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TRADING UPDATES: Upland Resources completes technical study at Sarawak

Tue, 28th Nov 2023 16:53

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

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88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Launches placing of shares worth AUD0.0045, or GBP0.0023 per share, to raise AUS9.9 million, or GBP5.3 million. Says the placing price is an 18% discount to its closing price on the Australian Stock Exchange on Monday, and is at a 24% discount to the average closing price for the past 10 days. Says it will use the placing proceeds for working capital, to fund flow testing at Hickory-1, as well as farm-in exploration at its recently acquired Owambo Basin acreage in Namibia.

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OnTheMarket PLC - Aldershot, Hampshire-based property listing website - Says independent proxy adviser Glass Lewis is recommending that shareholders vote for its acquisition by CoStar UK Ltd. Last month, OnTheMarket agreed to a takeover offer by CoStar consisting of 110 pence per OnTheMarket share, valuing the firm at around GBP99 million. Says Institutional Shareholder Services Inc has already made a positive voting recommendation. Reiterates its unanimous recommendation for the acquisition, noting its "attractive" 110 pence per share valuation, at a 56% premium to its price before the offer. Notes that it will hold a general meeting on December 4.

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FD Technologies PLC - County Down, Northern Ireland-based group comprising several data-driven businesses, including technology and digital solutions providers KX, First Derivative, and MRP - Says KX business has launched its KDB.AI server, a database for time-orientated generative AI and contextual search. Says KDB.AI is available to be deployed on premisses, hybrid or in the cloud. Says KDB.AI includes advanced metadata filtering, multi-modal data handling and is compatible with popular tools such as LangChain. KX Chief Executive Ashok Roddy says: "The debut of KDB.AI Server Edition marks a transformative step in enterprise AI. It's tailored for a future where data is a strategic powerhouse, enabling businesses to create unique, custom AI solutions from their proprietary data to forge a distinct competitive edge. Blending unparalleled data processing with agility and privacy, KDB.AI Server Edition isn't just a new product, it's a leap into the generative AI era, ensuring businesses not only adapt but also thrive and lead in the rapidly evolving AI landscape."

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Upland Resources Ltd - London-based oil and gas company, which has assets in Malaysia, Tunisia and the UK North Sea - Says it has completed its joint technical study on Block SK334 in Sarawak, Malaysia, alongside its partner Petros, via the joint venture firm UBO. Adds that it has begun preparation for its exploration campaign on the block. Says results of the technical study confirm the prospectivity of the site, recording several oil and gas seepages in the area. Chief Executive Bolhassan Di says: "This is a very busy period for the company. Having now successfully completed the Joint Technical Study and submitted our detailed report to Petros the process naturally shifts into the Production Sharing Contract. Collaborating with Petros on the joint technical study has been a major success, we would like to acknowledge the positive working relationship between both parties and look forward to increased engagement throughout 2024."

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Hemogenyx Pharmaceuticals PLC - London-based biopharmaceutical company focused on treatments for deadly blood diseases - Says it has raises GBP534,375 via the issue of 22.5 million new shares at 2.375p per share. Says proceeds of the placing will be used to accelerate the development of its Chimeric Antigen Receptor T-cells to treat acute myeloid leukemia. Says funds raised will allow it to progress its plan agreed to by the US Food & drug Administration and to resubmit its investigational new drug application. Chief Executive Vladislav Sandler comments: "Today's placing will enable the company to progress with its ambitious schedule to move forward to clinical trials of this exciting potential treatment for [leukemia] as well as to further expand the use our [Chimeric Bait Receptor] platform for the treatment of solid tumours."

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By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com