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Pin to quick picksUk Oil & Gas Share News (UKOG)

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TRADING UPDATES: MetalNRG's legal settlement; Impellam confirms payout

Wed, 24th Jan 2024 17:41

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

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BP Marsh & Partners PLC - London-based venture capital investor, which backs financial services businesses - On Tuesday, updates investors on the intended use of GBP41.8 million proceeds that it expects to receive on completion of the sale of its stake in Paladin Holdings Ltd, announced on December 7. Intends to pay extra GBP2 million in dividends per annum for the financial years 2024, 2025 and 2026. Following the allocation of funds for this and for recent investment activity, BP Marsh will have GBP74.5 million cash available. This will be used to assist its portfolio of investments and invest in early-stage businesses. Currently has 11 potential opportunities under review for the first half of 2024.

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Ashington Innovation PLC - special purpose acquisition company - On Tuesday, terminates talks with regard to planned acquisition of Cell Therapy Ltd. Given current market conditions it was not certain that the required funding for the transaction would be available. Therefore concludes that it was no longer in the best interests of shareholders to proceed. Shares were suspended from trading on August 17 2023, but given collapse of the deal, intends to request that the suspension be lifted. Will continue to evaluate other acquisition opportunities in the technology sector that it believes will be accretive to shareholder value.

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Impellam Group PLC - Luton, England-based staffing firm - Declares cash dividend of 22.5 pence per share, higher than the 22.4p previously indicated. Payment date February 23. In December, company agreed to a GBP483.2 million takeover by HeadFirst, valuing each Impellam share at 1,084.4 pence in total. Offer is supported by Impellam's majority owner Michael Ashcroft, a UK businessman who was formerly deputy chair of the UK Conservative Party.

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Afentra PLC - upstream oil and gas company focused on acquiring mature production and development assets in Africa - Provides an operational and financial update for 2023. Afentra currently holds non-operated 18% and 5.33% working interests in Blocks 3/05 and 3/05A, respectively, in offshore Angola with working interests to increase to 30% and 21.33% following completion of the impending Azule transaction. Reports 2023 average gross production for Block 3/05 and 3/05A was 20,180 barrels of oil per day. Highlights strong operational performance and successful well interventions have positively impacted performance with gross production of over 22,000 bopd in December 2023.

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MetalNRG PLC - London-based natural resources and energy-focused investor - Signs an out of court settlement of all litigation, current and pending, between the company and BritEnergy Holdings LLP, BritNRG Ltd and Pierpaolo Rocco. Further, together with counterparties, enters a global settlement agreement that addresses the company's High Court procedure against the counterparties and all counterclaims made by them; the issues brought forward by Rocco in the Scottish Employment Tribunal; and all current and prospective costs orders. Agreement is made expressly without any admission of liability by MetalNRG or any of the counterparties. BritEnergy Holdings LLP will pay MetalNRG GBP20,000 as a costs contribution for the legal fees awarded, and MetalNRG has agreed to provide specific non-financial based support to the counterparties. MetalNRG will receive 25% of any damages that are awarded in favour of the counterparties in the PN claim.

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Mobile Tornado Group PLC - Harrogate, England-based critical communications services provider - Says revenue for the six months to December 31 was around GBP1.0 million with an approximate earnings before interest, tax, depreciation and amortisation loss of around GBP0.1 million. Expects full year revenue for 2023 to be around GBP2.3 million with an Ebitda loss of around GBP300,000 million. Recurring revenue remained stable at around GBP2.0 million, unchanged from 2022. Non-recurring revenue was around GBP0.3 million, up from GBP0.2 million. Operating expenses remained stable at GBP2.4 million, down from GBP2.5 million in 2022. Will provide further update alongside full-year results in April.

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Fulcrum Metals PLC - Canada-focused mineral exploration and development company - Announces the start of a strategic sampling programme at the Teck-Hughes gold tailings project, Canada. Explains this milestone marks a significant step forward as the company enters the first phase of a testing and study agreement with Extrakt Process Solutions LLC. This moves it closer to agreeing a licencing agreement with Extrakt. Extrakt is a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide.

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Equals Group PLC - London-based payment platform developer - Extends put up or shut deadline for any possible bid by Madison Dearborn Partners LLC until February 21. Explains talks between the two are ongoing. Further, reports current trading continues to be in line with the board's expectations. Remains confident in the longer-term growth prospects of the business.

