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Pin to quick picksSynergia Energy Share News (SYN)

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EARNINGS AND TRADING: Versarien inks agreement for Brazilian JV

Thu, 14th Mar 2024 17:25

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


Orcadian Energy PLC - oil and gas development company - Amends repayment schedule for secured facility agreement with Shell International Trading and Shipping Company Ltd. The original repayment date for the USD1 million was August 23, now extended to June 13. Orcadian says this is to allow time for its proposed sale of an 81% interest in its North Sea Licence P2244.


Versarien PLC - Cheltenham-based engineering technology company - Enters into manufacturing licence agreement and technical assistance agreement with Montana Quimica Ltda, a Brazil-based paint and finishing product company. The agreements cover the use of some of Versarien's proprietary graphene products, or Graphinks, to be manufactured and sold by Montana in South America. Under the terms of the deal, Montana will pay Versarien an initial fee of GBP50,000, a further GBP25,000 once manufacturing commences, and provide a royalty of 5% of total sales revenue earned using the company's IP. Chief Executive Officer Stephen Hodge says: "The Agreements with Montana are in line with Versarien's strategy to be a manufacturing-light business in the UK and licence our patents, know-how and other intellectual property to key partners. We are very pleased to be partnering with Montana, a leading business in its markets in South America".


CAP-XX Ltd - New South Wales, Australia-based manufacturer of energy storage supercapacitors - Says Maxwell will be applying for an extension to lodge an application for a claim of costs against CAP-XX by the end of the week. The company says that the pair have an in-principle agreement and are in final negotiations to resolve litigation matters as soon as possible.


Pacific Horizon Investment Trust PLC - Edinburgh-based investment trust owned by Baillie Gifford & Co - Net asset value per ordinary share 603.43p at January 31, down 5.3% from 637.18p July 31. Decline more muted than MSCI All Country Asia Index benchmark, which fell 8.1%. Earnings per share were 0.59p for the six months to January 31, up from 0.25p a year prior. Company attributes the dropoff to ongoing weakness in Chinese economy, despite improvements in India and Taiwan.


Atome PLC - Leeds-based green fertiliser company - Awarded Enterprise Investment Scheme status by HMRC in respect to the company's equity fundraise announced on February 19. The EIS "enables a qualifying investor with a UK tax liability to claim tax relief in the UK of up to 30% of their investment, subject to a maximum investment of GBP1 million per tax year". Atome says: "The grant of EIS status broadens the company's potential investor base as it continues to develop and grow. However, the company reiterates that it intends to finance its first 145 megawatt project in Paraguay at the asset level through its subsidiary, Atome Paraguay."


Synergia Energy Ltd - Perth, Australia-based gas producer - Pretax loss AUD2.1 million in the six months to December 31, narrowed from AUD3.7 million a year prior. Total revenue from gas and oil sales were AUD353,168 in the half-year, down from AUD690.820. Sales costs were down to AUD741,361 from AUD2.4 million. Says jet pump installation at the Cambay Field, India, continues to work reliably, with production averaging 114,000 standard cubic feet per day in December. A heads of terms deal was reached with Selan Exploration Technology Ltd in February, with a view to farming out up to 50% of the Cambay licence.


Symphony Environmental Technologies PLC - Borehamwood-based environmental plastic manufacturer - Extends existing GBP1.0 million loan agreements with Sea Pearl Ventures Ltd to December 31, 2025 from September 30 2024. Interest on the loan is 7% per annum. Sea Pearl currently holds a 17.4% stake in Symphony.


Firering Strategic Minerals PLC - West Africa-focused mineral mining company - Receives 20.0 million shares in Ricca Resources Ltd at a price of AUD0.05 per share, worth AUD1.0 million. The payment relates to the USD18.6 million earn-in agreement between the pair to advance the Atex lithium-tantalum project in the Ivory Coast.


Schroder Asian Total Return Investment Company PLC - London-based - Investor in companies trading in the Asia Pacific Region - Declares 11.50p dividend for 2023, up from 11.00p in 2022. NAV per share total return swung to 8.8% from negative 12.7% in 2022. This tracks ahead of the MSCI AC Asia excluding-Japan Index benchmark, which returned 1.3%. Net assets were GBP448.5 million at December 31, down from GBP457.5 million a year prior. Says results were impacted by Chinese economic weakness, though this was offset by gains by technology stocks and chipmakers in Taiwan and South Korea.


Oakley Capital Investments Ltd - Bermuda-based private equity firm specialising in the technology, consumer, education and business services sectors - NAV per share of 684p 2023, with NAV of GBP1.21 billion. Total NAV return per share, including dividends, was 4%. Declared 2.25p dividend per share for the year, bringing the full-year dividend to 4.50p, unchanged from 2022.


Wildcat Petroleum PLC - Investor targeting assets within the upstream sector of the petroleum industry - In the six months to December 31, the company's pretax loss was GBP125,000, narrowed from GBP146,000 a year prior. Says it intends to take a minority stake or acquire control of a business, which would require the raising of additional capital. As at December 31, the company had GBP416,000 in cash, up from GBP235,000 at the end of 2022.


