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Proactive news headlines: Jersey Oil and Gas, Galileo Resources, Faron Pharma, Ergomed, Eco Atlantic Oil and Gas ...

Last updated: 16:25 26 Jan 2021 GMT, First published: 15:30 26 Jan 2021 GMT

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Jersey Oil and Gas PLC (LON:JOG) has released new and upgraded contingent resource estimates for the Buchan oil project in the North Sea Following dynamic reservoir work conducted by Schlumberger the company has set P50 contingent technically recoverable resources of 126mln barrels of oil for the Buchan oil field, which will be the central part of the Greater Buchan Area (GBA) hub project. It marks an improvement from a prior estimate of around 82mln barrels, and lifts the whole GBA inventory to 162mln barrels.

Galileo Resources PLC (LON:GLR) said it has sold a package of 9 licences in the Kalahari Copper Belt for US$3mln to Sandfire Resources Ltd (ASX:SFR), which is building the T3 copper-silver mine nearby. It marks a quick monetisation for Galileo given it only acquired the exploration ground in May and October 2020. Sandfire is paying US$1.5mln in cash and US$1.5mln in shares, plus a contingent future ‘success payment’ of US$10mln-80mln subject to future ore reserve volumes being unearthed across the acreage. At the same time, Sandfire is subscribing for US$1.5mln Galileo shares, at a price of 2.68p per share.

Faron Pharmaceuticals Oy (LON:FARN) (First North:FARON) said the US Food & Durg Administration (FDA) has approved the phase II/III trial of a drug being deployed to combat the acute symptoms of coronavirus (COVID-19). Traumakine, an intravenous interferon beta-1a drug, will be given to people who have been hospitalised but who do not yet need ventilation. It will be administered before corticosteroids are given. The aim is to prevent systemic inflammatory response syndrome (SIRS) and acute respiratory distress syndrome (ARDS) – and by extension improve sufferers’ condition and reduce the death rate among patients.

Ergomed PLC (LON:ERGO) shares pushed higher after the provider of services to the pharmaceutical sector said 2020 earnings would be ahead of expectations. The company said it expects revenue for 2020 will be around £86.4mln, up 26.5% on 2019’s £68.3mln and in line with current market expectations. The positive trading performance seen in both Ergomed's pharmacovigilance (PV) and clinical research organisation (CRO) businesses during the first six months of the year continued through to the year-end and resulted in a strong order book at the start of 2021.

Eco Atlantic Oil and Gas Ltd (LON:ECO) said it has launched plans that will see it become a “diversified, growth-oriented energy company”. The firm has set up a new company, Eco Atlantic Renewables, which will seek to source, acquire, and develop exclusive renewable solar energy projects. "We are not a management team that likes to sit and wait for outcomes,” said Gil Holzman, Eco chief executive in a statement. “Following several months of extensive strategic work and identification of multiple projects by the management team and Board of Directors, this exciting opportunity has crystalised. 

Arkle Resources PLC (LON:ARK) has highlighted recent drill results put out by Group Eleven Resources (CVE:ZNG) as part of an ongoing programme of work on the Stonepark zinc deposit in Ireland. Arkle holds a 23.44% interest in the Stonepark project with Group Eleven holding the remaining interest. The two-hole step-out programme intersected strong mineralisation beyond the boundary of the existing resource estimate, including 0.5 metres of 12% combined zinc and lead.

Albion Development VCT PLC (LON:AADV) has said that, following strong demand for the company’s shares under the Prospectus Top Up Offers 2020/2021, which opened on January 5, 2021, its board said it has elected to exercise the over-allotment facility. Accordingly, the maximum amount that the company can raise is increased from £7mln to £10mln (before issue costs).

XLMedia PLC (LON:XLM) has reiterated a “multi-track approach to recovering the casino vertical” alongside what it said is a fundamental rationalisation of its asset portfolio. In a trading update for the year to December 31, 2020, the digital marketing specialist said the portfolio rationalisation involved “significantly reducing the overall number of sites and upgrading the quality of those remaining, with a concentration on highly-engaging content and enhanced functionality to drive increased traffic and build consumer loyalty”.

Thor Mining PLC (LON:THR) has unveiled a maiden copper-gold mineral resource estimate for its Alford East project in South Australia including the Netherleigh Park, Liaway and Alford East prospects. The AIM-listed explorer reported a mineral resource estimate for the project of 177,000 tonnes of contained copper and 71,500 ounces of contained gold, although it added that the estimate includes only oxide copper-gold mineralisation considered amenable to In Situ Recovery (ISR) techniques.

