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(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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EnQuest PLC - London-based energy company with assets in the UK and Malaysia - Signs agreement, on behalf of the PM8 production sharing contract parties with Petronas to support Peninsular Malaysia's gas demand by providing additional gas from the Seligi field through the existing PM8E PSC facilities until the end of 2025. Expects the agreement to increase EnQuest's gas production by around 25 million standard cubic feet per day initially from associated gas. Explains increasing gas production aligns with EnQuest's strategy of responsibly managing existing energy assets, enhancing exposure to gas and international assets, and will contribute to a reduction in EnQuest's carbon intensity.
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Windward Ltd - Tel Aviv, Israel-based maritime predictive intelligence company - Reports demand for Windward's AI powered predictive intelligence platform has continued into 2023, delivering top line growth which is expected to reduce the time taken to reach profitability. Now has over 150 customers, up from 132 at the start of the year.
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Reabold Resources PLC - London-based oil and gas company with projects in the UK, US and Romania -
Agrees to buy 3.1% shareholding in LNEnergy Ltd for GBP250,000 cash. Deal includes options to acquire further shares in LNEnergy which would result in Reabold holding a 25% stake in the company for GBP3.8 million in cash and shares. Notes LNEnergy's primary asset is an option over a 90% interest in the Colle Santo gas field, onshore Italy in the Abruzzo region.
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Glenveagh Properties PLC - Dublin-based housebuilder - Chair John Mulcahy buys 210,000 shares at EUR0.94 each worth around EUR199,000.
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TT Electronics PLC - Surrey, England-based electronics provider - Provides update on trading in the first four months of 2023. Reports momentum from last year has continued and trading in the year to date has been encouraging, reflecting the structural growth of TT's end-markets and the strength of customer relationships. Points out group revenue was 16% higher than the previous year on a constant currency basis. Adds the performance in Power and Connectivity is much improved on the first half of 2022 and Sensors and Specialist Components and GMS divisions continue to perform well. Further, highlights the order book remains close to record levels and current year expected revenues are now almost fully covered by orders. Holds guidance for the full year.
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Octopus Renewables Infrastructure Trust PLC - London-based investment firm, focused on electricity generation assets - Reports net asset value at March 31 is 107.7 pence per share, down from 109.4p at December 31. Explains ORIT benefits from a high proportion of fixed contracted revenue, and at March 31, around 78% of forecast revenue over the 24-month period to March 31 2025 is fixed and therefore not exposed to near-term power price fluctuations.
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Bradda Head Lithium Ltd - Isle of Man-based, US-focused lithium exploration company - Announces soil sampling results confirming a nine kilometre mineralised trend along with further significant drill hole intercepts of high grade lithium bearing minerals on multiple targets. Notes these results were from the third and final set of assay results from the maiden diamond core drilling programme at Bradda's 23 square kilometre San Domingo pegmatite district in Arizona.
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Cobra Resources PLC - Gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia - Announces further gold results from a recent 20-hole, 2,466 metre reverse circulation drilling programme and the completion of a dual purpose, 95-hole regional Aircore drilling programme. Highlights significant resource expansion potential at the White Tank 13,000 ounces gold resource, demonstrated by CBRC0070 which intersected 12 metres at 2.35 grams per tonne of gold from 54 metres, including 2 metres at 8.5 grams per tonne of gold. Further, notes increased strike of gold mineralisation at the Clarke prospect to over 700 metres. Adds Aircore drilling programme confirmed Redox conditions within a significantly scalable palaeo-drainage system that is considered highly prospective for ion-adsorbed rare earth elements mineralisation.
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By Jeremy Cutler, Alliance News reporter
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