AVI Japan Opportunity Trust PLC - Investor in small-cap Japanese equities - NAV per share total return for 2023 was 15.8%, swung from a negative 4.3% in 202 and ahead of the benchmark MSCI Japan Small-Cap Index's 6.9% return. Net asset value reached GBP182.9 million, up from GBP156.4 million. Pretax profit was GBP25.2 million, from a loss of GBP6.6 million in 2022. Says enthusiasm for Japanese equities grew in the year, and says: "The portfolio is well positioned with a concentrated, yet diverse, collection of high-quality, lowly valued companies, with multiple levers for re-ratings. As a Board, we are confident that AJOT can build on its successful track record of engagement and will continue to deliver attractive returns for investors." Proposes final dividend of 0.85p per share for 2023, bringing the total dividend to 1.70p per share, up from 1.55p in 2022.


By Hugh Cameron, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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TRADING UPDATES: Home REIT cuts borrowings, Genflow shares restored

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

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2 Apr 2024 15:19

TRADING UPDATES: MaxCyte inks deal with Be Bio; Orcadian firms farmout

(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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11 Mar 2024 14:15

IN BRIEF: Synergia converts loan notes; confirms no equity finance

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Provides an update on March 9 maturity date of 6,500 convertible loan notes issued a year ago. The company says that this week it will repay in cash GBP386,451 including interest in respect of 5,430 notes and has agreed to repay GBP188,688 in cash including interest on or around September 30 in respect of 1,750 notes. It says that in total it will issue 140.5 million new shares for the conversion of the CLN. As announced in February, Synergia has a farm-out agreement with Selan Exploration Technology Ltd to transfer 50% of the Cambay PSC to Selan and awaits Government of India approval for the transfer, which will trigger the payment of USD2.5 million to the company.

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14 Feb 2024 19:56

IN BRIEF: Synergia Energy agrees farm-out deal for Cambay Field

Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Announces the successful conclusion of negotiations with Selan Exploration Technology Ltd and execution of a farm-out agreement regarding the Cambay Field production sharing contract. Agrees to farm out 50% of the 100% interest held by Synergia in the Cambay PSC to Selan. In exchange for the 50% interest, Synergia will be carried by Selan through an agreed USD20 million work programme comprising three new wells focussed on the Eocene reservoir and three well work-overs. Synergia receives a cash payment of USD2.5 million immediately, proposes to apply the proceeds towards working capital purposes. Synergia retains a 50% interest in the Cambay PSC and a 50% share of the future production and revenues. This includes bonuses of up to USD9 million, linked to future cumulative gas sales thresholds.

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8 Feb 2024 16:04

UK shareholder meetings calendar - next 7 days

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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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31 Jan 2024 18:15

TRADING UPDATES: Creo unveils product in APAC; Unilever hires director

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31 Jan 2024 16:13

Synergia reports progress on Cambay farm-out process

(Sharecast News) - Synergia Energy updated the market on the progress of the Cambay PSC farm-out process on Wednesday, reporting that it was currently engaged in meetings in India with a prospective partner.

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22 Jan 2024 10:38

Synergia Energy shares up on "ambitious" work programme with partner

(Alliance News) - Synergia Energy Ltd shares rose on Monday, after it said it has agreed an "ambitious" work programme connected to the Cambay PSC farm-out.

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18 Dec 2023 10:35

Synergia pens head of terms deal for Cambay field farm-out project

(Alliance News) - Synergia Energy Ltd Monday said it had agreed a head-of-terms deal for its farm-out agreement in the Cambay Field.

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5 Dec 2023 13:01

Synergia raises GBP1 million as sizes up Cambay farm-out agreement

(Alliance News) - Synergia Energy Ltd on Tuesday said it has arranged a GBP1.1 million equity raise and added that it reached a deal "in principle" for a farm-out at the Cambay field.

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8 Nov 2023 15:46

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3 Nov 2023 14:04

Synergia reports progress on Cambay well lift operations

(Sharecast News) - Synergia Energy updated the market on the progress of its artificial lift operations at the Cambay C-77H well on Friday.

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3 Nov 2023 09:05

Synergia Energy says gas rates have plateaued at C-77H well in Gujarat

(Alliance News) - Synergia Energy Ltd on Friday said gas production rates have plateaued at the Cambay C-77H well in Gujarat, India in an update on the well's artificial lift operations.

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25 Sep 2023 13:20

IN BRIEF: Synergia Energy shares jump on progress at C-77H well

Synergia Energy Ltd - India and UK-focused gas production and carbon capture & storage project development company - Completes the installation of a jet pump into the C-77H well at the Cambay field in India. Adds that the artificial lift system at the well is also operational. Says that further announcements will be made regarding production rates once the well has been cleared of fluids and flow rates have been stabilised. The fluids in the wellbore are currently being lifted, Synergia says.

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