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Pin to quick picksChallenger Energy Share News (CEG)

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EARNINGS AND TRADING: Challenger signs farm-out; Ricardo revenue up

Wed, 06th Mar 2024 13:05

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

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Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - Enters farm-out agreement with Chevron Uruguay Exploration, a wholly-owned subsidiary of Chevron Corp. The agreement is related to a 60% interest in the Area Off-1 block, offshore Uruguay. Chevron will pay Challenger USD12.5 million on completion of the transaction. The funds will be used to support the "further development" of the company's business. Chief Executive Eytan Uliel says: "We are absolutely delighted to announce the farm-out of our Area Off-1 block in Uruguay to Chevron, a globally recognised industry leader. We firmly believe that Area Off-1 holds enormous potential, and this farm-out is strong validation of the high-quality technical work CEG has done to-date."

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ImmuPharma PLC - London-based drug discovery and development company - Confirms that its financing position is sufficient for its immediate requirements and it has no current plans to raise equity through the capital markets. Says future cash needs will be met through income from commercial deals. Adds that is in discussions for commercial deal for rights to its anti-infective programs, CIDP and BioAMB.

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Active Energy Group PLC - London-headquartered biomass-focused renewable energy company - Receives cash payment of USD1.7 million from a settlement agreement with Player Design Inc. The settlement was announced on Tuesday and relates to former activities for the potential production of CoalSwitch at PDI's facility in Ashland, Maine. "The board continues to examine the most expedient ways to commence CoalSwitch fuel production, using its proprietary technologies, and will provide an update to shareholders at the earliest opportunity," Active Energy says.

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Ricardo PLC - Shoreham By Sea, West Sussex-based environmental and engineering consultant - Pretax loss narrows to GBP2.1 million in the six month that ended December 31 from GBP12.5 million a year before, as revenue grows 5.4% to GBP224.2 million from GBP212.7 million. Declares an interim dividend of 3.8 pence per share, up 13% from 3.35p a year ago. Looking ahead, Ricardo says it "remains confident of delivering full year market consensus, underpinned by our strong order intake in the second quarter of [the first half], increased pipeline visibility for the second half of the year and improved profitability from accelerating our operating model transformation."

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Netcall PLC - Bedford, England-based customer engagement software provider - Pretax profit grows 63% to GBP3.9 million in the first six months of the financial year ending June 30 from GBP2.4 million in the first half of financial 2023, as revenue rises 8.0% to GBP18.9 million from GBP17.5 million. Looking ahead, Netcall says it has positive momentum going into the second half of the financial year. CEO James Ormondroyd says: "These results reflect a good start to the year, with strong uptake of our Cloud offering from new and existing customers. This growing base of cloud subscriptions is providing increased visibility and cash flows, supporting continued investment into our business."

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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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Challenger Energy signs new Uruguay licence

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Challenger Energy makes progress in Uruguay

(Sharecast News) - Caribbean and Americas-focussed Challenger Energy updated the market on its Uruguayan assets on Thursday, having submitted geotechnical reports for AREA OFF-1 to ANCAP, the Uruguayan regulator, fulfilling its minimum work program obligation on 11 December.

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IN BRIEF: Challenger Energy debt-free after fully repaying bridge loan

Challenger Energy Group PLC - Caribbean and America-focused oil and gas company - Says it is debt-free after fully repaying its short-term GBP346,500 bridge loan in late October, which went towards redeeming in full the drawn and unconverted balance of a convertible loan note funding facility. Says part of the proceeds of the USD3 million sale of Cory Moruga licence onshore Trinidad, announced on Tuesday, were used to repay loan.

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Challenger Energy now debt-free after bridge loan repayment

(Sharecast News) - Caribbean and Americas-focussed oil and gas company Challenger Energy announced on Friday that it has retired its short-term bridge loan, under the terms it outlined on 27 October.

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Challenger Energy updates its financing arrangements

(Sharecast News) - Challenger Energy Group updated the market on its financing arrangements on Friday, as it secured a short-term bridge loan of £0.35m to promptly redeem the entire drawn and unconverted balance of its previously disclosed convertible loan note funding facility.

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