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Proactive news headlines: United Oil & Gas, Kavango Resources, Integumen, Instem, Power Metal Resources …

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

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United Oil & Gas PLC (LON:UOG) shares shot up more than 30% on Wednesday as the group revealed the latest successful well result at the Abu Sennan concession in Egypt. The El Salmiyah-5 well has encountered some 120 metres of net hydrocarbon pay across four intervals which, as United highlighted, makes the main target materially larger than was previously believed. Testing of the Kharita Reservoir achieved a rate of 8,700 barrels oil equivalent per day, comprising 4,100 barrels of oil per day plus 18mln cubic feet of gas per day, the company said in a statement.

Kavango Resources PLC (LON:KAV) said it has been granted two prospecting licences in the Botswana section of the Kalahari copper belt. The explorer said the two licences are located southwest of Sandfire Resource’s T3 and A4 Dome copper-silver discoveries and cover around 1,294 square kilometres. The licence terms are for an initial period of three years, however, it can be extended to seven, with Kavango adding that the acquisition of further licences is currently underway.

Integumen PLC (LON:SKIN) said its subsidiary Labskin has partnered with the University of Aberdeen to test anti-viral skin and dental products that might mitigate the transmission risk of the coronavirus (COVID-19). Scientists will use Labskin’s cloned human skin coated with the SARS-CoV-2 virus in their research, which will take place in a Category 3 lab at the university. Work will be carried out to assess the transferability of viral particles from materials to skin. Also being studied is the ability of the virus to remain infective while on the skin surface. Ultimately, the team hopes to quantify the efficacy of mouthwash and dental care products as well as soap washing and hand sanitisers.

Instem PLC (LON:INS) said it has won a contract worth to provide services to Biotoxtech, which runs the largest non-clinical research and development facility in South Korea. The contract is worth approximately US$1mln, the group said in a statement, with a majority of the revenue to be recognised in 2020 and the balance in 2021. Instem said it will provide the Korean company with a comprehensive package of preclinical data collection, analysis and regulatory submissions management solutions. Instem also revealed results for the year to end December 2019, which saw revenues increase 13% to £25.7mln and underlying profits (adjusted EBITDA) rise to £4.9mln from £4.1mln. Recurring revenue rose 9% to £14.9mln, while software-as-a service (SaaS) sales improved £16mln to £6.4mln.

Power Metal Resources PLC (LON:POW) and its partner Red Rock Resources PLC (LON:RRR) have launched efforts to expand the footprint for their gold exploration venture in Australia. The Red Rock Australasia Pty Ltd (RRAL) vehicle has now applied for four additional gold exploration license areas, spanning 916 square kilometres in the Central Victoria Goldfields region. It promises to double RRAL’s landholding position and will make it one of the largest tenement holders in the goldfields, the partners said in separate statements.

BlueRock Diamonds PLC (LON:BRD), in an update following the restart of operations in South Africa, told investors that it has had no cases of coronavirus (COVID-19) at the Kareevlei mine. Production has averaged almost 2,000 tons per day since May 11, the company noted. The rate is up 65% on the average daily rate in the fourth quarter of 2019, which at the time was a record performance with 110,000 tons. At the end of May, the company said it had some 2,400 carats worth of diamonds in stock.

Westminster Group PLC (LON:WSG) said it has successfully conducted a trial of its fever screening solution at the Stockholm Arlanda airport in Sweden in association with Menzies Aviation and their client, Air France. The company said Menzies will continue to use its solution to conduct operational trials with Air France and other clients’ flights over the coming weeks to “fine tune” the delivery of the screening. Westminster noted that feedback from the first live trial was “extremely positive” with all passengers screened.

Bango PLC (LON:BGO) has said it is deploying its payment optimisation technology to help grow the active carrier billing customer base of du, a mobile operator in the United Arab Emirates (UAE). The e-commerce specialist said growing the number of customers using direct carrier billing (DCB), a one-click method of charging purchases to a user’s mobile phone bill, is a “powerful way for operators to capture more value” from the consumption of ‘over-the-top’ content and services. Bango said du customers were offered a chance to re-engage with DCB within an approved credit limit, and that within two weeks of launching the campaign 20% of du customers wanting to spend in the Google Play app store had re-engaged and made a least one purchase with carrier billing.

Argo Blockchain PLC (LON:ARB) has reported higher cryptocurrency mining revenues in May despite a reduction in the number of digital currency mined as a result of the Bitcoin ‘halving’ event. The company reported mining revenue during the month of £1.93mln, up from £1.8mln in April, while the number of Bitcoin and Bitcoin equivalent mined fell to 252 from 319, which Argo said was largely a result of the price fall. A Bitcoin halving occurs around every four years and reduces the rate at which new Bitcoin enters circulation by making it twice as hard to mine a single Bitcoin.

