United Oil&gas Share News (UOG)

(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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Pressure Technologies PLC - Sheffield, England-based engineering firm - Forecasts full-year results in line with market expectations. Expects revenue around GBP25 million, inching down from GBP25.4 million the year before. Operating loss narrows to GBP800,000 from a GBP2.4 million loss the previous year. The result reflects a "strong performance in defence, nuclear and hydrogen energy markets, offset as expected by the impact of difficult trading conditions in the oil and gas market, supply chain disruptions and the delay of Integrity Management deployments from the second half of the year into financial year 2022 and 2023". On December 15, the group will announce its preliminary annual results.

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Engage XR Holdings PLC - Waterford, Ireland-based virtual reality software firm formerly called VR Education Holdings PLC - Signs "six-figure dollar" contract to August 2023 with Optima Domi, described by Engage as a "classical curriculum development company". The contract will see Engage service the first VR-based Florida charter school. Chief Executive David Whelan declares: "For Engage to be chosen to enable the world's first online VR Charter school is very exciting. Engage is being utilised more and more in education and enterprise settings. We believe the next 12 months are going to be exciting."

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Roquefort Investments PLC - London-based investor in early-stage medical biotechnology businesses - Begins marketing to investors to fund its purchase and pre-clinical drug development programme of Lyramid. Roquefort's planned reverse takeover of the Australian drug maker in a GBP1 million cash-and-share deal was first announced in September. The Australian business holds an exclusive worldwide licence for 37 midkine-based therapy patents. To fund the transaction, Roquefort plans to conduct a placing to raise up to GBP3 million.

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Tufton Oceanic Assets Ltd - London-based maritime assets investor - Raises USD39.0 million through the issue of 28.1 million tap issue shares at a price of USD1.39 per share. Highlights tap issue was well-supported by new and existing shareholders and was materially oversubscribed.

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Block Energy PLC - oil and gas developer and producer in Georgia - Reports well WR-B1a has produced an average of 50 barrels of oil per day over the last eight days. At this rate and current oil price, WR-B1a will generate USD1.0 million cash revenue per year, Block states. Separately, announces well JKT-01 side-track is fully-funded and on target to commence drilling in second half of November.

"Well WR-B1a has not so far produced at the forecast rate, but we have leveraged the new data gathered from the well to greatly enhance the potential production rates from JKT-01 and subsequent wells. Our technical team's new attribute analysis also supports the plan to return to WR-B1a, aimed at delivering production more in-line with initial expectations." comments Chief Executive Officer Paul Haywood.

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JTC PLC - Jersey-based fund management and professional services firm - Completes purchase of SALI Fund Management, a US-based fund and structuring administration services provider in a deal worth up to USD236.0 million. JTC will pay an initial fee of USD204.5 million and up to USD31.5 million on performance targets. The initial USD204.5 million will be made up of USD192.2 million in cash and up to a maximum of USD12.3 million in shares.

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Angling Direct PLC - Norwich-based fishing tackle and equipment retailer - Says websites are safely back online and taking orders after being taken offline due to a cyber security incident first detected on its network late on Friday last week. Confirms incident will not have a detrimental impact on underlying trading, with company continuing to assess any cost exposure that the incident may create. Highlights that investigations are continuing by third-party security advisers to determine whether the incident had an impact on any personal data

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United Oil & Gas PLC - producer and explorer in the Mediterranean, Caribbean and Latin America - Begins drilling of Al Jahraa-13 development well at the Abu Sennan programme, onshore Egypt. Says well will take around 65 days to drill, is fully funded from operational cashflow and can rapidly be brought into production, generating revenue. The AJ-13 well is the fifth and final well in the Abu Sennan 2021 drilling programme before the 2022 drilling programme begins, which is planned to consist of five exploration and development wells. Chief Executive Brian Larkin comments: "Following the success of Al Jahraa-8, we are delighted to now be drilling the Al Jahraa-13 well, which can add immediate cash flow to the company. There is extensive potential in the Abu Sennan licence as demonstrated by the drilling success so far."

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Samuel Heath & Sons PLC - builders' hardware and bathroom appliances manufacturer - Posts GBP6.9 million in interim revenue, a solid rise from GBP4.9 million a year before. Swings to GBP776,000 pretax profit from a GBP224,000 loss a year earlier. In the light of the performance recovery in the first half, it reinstates payment of an interim dividend of 5.5 pence per share, the same level as in 2019.

"Our trading performance for the six months to 30 September 2021 reflected the successful navigation of the company from the destabilising effects of the global Covid-19 virus and related lockdowns," comments Chair Anthony Buttanshaw. "The primary driver of improved profitability was a post-Covid 'bounce' in sales and strong order book growth. We were also able to avoid any significant export logistical issues. The increase in sales was achieved while maintaining much of the cost savings implemented during lockdown, thereby improving margins."

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Power Metal Resources PLC - exploration company seeking metal discoveries in the US, Australia and Africa - Completes 19 short cored drill holes at Silver Peak in British Columbia, Canada. Confirms 10 out of the 19 holes drilled returned bonanza grade silver with significant copper, zinc, lead and antimony credits, and 14 of the 19 holes returned elevated silver mineralisation.

"Our original decision to invest in the Silver Peak project has been fully validated by each stage of exploration work and the bonanza silver grades, including a highlight intercept of 0.76 metres of 8,692.2 grammes per tonne of silver, confirmed today represent the biggest step forward for the project to date," says Chief Executive Paul Johnson. "We now move to review the findings in further detail to determine next steps from both exploration and corporate perspectives."

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Water Intelligence PLC - London-based leak detection services - Raises GBP12.2 million through placing of 1.0 million new shares at 1,200p per share. The offer was conducted via an accelerated bookbuild led by RBC Capital Markets, together with Dowgate Capital Ltd and WH Ireland Ltd. Water Intelligence says the cash will be used to continue to re-acquire American Leak Detection franchises. It has identified four targets with annual revenue of more than USD10 million in total. These would be earnings-per-share accretive and broaden the company's offerings in the US Northwest, southern California, the Midwest and South. Water Intelligence also is looking at bolt-on acquisitions the opening of new training centres. All of this is part of its strategy to build a 'one-stop-shop' water infrastructure platform.

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CATCo Reinsurance Opportunities Fund Ltd - invests in catastrophe reinsurance risks - Outlines continued "overwhelming investor support" for Markel CATCo Investment Management Ltd-funded buyout. Markel is CATCo's manager. Investors representing 92% of Markel CATCo Reinsurance Fund and 97% of CATCo Reinsurance Opportunities Fund have returned support undertakings for the buy-out transaction.

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Valeura Energy Inc - Canada-based company engaged in the exploration, development and production of petroleum and natural gas in Turkey - Seeks suitable partner to farm in to unrisked prospective resource. Expects royalties to hit capped total of USD2.5 million in coming year. Due royalty payments from sale of conventional gas producing business, expected to be between USD1.0 and USD2.5 million over the next five years. Notes cash position of USD41.7 million at year end.

"Our third quarter results demonstrate the stability of our financial position as we continue to pursue our strategy from a position of strength," says Chief Executive Sean Guest. "During the third quarter we have experienced a strengthening in the business environment for global upstream oil and gas investments, with stronger benchmark oil and gas prices. This reinforces our view on the ability for mergers and acquisitions-led growth to contribute meaningful near-term cash flow, and we remain especially focused on those opportunities which also provide the potential for follow-on investment in the medium term," he adds.

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By Will Paige; willpaige@alliancenews.com

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