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UK Oil & Gas PLC - London-based exploration and production company, with projects in the UK and Turkey - To further reduce the balance of the funding facility announced on June 28, company delivers to RiverFort Global Opportunities PCC Ltd and YA II PN Ltd a fourth tranche of ordinary shares. Conversion of these equity shares now reduces the balance of the GBP2 million gross first cash sum received to around GBP0.7 million. The loan's fourth tranche of 876 million shares were converted at an average of 0.0175 pence per share.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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21 Apr 2023 14:37

UK Oil & Gas to conduct further tests on encouraging drilling results

(Alliance News) - UK Oil & Gas PLC on Friday hailed progress at Pinarova-1, after "encouraging" findings.

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21 Apr 2023 11:38

UK Oil & Gas finds oil shows at Pinarova-1

(Sharecast News) - UK Oil & Gas announced on Friday that its Pinarova-1 well had encountered oil shows within the target Eocene Hoya limestone sequence.

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21 Apr 2023 09:41

AIM WINNERS & LOSERS: Sureserve up on GBP214.1 million takeover offer

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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18 Apr 2023 14:33

IN BRIEF: UK Oil & Gas to resume drilling at Pinarvova-1 on schedule

UK Oil & Gas PLC - UK-focused oil and gas exploration and production company - Says the casing for the Pinarova-1 well in Turkey is now set and cemented down to 287 metres below surface. Installation of the new wellhead and blow-out prevent assembly is now also nearing completion. Drilling is expected to resume on schedule in the next few days, following final wellhead and blow-out prevent pressure test. Plans to drill "cautiously" through the Hoya target zone and to open-hole test any zones where "good live oil shows" are encountered prior to reaching total depth at around 550 metres below surface.

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13 Apr 2023 14:51

IN BRIEF: UK Oil & Gas shares jump; drilling ahead of schedule

UK Oil & Gas PLC - London-based oil and gas exploration and production company - Says Pinarova-1 has now reached its planned casing point at 291 metres below surface, several days ahead of schedule. Notes that it is planned to test any zones where "good" live oil shows are encountered prior to reaching the estimated total depth of around 500 to 550 metres. Says UKOG's geologist remains on site to help describe Hoya reservoir geology and to identify any live oil to surface in drilling cuttings and/or mud.

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11 Apr 2023 14:41

UK Oil & Gas starts drilling at Pinarova-1

(Sharecast News) - UK Oil & Gas said on Tuesday that drilling operations at Pinarova-1 began on 7 April.

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11 Apr 2023 14:40

TRADING UPDATES: Dekel Agri-Vision hails crude palm output jump

(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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31 Mar 2023 21:49

IN BRIEF: UK Oil & Gas revenue boosted by rising oil prices

UK Oil & Gas PLC - UK and internationally focused energy company - Reports revenue for the full year ended September 30 from sales of oil amounted to GBP1.8 million from GBP1.6 million a year earlier, largely driven by an increase in average sale price from GBP43 per barrel to GBP98 per barrel which was offset by oil production decrease at Horse Hill. Gross profit totalled GBP300,000 compared to a loss of GBP200,000 in 2021. Administration expenses amounted to GBP2.7 million from GBP2.1 million and an operating loss of GBP5.4 million was recorded, widened from GBP3.8 million in 2021. Net cash outflow from operating activities increased to GBP2.0 million from GBP1.4 million a year prior.

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31 Mar 2023 16:39

TRADING UPDATES: FireAngel signs with British Gas; Shanta pours gold

(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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28 Mar 2023 17:52

Pennpetro Energy signs deal with UK Oil & Gas to develop Horse Hill

(Alliance News) - Pennpetro Energy PLC on Tuesday signed an agreement with UK Oil & Gas PLC to farm-in and drill the next infill oil production well at the Horse Hill Oil Field, near Gatwick airport.

