Breakfast News - Echo Energy, Eden Research, i-nexus Global and more...

Echo Energy, the Latin American-focused upstream oil and gas company, announces that initial seismic processing of  data from the 3D seismic survey conducted over the 414km2 eastern cube (Chiripa Oeste) at Tapi Aike.

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Echo Energy (LON:ECHO) 2.70p £12.19m


Echo Energy, the Latin American-focused upstream oil and gas company, announces that initial seismic processing of  data from the 3D seismic survey conducted over the 414km2 eastern cube (Chiripa Oeste) at Tapi Aike, its licence in Argentina's Santa Cruz province is now complete. 


Analysis on this processed data is currently being conducted by a team of geophysical specialists.  Early interpretations highlight a similar amplitude feature that was recognised during the interpretation of the 2D seismic. Current analysis is focused on the geological understanding of the feature identified in the seismic data. This will provide Echo, and its partner and licence operator Compañía General de Combustibles S.A., further input into prospect generation on the eastern survey as it progresses towards identifying drill locations on the block.


As announced on 19 June 2019, 3D seismic on the western cube (Travesia de Arriba) of 790 km2 is currently being processed by Seismic Prospect S.R.L in Buenos Aires following the earlier completion of seismic acquisition. Technical work remains on track and an update will be provided to investors in due course.


The continuing positive progression of the seismic programme on schedule represents important steps in the delivery of the exploration campaign targeting the spudding of wells during Q4 2019.


Eden Research (LON:EDEN) 10.85p £21.44m


Eden Research, the  company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, announced that its commercial partner, Sumi Agro France, has received a 120 day "emergency use" authorisation for Eden's fungicide, Mevalone, from the French authorities for the treatment of storage diseases on apples.  Such "emergency" authorisations are allowed by EU member states when local regulatory authorities judge that they are needed in the local market in order to meet the requirements of growers in the absence of suitable commercially-available alternatives. 


Sumi Agro has been selling Mevalone in France since receiving approval for the sale and use of Mevalone for the treatment of botrytis on table and wine grapes in Jan 2017. This 120-day derogation represents the first authorisation for the use of Mevalone on apples and for the treatment of post-harvest storage diseases. Under this 120-day derogation, Sumi Agro will sell Mevalone to apple producers who will apply Mevalone just prior to harvest.  France is one of the top ten producers of apples globally and is the third largest producer in Europe.  France is also the fifth largest exporter of apples globally by value.


i-nexus Global (LON:INX) 26.50p £10.20m


i-nexus Global, a leading provider of cloud-based Strategy Execution software solutions designed for the Global 5000, provided an update on trading for the year ending 30 September 2019.


At the time of the Interim Results, released in May, the Board anticipated an acceleration in sales in the second half of the year. While the Group has secured a number of new sales in Q3 and the pipeline of opportunities is large and growing, these have not converted at the rate required to meet the Board's revenue expectations for the financial year as a whole. 


Due to careful planning around investment, the EBITDA for the year is expected to be in line with current expectations; however both Total Recognised Revenue and closing Cash balances will be below expectations. As at 30 June 2019, the Company had cash of £3.1m and the Board is comfortable that, with a continued focus on costs, the business retains sufficient funding to execute on its growth strategy. 


Whilst the slower than anticipated rate of conversion is disappointing, the Board remains confident that the strategy being pursued by the Group is right to support the acceleration of growth anticipated in future periods. The increased size and experience of the sales team is driving a growing pipeline of opportunities and improving the proportion of upsell opportunities to existing customers.


YouGov (LON:YOU) 562p £559.04m


YouGov, the international research data and analytics group, announced a pre-close trading statement for the full year ending 31 July 2019.


We are pleased to report that the Group's trading for the year ending 31 July 2019 is now expected to be comfortably ahead of expectations for the year. With these results, YouGov has achieved another year of strong revenue and operating profit growth. Notably, revenue has continued to progress substantially ahead of the global market research sector. 


This year, in line with our strategy and five-year plan, Data Products & Services continued its rate of excellent growth, and remains a strong contributor to profit, while Custom Research achieved growth rates above the industry average. YouGov continues to expand into new geographies - with organic operations in Canada and Mexico established during the year - and has experienced growth across all regions, with the core target markets of the UK and US remaining key drivers. As with previous years, while meeting our targets we have continued to invest throughout the period in our business to support further growth, with a particular focus on our technology and new products.


