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Proactive news headlines: 88 Energy, Futura Medical, AFC Energy, Kromek, and more

Published: 09:41 29 Mar 2023 BST

Proactive news headlines: 88 Energy, Futura Medical, AFC Energy, Kromek, and more

Genel Energy said operator DNO has started an orderly shutdown of the Tawke and Peshkabir oil fields in the Kurdistan Region of Iraq due to the closure of the pipeline to Turkey.

Peshkabir (Genel 25%) production was halted last night and plans drawn up to conduct deferred maintenance.

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has announced the results of its 2022 year-end reserves evaluation by Boury Global Energy Consultants Ltd which saw proved (1P) reserves increase by 11% to 3.37 million barrels of oil equivalent (boe), driven principally through uplift at Tapir (Rio Cravo), Colombia.

In a statement, Marshall Abbott, CEO of Arrow, commented: "Arrow delivered an increase in volumes and pre-tax values across 1P, 2P and 3P reserves in 2022. We are pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of our Colombian and Canadian assets.”

One Media Digital media saw a 17% year-on-year revenue uplift with underlying earnings (EBITDA) increasing 9% to £1.8mln, according to the music rights and copyright protection company’s 2022 financial results.

Operating profits declined from £1.1mln to £900,000 resulting in an earnings-per-share distribution of 0.2p compared to 0.24p in 2021, partially due to group-level investments into its anti-piracy software subsidiary TCAT.

Quadrise PLC (AIM:QED) has reported interim financial results for the six-month period ending 31 December 2022 and gave investors an update on its activities in the first quarter.

Despite a drop in cash reserves from £5.6 million to £2.6 million and an increase in losses after tax from £1.5 million to £1.7 million, the company maintains a focus on key projects across the marine, upstream and industrial sectors.

GSTechnologies Ltd (LSE:GST) shares rallied over 17% in Wednesday’s early deals as the company said it no longer needed its convertible loan facility.

The company, in a statement, told investors it would no longer make the second drawdown under the facility (which would have been for US$800,000).

Versarien PLC (AIM:VRS, OTC:VRSRF) has highlighted the challenges the graphene marketplace is facing and flagged up its need for further funding to support its activities.

In the statement to be delivered at the advanced materials engineering group's annual general meeting (AGM), its chair Diane Savory said: "As previously noted, the graphene market-place has proved challenging for all participants, but with a streamlined business and a strong focus we believe Versarien has the potential to deliver significant returns from the commercialisation of its technology.

Inspired PLC (AIM:INSE) saw a record year for new business in 2022 as the energy crisis prompted a surge in inquiries from businesses looking to mitigate soaring bills.

Mark Dickinson, chief executive, said it had been the most challenging year ever seen in the UK energy markets, “when the need for our services has never been more apparent”.

Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) reported record results from its portfolio as it benefited from stronger commodity prices for the majority of the year, with the new year also starting strongly. 

There was a portfolio contribution of US$143.2mln in 2022, up 67% on the year before, while royalty and metal stream-related revenue rose 66% to US$141.9mln.

Shanta Gold Limited (AIM:SHG, OTC:SAAGF) trebled pre-tax profits to almost £3mln in 2022 as production and revenues both rose.

The East Africa-focused gold miner saw revenues of US$114mln last year (US$103.8mln in 2021) as production climbed 18% to 65,200oz, helping pre-tax profits rise to £2.95mln (£1mln).

Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF) said it has completed the disposal of its primary operating subsidiaries via a US$1.3mln cash deal with Canada's Universal Matter Inc, as announced on 22 February 2023, and it is intended that the remaining shell of the company will be delisted from the London Stock Exchange on 31 March 2023.

Shareholders were reminded that the last day of dealings in the company's ordinary shares on AIM will be 30 March 2023 - notwithstanding the fact that the ordinary shares have been suspended from trading on AIM since 1 February 2023 pending publication of the company's audited annual report and accounts for the year ended 31 July 2022.

Galliford Try Holdings PLC (LSE:GFRD) said its building business has been appointed to a £75mln contract to create a new build-to-rent residential building in Brent Cross Town, north London.

The appointment was made by Related Argent and Invesco Real Estate on behalf of a separate US account client, the company said in a statement.

NetScientific PLC (AIM:NSCI) has hailed progress at portfolio company PDS Biotechnology Corporation (NASDAQ:PDSB), which passed some key data and development milestones for its lead oncology drug candidate.

