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Pin to quick picksChallenger Energy Share News (CEG)

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TRADING UPDATES: Actual Experience appoints administrators

Tue, 07th Nov 2023 18:11

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


Sunrise Resources PLC - Cheshire, England-based company focused on industrial mineral projects in Nevada - Calls general meeting on November 22 to discuss proposed sub-division of company's shares. Explains given the current share price is below their nominal value, it is unable to raise funds by issuing new shares. Therefore, proposes subdivision of each ordinary share into one new ordinary share and one deferred share. This will enable the company to issue shares in the future at an issue price which exceeds their nominal value. At present, has no intention of issuing new shares. If approved, the company will seek approval to buyback the deferred shares.


Thor Energy PLC - London-based, US and Australia-focused mineral exploration company - Announces that the Ambient Noise Tomography surveys by Fleet Space Technologies are now complete at the Alford East Copper-REE project in South Australia. Explains preliminary models clearly delineate low-velocity, weathered 'troughs' that host the oxide copper-gold-REE mineralisation within the Alford copper belt. Managing Director Nicole Galloway Warland says: "Thor is very pleased with the progress made by Fleet Space Technologies, with the completion of the ANT surveys in a timely and efficient manner, and their preliminary models defining the low-velocity troughs." Adds: "We look forward to keeping the market updated as the modelling and interpretation results continue to come in."


Actual Experience PLC - Bath, England-based analytics-as-a-service company - Appoints Jonathan Dunn and Andrew Sheridan of FRP Advisory Trading Ltd as joint administrators to the company. Follows failed attempts to secure extra funding and amid no upturn in trading. Explains securing new contracts has taken longer than expected, and trading has tracked the severe downside scenario announced in the interim results. This, along with additional costs exploring strategic options has resulted in a depletion of cash reserves and without new funding, the company would have inadequate funds to continue trading after late November. Attempts to raise funds or sell the business have so far proved unsuccessful. Hence, the decision to appoint administrators has been taken. Requests suspension of shares.


Predator Oil & Gas Holdings PLC - Jersey-based oil and gas company focussed on Morocco, Trinidad, and Ireland - Completes the acquisition of T-Rex Resources Ltd and 83.8% of the Cory Moruga licence, onshore Trinidad from Challenger Energy Group PLC. Confirms a variation in terms to those originally announced. Pays CEG USD1 million, plus a further USD1 million, which was originally due six months after completion. A further USD1 million may be payable depending on Cory Moruga achieving certain future production benchmarks. Paul Griffiths, executive chair says: "Cory Moruga will provide newsflow over the next 12 months but most significantly creates the opportunity for cash flow in 2024 to protect against difficult market conditions and negative investor sentiment caused by uncertainty generated by regional conflicts and poorer global economic performance."

Challenger Energy Group says in addition to the cash received, completion of the transaction will have the effect of extinguishing various liabilities in its accounts relating to the Cory Moruga licence, amounting to around USD4.5 million. Further, all historical differences and disputes between CEG and PRD in relation to the Inniss-Trinity pilot CO2 EOR Project have been fully and amicably resolved.


Novacyt SA - Eastleigh-based biotechnology group focused on clinical diagnostics - Confirms IVDR accreditation under the new European Union requirements of the In Vitro Diagnostic Regulation for its DPYD genotyping assay, which supports the identification of cancer patients at risk of suffering a severe, and potentially life-threatening, reaction to common chemotherapy. James McCarthy, acting chief executive says: "This success reflects the high-quality of the product in terms of both performance and safety, and follows a rigorous review by our notified body. It is a clear market advantage to have our product as the first assay to detect DPD deficiency to conform to IVDR, particularly as more and more countries in Europe and elsewhere are adopting this form of screening as their recommended procedure ahead of chemotherapy treatment."


Instem PLC - Staffordshire, England-based provider of IT services to life sciences market - Reports the NSIA condition relating to the bid from Archimed has been met after the Secretary of State said it will not be taking any further action in relation to the acquisition. The deal remains subject to other conditions being satisfied.


Atlantic Lithium Ltd - Africa-focused lithium exploration and development company - Announces the addition of 8,000 metres of drilling targeting resource growth to the ongoing 2023 programme and further assay results from the resource and metallurgical drilling programme underway at the Ewoyaa Lithium Project in Ghana, West Africa. Highlights high-grade infill and extensional drill intersections reported at the Ewoyaa Main, Anokyi and Ewoyaa South-2 deposits designed to provide metallurgical drill core whilst infilling the resource and extend mineralisation. Neil Herbert, executive chair, says: "This planned drilling, which will bring the total programme to approximately 26,500m of infill, extensional, exploration and studies drilling, follows the recent grant of the Mining Lease for the project and represents the commencement of an escalation in the company's exploration efforts, which will go into the second quarter 2024, focused on growing the Ewoyaa Resource."


YouGov PLC - London-based research and data analytics group - Says Grant Thornton UK LLP has been appointed as the company's new auditor, replacing PricewaterhouseCoopers LLP which has resigned. The appointment will be put to a vote of shareholders at the upcoming annual general meeting.


By Jeremy Cutler, Alliance News reporter

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