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(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Arrow Exploration Corp - Colombia-focused oil explorer - Reports a "fantastic year" in 2022, with growth in annual production, revenue and earnings. Pretax income totals USD8.4 million in 2022, up from USD4.4 million in 2021. Total oil and natural gas revenue, net of royalties, multiplies to USD25.0 million from USD6.5 million year-on-year. Natural gas and crude oil product, before royalties, totals 1,345 barrels of oil equivalent per day, up from 461boed the year prior. Operating netbacks increase to USD42.40 per barrel from USD3.16 per barrel. Looking forward, Chief Executive Marshall Abbott says: "Arrow has multiple near-term catalysts capable of delivering material value. Currently, Arrow is ready to spud the first well at Carrizales Norte which could have a significant impact on the company in both production and reserves as well as establishing a new core area."
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Mkango Resources Ltd - Vancouver-based mineral explorer and developer - Posts a narrowed pretax loss in 2022 as the firm's total annual expenses fall. Pretax loss narrows to USD6.0 million in 2022 from USD9.3 million in 2021 as expenses fall to USD5.9 million from USD9.1 million year-on-year. Firm also announces it has entered an agreement with Tavistock Communications Ltd to act as its communications and investor relations adviser for GBP4,250 per month.
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First Class Metals PLC - Canada-focused mineral explorer - Posts a widened pretax loss in 2022 as its costs increase. Pretax loss widens to GBP701,040 in 2022 from USD168,339 in 2021. Administrative expenses increase to GBP693,583 from GBP168,339. Reports no revenue, unchanged from a year prior. During the year, ground exploration activity was undertaken on six of the 100%-owned claim blocks. Additionally, over 6,000 metres was drilled at the West Pickle Lake joint venture area. Since year-end, company says it has undertaken a detailed geophysics survey over almost the entire Sugar Cube block.
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Agronomics Ltd - Isle of Man-based company focused on the field of cellular agriculture - Reports a net asset value per share of 16.14 pence at March 31, down slightly from 16.37p at December 31. The average discount to NAV per share over the last 12-months was 4%. Chair Richard Reed says: "Agronomics welcomed a new company to the portfolio this quarter, through its participation in the successful USD3.3 million pre-seed financing of Wild Microbes, a company developing next-generation microbes for biomanufacturing. This quarter also saw the second approval of a cultivated chicken product by the US Food & Drug Administration, with Good Meat receiving a 'No Questions letter'...We expect to see more regulatory approvals in the US for cultivated meat in the near term."
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By Heather Rydings, Alliance News senior economics reporter
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