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Proactive news snapshot: G3 Exploration, Bacanora Lithium, Kromek, Belvoir…

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

G3 Exploration PLC (LON:G3E) saw its shares continue to recover on Thursday as a court in Grand Cayman granted it leeway to sort out its problems. The court has appointed Alvarez & Marsal as joint provisional liquidators (JPL) but they will work with the existing management to devise a restructuring plan for the China-focused gas group.

Bacanora Lithium PLC (LON:BCN) has described 2019 as a critical year that has seen a number of significant developments which have added value for shareholders. In a statement, ahead of today’s AGM, the company noted that it had secured one of the world's biggest lithium producers - Ganfeng Lithium - as a cornerstone investor - with a 29.9% shareholding. Ganfeng also took a 22% direct stake in the company's flagship Sonora mine development project in Mexico.

Kromek Group PLC (LON:KMK), a worldwide supplier of detection technology focusing on the medical, security and civil nuclear markets, announced that its three senior executives on Wednesday purchased a number of ordinary shares in the company. It noted that Sir Peter Williams, its chairman,  acquired 50,000 shares at a price of 22.50p each, taking his holding to 200,000 shares on 0.06% of the company; chief executive officer, Dr Arnab Basu acquired 20,000 shares at 17.95p each taking his holding to 2,972,000 or 0.86%; and Derek Bulmer, chief financial officer, purchased 20,000 ordinary shares at 17.94p each giving him a holding of 132,292 shares or 0.04%.

Belvoir Group PLC (LON:BLV) is to acquire Lovelles, a privately-owned franchised estate agency network with 19 branches in the Lincolnshire and Humber region. In an update accompanying the acquisition news, the lettings agent said that trading in the second half of the financial year to date continues to be strong and it should comfortably achieve market expectations for the full year.

Columbus Energy Resources PLC (LON:CERP) told investors it has seen encouraging results to date in the Saffron well, on Trinidad’s South West Peninsula. The company said that the well, which is still in the drilling phase, is continuing as planned. A pilot hole encountered hydrocarbon-bearing zones within the tertiary target and has given sufficient encouragement for the company to prepare this part of the well for future testing.

Braveheart Investment Group PLC (LON:BRH) has increased its shareholding in a business called Pharm 2 Farm (P2F) to just under 52% from 33.33%. The additional £200,000 it has ploughed in will allow P2F to open a new manufacturing facility in Nottingham and to expand its sales team.

Oncimmune Holdings PLC (LON:ONC), a leading global immunodiagnostics group, has received the BioNewsRound Award by One Nucleus which identifies life science companies that have announced exciting developments for patients and the sector over the past year. The group said the award, which recognises the ground-breaking potential of Oncimmune's EarlyCDT Lung test and its use in the Early Detection of Cancer of the Lung Scotland trial, was presented at Genesis 2019.

Tekcapital PLC (LON:TEK) has hailed an agreement made between its portfolio company Salarius Ltd, and a food ingredient broker, to market Microsalt in US. In an update on Thursday, the intellectual property investor, which owns a 97.5% stake in Salarius, said that Accurate Ingredients was brought on board to help sell Microsalt, Salarius' product which contains 50% less sodium than regular salt. Tekcapital noted that over 20 new potential customers are in the process of testing and evaluating the use of Microsalt on their products.

United Oil & Gas PLC (LON:UOG) has completed the sale of North Sea Blocks 15/18d and 15/19b (Licence P2366) to Hibiscus for US$5mln. The AIM-listed group gets US$855,000 now, a further US$3mln by the end of next year and an additional US$1mln as royalty once the Crown discovery on the blocks moves into production. 

Bluejay Mining PLC (LON:JAY), the AIM-listed company with projects in Greenland and Finland, announce that all resolutions were duly passed at the firm’s General Meeting held on Thursday. Bluejay CEO Roderick McIllree also told shareholders: "2020 will be a busy year as we look to hit multiple development horizons and project milestones including the receipt our exploitation licence at Dundas and the commencement of our drilling campaigns on our nickel-copper-platinum Disko-Nuussuaq Project and the zinc-lead- silver Kangerluarsuk Project.”

