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Pin to quick picksEcho Energy Share News (ECHO)

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TRADING UPDATES: Anglo-Eastern Plantations sees palm oil prices rise

Mon, 27th Jun 2022 21:51

(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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Anglo-Eastern Plantations PLC - producer of palm oil and rubber across Indonesia and Malaysia - Says own production of fresh fruit bunches 460,800 tonnes in five months to end of May, down 3% on year ago. Says plantations in North Sumetera with younger palms performed reasonably well, while plantations with older palms in Bengkulu and Kalimantan experienced a drop in production. The crude palm oil ex-Rotterdam price averaged USD1,650 per tonne in the period, up 47% year-on-year. At June 10, the CPO price ex-Rotterdam closed at USD1,660. "We expect the ex-mill price in Indonesia to improve after the government issued guidelines and regulations on 14 June 2022 to accelerate the shipment of palm oil following the lifting of the export ban. However, we expect a pullback in the CPO price as crop production improves further in the second half of the year," it says.

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Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Revenue for six months to end of March 31 GBP198,000, up from GBP17,000 a year before. Pretax loss widens to GBP1.7 million from GBP607,000. "There is an underlying confidence and optimism that permeates the Power Metal business and the team within it. We recognise the pressure challenging markets and falling share prices place on investor portfolios and are respectful of this whilst still enthusiastically articulating our progress and our ambitions," says Chief Executive Paul Johnson.

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Echo Energy PLC - London-based energy company focused on Latin America - Is granted up to two further months to publish its annual accounts for calendar 2021. "This additional period is in view of the adverse impact of Covid-19 having resulted in delays in the ability of the local Argentinian Santa Cruz Sur joint venture entity in which Echo holds a 70% interest to provide information to its Argentinian auditor," it explains. Expects to report 2021 revenue of USD11.1 million, flat on 202. Adds that production at Santa Cruz Sur assets, onshore Argentina, during start of 2022 up until June 18 reaches aggregate of 243,230 barrels oil equivalent net to Echo during the period.

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Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Says pipeline from Coho facility to the Central block has been completed, and hydrotesting is scheduled to commence this week upon which the pipeline will be ready for first gas. "Coho will be the first onshore natural gas project to come onstream in 20 years, representing an important milestone for both Touchstone and the Republic of Trinidad and Tobago," it says. Targeting full production in August. Adds that oil transfer line on Fyzabad block was cut last week in act of "vandalism", with around 250 barrels of oil released.

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Nuformix PLC - London-based pharmaceutical development company - Initiates further studies to support the progression of NXP002. "These studies will directly address issues faced in the duration of action studies. Firstly, the company will investigate a new formulation of NXP002 for inhalation, delivered using an alternative method designed to ensure consistent and controlled exposure is achieved. Secondly, the company will explore a new range of doses to best optimise efficacy of treatment," it says. The studies will start in August with results generated throughout the second half.

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Belluscura PLC - London-based medical device developer - Launches next generation X-PLOR portable oxygen concentrator. It provides "more oxygen by weight than any portable oxygen concentrator in its class" and is Bluetooth enabled. "With the launch of the next generation X-PLOR, Belluscura continues to add more sizable distributors and durable medical equipment providers to its distribution network," it says.

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Sunrise Resources PLC - Macclesfield, England-based mineral project developer - Says its CS Natural Pozzolan has now been conditionally approved by the California Department of Transport for use in California state infrastructure projects. Caltrans is the government body responsible for the award of state funded infrastructure construction projects in California. "I am delighted that Caltrans has conditionally approved the CS Natural Pozzolan. This is good news for the CS Project. Whilst we were confident that the CS Natural Pozzolan would pass Caltrans's testing procedures, this is an important step forward as many concrete specifiers look to this list as an independent endorsement when specifying for a wider range of non-Caltrans projects," says Executive Chair Patrick Cheetham.

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Symphony Environmental Technologies PLC - Borehamwood, Hertfordshire-based plastics and rubber - Says following legal action by distributor in Peru, a "clear distinction" has been officially acknowledged between oxo-degradable and oxo-biodegradable technologies, officially confirming that oxo-biodegradable technology does not leave microplastics behind. "This legal outcome has significant implications for Symphony's commercial growth in Peru and in Latin America generally. In addition, it vindicates Symphony's long-term and ongoing advocacy strategy in the region, based upon transparent and technically-led engagement with legislators and opinion-formers," company says.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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8 Feb 2024 21:25

TRADING UPDATES: Nexxen expands partnership; Geiger considers listing

(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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29 Jan 2024 21:25

IN BRIEF: Echo Energy raises GBP250,000 via subscription of new shares

Echo Energy PLC - Latin America-focused exploration company - Raises GBP250,000 via direct subscription of 5.6 million new shares at a price of 0.0045 pence each. Also announces the issue of 363.6 million warrants to the arranger of the subscription, exercisable at a strike price of 0.008 pence and expiring on January 29, 2029. Admission of new shares for trading on AIM is expected on Thursday this week.

