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(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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Avation PLC - Singapore-based passenger aircraft leasing firm - Enters new operating lease for an Airbus A320 aircraft with Philippines low-cost carrier, Cebu Pacific. The market rate lease is for a term of four years and is on Avation's typical lease terms. The aircraft is currently being returned by the previous operator and is scheduled for delivery to Cebu Pacific in December 2023, following scheduled periodic maintenance checks. "Once the aircraft is delivered in December 2023 this lease will positively impact our fleet metrics," Executive Chair, Jeff Chatfield says.
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Egdon Resources PLC - Reading-based oil and gas explorer and producer - Notes press release made today by Europa Oil and Gas (Holdings) PLC in relation to the Cloughton gas discovery in PEDL343 where Egdon holds a 40% interest. Europa stated it has completed a preliminary audit of the Cloughton gas in place volumes. "The discovery well at PEDL 343 (Cloughton) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow and the company believes that that a well could flow at 6 mmscf/day using the correct completion techniques, Europa says.
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Arrow Exploration Corp - oil and gas company with projects in Colombia and Canada - Announces the results of its maiden Carrizales Norte reserves evaluation by Boury Global Energy Consultants Ltd as at August 31. Reports proved reserves of 1.82 million barrels of oil and a net present value of USD71.2 million, discounted at 10%. Proved plus probable reserves were 3.92 million barrels with a NPV-10 of USD143.5 million and proved plus probable plus possible reserves totalled 6.62 million barrels with a NPV-10 of USD244.1 million.
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BSF Enterprise PLC - London-based investor in biotechnology - Provides strategic update. Explains core strategy is to drive the development of lab-grown tissues, through acquiring, investing in, or developing joint ventures with the most promising companies from across the industry. Further, plans to open a subsidiary that will focus on developing the processes necessary to manufacture lab grown tissue in a mass production facility.
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Golden Metal Resources PLC - Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company - Announces the identification of a significant 10 kilometre-square conductive zone at its Kibby Basin lithium project in Nevada, US. Believes that there is a very high likelihood of lithium brine continuity into the company's lithium properties which will be the subject of expedited follow-up exploration.
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Scotgold Resources Ltd - Suspends trading in company's shares pending clarification of its financial position. In July, firm reported a disappointing review in terms of gold production and development of the underground mine at Cononish. Explains the ability of the group to continue as a going concern over the long term would remain dependent on the quantity and grade of ore mined and processed.
Further, says to deliver the draft mine plan would involve require significant capital investment. Actively seeking additional financing and discussions are at an advanced stage which are expected to provide sufficient funding. However, the outcome of the talks is highly uncertain and if it cannot conclude a significant fundraise, it will cast material uncertainty for the company to continue as a going concern.
Adds debt providers have not been paid interest as it has fallen due. Notes one unsecured creditor has demanded full payment of outstanding interest but company does not believe that to do so would be in the best interest of stakeholders. As such, a default is possible if the creditor does not agree to a new payment plan, and a default would mean a material risk the business could be placed into administration in the next few weeks.
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Cora Gold Ltd - West African focused gold company - Confirms the extension of certain convertible loan rights due to mature on September 9. In March, company issued USD15.9 million convertible loan note with a maturity of September 9. This has now extended until March 12, 2024. Says some noteholders requested the early repayment of outstanding CLN for a total USD625,000 plus 5%.
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Baker Steel Resources Trust Ltd - Guernsey-incorporated firm investing in equities, loans or related instruments of natural resources companies - Reports its second largest investment Futura Resources Ltd has completed a AUD26.2 million financing package to fund the start of production of steel making coals at its Wilton Mine in Queensland, Australia. BSRT will invest AUD4.7 million which will be satisfied through the rolling of its existing outstanding AUD700,000 bridging loan as well as a further investment of AUD4 million in new funds. This will maintain BSRT's 27% equity interest in Futura. Estimates new investment will increase the company's overall investment exposure to Futura from the current 25.3% net asset value to 28.2% NAV.
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By Jeremy Cutler, Alliance News reporter
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