Shield Therapeutics PLC (LON:STX) has noted the publication of papers concerning its lead product to treat iron deficiency, Feraccru/Accrufer, in two scientific journals. The first study, published in the European Respiratory Journal, concluded that ferric maltol, a component of Feraccru/Accrufer, was “well tolerated” by the majority of patients suffering from pulmonary hypertension (PH) and had resulted in “significant improvements in iron status and haemoglobin levels after 12 weeks of treatment”. Meanwhile, Shield said the second paper, published in the Journal of Clinical Medicine, recognised the importance of maintaining iron treatment in patients with inflammatory bowel disease and that oral iron, preferably ferric maltol, could be a suitable alternative for many patients to IV iron and reduce non-essential hospital activities.

Angling Direct PLC (LON:ANG) reported strong sales growth for its past financial year and said it was progressing towards the safe reopening of its stores on June 15. The specialist fishing tackle and equipment retailer increased its network to 34 stores from 24 in the 12 months to January 31, 2020, and since then its store estate has grown to 36. Group sales leapt by 27% to £53.2mln for the 12 months to January 31, 2020, with like-for-like store sales increasing 12%, and almost half of its sales are now coming online with 14% growth during the year, including 8% from its native-language sites in Germany, France and the Netherlands. 

Amryt Pharma PLC (LON:AMYT) has appointed Swiss group Swizz Biopharma to market Myalepta, its treatment for leptin deficiency in seventeen countries in Central Europe and the West Balkans. Under the agreement, Swixx will be the exclusive distributor of  Myalepta (metreleptin) in the countries, which are all new territories for the group, Amryt said. In a statement, Amryt chief executive Joe Wiley commented: "Metreleptin is currently the most significant driver of revenue growth for Amryt with sales growing 49% in Q1 2020 versus the same period in 2019.

Adamas Finance Asia Limited’s (LON:ADAM) had a consolidated unaudited estimated net asset value (NAV) of £0.77/US$0.96 per share as at March 31, 2020, up from  £0.72/US$0.95 per share as at December 31, 2019. The group's consolidated unaudited estimated NAV as at March 31, 2020, was US$100.7mln versus US$100.9mln as at December 31, 2019: The NAV was impacted by a marginal decrease in the company's net cash balance mainly due to an increase in operating expenses incurred, the group said. In a statement, Adamas chairman, John Croft commented:  "Despite the ongoing global impact of the (coronavirus) COVID-19 pandemic, the company remains relatively well-positioned due to our resilient and diversified portfolio of pan-Asian investments and strong liquidity position.

Clipper Logistics PLC (LON:CLG), a leading provider of value-added logistics solutions and e-fulfilment and returns management services to the retail sector, has announced the appointment of Christine Cross as its senior independent non-executive director with effect from June 3, 2020, and as chair of its remuneration committee. The group noted that Cross is a highly experienced non-executive director, with FTSE 100 and FTSE 250 experience, and currently holds non-executive directorships with Coca Cola European Partners PLC and Hilton Food Group PLC, and Zooplus AG. Prior to this Cross had a 15-year executive career at Tesco where she was involved in a programme of acquisitions, and the establishment of a global direct sourcing operation, together with the leadership of Tesco's UK and International clothing business. Steve Parkin, Clipper's executive chairman commented:  "I am delighted to welcome Chris to Clipper. She brings a fresh dynamic to the Board, and her wide knowledge of the retail sector, coupled with her experience in FTSE 100 and FTSE 250 companies, is highly complementary to the existing skills, knowledge and ambitions of the team. In addition, Chris' knowledge of remuneration matters within listed companies will be invaluable as we enter a further phase of transformational growth for the Group." Clipper also announced that Stephen Robertson, its current senior independent non-executive director and remuneration committee chairman, will step down from the group's board on June 3.

Mkango Resources Ltd. (LON:MKA) (CVE:MKA) has announced that, because of new work commitments, Sandra du Toit has stepped down as a non-executive director of the company. Derek Linfield, Mkango's chairman said: "On behalf of the Board and our shareholders, I would like to thank Sandra for her significant contributions to the development of the business during her time as a Director. I would also like to congratulate Sandra on her new role and wish her all the best for the future."

PCF Group Plc (LON:PCF) has said obtaining its banking licence is enabling it to withstand the impact of the coronavirus (COVID-19) disruption as the firm posted interim results for the six months to March 31, 2020. Scott Maybury, chief executive of the AIM-listed bank, said the licence has meant the group is less exposed to external shocks, such as coronavirus, when they arrive. Maybury added that after a strong first half, loan demand turned down quickly in April and May. In the six months to March, new loan originations rose 26% to £153mln with the loan book 18% higher at £401mln and backed by £340mln of retail deposits.

Sareum Holdings PLC (LON:SAR) has said it is raising £718,500 before expenses via a placing of shares at 0.6p each with the new funds used to explore the potential benefit of its TYK2/JAK1 inhibitors against coronavirus (COVID-19). A separate fundraiser overseen by PrimaryBid will offer private investors new shares in the company on the same terms. As at March 31, 2020, Sareum had cash of £980,000. It expects to receive a research and development tax credit next January of £150,000.