City Pub Group PLC (LON:CPG) said its cash burn has been “significantly reduced” to cope with the effects of the coronavirus (COVID-19) pandemic, while also outlining actions that it said will allow it to “rapidly take advantage of pent-up consumer demand and opportunities that will undoubtedly emerge” once restrictions are lifted. In an update for the year to December 27, 2020, the AIM-listed publican said cash burn has been reduced to £300,000 per month following a number of cost-saving measures including furloughing almost all of its staff, reducing director salaries and negotiating with its landlords.

Sativa Wellness Group Inc (LON:SWEL) has said it is aiming to achieve a UK FSA novel foods accreditation on or before the deadline of March 31 as the cannabidiol (CBD) specialist laid out its plans for the coming year. In a business update, the company said it is aiming to drive sales of its Goodbody brand of CBD wellness products in the UK and launch them in Europe. The firm said it will commence online sales on its Goodbody store websites as well as expanding its product range to focus on lower price point products as well as adding more cosmetic products to deliver increased consumer and trade sales.

Power Metal Resources plc (LON:POW) the AIM-listed metals exploration and development company announced an update regarding the maiden drill programme targeting the discovery of nickel and platinum group metals (PGM) at the Haneti Nickel PGM Project in Tanzania. Power Metal holds a 35% ownership interest in Haneti with 65% held by Katoro Gold PLC (LON:KAT). Paul Johnson, chief executive officer of Power Metal Resources commented: "The successful completion of the maiden drill programme at Haneti is another positive step forward and with samples now dispatched to the laboratory, we eagerly await the assay results." In a separate statement,  Power Metal Resources PLC said it has taken an option to acquire a 100% interest in four gold exploration properties in the prospective Hemlo and Schreiber area of Ontario, Canada. The AIM-listed company said the agreement would see it pay up to C$260,000, half in cash and half in shares, based on an issue price of its shares of 3p apiece.

FastForward Innovations Ltd (LON:FFWD) has noted the shareholder approval of the merger of Yooma Corp. and Globalive Technology (TSX-V: LIVE). The AIM-listed group held a 10.65% interest in Yooma and will hold 8.95% of the enlarged issued share capital of the combined company. The merger remains subject to Canadian regulatory approval.

Personal Group Holdings PLC (LON:PGH), the employee benefits and services provider, believes it is well-placed to capitalise on an increased focus on employee well being. Protecting employees' health and wellbeing became a key focus for all employers in 2020 and with 72% of UK managers naming wellbeing as a top priority in 2021, the company said its three divisions stand ready to help them deliver on this. In a trading update covering the whole of 2020, the group said that after a solid first-half performance, it continued to trade robustly in the second half of the year during what it described as “a most challenging period”.

SDX Energy PLC (LON:SDX) has set its 2021 production guidance at 5,620 to 5,920 barrels oil equivalent and said it plans to spend some US$25mln to US$26.5mln of capex. The Egpyt and Morocco focused firm noted that the production guidance range is slightly lower than the like-for-like run-rate last year. “I am pleased to provide our production and capex guidance for 2021, where after a very solid year of production in 2020, we continue on a similar profile, albeit with some contingency worked in for maintenance in Egypt,” said Mark Reid, chief executive in a statement.

ADES International Holding PLC (LON:ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa, said it has secured a new contract in the Gulf of Suez. The contract, secured with a top-tier client, covers a firm six-month period, with the option to extend for an additional six months. The daily rate for the contract will be similar to a previous contract held by the company. The contract further strengthens ADES's position and revenue visibility in Egypt. The new contract is expected to commence in February 2021.

CMC Markets PLC (LON:CMCX), the online trading platform operator, has selected Amazon Web Services (AWS) to speed up the next phase of its digital transformation. The adoption of AWS will provide the agility, security, and resilience for CMC Markets to deliver on its ambitious product development pipeline, the company said. By outsourcing the management of network servers, CMC Markets will free up valuable development hours, taking its delivery time for new product innovations from six months to six weeks, it told investors.

AEX Gold Inc. (CVE:AEX) (LON:AEXG) has announced the appointment of Jaco Crouse has been appointed as its chief financial officer (CFO) effective immediately. The group said Crouse will replace George Fowlie who has stepped down as the CFO but remains on its board as a director. It added that the board intends to propose Crouse as a director of the company at the next annual general meeting. AEX Gold noted that Crouse is a seasoned mining executive with nearly 20 years' experience in financial management, mine financial planning, business optimization and strategy development. He most recently occupied the position of CFO of Detour Gold Corp.

Supermarket Income REIT PLC (LON:SUPR) said it has bought a Morrison’s store in Wisbech, Cambridgeshire, from Aberdeen Standard Investments for £30mln. The total amount paid (excluding acquisition costs) represents a combined net initial yield of 5.0%. Built in the 1980s, the supermarket was refurbished and extended in 2011 to cover 37,000 square feet.

