(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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Pennpetro Energy PLC - oil & gas company - Posts narrowing pretax loss of USD482,000 for first half ended June 30, from USD1.0 million a year prior. The reduced loss is boosted by sinking operating expenses of USD351,000 from USD1.4 million a year before. Highlights "significant developments" in pursuit of proprietary intellectual property green technologies. Looking ahead, says it is well placed to capitalise on continued recovery of petroleum sector, specifically with focus on operations in Texas where Covid-19 pandemic has caused severe disruption.
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Kavango Resources PLC - mineral exploration company with operations in Botswana - Posts interim pretax loss of GBP776,000, widened from GBP254,000 in 2020. Although not yet revenue generating, Kavango says the company has moved from its start-up phase to a fully operational enterprise in past six months. Notes operations have accelerated exploration across all three of its project areas.
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ADM Energy PLC - natural resources investor - Posts sharp drop in revenue for 2020, attributed to lower oil prices during the period. Revenue of GBP800,000 is far below GBP2.5 million the year before. Pretax loss balloons to GBP6.9 million from previous position of GBP1.7 million. Oil production falls to 699,000 barrels of oil per day from 890,000 bbls in 2019 due to extended period of maintenance on the floating production system while oil prices were depressed. Acquisitive growth opportunities in West Africa are being explored, ADM notes.
Chief Executive Osamede Okhomina says: "Despite the challenges faced in 2020, I am pleased to report that ADM ended the year with a solid foundation for future growth. We remain in the market for new opportunities to accelerate our growth."
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IDE Group Holdings PLC - Edinburgh-based network, cloud and IT managed services - Interim pretax loss narrows to GBP1.5 million from GBP3.8 million a year before. Revenue is up 12% to GBP7.6 million from GBP6.8 million. Notes the sale of its IDE Group Connect subsidiary, which is comfortably loss-making for the six months, is "highly probable". Following sale of Connect, expects company to be profit making, IDE highlights. Looking to the second half, outlines intention to remove the firm's debt overhang.
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Xtract Resources - copper-gold projects in Australia, Mozambique and Zambia - Revenue for six months ended June 30 falls to GBP153,000 from GBP613,000 a year previously. Pretax loss widens dramatically to GBP2.2 million from GBP187,000. The loss is partly due to higher administration expenses of GBP2.0 million, with GBP1.5 related to a share-based payment charge. Notes results from Phase-One drilling provide "significant potential" to upgrade known mineral resources at the Bushranger copper-gold project in New South Wales, Australia.
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Borders & Southern Petroleum PLC - oil and gas exploration company focused on Falkland Islands - Loss before tax for first half cut to USD446,000 from USD721,000 a year prior. The current phase of the company's Falkland Islands licence is due to expire at the end of January, an application to extend this has been submitted. Due to dwindling cash reserves, company says it is likely that additional funds will be sought before the end of January in order to meet licence and working capital needs.
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MiLOC Group Ltd - Hong Kong-based pharmaceutical and beauty products - Reports revenue for six months ended June 30 of HKD4.0 million, down 72% from HKD14.4 million a year before. Pretax loss narrows to HKD5.0 million from HKD14.4 million. Says investment in online platforms for selling products has resulted in the business being well placed to continue delivering products without disruption caused by Covid-19 pandemic. MiLOC notes management "remain confident that the business can adjust to the challenges" presented by the coronavirus.
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Evrima PLC - mining and exploration investor - Pretax loss for six months ended June 30 narrows to GBP133,000 from GBP178,000 the half-year before and from GBP16,000 for the 2019 corresponding period. No revenue is generated compared to GBP10,000 a year prior. "The company has focused its efforts on the identification of base and industrial mineral opportunities in Botswana and has successfully executed several investments during the first half of 2021," Evrima says.
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4basebio UK Societas - UK-based biotech company - Pretax loss for first half stretches to GBP1.8 million from GBP381,000 a year before, on revenue of GBP179,000, 13% higher year-on-year compared to GBP159,000. Notes DNA manufacturing facility expected to be completed by year end and multiple patent filings across DNA synthesis and nanoparticle delivery technology.
"We are increasingly confident that during the course of 2022 we will be able to manufacture meaningful quantities of DNA for resale. Initially this will be for research and pre-clinical purposes while we look to secure good manufacturing practice approvals for our manufacturing suites," comments Chief Executive Heikki Lanckriet.
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Block Energy PLC - oil and gas developer and producer in Georgia - Posts swelling interim revenue of USD2.7 million from USD313,000 a year before. Pretax losses are slashed to USD2.1 million from USD2.7 million. Total production during the period of 87,000 barrels of oil equivalent per day comprising 55,500 of oil and 31,500 of gas. The results mean there was a "significant increase" in oil production for first half. "The first half of the year demonstrates our ability to safely deliver, despite the impact of the Covid-19 pandemic on our operations," states Chief Executive Paul Haywood.
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By Will Paige; willpaige@alliancenews.com
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