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19 Dec 2023 17:52

IN BRIEF: Echo Energy extends GBP1.0 million loan to 2025, cuts interest

Echo Energy PLC - Latin America-focused exploration company - Restructures GBP1.0 million loan originally provided to company in March 2017. Extends loan to November 30, 2025 with current principal and accrued interest to date has been reduced by 10%. As a result, the total amount outstanding as at November 30 stands at GBP898,028, with a new annual lower interest rate of 2% agreed, which will be rolled up and paid at maturity. Says the purpose to the restructuring was to extend the term whilst also reducing the overall level of debt and preserving cash balances by avoiding further interest payments. Agrees to pay a GBP15,000 fee to the lender. Chief Executive Officer Stephen Birrell says: "I am delighted with the support shown by our lender, the Spartan Fund Limited SAC. Echo is full steam ahead originating and negotiating multiple business development opportunities and we look forward to updating investors in due course."

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14 Nov 2023 13:56

IN BRIEF: Echo Energy hires new CEO as director promoted to chair

Echo Energy PLC - Latin America-focused exploration company - Hires "highly experienced geoscientist" Stephen Birrell as new chief executive officer, effective immediately. Birrell is currently a non-executive director at Coro Energy PLC and Live Co Group PLC, and managing director at Ossian Energy Ltd. He served as a non-executive director at Ascent Resources PLC from 2020 to October this year. Echo's current CEO Martin Hull steps down to become a non-executive director, as does Non-Executive Chair James Parsons. Company promotes Christian Yates, another non-executive director, to chair with immediate effect. Yates says Birrell "brings a wealth of technical and commercial experience...we look forward to leveraging his experience as we look to deliver our strategy."

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2 Oct 2023 21:32

IN BRIEF: Echo Energy reports pretax losses in double results update

Echo Energy PLC - Latin America-focused exploration company - On Friday, reports results for 2022. Revenue totals USD86, down sharply from USD23,318 the year before. Pretax loss widens to USD4.3 million from USD1.9 million. Basic loss per share was 0.27 US cents compared to 0.15 cents before. Sees significant opportunities at this point in the economic cycle to secure new energy assets at attractive valuations and is currently exploring a number of these opportunities.

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2 Oct 2023 20:41

EARNINGS AND TRADING: Clean Invest reports interim loss and no revenue

(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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31 Jul 2023 21:59

TRADING UPDATES: Barryroe hires examiner in bid to avoid liquidation

(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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29 Jun 2023 21:38

TRADING UPDATES: Atlantic Lithium confident after Ewoyaa study

(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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27 Jun 2023 17:26

IN BRIEF: Echo Energy seals sale of most of Santa Cruz Sur stake

Echo Energy PLC - Latin America-focused energy company - Completes deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million to Selva Maria Oil SA and Interoil Exploration & Production ASA. Deal had been announced in May. The sale is intended to provide near-term funding to cope with current challenges, it said at the time.

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26 May 2023 12:22

Echo Energy to sell 65% interest in Argentine Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Friday said it has signed a deal to sell 65% of the company's 70% working interest in Santa Cruz Sur for GBP1.7 million.

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9 May 2023 12:11

Echo Energy to partially sell Argentina-based Santa Cruz Sur assets

(Alliance News) - Echo Energy PLC on Tuesday said it plans to sell 65% of its 70% working interest in Santa Cruz Sur in Argentina, as the company grappled with over 100% year-on-year inflation in the country.

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9 May 2023 10:30

AIM WINNERS & LOSERS: Capital Metals signs MoU; Echo Energy sells

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

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9 May 2023 09:09

LONDON MARKET OPEN: Stocks down; JD Sports buys in Europe

(Alliance News) - Stock prices in London opened lower on Tuesday after a long bank holiday weekend and new data showing that UK house prices slipped in April.

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18 Apr 2023 11:06

AIM WINNERS & LOSERS: Echo Energy production falls and cash runs short

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

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18 Apr 2023 10:48

Echo Energy sees fall in quarterly oil & gas production in Argentina

(Alliance News) - Echo Energy PLC said on Tuesday its cash balances have "significantly weakened" amid fall in Argentine production and high inflation.

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