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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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Pharma & Biotech

Proactive news highlights: Andes Energia, Brady, Fox Marble, Myrtah Energy and more...

Aureus is working with consultants to remedy problems, Brady in line with expectations and a strong quarter for Kris Energy.

Canadian Overseas Petroleum Limited (LON:COPL, CVE:XOP) hired Aleksandra Owad as its new chief financial officer.

Owad takes over the role from Kristin Obreiter, who leaves for personal reasons amid a relocation of the group’s offices. Owad was the group’s CFO previously, up until October 2013.

In other news, Andes Energia PLC (LON:AEN) reported that production rates from operations in its portfolio amounted to 3,532 barrels oil equivalent per day in April, which was broadly in line with previous months.

Production volumes from Argentina - where it has the Chachahuen, Chanares Herrados, Puesto Pozo Cercado, Vega Grande, La Brea and El Manzano fields – totalled 2,388 barrels per day.

Meanwhile, India-based renewable energy utility Mytrah Energy Limited (LON:MYT) has brought three more wind projects online and expects to hit 1,000Mw capacity by the middle of next year.

Vajrakarur 2, Nidhi and Nazeerabad have added 210Mw to the company’s portfolio to make 826Mw in total or some 83Mw more than the scheduled target at this point.

Over at Landore Resources Ltd (LON:LND), it is planning an updated resource for the B4-7 Nickel-Copper part of its Junior Lake project in Canada, it told investors, posting final results.

The firm has been developing Junior Lake for some years and aims to grow the resource to over 100,000 tons of nickel equivalent (NiEq) and to sell the project to a third party or enter into a joint venture partnership to develop it.

Aureus Mining (LON:AUE TSX:AUE) said it is working with consultant SRK to remedy the problems that caused processing at the New Liberty mine to be suspended last week.

Balkans-based marble group Fox Marble (LON:FOX) raised £2mln to cover the cost of kitting out a new factory in Kosovo and training the staff.

Shares have been allocated at 10p to new and existing investors, though the funding needs to be approved by shareholders.

Meanwhile, trading software supplier Brady Plc (LON:BRY) saw shares nudge higher in early deals as it said first quarter results were in line with management's expectations.

Chairman Paul Fullagar will tell an AGM later today that the group is looking forward to reporting deal flow and further progress in the traditionally busy second quarter.

And finally, KrisEnergy holdings Ltd (SGX:SK3) reported a strong quarter of production with output up 146% year-on-year at a rate of 19,014 barrels oil equivalent per day, compared to 7,699 boepd in the same period of 2015.

Revenue for the three months to March 31 amounted to US$33.1mln, up 189% from US$11.4mln last year, and earnings (EBITDAX) had grown by 112% to US$19.7mln from US$9.3mln.

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