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Pin to quick picksEcho Energy Share News (ECHO)

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TRADING UPDATES: DP Poland finds new CFO; Spectral MD wins new money

Tue, 30th Aug 2022 20:17

(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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HSBC Holdings PLC - Asia-focused lender - Prices three subordinated note offers. Says 7.35% 2032 notes priced at fixed spread of 235 basis points, giving USD1,145 per USD1,000, while 7.625% 2032 notes at USD1,159.

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DP Poland PLC - franchisor in Poland for Domino's Pizza - Executive Director and Chief Financial Officer Malgorzata Potkanska to step down on September 30. Will appoint Edward Kacyrz to role, who has worked at Mars, Levi Strauss and Kimberly Clark in Poland. "Having started his career in accounting and finance roles, Edward progressed into business development, corporate development and strategy at Velvet Care and most recently at Smyk, Poland's leading toys and children apparel retailer," it adds. Kacyrz to take up role on December 1. "If any gap arises between departure of the current CFO and arrival of the incoming CFO, the company's finance function will be overseen by a non-executive director and supported by Maciej Jania, former CFO of DP Poland and current head of Revenue," it explains.

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Spectral MD Holdings Ltd - London and Dallas, Texas-based predictive analytics for wound care - Wins USD8.2 million in additional funding from US Biomedical Advanced Research & Development Authority. "The additional funding will further accelerate the commercialisation of the company's DeepView Wound Imaging System by expanding the number of sites for the clinical training study for burn wounds, increasing DeepView's interoperability with health systems' electronic health records, and accelerating the company's manufacturing readiness," it says.

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Directa Plus PLC - London-based graphene nanoplatelets supplier - Nets notice of allowance from the United States Patent & Trademark Office for the grant of a patent covering the company's G+ embedded polyurethane membrane. Giulio Cesareo, founder and chief executive of firm, says: "Our core textile offering is generating considerable interest in the US market and therefore patent protection, and defence, in the territories in which we operate remains a fundamental part of our strategy to create value for shareholders." G+ membranes provide superior thermal comfort by enhancing heat retention, it notes.

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Iconic Labs PLC - London-based media and technology company - Says it enters settlement agreement with Greencastle Media, Arch Capital Partners LLP, D Sefton and the European High Growth Opportunities Securitization Fund. "As a result, all litigation proceedings have been dismissed, and all claims, counter claims, including defamation claims, among the parties, have been waived or will be waived upon the company voluntary arrangement being approved," it adds. As a result, CVA proposals finalised and being sent to creditors. Notes European High Growth Opportunities Securitization Fund agrees to provide funding for CVA and general working capital purposes. Shares suspension will be lifted if CVA approved.

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Longboat Energy PLC - exploration and production company focused on the North Sea - Starts drilling at Copernicus exploration well, which is 10%-owned by company, in Norway. "Copernicus is the primary prospect located in license PL1017, which lies on the Utgard High in the Voring Basin region of the Norwegian Sea," company explains. "The drilling of the Copernicus well 6608/1-1S, operated by PGNiG Upstream Norway AS, is being undertaken by the Deepsea Yantai drilling rig and is expected to take up to eight weeks to drill."

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Mosman Oil & Gas Ltd - Sydney-based oil and gas company with projects in Australia and the US - Expects drilling at Cinnabar-1 well in Tyler County, Texas to start in "next week or two". "The Cinnabar well is planned for a vertical depth of 9,900 feet. The primary targets are the Wilcox sands, which produce oil and gas in nearby wells. The drilling is expected to take about two weeks," it adds. Owns about 75% working interest in well.

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Echo Energy PLC - London-based energy company focused on Latin America - Says it has been granted 1-month extension to publish 2021 annual results. Must now publish results by September 30. "With the audit of the local Argentinian JV entity, in which Echo holds a 70% non-operated interest, completed in August 2022, the company's UK auditor is now working to finalise its own audit of the company and the company will endeavour to publish the 2021 annual report as soon as possible, and significantly ahead of 30 September 2022," it adds.

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By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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

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

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