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Pin to quick picksMila Resources Share News (MILA)

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TRADING UPDATES: Norish in wholesale changes; Oilex wins deal

Fri, 29th Oct 2021 19:11

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

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Norish PLC - warehousing company - Plans capital return of GBP1.66 per share, amid completed sale of cold store unit for GBP65.7 million. Norish, in light of disposal, plans to change name to Roebuck Food Group PLC and also change principal objects clause of its memorandum of association. This will "better reflect the future development and businesses of the company, as well as amending and updating its constitution generally", Norish explains. Also plans subdivision of shares, which will see par value reduced to 2.5 euro cents from 25 cents currently. Motions need approval at extraordinary general meeting penned for November 22. Norish adds trading of continuing operations is in line with expectations and is confident of prospects for current year. "Following the return of capital, the discharge of restructuring costs and the payment of transaction fees and expenses the company will have approximately GBP3 million in net cash and debt of GBP2.3 million which will be used to invest in the group's existing product sourcing and dairy divisions," Norish says. Does not anticipate payment of dividends before 2024.

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Oilex Ltd - Australian oil and gas exploration and production company - Wins well management contract for the Cambay field development in India, with a consortium comprising Manan Oilfield Services and Bedrock Drilling.

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Prospex Energy PLC - Hatfield, England-based company which invests in gas production and electricity generation projects - Says measurements in Rio Corbones-1 demonstrate that planned restoration of the gas production was not possible at El Romeral well intervention project in southern Spain. Tests clearly showed no gas was present "It is disappointing that the well intervention at Rio Corbones-1 has not resulted in re-establishing gas production from the well. However the static and dynamic pressure data collected from the producing wells will be used to determine remaining reserves and to optimise the infill well drilling campaign planned when permitting is in place in the second half of 2022," comments Chief Executive Mark Routh.

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Lamprell PLC - Sharjah, United Arab Emirates-based engineer for the energy industry - Raises GBP21.9 million in share placing and subscription at 32.00p per share. Placing price was discount of 8.6% to Thursday's closing price of 35.00p. Lamprell says directors take 445,000 of shares in subscription for GBP142,400. The 68.3 million new shares represent 20% of existing shares.

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Condor Gold PLC - mine developer in Nicaragua - Raises GBP4.1 million from private placing of 11.7 million shares at 35 pence each.

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Xtract Resources PLC - copper-gold projects in Australia, Mozambique and Zambia - Says assays received for two further drill holes at Bushranger project. "Drill hole BRDD-21-010 returned a very wide intersection, with higher grade intermediate zones," Xtract says. Hole BRDD-21-013 "also encountered a wide zone of copper mineralisation".

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Great Western Mining Corp PLC - gold, silver and copper explorer in US state of Nevada - Says "extensive work" taken so far in 2021 on proposed processing projects. Says permit granted for auger-drilling up to 12 shallow holes on Olympic gold project. At Mineral Jackpot, Great Western says most severe road access problems resolved following site visit. "The company is aiming to upgrade the road prior to the 2022 work season," Great Western says.

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Zephyr Energy PLC - Newbury, England-based exploration & production company - Says US Bureau of Land Management approves formation of new 25,000-acre federal unit to be operated by Zephyr. "The new unit, named the White Sands Federal Unit, incorporates all the company's existing leases covered by its historic 3D seismic survey, including the lease on which the state 16-2LN-CC well is situated," Zephyr says.

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Chaarat Gold Holdings Ltd - gold miner in Armenia and mine developer in Kyrgyz Republic - Says third quarter output falls 15% to 13,224 gold equivalent ounces from 15,547 ounces a year earlier. "Following the strong H1 2021 results, July 2021 was impacted by lower grades and fleet availability. Performance improved in August and returned to run-rate performance in September," Chaarat says. Standalone earnings before interest, tax, depreciation and amortisation contribution amounts to USD2.6 million, down from USD6.4 million.

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Bens Creek Group PLC - US-focused metallurgical coal miner - Enters contract mining services pact with Mega Highwall Mining LLC through unit Ben's Creek Operations LLC. "MHW will be responsible for the production of BCO's metallurgical coal reserves for an initial 12 month period," Bens Creek says. Deal allows for minimum production capability of 40,000 tonnes of metallurgical coal per month, so 480,000 tonnes a year.