For the drug, currently called PDS0101, developments in the past quarter include completing the first stage of enrolment for the VERSATILE-002 Phase II combination trial with Keytruda in patients with human papillomavirus (HPV) and or head and neck cancer.

Galileo Resources PLC (AIM:GLR) said multiple drilling targets have been identified on its Kalahari Copperbelt project in western Botswana on licences sold recently to Australian group Sandfire Resources.

Nine licences in the region were sold to Sandfire in 2021 with Galileo taking shares in the Australian group, which is to spend US$4mln on exploration.

Faron Pharmaceuticals Limited (AIM:FARN, OTC:FPHAF) has announced the appointment of James O'Brien as its new chief financial officer effective April 3.

O'Brien, who has extensive experience in the US capital markets, will succeed Toni Hänninen, who is leaving the company to pursue a new career opportunity.

Dr Andrew Catchpole, chief scientific officer of hVIVO PLC, is set to deliver a presentation at the World Vaccine Congress in Washington DC.

His presentation - titled 'Challenge Studies, Can the Results be Expected to Mimic Field Trial Data?' - will take place on 5 April.

AFC Energy PLC (AIM:AFC, OTC:AFGYF) said Swedish energy and engineering group ABB is to take a stake in the business after a successful test of its hydrogen fuel cell technology.

A cumulative 100kW liquid-cooled fuel cell (the S+ Series) exceeded contracted targets in a test run by ABB’s E-mobility arm and verified by an independent German engineering group, IAV.

Kromek Group PLC (AIM:KMK) has secured repeat orders for its cadmium zinc telluride-based detectors from three medical imaging customers worth a total of US$1.1mln (£900,000) in the group's key target market of single photon emission computed tomography (SPECT).

The orders comprise:

88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has successfully intersected the first three of its reservoir targets in the Hickory well onshore Alaska, with well data indicating the presence of hydrocarbons.

The company, in a statement, said that the drilling had reached around 8,820 feet and had so far encountered all three of the ‘SMD’ reservoir targets (SMD-A, B and C).

Coro Energy PLC (AIM:CORO) said it is working on finalising the acquisition of a 3.25 megawatt rooftop solar portfolio in Vietnam.

The South East Asian energy company has revised heads of terms with vendor KIMY to extend the exclusivity period, in order to reflect some works needed post completion.

Futura Medical PLC (AIM:FUM, OTC:FAMDF) has confirmed the submission of a comprehensive response to the US Food and Drug Administration (FDA) regarding its innovative topical gel treatment for erectile dysfunction (ED), known as MED3000.

It has now provided all requested information and confirmatory data, allowing the regulatory body to continue its review of MED3000.

Infinity Lithium Corporation Ltd (ASX:INF) has soared after subsidiary Extremadura New Energies was granted a key exploration permit over the San José Lithium Project in Spain, which the company describes as a “major milestone”.

This permitting milestone reinforces government and stakeholder commitment to the project, which focuses on the production of battery-grade lithium and hosts the EU’s second-largest JORC-compliant hard rock lithium deposit. 

Altech Batteries Ltd (ASX:ATC) and joint venture partner Fraunhofer have launched the design for the CERENERGY® Sodium Alumina Solid State (SAS) 1.0 MWh GridPack (ABS1000) destined for the renewable energy and grid storage market.

Based on preliminary discussions with potential off-takers and to minimise on-site installation of individual ABS60 60KWh battery packs, a pre-installed solution has been launched.

Kinetiko Energy Ltd (ASX:KKO, OTC:KKOEF) is celebrating today after the 270-03C core well intersected what it calls 'significant gassy zones' just 10 kilometres from South Africa’s largest gas pipeline.

The core hole started encountering intermittent gassy zones from 175 metres down-hole, with strong visible gas emissions observed from core samples at depths below 220 metres.

Sunstone Metals Ltd (ASX:STM) believes a 177-metre drill hit grading 1.1 g/t gold equivalent could flip the Bramaderos Project in Ecuador on its head.

The explorer has uncovered a high-grade gold and silver zone during drilling outside the resource at the asset in the country's south, underpinning a material precious metal discovery.

Aura Energy Ltd (ASX:AEE, AIM:AURA) has confirmed robust financial returns and near-term production potential in an enhanced definitive feasibility study (DFS) for the Tiris Uranium Project in Mauritania.

During the study, a 150% increase was outlined in annual average steady-state production from 800,000 pounds of uranium to 2 million pounds.

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

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