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24 Mar 2023 15:57

UK earnings, trading statements calendar - next 7 days

Monday 27 March 
Belvoir Group PLCFull Year Results
Carnival PLCTrading Statement
CentralNic Group PLCFull Year Results
Crimson Tide PLCFull Year Results
Dialight PLCFull Year Results
eEnergy Group PLCHalf Year Results
Equals Group PLCFull Year Results
Hyve Group PLCTrading Statement
IQGeo Group PLCFull Year Results
Life Science REIT PLCFull Year Results
RTC Group PLCFull Year Results
SigmaRoc PLCFull Year Results
Target Healthcare REIT PLCHalf Year Results
Tandem Group PLCFull Year Results
Thungela Resources LtdFull Year Results
Tortilla Mexican Grill PLCFull Year Results
Tuesday 28 March 
AG Barr PLCFull Year Results
Animalcare Group PLCFull Year Results
Bango PLCTrading Statement
Bellway PLCHalf Year Results
CPPGroup PLCFull Year Results
DigitalBox PLCFull Year Results
EKF Diagnostics Holdings PLCFull Year Results
Eleco PLCFull Year Results
Empresaria Group PLCFull Year Results
Flowtech Fluidpower PLCFull Year Results
Good Energy Group PLCFull Year Results
Impact Healthcare REIT PLCFull Year Results
John Wood Group PLCFull Year Results
Marlowe PLCTrading Statement
Mortgage Advice Bureau Holdings PLCFull Year Results
Nanoco Group PLCHalf Year Results
Ocado Group PLCTrading Statement
Personal Group Holdings PLCFull Year Results
Petershill Partners PLCFull Year Results
Real Estate Investors PLCFull Year Results
Regional REIT LtdFull Year Results
S&U PLCFull Year Results
Softcat PLCHalf Year Results
Synthomer PLCFull Year Results
Team17 Group PLCFull Year Results
United Utilities Group PLCTrading Statement
VH Global Sustainable Energy Opportunities PLCFull Year Results
Xaar PLCFull Year Results
Wednesday 29 March 
abrdn Smaller Companies Income Trust PLCFull Year Results
Artisanal Spirits Co PLCFull Year Results
Big Technologies PLCFull Year Results
Central Asia Metals PLCFull Year Results
Ecora Resources PLCFull Year Results
Essentra PLCFull Year Results
Inspired PLCFull Year Results
Medica Group PLCFull Year Results
Michelmersh Brick Holdings PLCFull Year Results
Next PLCFull Year Results
Octopus Renewable Infrastructure Trust PLCFull Year Results
RM PLCFull Year Results
S4 Capital PLCFull Year Results
Strix Group PLCFull Year Results
Surgical Innovations Group PLCFull Year Results
tinyBuild IncFull Year Results
UP Global Sourcing Holdings PLCHalf Year Results
Thursday 30 March 
AO World PLCTrading Statement
Aquis Exchange PLCFull Year Results
Arbuthnot Banking Group PLCFull Year Results
BBGI Global Infrastructure SAFull Year Results
Chesnara PLCFull Year Results
Ebiquity PLCFull Year Results
Gattaca PLCHalf Year Results
Gresham House PLCFull Year Results
IGas Energy PLCFull Year Results
Impellam Group PLCFull Year Results
International Public Partnerships LtdFull Year Results
Ithaca Energy PLCFull Year Results
Microlise Group PLCFull Year Results
Moonpig Group PLCTrading Statement
PetroTal CorpFull Year Results
Renalytix PLCHalf Year Results
Revolution Beauty Group PLCFull Year Results
Secure Trust Bank PLCFull Year Results
Supermarket Income REIT PLCHalf Year Results
XLMedia PLCFull Year Results
Friday 31 March 
Bank of Cyprus Holdings PLCFull Year Results
Computacenter PLCFull Year Results
Cooks Coffee Co LtdFull Year Results
Dignity PLCFull Year Results
ECO Animal Health Group PLCTrading Statement
HealthBeacon PLCFull Year Results
James Halstead PLCHalf Year Results
Jaywing PLCTrading Statement
JPMorgan American Investment Trust PLCFull Year Results
Numis Corp PLCTrading Statement
Mothercare PLCTrading Statement
Quarto Group IncFull Year Results
UK Oil & Gas PLCFull Year Results
Vanquis Banking Group PLCFull Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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23 Mar 2023 16:49

UK Oil & Gas notes CPR results on 10% interest in Horndean

(Alliance News) - UK Oil & Gas PLC on Thursday said a new competent persons report has been completed at its 10% owned Horndean field, by Texas-based DeGolyer & MacNaughton consultancy.

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13 Mar 2023 13:56

IN BRIEF: UK Oil & Gas begins Pinarova-1 construction on time

UK Oil & Gas PLC - London-based oil and gas exploration and production company - Says construction of TPinarova-1's drilling pad and access road commenced on schedule over the weekend in Turkey. Site construction is expected to take around 14 to 21 days. Given no adverse weather-related construction delays, drilling to a total depth of around 500-550 metres below surface is expected to commence towards the end of March to early April 2023 directly after site completion.

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6 Mar 2023 11:15

IN BRIEF: UK Oil & Gas gets formal consent for Turkish well objectives

UK Oil & Gas PLC - London-based oil and gas exploration and production company - Secures written consent from Turkey's General Directorate of Mining and Petroleum Affairs for the Pinarova-1 exploration well's geological and technical objectives and design.

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3 Mar 2023 16:27

UK Oil & Gas to proceed with Loxley project after court ruling

(Alliance News) - UK Oil & Gas PLC on Friday said it will proceed with its Loxley gas discovery, after a court judge dismissed attempts to reverse the Secretary of State's grant of planning consent as being unarguable.

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