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Share Price: 0.135
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TRADING UPDATES: Genel backs outlook; abrdn Property Income NAV falls

Fri, 04th Nov 2022 21:01

(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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Genel Energy PLC - London-based oil company focused on the Kurdistan region - Says on track to generate USD250 million of free cash flow this year. Says net production in first nine months of 2022 amounts to 30,350 barrels of oil per day. For third quarter alone, output totals 30,200 bopd, in line with guidance. Output guidance range of 30,000-31,000 bopd reiterated for 2022.

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abrdn Property Income Trust Ltd - commercial property investor - Says net asset value per share amounts to 106.1 pence at September 30 third-quarter end, down from 110.7p on June 30. Says portfolio valuation decreases by 4.2% on a like-for-like basis during quarter.

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Triple Point Social Housing REIT PLC - London-based real estate investment trust - Notes regulatory notice in relation to Highstone Housing Association. Supported housing sector provided Highstone has been under review and has been deemed "non-compliant with regards to elements of the governance and financial viability standard". Highstone represents 4.2% of firm's portfolio. "The group's investment manager, Triple Point Investment Management LLP has an established relationship with Highstone and is in regular dialogue with the housing association, particularly with regard to the regulatory review. The company notes that Highstone has committed to work with the regulator to address the issues outlined in this regulatory notice and had already implemented certain changes, prior to regulatory engagement," company adds.

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Semper Fortis Esports PLC - London-based professional e-sports team operator - Reaches deal to acquire new Rocket League roster for 2022/23 season. New acquisition enables company to expand into Middle East & North Africa region, on back of news that "Saudi Arabia would be making large investments into becoming a world hub for esports and was focused on growing its own booming gaming industry". Semper says on deal: "This is part of the company's strategy to operate up-and-coming esports teams on a lower cost base and to work with the players and teams in order to maximise their potential. The company has a track record of doing this with its previous Rocket League roster, who were developed into an established team, which led to the sale of one of the players for USD35,000."

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Neometals Ltd - London-based battery materials from upstream extraction and downstream processing - Reports "successful" commercial-scale smelting trials for Barrambie mineral concentrate. Barrambie is a titanium and vanadium project in Western Australia. "The ability to produce chloride-grade titanium slag from simple gravity concentrate from Barrambie is the key technical milestone for the next stage of project development. The results establish the potential value-in-use of MGC for negotiations with potential customers who seek quality feedstocks from low-risk jurisdictions that are amenable to simple and conventional processing pathways," Managing Director Chris Reed says.

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Amaroq Minerals Ltd - Greenland-focused gold mining company - Raises CAD17.4 million, about GBP11.4 million, from placing of 18.5 million shares in UK and 13.5 million in Canada.

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Mast Energy Developments PLC - London-based developer of reserve power generations plants - Enters into deals for provision of loan facility of up to GBP2.3 million, with total committed advance of GBP475,000. Loan has three-year length and is led by an institutional investor. "The loan and cash injection will assist MED to fast-track the development of its current portfolio of projects under development in order to get each project into production as soon as possible, and to increase MED's participation in and benefit of the current and ongoing unprecedent energy market prices," Chief Executive Pieter Krugel says.

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Wildcat Petroleum PLC - Company targeting investment opportunities in the upstream sector of the petroleum industry, namely the exploration, appraisal, development and production of oil and gas - Completes desktop study of deep-water blocks in offshore Sierra Leone with "petroleum potential". "The work confirmed our initial ideas regarding the good hydrocarbon potential of the deep offshore. The current situation is that much of the offshore has now been opened up to competitive bidding in a license round announced by the authorities on 18/5/22 - with a closing date which is now on 27 January 2023," company adds. "Since the licensing round is competitive, Wildcat won't be making any public announcements concerning specific findings from its study but will use the knowledge gained to try and secure a qualified oil company with which to partner in an application."

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
13 Jun 2024 08:21

IN BRIEF: Mast Energy says Pyebridge plant overhaul progressing well

Mast Energy Developments PLC - developer of reserve power generation plants - Expects the first generator set at its 9-megawatt Pyebridge flexible power plant in Derbyshire to start commercial operations and revenue generation around end of this month, in line with the expected timeline. The second phase work programme to refurbish this first genset is progressing well, Mast says. Back in April, it had said the phase two work would be performed in separate consecutive tranches and was expected to take around six to eight weeks per genset.

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23 May 2024 15:38

UK shareholder meetings calendar - next 7 days

Friday 24 May 
Fiinu PLCAGM
Intertek Group PLCAGM
Keywords Studios PLCAGM
Northamber PLCGM re issue of shares for acquisition
Monday 27 May 
no events scheduled 
Tuesday 28 May 
Apollon Formularies PLCEGM re withdrawal from Aquis
Diversified Energy Co PLCGM
TMT Investments PLCAGM
Wednesday 29 May 
B&M European Value Retail SAAGM
Biome Technologies PLCAGM
Frenkel Topping Group PLCAGM
Glencore PLCAGM
Ilika PLCGM re equity raise
Integrated Diagnostic Holdings PLCAGM
Smarttech247 Group PLCAGM
Watchstone Group PLCAGM
Xaar PLCAGM
Thursday 30 May 
Aferian PLCAGM
Ashtead Technology Holdings PLCAGM
Bodycote PLCAGM
Endeavour Mining PLCAGM
Ferguson PLCEGM re merger agreement
Kelso Group Holdings PLCAGM
Learning Technologies Group PLCAGM
LifeSafe Holdings PLCGM re retail offer
Mast Energy Developments PLCAGM
National World PLCAGM
One Media iP Group PLCAGM
RM Infrastructure Income PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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21 May 2024 08:45

Kibo unit Mast Energy mulling options against joint venture partners

(Alliance News) - Mast Energy Developments PLC said Tuesday it is considering various options after Proventure Holdings (UK) Ltd failed to "remedy" its "material breach" of the joint venture agreement.

