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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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Challenger Energy Group PLC - oil and gas producer in the Caribbean - Considers development of the Saffron-2 well to be economically justified, based on current production rates. Work is underway to update the geological and reservoir model with the results of Saffron-2. Talks with Arena Investors LP over funding continue. Challenger is investigating farm-out options and reserve based lending options. Challenger does not expect to issue further convertible loan notes under the facility that expired in July.
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Premier African Minerals PLC - metals and rare earths miner - Encounters visible spodumene mineralisation at the Zulu lithium and tantalum project in Zimbabwe. First assay results from the project are expected this month, and a third rig is expected in October.
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Good Energy Group PLC - Chippenham-based renewable energy utility - Holders of 27% of shares have accepted Ecotricity Group Ltd's 340p-per-share takeover offer, including the 25% already owned by Ecotricity. The offer remains open for acceptance.
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Oracle Power PLC - coal miner in Pakistan and gold explorer in Western Australia - Receives conversion notice for a further GBP100,000 of the GBP1.5 million share subscription announced in July 2020. Oracle will issue 31.3 million shares. GBP400,000 remains outstanding for conversion under the subscription.
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Active Energy Group PLC - London-based biomass fuel producer - Results from an independent analysis show that Active Energy's CoalSwitch pellets are superior to white pellets, producing less ash, less carbon and more heat.
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Sensyne Health PLC - Oxford-based healthcare software developer - Signs five-year research agreement with Great Ormond Street Hospital in London to analyse anonymised patient data using clinical artificial intelligence. The agreement focuses on paediatric drug discovery, clinical decision support tools and clinical trial design.
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Hemogenyx Pharmaceuticals PLC - London-based blood disease drug developer - Patent application, titled "Monocloncal Antibodies to Human FLT3/FLK2 Receptor Protein", approved in the US. The patent is another important step in develping Hemogenyx's intellectual property and protecting its drug candidates, company says.
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Tiziana Life Sciences PLC - London-based cancer drug developer - Signs licence deal with Precision Biosciences Inc, a Durham, North Carolina-based company developing CAR T-cell therapies. The two companies will explore whether Tiziana's foralumab can improve the outcome of CAR T-cell therapy. "Precision will be responsible for the development, commercialization, and costs for use of foralumab, and Tiziana will receive upfront payment, certain milestone payments, and royalties," Tiziana says.
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SDCL Energy Efficiency Income Trust PLC - investor in energy infrastructure - Plans to issue 158.4 million shares at 110.5 pence each, a 6.0% discount to the Wednesday closing price, through an open offer, placing, offer for subscription and intermediaries offer. That would raise around GBP175 million. The money will be used to invest in a pipeline of opportunities worth over GBP200 million.
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Zephyr Energy PLC - oil and gas explorer in the Rocky Mountain region - Test results from the State 16-2LN-CC well in the Paradox Basin, Utah, provide strong evidence of the potential to develop the Cane Creek reservoir as a hydraulically stimulated resource play. Final well completion design work is underway and the company has secured equipment and a completion crew. Production testing will start in October and initial flow test results are expected by the end of that month.
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Goldstone Resources Ltd - gold explorer in Ghana, Senegal and Gabon - Deadline to pay interest on a loan from Asia Investments Management Services Ltd is further extended to September 19. Interest will continue to accrue at a 17% rate. Goldstone is in talks with AIMS to reschedule and restructure the loan.
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SolGold PLC - gold and copper explorer in Ecuador - Exploration drilling at the Rio Amarillo project is underway. Hole 1 returned encouraging surface rock-saw channel sample results. "The regional geological setting and gross geological architecture at Rio Amarillo is very impressive," Technical Services Manager Benn Whistler says.
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Empyrean Energy PLC - oil and gas explorer in China, Indonesia and California - Awards integrated drilling contract for the Jade prospect offshore China to China Oilfield Services Ltd. COSL's drilling cost estimate of USD12.3 million is lower than the previous estimate for USD18.5 million. Well spud date target set for December 15 to December 30.
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Supply@Me Capital PLC - London-based inventory monetisation services provider - Agrees a 12-month loan facility provided by ARC Group. The facility includes an initial tranche of GBP5 million, with a further GBP2 million available within 60 days, at an interest rate of 10%. Warrants will be issued for 20% of the total value. The facility will replace the subscription agreement with Negma Group Ltd, and the remaining GBP2.1 million in convertible bonds held by Negma will be repaid in cash. Supply@Me continues to explore a Nasdaq listing.
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Corcel PLC - battery metals explorer in Papua New Guinea - Extends the dates by which Resource Mining Corp Ltd has to repay its debt of AUD4.8 million, around GBP2.5 million. The first AUD2.8 million is now due on October 31 instead of September 30. The remainder continues to be due on January 14. This is to allow Resource Mining time to hold its general meeting, following Corcel's acquisition of the Wo Wo Gap nickel-cobalt project from Resource Mining. As consideration for the acquisition, Corcel is "releasing all liabilities and obligations" in connection with the debt.
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By Ivan Edwards; ivanedwards@alliancenews.com
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