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Pin to quick picksEuropa Oil & Gas Share News (EOG)

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UK TRADING UPDATE SUMMARY: Churchill China Sales Hit By Virus

Thu, 11th Jun 2020 13:23

(Alliance News) - The following is a round-up of updates by London-listed companies on the impact of the Covid-19 pandemic, issued on Thursday and not separately reported by Alliance News:

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Churchill China PLC - Stoke-on-Trent-based ceramic products maker - Virus impacts sales to hospitality markets significantly. Following a strong start to 2020, trading in April and May well below normal levels. Several actions taken to mitigate the effect of reduction in activity. Seeing first signs of an improvement in trading with growing levels of orders and activity. Anticipates increased market demand over the next few months. Overall monthly revenue to remain below 2019 levels for some time as hospitality market activity re-adjusts. Consulting with employees in relation to the potential reduction in the size of workforce. No decision yet been made on the number of redundancies.

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Princess Private Equity Holding Ltd - Guernsey-based investment company - Completes stake sale in non-food discount retailer Action. Received initial proceeds of EUR80.9 million following the closing. Transaction involves deferred proceeds of EUR9.1 million. Stake sale has no impact on net asset value. Cash position following the stake sale stands at EUR107.0 million.

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Secure Property Development & Investment PLC - County Durham, England-based eastern Europe focused property investor - Gets three month extension to publish 2019 results. Confident that 2020 results will not suffer any material adverse effects from the coronavirus pandemic crisis. 2019 results to be in line with management expectations with 18% year-on-year rise in rental income to EUR2.1 million.

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Agronomics Lted - Isle of Man-based biotechnology investor - Invests EUR1 million in Dutch cultivated meat company Meatable BV. Buys 997 preferred shares in Meatable's Seed 2 financing. Will ultimately own a 6.5% stake in Meatable following conversion of a EUR2 million loan note.

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REA Holdings PLC - London-based palm oil producer focused on Indonesia - Production in the first few months of 2020 at good levels. With many harvesters unable to travel home for the traditional Ramadan holiday, productivity has been maintained. Crude palm oil production for the year to May 31 increased 5.1% year-on-year to 83,400 tonnes. Crude palm kernel oil production up 20% at 5,400 tonnes. Fresh fruit bunch harvest increases 4.8% to 370,000 tonnes. Crude palm oil prices fell to USD510 per tonne in mid-May from USD860 on January 1. Since then, prices have recovered moderately to current level USD595 per tonne. Taking steps to reduce costs including cutting 200 staff, mostly temporary workforce.

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ADES International Holding PLC - UAE-based oil & gas drilling services provider - Sees 22% year-on-year jump in revenue for the three months to March 31. April saw continuation of first-quarter revenue trends. Utilisation rate 96% versus 92%. Margins broadly in line with 2019. Order backlog at USD1.34 billion at end of first-quarter versus USD1.31 billion at 2019-end. Net debt of USD640.3 million as at March 31. Continues to expect a similar earnings before interest, tax, depreciation and amortisation performance for 2020 to that achieved in 2019. Anticipates modest reduction in utilisation rates in 2020 due to the oil price volatility.

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Anglo African Oil & Gas PLC - London-based cash shell - Secures GBP1.5 million unsecured convertible loan from Riverfort Global Opportunities PCC Ltd. Each drawdown is interest free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms. All drawdowns and fees associated with them will be convertible into ordinary shares.

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Ironveld PLC - Cardiff, Wales-based iron miner focused on South Africa - Applies for ZAR240 million, around GBP11.3 million, project development funding to a major South African lender for commencing mining and production at magnetite project. Partner Inclusive Investment Group Proprietary Ltd agrees to provide a bridge funding facility of up to ZAR3.70 million. Extends option pact for Inclusive Investment to buy 440.2 million Ironveld shares at 0.42 pence per share. The option was to expire on Wednesday next week.

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Faron Pharmaceuticals Oy - Finland-based drug discovery company - Selected to receive a EUR2.5 million grant from the European Innovation Council Accelerator pilot scheme to progress the Matins study and related business activities. Matins clinical trial is investigating the tolerability, safety and efficacy of Clevegen, Faron's novel precision cancer immunotherapy targeting Clever-1 positive tumour associated macrophages in selected metastatic or inoperable solid tumours.

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Cohort PLC - Reading, England-based defence technology provider - Subsidiary Chess Dynamics awarded a EUR7.5 million contract for its Air Guard Counter-Unmanned Aerial Systems for air base and critical infrastructure protection for an international customer. Majority of the contract to be delivered during the current and next financial years. Contract further underpins group revenue and short and medium term outlook.

