Rose Petroleum PLC (LON:ROSE) has completed the sale of its processing mill in Mexico to Magellan Gold Corporation (OTCQB: MAGE). Total consideration was US$1.5mln, of which US$1mln was in cash that has now been received. The remaining US$500,000 will be met through shares in Magellan and will represent a 15% stake. Magellan has an option to buy the shares back.
LEKOIL Limited (LON:LEK) told investors that production from the Otakikpo field averaged 6,400 barrels of oil per day in October, and the rate is now about 7,600 bopd. The company highlighted the ramp-up since production resumed at 5,000 bopd in February this year, and noted that it is advancing towards its first target of 10,000 bopd – before phase two of the project which targets further growth to 20,000 bopd.
Diversified Gas & Oil plc (LON:DGOC) has stuck a deal to acquire 550 wells in central Ohio. It is paying US$3.1mln for the portfolio which accounts for some 1.3mln cubic feet of gas or 220 barrels oil equivalent net production per day.
Tekcapital PLC (LON:TEK) revealed today that its investee company Belluscura Limited has decided not to proceed with its planned AIM float, with the medical device company actively considering other alternatives.
Victoria Oil & Gas plc (LON:VOG) has completed the drilling operations for the La-108 well at the Logbaba gas field in Cameroon, after electrical problems were rectified. A production tree will soon be installed prior to testing and the production well’s start-up.
Alliance Pharma plc (LON:APH) has acquired all of the rights to an anaesthetic gel product, Ametop from FTSE 100 listed medical technology business Smith & Nephew PLC (LON:SN. for a consideration of US$7.5mln. John Dawson, Alliance Pharma's chief executive, said: "The acquisition will be immediately earnings enhancing, accretive to our underlying return on invested capital, and it fits well in our existing bedrock business operations."
Faron Pharmaceuticals Oy (LON:FARN), one of a small handful of London-listed drug developers with a product in phase III clinical trials, said it has appointed a chief commercial officer. Dr Juhana Heinonen will join the business in January from AstraZeneca where he was global marketing director for Fasenra, the company’s asthma treatment.
Internet domain names specialist CentralNic Group PLC (LON:CNIC) said the terms of its deal to acquire SK-NIC have been altered, though the headline value of the takeover remains the same at €26.12mln. The current owners of the business, which manages the exclusive country code top-level domain for Slovakia, .SK, will receive €20.27mln upfront rather than €21.27mln. Deferred payments will be slightly higher at €5.85mln and extended out to 2023.
ADES International Holding PLC (LON:ADES) has revealed that bidding activity remains strong with a number of tenders expected to close in the next three months as the oil services group reported over a 30% jump in nine month revenues and said it is continuing to review acquisition opportunities.
Tissue Regenix Group PLC (LON:TRX) said on Friday chief financial officer Paul Devlin will step down and the medical device company has started the process to appoint a successor. Steve Couldwell, who was named as chief executive in November, said: "Paul played a significant role throughout the fundraise and acquisition process, we wish him every success in the future."
African Potash Ltd (LON:AFPO) has furthered its aims to expand its fertiliser business by striking a new joint venture deal with SG Inc following a memorandum of understanding inked in August with the government of the Republic of Congo.
Quartix Holdings plc (LON:QTX) said, further to the announcement dated 27 September 2017, that Daniel Mendis has joined the company as chief financial officer and is expected to take up his new position as an executive director on 1 January 2018.
Berkeley Energia PLC (LON:BKY) was awarded the Corporate Development Award at the Mines and Money dinner in London last night, one of the most prestigious award nights for the global mining investment community.