LON:SDX, CVE:SDX) has announced the spudding of the SRM-3 appraisal well onshore Egypt. The well is following up previous exploration success at the 12.75% owned South Ramadan project.

Life sciences group Abzena plc (LON:ABZA) is in talks to monetise its royalty-bearing Abzena Inside products as it looks to secure its financial future.

Motif Bio Plc (LON:MTFB) has completed a rolling submission of a New Drug Application (NDA) to the US Food and Drug Administration (FDA) for its new antibiotic Iclaprim.

Victoria Oil & Gas plc (LON:VOG) has revealed a refinancing of its debt with BGFIBank Cameroon. The company, which has had to suspended gas shipment to a key customer, initially entered into a US$26mln debt facility back in April 2016 and it said the balance stood at around US$20.5mln at the time of the refinancing.

Kibo Mining PLC (LON:KIBO) has reported its financial results for the full-year following a flurry of activity. The AIM-listed miner reported a pre-tax loss from ordinary activities of around £4.5mln, up from £3.5mln the year before, while its cash for the end of the period stood at £766,586, up from £382,339 last year.

Asiamet Resources Ltd (LON:ARS) told investors that latest results from drilling at the group’s 40% owned Beutong project in Indonesia. Drill hole BEU0900-08 encountered high-grade copper gold mineralisation near surface and the mineralisation, which also includes molybdenum, continues into the full drilled interval through to the end of the hole.

Savannah Resources Plc (LON:SAV) has confirmed the cost of building a lithium mine at Mina do Barroso in Portugal will be around US$109mln.

Shanta Gold (LON:SHG), the East Africa-focused gold producer, announced that it has received irrevocable undertakings from holders of the company's outstanding unsecured subordinated convertible loan notes due April 2019  representing 76% by nominal value, to vote in favour of a buyback of approximately 33.33% of the notes currently held by third parties, and a 1-year extension to the maturity date. The firm said the arrangements will provide Shanta with increased flexibility to develop Ilunga, conduct exploration at NLGM and to identify targets close to the mine.

Bushveld Minerals (LON:BMN), the integrated vanadium producer with additional investments in coal, power, said redemption of the outstanding unsecured convertible bonds previously issued to Atlas Special Opportunities, LLC was settled in full for a final aggregate cash payment of £5.116mln. The company has received confirmation of settlement from Atlas.

Solo Oil PLC (LON:SOLO) said representatives of the resources investment group will be meeting at 2.30pm on Thursday 14 June 2018 with a small group of private investors, at their request, who due to their collective holdings have a significant interest in the company's shares. The firm said the meeting will be recorded and will be available for playback by other interested shareholders from the company's communications advisors, Buchanan at [email protected]

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