Cora Gold Limited (LON:CORA) 6p £5.51m


Cora Gold, the West African focused gold exploration company, announced that recent oxide assay results have demonstrated an extension at depth, of high-grade gold mineralisation at the Zone A prospect at the Sanankoro Gold Discovery, Southern Mali.


Oxide assay results from two Reverse Circulation ('RC') drill holes demonstrate depth extension of gold mineralisation to 90-100m from surface


Grades returned included:


27m @ 2.43 g/t Au


36m @ 2.40 g/t Au


Wide zone of gold mineralisation identified within 250m long high-grade gold zone at the Zone A prospect, which appears to plunge moderately to the north, providing a future exploration target.


Drilling stage of the current programme has now been completed in Q3 2019 at the Sanankoro Gold Discovery


Assay results upcoming include a 212m orientated core hole completed at Zone A to test for sulphide gold mineralisation at depth


Europa Oil & Gas (LON:EOG) 3.20p £14.23m


Europa Oil & Gas, the UK and Ireland focused oil and gas exploration, development and production company, notes today’s update from Egdon Resources that North Lincolnshire Council has withdrawn its case in respect of the upcoming appeal against the refusal of planning consent by the Council’s Planning Committee for the development of the Wressle Oil Field.  This follows a closed meeting held on 17 July 2019 during which the Council elected not to present evidence at the Public Inquiry that is scheduled to hear the Appeal on 5 Nov 2019.


Europa has a 30% working interest in licence PEDL 180 in the East Midlands which holds the Wressle oil discovery, alongside Egdon (operator, 30%), Union Jack Oil (27.5%), and Humber Oil & Gas Limited (12.5%).


The withdrawal of the Council’s case in respect of the Appeal remains subject to the agreement of acceptable planning conditions. The Partners welcome the Council’s decision and look forward to continuing supporting Egdon, in its capacity as operator of the Licence, as it seeks to obtain planning permission via appeal and prepares to present the case for the development of the Wressle Oil Field to the independent professional Planning Inspector in Nov 2019. 


Angus Energy (LON:ANGS) 1.50p £7.44m


Angus Energy announced that it has submitted to the National Grid a 'Connection Application' for direct entry to the National Transmission System ("NTS") from the Company's Saltfleetby Gas Field. The application commits Angus to a spend of £75,000 and is a significant milestone in the Company's goal to re-commence commercial gas production from the field.


A detailed feasibility study will now begin to identify the most suitable tie-in location to the existing NTS connection point at the Theddlethorpe terminal. Furthermore, this study will include detailing equipment requirements for gas processing and assessing pipeline routes into the NTS.


"By submitting this application we set in motion a professionally and technically demanding process to re-establish safe connection and commercial flow of gas from the Saltfleetby Gas Field into the National Transmission System.  We will carefully update shareholders with the timetable and milestones in this process as they become known to us."


Harvest Minerals (LON:HMI) 4.90p £9.11m


Harvest Minerals, the fertiliser producer, announced that the first Strategic Meeting for Soil Remineralisers and New Agriculture, organised by the Company at the Centro Universitário de Patos de Minas ('UNIPAM') in Brazil, was a huge success. 


Journalists from Campo & Negócios, the leading agricultural magazine in Minas Gerais, attended the event and published an article, which is available on its own website and Harvest's website.


Aukett Swanke Group (LON:AUK) 1.68p £2.68m


Aukett Swanke, the international group of architects, interior designers and engineers, informed shareholders that it has been awarded the annual City Heritage Award for a record breaking fourth time. This year the prize was presented by the Lord Mayor for the project at Ten Trinity Square developed by the Reignwood Group. This encompassed the provision of the new luxury Four Seasons Hotel within the refurbished iconic building which was originally erected as the Headquarters of the Port of London Authority in 1922. The award is jointly nominated by the City Heritage Society and The Worshipful Company of Painter-Stainers and is given to the best Conservation or Refurbishment project in the City of London.


Derren Nathan


0203 764 2344


[email protected]



Darshan Patel


0203 764 2345



[email protected]

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