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EARNINGS AND TRADING: Macau NAV falls; SolGold inks Cascabel deal

Mon, 04th Mar 2024 14:13

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

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Macau Property Opportunities Fund Ltd - Macau, China-focused investor - Says its portfolio value at December 31 is USD183.5 million, down 2.1% from USD200.5 million at June 30. Adds that its net asset value per share at December 31 was 0.94 US cents, down 11% from 1.06 at June 30. Looking ahead, says it "still needs more time to reach the economic performance it enjoyed before the pandemic."

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Block Energy PLC - Resource exploration and production company focused on Georgia - Upgrades resource estimate for its Rustavi and Teleti fields. Says the total Project III 2C contingent recoverable resource figure for Patardzueli-Samgori, Rustavi and Teleti fields now stands at over 2.77 trillion cubic feet, with an estimated net present value of USD 1.65 billion. Chief Executive Officer Paul Haywood says: "Today's announcement underlines the project's potential to meet Georgia's urgent demand for energy and make a wider regional impact."

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Jaywing PLC - Sheffield-based data-driven advertising and marketing agency - Says strong trading in Australia and in its Risk Consulting business has continued to offset "weakness" in the UK Agency market. Continues to cut costs, particularly in the UK which it says will ensure maximum operational leverage. Adds that whilst market conditions continuing to be challenging, "there are encouraging signs of recovery." Net debt at January 31 was slightly reduced to GBP11.8 million from GBP11.9 million at September 30.

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Uru Metals Ltd - Developer of Zebedelia nickel project in South Africa - Says that the repayment date for the convertible loan from Boothbay Absolute Return Strategies LP has been extended to May 31, 2024 and Boothbay has also agreed that it will not convert sums due under the convertible loan note into ordinary shares of the company prior to the extended date. The CLN was first announced back in May 2020.

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Bluebird Merchant Ventures Ltd - South Korea-focused gold company primarily focused on bringing historic mines back into production - Appoints Green Management & Environmental Consultancy Corporation to prepare the environmental impact study, plus the application for an environmental compliance certificate for the Lobo high-grade gold mining opportunity within the Batangas project area in the Philippines. CEO Colin Patterson says: "The appointment of E-Green by our [joint venture] company to conduct the EIS is a positive step forward for the advancement of activities at Lobo in the Batangas gold project area, one of three high grade gold projects in our portfolio. Our local partner, which is funding all work including permitting to a production decision in return for 60% of the project, believe that this is the most important activity at this time for the project to be advanced. It has already been instrumental in securing the community development plan underlining the importance of having local partners and we look forward to reporting the milestones as the work progresses."

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SolGold PLC - Ecuador-focused copper and gold exploration company - Inks memorandum of understanding with Grupo Empresarial Semaica, Enerhydra and Constructora Nacional for a hydro-solar initiative to power its Cascabel project in Ecuador. Says the partership will deliver approx 200 megawatts of renewable energy to Cascabel. Grupo Empresarial Semaica is an Ecuadorian construction company, while Enerhydra is a Brazilian-Argentinian engineering firm based in the United States with a strong presence in Ecuador. Constructora Nacional is also an Ecuador-based construction company.

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By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Block Energy starts drilling next West Rustavi well

(Sharecast News) - Georgia-focussed explorer and producer Block Energy announced on Tuesday that drilling operations on well WR-B01 ST had started.

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Block Energy agrees 50% farmout deal for exploration opportunities

(Alliance News) - Block Energy PLC on Monday said it entered into a 50% farmout agreement with exploration company Georgia Oil & Gas Ltd for part of Block Energy's XI licence block.

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Block Energy celebrates SLB decision not to use acquisition option

(Alliance News) - Block Energy PLC on Wednesday said that SLB, the biggest offshore drilling contractor in the world according to Bloomberg, had decided against exercising its rights to buy 108 million shares in the business.

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Block Energy makes progress across three Georgia projects

(Sharecast News) - Georgia-focussed explorer and developer Block Energy said in an update on Wednesday that the JSR-01 DEEP well had been safely drilled and completed below budget.

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(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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(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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