Anglo Asian Mining PLC (LON:AAZ), the gold producer focussed on Azerbaijan, is to pay a special dividend of US$0.015 per share in respect of the year ended December 31, 2020. The dividend will be paid on March 11, 2021.

Aminex PLC (LON:AEX) has announced that Jan Gunnar Opsal has stepped down as a non-executive director of the company, with immediate effect.  Under the terms of the Shareholder and Relationship Agreement dated July 8, 2016, Eclipse Investments has the right to appoint two directors to the Aminex board and there is now only one Eclipse Director on the board and Eclipse retains the right to appoint an additional director at any time. Charles Santos, chairman of Aminex commented: "On behalf of the Board, we thank Jan Gunnar for his contribution to the Company and wish him the very best for the future."

BB Healthcare Trust PLC (LON:BBH) announced that it has renewed and amended its multi-currency revolving credit facility (RCF). The lender has been novated from Scotiabank (Ireland) Designated Activity Company to The Bank of Nova Scotia, London Branch. The company's borrowing policy is unchanged. Under the terms of the amended RCF, the company may draw down loans up to an aggregate value of US$150mln. The new facility will expire in January 2022.

Bahamas Petroleum Company PLC (LON:BPC) has said that, following its announcement on January 12, 2021, regarding the exercise of the Company Put option with an institutional investment fund managed by Lombard Odier Asset Management, the company has issued 9,375,000 warrants to advisors in settlement of certain fees for this transaction.  The warrants are exercisable for a period of 3 years at an exercise price of 2p per share.

Remote Monitored Systems plc (LON:RMS) said it has been notified that Paul Ryan, previous non-executive chairman of the Company, has exercised a further 7,142,857 options at a price of 1.4p each. The consideration received by the company will be £100,000.

Condor Gold PLC (LON:CNR) (TSX:COG) said that after receiving notice for the exercise of warrants, it is issuing 83,333 new ordinary shares with a nominal value of 20p each in the capital of the company at a subscription price of 31p per share, for which the company has received gross proceeds of £25,833.

Vast Resources PLC (LON:VAST), the AIM-listed mining company, announced that Atlas Special Opportunities LLC has given notice to the company that it elects to convert bonds of US$500,000 nominal value in accordance with the terms of the Bond Issuance Deed announced on October 24, 2019.  The company confirmed that it has satisfied the exercise of the Conversion Rights through the issue of 323,880,177 ordinary shares of 0.1p each at a price of 0.1128p per ordinary share.

Zephyr Energy PLC (LON:ZPHR), the Rocky Mountain oil and gas company focused on responsible resource development, said it has received notice of exercise for warrants (issued in November 2019) to subscribe for 4,545,454 new ordinary shares of 0.1p each in the company at a price of 2.0p per ordinary share.

Alpha Financial Markets Consulting PLC (LON:AFM), a leading global provider of specialist consultancy services to the Asset and Wealth Management industry, has announced that Investec Bank has been appointed as its Nominated Adviser, in addition to its existing role as joint broker alongside Berenberg, with immediate effect.

Mosman Oil and Gas Ltd (LON:MSMN) is a ‘buy’ and could more than double in value, that’s according to an initiation note by stockbroker SP Angel. The small-cap oiler bucked the trend of its peers in 2020 with a year of operational development, highlighted analyst Sam Wahab. “Against a challenging market backdrop, the company successfully transitioned into a low cost, high margin producer, exiting the year with a transformed production profile,” Wahab said in a note.

Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation, and infectious diseases has published an updated presentation to its website at https://ir.tizianalifesciences.com/presentation. The presentation contains no new material information but gives an overview of all of the company's current and active development pipeline, consolidating information the subject of previous announcements, including the potential of Foralumab as a lymphodepletion agent in CAR-T therapies for cancer. The company's budgeted expenditure for the full year 2021 remains $30mmln and budgeted expenditure for 2022 remains $28mln; in both cases, the expenditure totals include all clinical and general and administrative expenditure. Cash and cash equivalents as of December 31, 2020, stood at US$62mln.

Sareum Holdings PLC (LON:SAR), the specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases, has said its chief executive officer, Dr Tim Mitchell, is participating in a virtual interview at the Edison Open House: Global Healthcare 2021 event, taking place online between 26 and 28 January 2021. Dr Mitchell's session will take place between 2.00pm and 3.00pm GMT today, Tuesday, January 26, 2021. The following link can be used to register: https://www.lsegissuerservices.com/spark/edison-open-house-global-healthcare-2021 

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