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Bradda Head Lithium Ltd - lithium explorer with assets in Nevada and Arizona - Receives "positive initial results" from GPRplus geophysical programme at Burro Creek and Wikieup projects in Arizona. "These initial results are very promising not only because they strengthen our previous thinking as to the thickening of Burro Creek East Upper Clay zone to the west and north-west, but also because they highlight the very exciting prospect of drilling starting this quarter at Wikieup where clay depths comparable to Arizona Lithium's Big Sandy deposit have been identified. Further to this, the wider potential of all our claims at Burro Creek has improved with the results," Chief Executive Charles FitzRoy says.

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Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Says flow rate of 124 barrels of oil per day recorded at Robbana-1 well in Tunisia. Follows successful workover reported in October. "The company expects a stabilised rate of production of approximately 100 bopd is to be achieved in the near-term once well production is optimised, representing a 500% increase in production from ROB-1 over the previous daily production rate of 20 bopd that had been recorded since the last workover performed in 2012," Zenith Energy says.

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Longboat Energy PLC - North Sea-focused exploration firm - Reports a minor oil discovery at Mugnetind exploration well in licence PL906, located in southern North Sea. Company has 20% stake. "The exploration well 7/11-14 S encountered hydrocarbons in the Upper Jurassic Ula formation," Longboat says. Based on operator's early estimates, discovery contains recoverable resources between five and 11 million barrels of oil equivalent, "which is not considered to be commercial in isolation".

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Power Metal Resources PLC - exploration company seeking metal discoveries in the US, Australia and Africa - Signs revised deal to acquire full ownership of First Development Resources Pty Ltd, also referred to as FDR Australia. FDR is targeting "major gold-copper discoveries" and has exploration interests in Paterson region of Western Australia. Power Metal to pay two main tranches. First amounts to 13.3 million Power Metal shares at issue price of 2.75p, as well as 13.3 million warrants at an exercise price of 4.5p. This first tranche is for ownership of FDR and Wallal Main licence. Power Metal will then pay second consideration worth 10.0 million of its shares, at 3.2p issue price, as well as 10.0 million warrants at 5.0p exercise price. Second payment is for all other FDR interests. Power Metal is conducting deal through unit First Development Resources Ltd, also referred to as FDR UK. "FDR UK is planning to list on the London capital markets in Q1 2022," Power Metal says. Company adds: "FDR UK is in late stage discussions to expand its project portfolio in preparation for listing, including new uranium and rare-earth element project interests as well as additional precious, base and strategic metal opportunities." In addition, Power Metal says final licence application at the Wallal project in Australia has now been granted.

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Serica Energy PLC - gas producer in UK North Sea; responsible for 5% of all UK gas production - Says annual output will be slightly lower than current 23,000 barrels of oil equivalent per day to 25,000 boepd guidance. Serica says hydrocarbons from Columbus field, Central North Sea, will now flow into Arran subsea system before processing on the Royal Dutch Shell PLC-operated Shearwater platform. This is to minimise environmental impact. Serica adds: "Shell have informed us that the Shearwater platform is currently operating at restricted capacity which will result in a delay to the start-up of Columbus production although it is still expected that first production will be achieved in Q4 this year."

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Contango Holdings PLC - natural resource development company - Airborne magnetics confirm Garalo-Ntiela gold project has "similar tectonic structures, which support a number of multi-million ounce deposits in the region". Drilling on G1 and G3 structures to begin in fourth quarter of 2021. "The company believes the results of the survey reconfirm the expected extensions of the G1 and G3 deposits, the main targets used to support the potential 2Moz resource," Contango says.

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Mila Resources PLC - natural resources company - Says prospectus, related to readmission of shares to London's Main Market, has been published. Readmission expected on November 23. Company is acquiring initial 30% interest in exploration licence E36/876 in the Kathleen Valley, Australia, from of New Generation Minerals Ltd. Has intention to acquire total of 50% in two further tranches. Also, conditionally raises GBP3.5 million through placing and subscription at 2.4p per share. Based on offer price, company will have GBP7.3 million market capitalisation on re-admission.

