Proactive news snapshot: Alien Metals, SDX Energy, BigDish …

A glance at some of the day's highlights from the Proactive Investors newswire

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Your daily round-up from the world of Proactive

Alien Metals Ltd (LON:UFO) has confirmed the potential for direct shipping of iron ore from the Hancock Ranges and Brockman projects in western Australia over which it holds an exclusive option to acquire a 51% interest. Independent laboratory analysis of 17 rock chip samples taken from both tenements has highlighted the potential high grade of the ore, with stand-out numbers including 64.2% iron from the Sirius Extension prospect, 63.9% from the Kalgan prospect, 60.3% from the BHP 20 prospect and 65.4% from the BHP 19 prospect.

SDX Energy PLC (LON:SDX) has told investors that production has now officially begun at the South Disouq gas field in Egypt. The company owns a 55% stake in the South Disouq which has been a key focus for investors and management alike. Gas has been flowing at South Disouq since 7 November, the company confirmed in a statement, and all four of the field’s wells have now been hooked up to the central processing facility. In a separate statement, the company announced that Mark Reid has been appointed as the company’s permanent chief executive following on from his interim appointment back in May.

BigDish PLC (LON:DISH) has overhauled its management team and strategy to achieve critical mass. Tom Sumner has been appointed as chief executive of the restaurant booking app firm, while current CEO Sanj Naha will in future focus on electronic point of sale and third-party restaurant technology platforms. BigDish is also undertaking a major overhaul of its restaurant acquisition strategy with seven of its nine territory managers to leave and a new telesales operation to come onstream in Manchester from December.

Telit Communications PLC (LON:TCM) has said profits for the first three quarters of its current year have been “slightly ahead” of its expectations. In a trading update for the nine months to 30 September, the Internet of Things (IoT) specialist said revenues for the period were 7.8% higher year-on-year at US$274.5mln.

Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, said that further to its announcement on 15 October 2019 regarding the completion of a placing and subscription for £1.5mln, the issue of 349,643,617 new ordinary shares has now been completed, with the Second Tranche comprising 338,076,923 placing shares and 11,566,694 commission and fee shares.

Asiamet Resources Limited (LON:ARS) said that it received notification yesterday that Dominic Heaton, a non-executive director of the company, purchased 236,550 common shares in the company on market at an average price of 2.9p each on 7 November 2019. Following these transactions, the group added, Heaton's interest in the company is 1,895,643 common shares, which represents approximately 0.17% of the issued common share capital.

Columbus Energy Resources PLC (LON:CERP) has announced an extension of the Incremental Production Service Contract (IPSC) for the Inniss Trinity field in Trinidad. The extension replaces prior obligations and allows for the implementation of a pilot project for CO₂ injection-based enhanced oil recovery.  In effect, the EOR venture replaces prior obligations requiring the drilling of seven new production wells. It also means that the IPSC runs until December 2021, extended from a previously envisaged end date of January 2020.

Alba Mineral Resources PLC (LON:ALBA) executive chairman George Frangeskides declared himself “pleased” as horizontal drilling was completed successfully in the new Horse Hill well. A total of 2,500 feet was successfully drilled horizontally wholly within the targeting ‘sweet spot’ of the conventional Portland oil reservoir. It was decided, according to Alba, that there was little technical or economic merit in completed the maximum allowed horizontal section, of 3,000 feet, because the programme achieved a good, clean horizontal trajectory.

Polarean Imaging PLC (LON:POLX) has installed its latest research unit at a hospital in Vancouver, Canada. The order for the 9820 Xenon Polariser system was from the University of British Columbia, but the unit will be installed at the BC Children's Hospital, a leading paediatric research and teaching centre.

Anglo African Oil & Gas PLC (LON:AAOG) has signed a rig agreement ahead of a side-track well planned for its Tilapia Field in the Republic of Congo. It has an ‘option’ on specialised equipment supplied by Société de Forage Pétroliers (SFP) that is currently being used by a “super-major” to drill its 56%-owned TLP-103C-ST prospect and four others. Work will take place in either the first or second quarter of next year, depending on SFP’s work commitments – later than expected.

Scotgold Resources Ltd (LON:SGZ) closed out the year to 30 June 2019 with just under US$4mln cash in the bank. The picture is likely to have been transformed in the months subsequent, however, as the company moves full steam ahead to bring the Cononish mine in Scotland into production within a matter of months.

AdEPT Technology Group PLC (LON:ADT) continues to trade in line with expectations with organic revenue growth augmented by contributions from acquisitions. The acquisitive information technology services provider saw revenue rise by 26% to £30.8mln in the six months to the end of September from £24.4mln in the same period of last year.

Amur Minerals Corporation (LON:AMC) has completed the hydrological assessment for its Kun-Manie nickel-copper sulphide project. The assessment has been approved by the necessary Russian Federation agencies, an important component in completing the TEO, the local equivalent of a feasibility study. The hydrological assessment has confirmed the presence of substantial groundwater reserves located along the Maly Kurumkon and Bolshoy Kurumkon watersheds, sufficient to support the Kun-Manie proposed mining operation.

Bluejay Mining PLC (LON:JAY) has appointed Joshua Hughes as Greenland Exploration Manager. Hughes will manage multiple interrelated exploration programmes in Greenland, as Bluejay moves to advance its two large scale base metal projects, Disko-Nuussuaq and Kangerluarsuk.

ADM Energy Plc (LON:ADME) has completed a second round of funding worth £129,000 through a subscription at 7p per share by Mrs Olanike Olakunmi Anani. Anani is already is a shareholder in the Nigerian oil group and her stake in the business rises to 6% following this latest subscription.

Franchise Brands PLC (LON:FRAN), a multi-brand international franchisor, said that, as a result of the issue of new ordinary shares for the acquisition of Willow Pumps as announced on 7 October 2019, the total beneficial interest of its executive chairman Stephen Hemsley remains unchanged at 20,515,117 ordinary shares but now represents 25.87% of the total voting rights.

Ceres Power Holdings PLC (LON:CWR), a global leader in fuel cell technology and engineering, revealed that it is hosting a Capital Markets Day at its new manufacturing facility in Redhill today. The group said Phil Caldwell (CEO) and Richard Preston (CFO) will be joined by senior management colleagues who will describe the areas of activity for the business and the key drivers for growth alongside a tour of the manufacturing facility.  It pointed out that no further material or new information will be disclosed in the presentations and there will be no statement on current trading.

KR1 PLC (LON:KR1), a leading digital asset investment company, announced that that all the resolutions were duly passed at the Annual General Meeting of the company held today.

RM Secured Direct Lending PLC (LON:RMDL), an investment trust specialising in secured debt instruments, announced that, further to its placing announcements of 17 October and 6 November 2019, the company has received commitments from investors for a total of  £10.0 million (before costs and expenses). Accordingly, the group added, a total of 10,000,000 new ordinary shares have been issued and allotted at the placing price of 100p each.

IronRidge Resources Limited (LON:IRR) said it will be attending the 121 Mining Investment Event on November 12-13, at Clifton Venues, 10 Spring Street, Sydney, Australia. The group pointed out that the presentation can be viewed on the Investor Relations section of the company's website.

Base Resources Limited (LON:BSE) (ASX:BSE), the African mineral sands producer, said its latest company presentation, which was delivered today at the TZMI Congress in Singapore, is available from the company’s website.

Location Sciences (LON:LSAI), the leading location data verification company, announced that, further to its announcement of 28 October 2019 regarding it presence at Mello London 2019, the presentation it will give is available on the company's website.


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