Braveheart Investment Group PLC (LON:BRH) said it was notified on June 2, 2020, that its chief executive officer, Trevor Brown has sold 3,092,057 ordinary shares of 2p each in the company at an average price of 22.19p per ordinary share. It said that, following the transaction, Brown now holds a total beneficial interest in 4,983,877 ordinary shares, equivalent to approximately 15.89% of Braveheart 's issued share capital.

Westminster Group PLC (LON:WSG), a leading supplier of managed services and technology-based security solutions worldwide said it has been notified by holders of Convertible Loan Notes (CLNs) that they have elected to convert CLNs to the value of £93,750 into 937,500 ordinary shares in the company.

Diversified Gas & Oil PLC (LON:DGOC), the U.S. based owner and operator of natural gas, natural gas liquids, and oil wells and midstream assets, announced that on June 2, 2020, Brad Gray, its chief operating officer acquired 20,000 ordinary shares of 1p each in the company through the market at an average price of 106.40p per share. Following this purchase, the group added, Gray is now interested in 2,302,981 ordinary shares representing approximately 0.33% of the company's issued share capital.

Anglo Pacific Group PLC (LON:APF) (TSX:APY) said it has received notification of the following transactions by Kings Chapel International Limited, a person closely associated with its chief executive officer, Julian Treger. It noted that on June 1, 2020, Kings Chapel International sold 270,000 ordinary shares of 2 pence each in the company at a price of 158p per share. The group said the transaction reduces Treger's interest to 82% of his pre-existing beneficial holding of shares in line with the company's announcement on May 22, 2020, and concludes the disposals by Treger and persons closely associated with him. Following this sales, the total beneficial holding of shares in the company held by Treger and persons closely associated with him totals 4,525,631, representing 2.49% of the issued ordinary share capital of the company.

OptiBiotix Health PLC (LON:OPTI) said it received notification on June 2, 2020, for the exercise of a warrant over 50 ordinary shares in the company at an exercise price of 8p each providing the company with proceeds of £4.00.

PowerHouse Energy Group PLC (LON:PHE), the UK technology company commercialising hydrogen production from waste plastic, said it is issuing 2,003,502 ordinary shares of 0.5p each in the company further to the exercise of warrants at 0.5p per ordinary share.

Caledonia Mining Corporation PLC (LON:CAL) announced that it has issued and allotted 2,500 common shares of no par value each in the company following an exercise of share options.

Jersey Oil & Gas PLC (LON:JOG), an independent upstream oil and gas company ‎focused on the UK Continental Shelf region of the North Sea, announced that the resolutions proposed at its annual general meeting held on Wednesday, as set out in the formal Notice of Annual General Meeting dated May 6, 2020, were all duly approved by shareholders. The company also said it has uploaded an updated and narrated corporate presentation which includes answers to certain questions submitted by shareholders ahead of the meeting which can be accessed from the company's website or via: https://www.jerseyoilandgas.com/investors/presentations/

Woodbois Ltd. (LON:WBI), the African focused forestry and timber trading company, has announced that its annual general meeting will be held at the company's registered office, Dixcart House, Sir William Place, St Peter Port, Guernsey GY1 1GX, on Tuesday, June 30, 2020, at 10.00am. It said that in light of the current coronavirus (COVID-19) restrictions on Guernsey, it is not expected that shareholders will be able to attend in person, by corporate representative or by a proxy other than the chairman of the meeting. Accordingly, the group’s board encourages all shareholders to appoint the chairman of the meeting as a proxy by completing the Form of Proxy in the Notice of AGM or, in the case of CREST members, by using the CREST electronic proxy appointment service.

Symphony Environmental Technologies PLC (LON:SYM) has announced that it's annual general meeting (AGM) will be held at 11.00am on June 26, 2020, at 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD. The group said that in light of the coronavirus (COVID-19) pandemic and the social distancing measures in place, shareholders will not be able to attend the AGM in person and arrangements for the AGM may also need to change at short notice.

Savannah Resources PLC (LON:SAV) has announced that the company's annual general meeting (AGM) will be held at 10.00am on June 25, 2020. at the company's registered office, Salisbury House, London Wall, London, EC2M 5PS. Due to the coronavirus (COVID-19) pandemic, shareholders will not be permitted to attend the AGM in person and should therefore vote by proxy. The company said it will hold a webcast meeting at 11:00am on June 25, 2020, which will include a short presentation from its chief executive officer, David Archer.  Shareholders are invited to submit appropriate questions by email to [email protected] by 5.00pm UK time on June 22.

Argo Blockchain PLC (LON:ARB), the leading cryptocurrency miner based in the UK (LSE:ARB), has announced that it will hold its annual general meeting (AGM) at 10.00am on Thursday, June 25, 2020, at 50 Jermyn Street, London, SW1Y 6LX. In light of coronavirus (COVID-19) and in order to comply with the UK government's prohibition on public gatherings and guidelines on social distancing, the meeting will be closed to the public and shareholders should not attempt to attend in person as no admission will be permitted. The company said it will take questions and comments from shareholders via email on: [email protected] and will be posting answers and replies on its website: www.argoblockchain.com.

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