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7 May 2024 09:20

Mast Energy shares tumble after new share plan and loan deal

Mast Energy Developments PLC said on Tuesday its Chief Executive Officer Pieter Krugel will partially settle GBP325,000 loan with RiverFort Global Opportunities PLC, the institutional lender, under a "reprofiling agreement".

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30 Apr 2024 10:53

Mast Energy annual loss widens on Pyebridge plant setback, high costs

(Alliance News) - Mast Energy Developments PLC on Tuesday reported that its annual loss worsened after its 9-megawatt Pyebridge flexible power generation plant ran into technical and market related challenges.

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26 Apr 2024 08:30

IN BRIEF: Kibo unit Mast Energy passes satisfactory performance test

Mast Energy Developments PLC - developer of reserve power generation plants - Receives official confirmation that its 9-megawatt Pyebridge flexible power plant has passed its "satisfactory performance days" requirements under its current existing T-1 capacity market contract. This means that Pyebridge will retain the current capacity market contract's associated annual gross profit margin income of GP308,000, which is paid and received monthly in arrears.

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11 Apr 2024 08:28

IN BRIEF: Mast Energy finishes phase one work at Pyebridge plant in UK

Mast Energy Developments PLC - developer of reserve power generation plants - Says phase one work programme at its 9-megawatt Pyebridge flexible power generation plant in Derbyshire, England is completed ahead of schedule. Plans to start second phase work programme shortly. Says the phase two will be performed in separate consecutive tranches and is expected to take around six to eight weeks per generator set. Notes the cost of the second phase will be funded under the new funding agreement it recently announced. Mast Energy signed an initial funding facility up to GBP4.0 million with RiverFort Global Opportunities PCC Ltd, earmarked for Pyebridge.

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28 Feb 2024 10:44

IN BRIEF: Kibo unit Mast Energy inks new GBP4 million funding deal

Mast Energy Developments PLC - London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK - Signs a funding agreement, with an initial funding facility up to GBP4.0 million, with RiverFort Global Opportunities PCC Ltd. RiverFort owns around 12% stake in in Kibo and Mast. Says initial funding will be used to lift its Pyebridge 9-megawatt flexible power generation asset out of care and maintenance. Says further funding of up to GBP4 million will be used to fund Pyebridge's overhaul work programme in order to achieve full generation.

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8 Jan 2024 10:20

AIM WINNERS & LOSERS: CMO battles construction sector headwinds

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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8 Jan 2024 07:48

Kibo and Mast Energy still await Proventure joint-venture payment

(Alliance News) - Mast Energy Developments PLC on Monday said its partner Proventure Holdings (UK) Ltd still has not made a partial initial interim payment required under their joint venture agreement.

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2 Jan 2024 07:38

Joint-venture partner Proventure misses Mast Energy payment again

(Alliance News) - Mast Energy Developments PLC on Tuesday said partner Proventure Holdings (UK) Ltd missed the latest deadline to make a partial initial interim payment required under their joint venture agreement.

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22 Dec 2023 09:08

Kibo unit Mast Energy extends deadline for JV payment after assurances

(Alliance News) - Mast Energy Developments PLC on Friday said it gave partner Proventure Holdings (UK) Ltd more time to make the initial interim payment of GBP2 million required under their joint venture agreement.

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15 Dec 2023 21:39

IN BRIEF: Mast Energy Developments shareholder provides loan

Mast Energy Developments PLC - London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK - Announces that Paulus Fillippus Venter, a non-executive director and significant shareholder, has provided MED with a director loan amounting to GBP81,329. The proceeds of the loan will be used for MED's working capital requirements. In order to fund the loan, Venter has sold 14.0 million shares of his total holding of 17.7 million. No fixed term of repayment while interest shall accrue at 7% per annum.

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11 Dec 2023 08:14

Mast Energy gets confirmation of GBP2 million initial JV payment

(Alliance News) - Mast Energy Developments PLC on Monday said it has received "sufficient" verbal and written confirmation from joint venture partner Proventure Holdings (UK) Ltd, and other funders that the initial interim payment of GBP2 million will be paid between this coming Friday and Wednesday next week, subject to signature of definitive agreements.

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1 Dec 2023 10:46

Mast Energy "very disappointed" as Proventure skips JV payments

(Alliance News) - Mast Energy Developments PLC shares fell on Friday as it and Kibo Energy PLC said joint venture partner Proventure Holdings (UK) Ltd has failed to make payments needed to complete the deal.

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