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TRADING UPDATES: Thor Explorations, Zenith Energy post swing to profit

Tue, 30th Aug 2022 16:13

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - For the year ended March 31, pretax profit jumps to CAD64.7 million from CAD3.5 million the year before, as a result of revenue hiking to CAD8.2 million from CAD596,000, driven by the production of 131.56 million cubic feet of natural gas, compared to 12.71 million cubic feet the prior year. Zenith also benefits from a CAD75.9 million gain on the business combination of Ecumed Petroleum Tunisia Ltd and Canadian North Africa Oil & Gas Ltd, compared to a CAD36.5 million gain the prior year.

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Thor Explorations Ltd - Vancouver-based mineral explorer with assets in west Africa - For the first half of 2022, swings to net profit of USD6.3 million from USD5.1 million loss the same period a year prior, following the generation of USD66.2 million in revenue, driven by the production of 45,128 ounces of gold, and sales of 38,830 ounces. Looking ahead, revises 2022 production guidance to 90,000 ounces to 100,000 ounces of gold, compared to prior guidance of 85,000oz to 100,000oz.

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Bigblu Broadband PLC - Bicester, Oxfordshire-based rural broadband services provider - For the six months ended May 31, pretax loss widens to GBP183,000 from GBP67,000 the same period a year before, as a result of higher distribution and administration expenses at GBP5.2 million. This was in spite of revenue rising 14% year-on-year to GBP14.9 million from GBP13.1 million, due to a higher number of customers, and favourable foreign exchange rates. Like-for-like revenue growth on a constant currency basis is 11.5%. Looking ahead, Bigblu anticipates a strong second half, and remains comfortable with market expectations for the financial year as a whole.

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Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - For its maiden year ended March 31, reports pretax profit of USD25.2 million, driven by a bargain purchase gain of USD33.7 million through the acquisition of Ben's Creek operating firms, as well as the generation of USD5.4 million in revenue following the start of coal production. However, administrative costs rise to USD9.0 million from USD1.4 million the prior year. Looking ahead, the group expects to produce up to 80,000 clean tonnes of coal per month.

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Gensource Potash Corp - fertilizer development company based in Saskatchewan, Canada - For the first half of 2022, net loss narrows to CAD1.5 million from CAD1.9 million the same period a year prior, mainly due to a higher foreign exchange gain and a fall in share-based payments. Looking ahead, Gensource intends to raise funds to complete the financing of the Tugasake project, and the development of a second project.

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Arrow Exploration Corp - Calgary, Canada-based oil and gas company - For the second quarter of 2022, swings to net income of USD768,318 from a loss of USD734,317 the same period a year before, on revenue which hikes to USD5.0 million from USD941,620, as a result of total production increasing to 980 barrels of oil equivalent per day from 331 boe, and average prices rising 35% to USD71.35 from USD52.78. Looking ahead, Arrow expects to drill up to three further wells at Rio Cravo in Colombia and enact a two well program on the Carrizales Norte structure on the Tapir block.

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Yooma Wellness Inc - Toronto, Canada-based CBD and cannabis-related wellness products maker - For the first half of 2022, net loss narrows to USD3.8 million from USD5.6 million the same period a year before, on revenue which more than doubles to USD6.5 million from USD2.8 million, driven by the contribution from acquisitions completed by Yooma in 2021, which expanded the company's platform, particularly in Europe and Japan. Looking ahead, expects reduced expenses for the third quarter, and the company will also explore new opportunities for the sale of assets or further acquisitions.

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Blackfinch Spring VCT PLC - Gloucester-based venture capital trust interested in technology businesses - Net asset value as at June 30 increases to 93.19 pence per share from 90.60p the same date a year before. During the period, makes eight new investments for a total of GBP4.5 million, five of which were follow-on investments into strongly performing portfolio companies. Total size of portfolio now stands at 16.

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By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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7 Jun 2024 16:06

IN BRIEF: Bens Creek elects to liquidate the company

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Elects to liquidate the company. This follows a board meeting and subsequent discussions with its advisers. Appoints Hill Dickinson for the process, and will commence immediate proceedings. Expects shortly to make an application to the courts. Under the circumstances cancels the previously announced general meeting which was to be held on Monday.

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21 May 2024 21:50

TRADING UPDATES: CVS sells Dutch and Irish loss-making businesses

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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16 May 2024 20:09

TRADING UPDATES: Bens Creek considers administration; Nexxen inks deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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13 May 2024 16:39

TRADING UPDATES: Adnams toasts first quarter sales; t42 wins deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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10 May 2024 16:39

EARNINGS AND TRADING: Asiamet Resources declares special dividend

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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10 May 2024 16:39

EARNINGS AND TRADING: Asiamet Resources declares special dividend

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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3 May 2024 13:39

TRADING UPDATES: Kelso raises stake in NCC; Transense joins project

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

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23 Apr 2024 17:38

IN BRIEF: Bens Creek makes further Chapter 11 filings in US

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Makes further Chapter 11 filings with US bankruptcy court, adding that US companies have entered into a term sheet for debtor-in-possession financing facility. Says that Avani, its largest shareholder, has filed a DIP term sheet with the Court for up to USD14.5 million. The Avani facility term sheet is now binding on Avani, but is not binding on the Chapter 11 companies until the court binds the Chapter 11 firms. A court hearing to consider the Avani facility is now expected at the end of April.

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12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

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12 Apr 2024 14:25

Bens Creek shares fall as it moves mine into care and maintenance

(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

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12 Apr 2024 10:04

AIM WINNERS & LOSERS: Bens Creek falls as it lays off workers

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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12 Apr 2024 09:39

Bens Creek shares plunge amid round of lay-offs in West Virginia

(Alliance News) - Bens Creek Group PLC shares on Friday plummeted after it reported that it has laid off 44 Bens Creek Operations WV LLC employees.

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12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

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8 Apr 2024 10:52

Bens Creek inks coal sale deal amid cash flow strains

(Sharecast News) - Metallurgical coal miner Bens Creek Group announced an agreement with its largest shareholder Avani Resources on Monday, for the purchase of 20,000 tons of off-spec coal.

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8 Apr 2024 10:17

Bens Creek down as struggling company inks additional Avani coal order

(Alliance News) - Bens Creek Group PLC shares sank nearly 20% on Monday morning, as the company announced another coal contract with its largest shareholder following a tough start to 2024.

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