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TRADING UPDATES: Savannah Energy to develop new projects in Chad

Fri, 27th May 2022 21:25

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



Clontarf Energy PLC - Dublin-headquartered oil & gas exploration and production company focused on South America and Africa - Spuds the Sasanof-1 well with the jetting of the 36 inch conductor at a water depth of 1,068 metres. Drilling is now underway on the 17 and a half inch intermediate hole section to a depth of 2,030 metres, company says. This will be followed by the drilling of the 12 and a quarter inch hole section through the target reservoir section to a total depth of 2,500 metres. Drilling is expected between June 2 and June 5. Clontarf holds a 105 working interest in the well.



Gresham House Energy Storage Fund PLC - London head-quartered battery storage fund - Raises GBP150 million through the issue of 103.4 million shares. Company says the placing was "significantly" oversubscribed and, as a result, a scaling back exercise has been undertaken. Chair John Leggate says: "Strong investor demand means that we can commit to further development of our pipeline to create even greater scale and diversification."



Alien Metals Ltd - London-based mineral exploration company focused on Australia, Mexico and Greenland - Begins a phase four reverse circulation drilling programme at its Hancock Iron Ore Project in Western Austrlia. Programme will drill 70 holes over 2,100 metres with the aim of further increasing geological confidence in the existing inferred mineral resource estimate of 10.4 megatonnes at 60.4% of iron. In conjunction, company will carry out more surface mapping and sampling on the remaining 6.5 kilometres of strike length.



RUA Life Sciences PLC - Glasgow-based medical devices using polymer technology - Says the year ended March 31 has been one of increased sales growth, recovery from Covid-19 and advances in its business processes. Expects revenue for the year to total GBP1.6 million, up 6% against the GBP1.5 million generated last year if achieved. Research & development expenditure is expected to be GBP887,000, up from GBP541,000 the preceding year. Pretax loss is expected at GBP2.4 million, widened from GBP1.6 million a year ago as a result of research & development expenditure and investment into infrastructure. Company expected to release its full-year results in mid-July.



Oilex Ltd - Perth-based developer of natural gas assets - Reports that an independent review of its net reserve and resource position in the Cambay PSC has resulted in the return of 206 BCF of gas and 8 million barrels of condensate to the 2P reserves category. Oilex's participating interest in the reserves and resources also increases to 100% from 45%.



Savannah Energy PLC - London-based energy company focused on Africa - Signs an agreement with the Ministry of Petroleum and Energy of the Republic of Chad for the development of up to 500 megawatts of renewable energy projects supplying electricity to the Doba Oil Project and the towns of Moundou and Doba in Southern Chad and the capital N'Djamena. Savannah expects to fund the projects from a combination of its own internally generated cashflows and project specific debt.



Rurelec PLC - London-based power producer with operations in Latin America - Receives a further USD758,400 payment from Patagonia Energy Ltd for the partial repayment of its amended and restated loan notes. To date, Patagonia Energyhas made repayments of USD5.3 million on the loan Notes, of which Rurelec has received USD4.2 million. The total balance outstanding on the notes is now USD18.6 million. The total amount owed to Rurelec is USD13.4 million. The rest is owed to Basic Energy Ltd.



Angle PLC - Surrey, England-based medical diagnostics company - Notes new results relating to its Parsortix system which suggest it can successfully isolate circulating tumour cells from frozen peripheral blood mononuclear cell samples. The company explains that the potential ability to process frozen sample could allow for retrospective analyses and improve sample sharing capabilities. The results came as part of a study in advanced non-small cell lung cancer and sarcoma patients.



Pure Gold Mining Inc - Vancouver-based gold mining company focused on Canada - Closes the first tranche of its non-brokered private placement announced on May 6. Following the closing of the first tranche, the company has issued a total of 185.1 million units in the company at CAD0.15 each - around GBP0.093 - raising proceeds of CAD27.8 million. Proceeds will be used to complete the near-term objectives of ramping up the PureGold mine to 800 tonnes per day by the third quarter of 2022.



NetScientific PLC - London-based life sciences and sustainability technology investment firm - Notes new data from two ongoing phase two clinical trials evaluating the safety and efficacy of PDS0101, a HPV16-targeted immunotherapy, in combination with Merck & Co Inc's anti-PD-1 therapy Keytruda. Data shows 77% of patients had either disease stabilisation or tumour shrinkage and 89% of patients were alive at nine months. After nine months the overall survival rate was 87% and progression free survival was 55%. Patients were those with recurrent or metastatic head and neck cancer.



By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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