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Amur Minerals Corp - Khabarovsk, Russia-based minerals explorer - Receives non-binding indicative offtake terms for both the nickel and copper concentrates from Kun-Manie project in Russia. Gipronickel Institute conducting metallurgical testwork programme on Kun-Manie.

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Europa Oil & Gas Holdings PLC - London-based oil & gas explorer - Acquiring 100% interest in Frontier Exploration Licence 3/19, offshore Ireland, from DNO for a nominal upfront fee and the granting of a 5% net profits interest over future production of gas and liquids from any accumulation on FEL 3/19 to DNO. Licence will add 1.2 trillion cubic feet of gas to Europa's inventory in Ireland.

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Greatland Gold PLC - London-based precious metals explorer - Reports exceptional drill results from Havieron deposit in the Paterson region of Western Australia. Results demonstrate improved continuity in the high-grade crescent sulphide zone and extend the strike length of mineralisation to 550 metres in the upper 200 metres of that zone. Drilling has also provided further confirmation of the potential for a bulk tonnage target in the adjacent breccia hosted mineralisation. Farm-in partner Newcrest Mining Ltd planning further 80,000 metres of drilling at Havieron over the next 12 months.

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Ariana Resources PLC - London-based gold explorer - Reports 50% rise in resource estimate for Tavsan project in Turkey to 4.49 million tonnes for 253,000 ounces of gold and 723,000 ounces of silver. Estimate further de-risked with 77% of the resource now in the measured and indicated JORC categories. Discussions with potential lenders to commence imminently to secure funding for the development of the project. Tavsan is part of the Red Rabbit Joint Venture with Proccea Construction Co and is 50% owned by Ariana.

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MetalNRG PLC - London-based natural resources investor - Identifies a number of onshore oil & gas assets in the UK. Enters into preliminary agreement with the owners of a small portfolio of onshore, conventional, oil & gas producing licences. Finalising the required funding for the acquisition. Working on development plans for its Gold Ridge gold mine in the US state of Arizona, which will help minimise risk and create a sustainable path to revenues from the waste resources left behind from previous operators and resource from new unexplored areas. Proposes alternative commercial terms to vendor for the potential oil & gas acquisition in Romania.

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Open Orphan PLC - London-based pharmaceutical services provider - Unit Venn Life Sciences signs a major contract with a leading vaccine developer and one of the top pharmaceutical companies in the world. Contract is to obtain and support market access of newly developed vaccines into the EU and US markets until the end of 2020.

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Inspiration Healthcare Group PLC - Crawley, West Sussex-based medical technology supplier - Gets grant award for Project Wave which is developing a novel technology for a respiratory device designed to be used in neonatal intensive care. Grant towards the cost of trials expected to commence this year on 20 babies at Trevor Mann Unit, Brighton & Sussex University Hospital. Med Tech Trials Innovation Support Grant awarded by the Academic Health Science Networks and part financed by the European Regional Development Fund, which will contribute up to 50%, or GBP50,000 maximum, towards the costs of the trials.

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Woodbois Ltd - London-headquartered forestry and agriculture company - To recommence limited operations in Gabon next week. Seeing gradual increase in trading enquiries. Enquiries and demand levels, particularly from Asia and the Middle East, have started to return. Zahid Abbas and Jacob Hansen have stepped down from board but will remain as head of trading and chief operating officer respectively. In talks to restructure unlisted debt instruments to strengthen financial position.

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STV Group PLC - Scottish broadcaster - Agrees a deal with Virgin Media which will enable its TV customers across the UK to watch the STV Player via their set top box. STV Player app and catch-up service was integrated into Virgin Media's set top boxes for viewers in Scotland in December 2018. This new deal ensures that STV content can now be accessed throughout the UK, considerably extending the reach of the STV Player.

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Matomy Media Group Ltd - Tel Aviv-Yafo, Israel-based cash shell - Shares to be suspended from the London Stock Exchange's main market on June 23. Shares will continue trading on the Tel Aviv Stock Exchange. Matomy continues to consider its options and scouting for new opportunities going forward.

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By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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13 Sep 2024 12:49

IN BRIEF: Europa Oil & Gas opts not to extend Serenity licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Says that it does not intend to apply to the North Sea Transition Authority for an extension to the Serenity licence, which is due to expire on September 30 of this year. As a result, the incurred costs associated the licence that Europa Oil & Gas has capitalised on its balance sheet will be written off.

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13 Sep 2024 11:23

Europa Oil opts not to extend Serenity licence

(Sharecast News) - Europa Oil & Gas, an company focussed on oil and gas exploration, development, and production in the UK, Ireland and West Africa, announced on Friday that it would not apply for an extension of the Serenity licence, P2358.