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Curzon Energy PLC - investor and developer in US based natural gas projects - Poseidon Enhanced Technologies has further extended the existing exclusivity period to December 1, 2021. The companies are in a period in which both parties are conducting due diligence on each other, and are still working towards the execution and delivery of a reverse takeover of Curzon Energy. Back in February, Curzon entered an initial period of exclusivity with Poseidon - which aims to convert waste virgin polyethylene terephthalate produced from crude oil and plastic into recycled feedstock for the packaging and fibre industries - in which both companies will conduct due diligence on each other.

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Panthera Resources PLC - gold exploration and development company with assets in West Africa and India - To buy its Indian joint venture partner Metal Mining India Private Ltd for AUD1.8 million, just under GBP1 million. Panthera to raise GBP780,000 in equity at 10.00p per share to help fund the MMI acquisition.

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Kavango Resources PLC - mineral exploration company with operations in Botswana - Completes initial downhole electromagnetic survey on Hole TA2DD002 in Botswana. "The DHEM survey has identified the upper edge of a conductive anomaly in the Proterozoic gabbro," Kavango says. At 350 metres of continuous altered Proterozoic-age core, it is the "single largest amount ever retrieved" from the Kalahari Suture Zone project, company says.

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Prairie Mining Ltd - Poland-focused coal development firm - Expects "strong pipeline of news flow" as exploration team mobilises. Notes historical field programmes find "widespread copper-silver occurrences at surface". Also adds it will continue to defend Poland interests amid international arbitration claims.

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Berkeley Energia Ltd - clean energy company focused on bringing wholly owned Salamanca project in Spain into production - Says taken steps during September quarter to reverse Nuclear Safety Council's unfavourable report for grant of authorisation of uranium concentrate plant construction as a radioactive facility. "The company submitted an 'improvement report' to supplement the company's initial NSC II application, along with the corresponding arguments that address all of the issues raised by the NSC, and has requested its reassessment by the NSC. The improvement report includes technical arguments that, in the company's view, clearly demonstrate that the project is compliant with all requirements for NSC II," Berkeley Energia says.

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Yellow Cake PLC - Jersey-based investor in uranium - Exercises option to buy two million pounds of triuranium octoxide from Curzon Uranium Ltd. Delivery to take place before end of next month. Pays USD46.32 per pound.

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Alternative Liquidity Fund Ltd - investment firm - Returns USD2.2 million to shareholders through issue of redeemable B shares. Comes after receiving USD2.6 million distribution from Vision Special Credit Opportunities ELT Fund.

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Murray Income Trust PLC - investment trust - Enters into three-year multi-currency revolving credit facility worth GBP50 million with Bank of Nova Scotia, London Branch. Replaces GBP20 million loan with Scotiabank Europe PLC. "Under the terms of the Facility, the company has the option to increase the level of the commitment from GBP50 million to GBP70 million at any time, subject to the identification by the manager of suitable investment opportunities and the lender's credit approval," Murray Income says. Says increased facility is "appropriate" following merger with Perpetual Income & Growth Investment Trust PLC last year.

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Octopus Renewables Infrastructure Trust PLC - UK-based closed-ended investor in renewable energy assets - Enters into call option agreement to acquire two onshore wind farms in Finland. Company says: "In connection with the option agreement the company has paid a deposit of GBP45 million, which is interest bearing and will be refundable should the acquisition not complete. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4 megawatts, and are in the final stages of commissioning. The acquisition under the option agreement is expected to take place in late 2021."

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SkinBioTherapeutics PLC - Manchester-based life science company focused on skin health - Reports commercial launch of AxisBiotix-Ps food supplement which is helped to alleviate psoriasis symptoms.

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Minoan Group PLC - developer of a holiday resort in Greece - Says talks to extends company's only secured debt, set to expire on Sunday, are continuing. "The board is confident that it will reach a satisfactory conclusion and will provide a further update shortly," Minoan says.

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daVictus PLC - Asia-focused food & beverage sector investor - Adds second franchisee for Havana Rolled Cigar Music Cafe. "As planned, the premium dining restaurant will be located in central business district of Bangkok, the capital city of Thailand," company explains. Franchise agreement signed with Everest Consulting Co Ltd, a Thailand-based food & beverage operator.

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By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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