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(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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Block Energy PLC - London-based oil and gas exploration and production company which operates the West Rustavi, Norio and Satshenisi oil fields in Georgia - Announces that well WR-34Z has reached total depth and drilling operations have ceased. Testing of the well will commence shortly following completion of the well. Drilling operations were successfully undertaken by Block's in-house operating team, without incident, on time and within budget.
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Coro Energy PLC - South East Asian energy company with a natural gas and clean energy portfolio - Receives the GBP1 million proceeds due from the sale of ion Ventures Holding Ltd announced on August 24. Further, announces that, further to the successful wind energy service contract award in the Philippines, it has contracted the meteorological mast for its 100 megawatt onshore Oslob wind power project. The company has two development stage renewables projects in Cebu, Philippines; a 100MW onshore solar project and a 100MW onshore wind project for which it is entitled to 88% of the future dividends.
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Infrastructure India PLC - infrastructure fund investing directly into assets in India - Agrees an extension to the maturity dates of all its debt facilities being the term loan provided by IIP Bridge Facility LLC, the working capital loan provided by GGIC Ltd and the bridging loan provided by Cedar Valley Financial. All three have been extended from August 31 until October 31. Maturity extensions allow company to continue to work towards completing the sale of its largest asset, Distribution Logistics Infrastructure Ltd.
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Myanmar Investments International Ltd - Myanmar-focused investor - Agrees not to extend the terms of the sale and purchase agreement with respect to the sale by the company and its co-shareholders of 100% of Myanmar Finance International Ltd. Says MIL, and its co-shareholders, will continue to explore other exit options, including with Thitikorn PLC, to enable a sale at the earliest opportunity. Explains MFIL has been restructuring its own financial affairs and is close to repaying its creditors which should then leave it debt free within the next few months.
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Europa Oil & Gas (Holdings) PLC - UK and Ireland focused oil and gas exploration, development, and production company - Issues statement regarding Wressle 1 well in which it has a 30% interest. Other stakeholders are Union Jack Oil PLC, a UK focused onshore hydrocarbon production, development and exploration company, which has a 40% interest, and Egdon Resources PLC, which has a 30% stake. The three firms state that operations to install artificial lift on the Wressle 1 well have commenced. The operations began with a slickline programme where downhole pressure and temperature gradients were acquired. Slickline operations have now been completed and the ongoing work programme includes recompleting the well for installation of a downhole jet pump and installing the associated surface equipment. It is expected that these operations will last around three weeks and that production from the well will be reinstated in late September 2023.
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First Tin PLC - London-based tin development company, focused on advanced, low capex projects in Germany and Australia - Applies for a large exploration licence covering the majority of the Tingha tin field, located around 50km from its advanced stage Taronga tin project in northeastern New South Wales. Chief executive Thomas Buenger says: "We expect that the Exploration Licence will be granted close to the time of completion of our DFS on the Taronga deposit, and we look forward to updating shareholders with the outcome once this procedure has been completed."
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Molecular Energies PLC - international energy company - Says preparation for the start of drilling of the Paraguay exploration well on the Tapir x1 site has continued. The mobilization to site has been completed and the rig up is approximately 50% complete with the mast scheduled to be erected at or around the end of next week. The blowout preventor is undergoing final testing and certification before being shipped to the site from Brazil. Currently expected to be delivered and installed week commencing September 11.
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Logistics Development Group PLC - investment firm - Reports pretax loss of GBP543,000 narrowed from GBP786,000 loss the year before. Loss per share totalled 0.10 pence compared to 0.12p LPS. Explains loss was due to a loss on investments at fair value in the current reporting period and a write off of other income due to a change in the company's investment management agreement with its Investment Manager.
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Globe Invest Ltd - Closing date for bid for Best of the Best has now passed. At that time, GIL had acceptances for over 90% of BOTB shares. Intends to compulsorily acquire the remaining shares.
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Kinovo PLC - London-based property services provider offering safety compliance and sustainability solutions - Notes all resolutions bar two were passed at today's annual general meeting. Notes that resolutions 7 & 8, in respect of authorising the directors to disapply pre-emption rights, were not passed and that a significant proportion (more than 20%) voted against these resolutions. Will continue to engage in discussions with shareholders to better understand their views.
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By Jeremy Cutler, Alliance News reporter
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