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3 May 2024 20:29

IN BRIEF: Europa Oil & Gas withdraws from UK offshore licensing round

Europa Oil & Gas (Holdings) PLC - UK and Ireland-focused oil and gas exploration, development and production company - Updates on the company's application for a licence as part of the 33rd UK Offshore Licensing Round that closed in January. Says the North Sea Transition Authority proposes a marriage between Europa and another party for the Licence. But, Europa decides not to accept the proposed marriage and also notifies the NSTA that, if the NSTA subsequently decide to award the Licence, in its entirety to the company as the sole owner, Europa would decline the offer. Europa explains that since its original application various aspects of the operating conditions and the fiscal environment have changed and remain uncertain. This reduces the economic and strategic attractiveness of the licence. As such, Europa believes that its resources are better deployed on its existing assets and looking for new opportunities within its core areas of focus.

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3 May 2024 08:39

Europa Oil to decline any North Sea licence offer

(Sharecast News) - Europa Oil & Gas said in an update on Friday that it received communication from the North Sea Transition Authority (NSTA) regarding its application for a licence as part of the 33rd UK Offshore Licensing Round.

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22 Apr 2024 20:03

EARNINGS AND TRADING: Zenova's Kitemark award; Carnival's eyes savings

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

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17 Apr 2024 12:21

IN BRIEF: Europa Oil loss lower; eyes opportunity in Equatorial Guinea

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development and production company - Pretax loss narrows 20% to GBP1.0 million in the six months to GBP1.0 million from GBP1.3 million a year prior. Revenue dives to GBP1.4 million from GBP3.7 million, which it says was due to the three-month shut-in period at Wressle in the East Midlands. Total cost of sales decrease 28% to GBP1.6 million from GBP2.2 million. Notably, reports no exploration write off cost, compared to GBP1.7 million a year prior. Looking ahead, Chief Executive Officer Will Holland says: "As we have alluded to in the past, we are always looking for additional geographies where we can reallocate our inhouse expertise. Such an opportunity arose in Equatorial Guinea towards the end of last year, where we are investing in a very high-quality licence with three drill-ready and potentially transformational prospects."

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14 Feb 2024 12:40

Europa Oil & Gas confirms extension to Cloughton licence

(Sharecast News) - Europa Oil & Gas announced a significant extension to its PEDL 343 licence on Wednesday, housing the Cloughton gas discovery in the East Midlands.

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14 Feb 2024 11:55

Europa Oil & Gas gets extension to PEDL 343 gas licence from UK NSTA

(Alliance News) - Europa Oil & Gas Holdings PLC on Wednesday announced an extension to its PEDL 343 licence in the East Midlands of England, which contains the Cloughton gas discovery.

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29 Jan 2024 10:27

IN BRIEF: Europa Oil hails phase extension for flagship Irish licence

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Says that Phase One of FEL 4/19, its licence in the Slyne basin, has been extended following approval from the Irish Government's Department of the Environment, Climate & Communications.

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15 Jan 2024 13:37

IN BRIEF: Europa Oil & Gas stock down as cashflow lower than expected

Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - Expects to report free cash flow of approximately GBP800,000 for 2023, lower than forecast of GBP4.2 million announced on Wednesday. Says lower than expected result was primarily due to delayed development at Wressle-1 well reducing revenue receipts for 2023, although it did result in "materially lower" capital expenditure. Says it has sufficient funds to cover expected capital and operational requirements for 2024. Company also reports that its cash position was GBP4.3 million at November 30, and that gross production at Wressle-1 is currently averaging 665 barrels of oil per day.

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2 Jan 2024 11:05

Union Jack and Europa Oil get resources upgrade for Wressle field

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Tuesday said an independent assessment has increased the oil reserves of their licences at the Wressle field onshore in Lincolnshire, England.

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19 Dec 2023 12:43

Europa Oil & Gas and Union Jack Oil toast flow rate at Wressle-1 well

(Alliance News) - Europa Oil & Gas Holdings PLC and Union Jack Oil PLC on Tuesday said that production had increased at the UK onshore Wressle-1 well.

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29 Nov 2023 17:20

Union Jack, Europa O&G note Egdon update on Wressle future plans

(Alliance News) - Union Jack Oil PLC and Europa Oil & Gas Holdings PLC on Wednesday both noted Egdon Resources UK Ltd's community update on the Wressle oilfield development in North Lincolnshire, including PEDL180 and PEDL182 assets.

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27 Nov 2023 20:02

TRADING UPDATES: Live Co to cut jobs; SDX Energy in strategy shift

(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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16 Nov 2023 15:54

UK shareholder meetings calendar - next 7 days

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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