Echo Energy PLC (LON:ECHO) told investors that the drill programme for the Campo La Mata exploration well (CLMx-1), at the Tapi Aike project, has completed. In a statement, Echo said the well was drilled down to 2,513 metres and wireline logging has taken place. Drilling data and initial analysis has encouraged the exploration partners to take the next steps to move the well through completion and testing.

IronRidge Resources Limited (LON:IRR) told investors it has seen its ‘most significant drill intersection to date’ from the Ewoyaa lithium project, in Ghana, as it received the third and final batch of assay results from recent drilling. Broad and high-grade results were returned from the programme, the company said.

Avation PLC (LON:AVAP) has leased one of the ATR 72-600 aircraft in its order book to Swedish regional airline Braathens. The plane will be the fifth that Avation has leased to Braathens, the first of which is due to be delivered this month. Avation also announced that its credit rating had been upgraded to ‘positive’ from ‘BB’ by the Japan Credit Rating Agency.

Ncondezi Energy Limited (LON:NCCL) has selected a preferred financial advisor to prepare the project financial model and finalise tariff submission for its integrated 300MW coal fired power project and coal mine in Tete, Mozambique. In a statement, the AIM-listed company said it has appointed  Synergy Consulting to move the project forward and drive the negotiation process with Electricidade de Moçambique (EDM). It has also appointed KPMG Auditores e Consultores S.A. to provide tax services related to the project financial model.

Custodian REIT PLC (LON:CREI) has trumpeted positive total returns in its first half despite “a struggling retail sector and continued UK political uncertainty”. David Hunter, chairman of the investment trust, added that going forward while retail was struggling, there remained “supply and demand imbalances that should continue relatively low vacancy rates and further rental growth” across the rest of the commercial property market.

Rockfire Resources PLC (LON:ROCK) said analysis of four new drill holes at its Plateau project in Queensland, Australia showed further “potentially economic” gold grades. Assay results from the BPL015 drill hole showed an interval of seven metres at 2.3 grammes of gold per tonne (g/t), within a broader interval of 12m at 1.3 g/t and a larger interval of 29m at 0.63 g/t just below the surface. The hole also revealed an individual intercept of 1m at 7.8 g/t.

Base Resources Ltd (LON:BSE) has issued a definitive feasibility study for its Toliara Project in south-west Madagascar that it says further burnishes the credentials of the world-class mineral sands discovery. A key development milestone, the DFS has set out formally the economic potential of mining ilmenite, together with zircon and rutile, from the deposit and was essentially consistent with an earlier preliminary assessment of the area.

Premier African Minerals Limited (LON:PREM) has raised just over £262,000 from a crowdfunding round. Shares were sold at 0.1p, with the money earmarked for its Zimbabwe tungsten and lithium operations. George Roach, chief executive, added that delays to electrification work at the RHA tungsten mine due to currency issues holding up parts means the re-start will be in 2020.

Anglo African Oil & Gas PLC (LON:AAOG) has told investors it is taking steps to cut costs amid missing payments from the Congolese authorities and as such it warned it will not be able to drill the proposed TLP-103C-ST well. Some US$5.3mln is due for work at the Tilapia field in the Republic of the Congo, and the AIM-quoted company is now assessing its funding options.

Yellow Cake PLC (LON:YCA) has seen the value of its uranium holdings increase by US$29.3mln in its latest half-year. The value of the firm’s uranium holdings rose to US$246.7mln in the six months to 30 September, attributed to a US$30.4mln uranium purchase being slightly offset by a US$1.1mln loss in the period.

Genel Energy PLC (LON:GENL) said in has been informed by the Kurdistan Regional Government's Ministry of Natural Resources that payments relating to invoices for August and September oil production, due in November and December, will be received in January 2020.

Eland Oil & Gas PLC (LON:ELA) said dealings in its shares will be suspended with effect from the close of business on 16 December 2019 following court sanction of the scheme of arrangement for its takeover by Seplat Development Company PLC.

Falcon Oil & Gas Ltd. (LON:FOG) (CVE:FO) said at its Annual General & Special Shareholders meeting, held in Dublin, Ireland on Wednesday, all resolutions considered and voted upon by the shareholders were approved.

Kibo Energy PLC (LON:KIBO) has strengthened its relationship with developer Balance Power with an agreement for a pipeline of ‘shovel ready’ power plant sites in the UK.

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