TRADING UPDATES: Anglo-Eastern Plantations sees palm oil prices rise

Mon, 27th Jun 2022 21:51

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

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Anglo-Eastern Plantations PLC - producer of palm oil and rubber across Indonesia and Malaysia - Says own production of fresh fruit bunches 460,800 tonnes in five months to end of May, down 3% on year ago. Says plantations in North Sumetera with younger palms performed reasonably well, while plantations with older palms in Bengkulu and Kalimantan experienced a drop in production. The crude palm oil ex-Rotterdam price averaged USD1,650 per tonne in the period, up 47% year-on-year. At June 10, the CPO price ex-Rotterdam closed at USD1,660. "We expect the ex-mill price in Indonesia to improve after the government issued guidelines and regulations on 14 June 2022 to accelerate the shipment of palm oil following the lifting of the export ban. However, we expect a pullback in the CPO price as crop production improves further in the second half of the year," it says.

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Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Revenue for six months to end of March 31 GBP198,000, up from GBP17,000 a year before. Pretax loss widens to GBP1.7 million from GBP607,000. "There is an underlying confidence and optimism that permeates the Power Metal business and the team within it. We recognise the pressure challenging markets and falling share prices place on investor portfolios and are respectful of this whilst still enthusiastically articulating our progress and our ambitions," says Chief Executive Paul Johnson.

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Echo Energy PLC - London-based energy company focused on Latin America - Is granted up to two further months to publish its annual accounts for calendar 2021. "This additional period is in view of the adverse impact of Covid-19 having resulted in delays in the ability of the local Argentinian Santa Cruz Sur joint venture entity in which Echo holds a 70% interest to provide information to its Argentinian auditor," it explains. Expects to report 2021 revenue of USD11.1 million, flat on 202. Adds that production at Santa Cruz Sur assets, onshore Argentina, during start of 2022 up until June 18 reaches aggregate of 243,230 barrels oil equivalent net to Echo during the period.

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Touchstone Exploration Inc - Calgary, Canada-based upstream oil and gas company - Says pipeline from Coho facility to the Central block has been completed, and hydrotesting is scheduled to commence this week upon which the pipeline will be ready for first gas. "Coho will be the first onshore natural gas project to come onstream in 20 years, representing an important milestone for both Touchstone and the Republic of Trinidad and Tobago," it says. Targeting full production in August. Adds that oil transfer line on Fyzabad block was cut last week in act of "vandalism", with around 250 barrels of oil released.

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Nuformix PLC - London-based pharmaceutical development company - Initiates further studies to support the progression of NXP002. "These studies will directly address issues faced in the duration of action studies. Firstly, the company will investigate a new formulation of NXP002 for inhalation, delivered using an alternative method designed to ensure consistent and controlled exposure is achieved. Secondly, the company will explore a new range of doses to best optimise efficacy of treatment," it says. The studies will start in August with results generated throughout the second half.

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Belluscura PLC - London-based medical device developer - Launches next generation X-PLOR portable oxygen concentrator. It provides "more oxygen by weight than any portable oxygen concentrator in its class" and is Bluetooth enabled. "With the launch of the next generation X-PLOR, Belluscura continues to add more sizable distributors and durable medical equipment providers to its distribution network," it says.

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Sunrise Resources PLC - Macclesfield, England-based mineral project developer - Says its CS Natural Pozzolan has now been conditionally approved by the California Department of Transport for use in California state infrastructure projects. Caltrans is the government body responsible for the award of state funded infrastructure construction projects in California. "I am delighted that Caltrans has conditionally approved the CS Natural Pozzolan. This is good news for the CS Project. Whilst we were confident that the CS Natural Pozzolan would pass Caltrans's testing procedures, this is an important step forward as many concrete specifiers look to this list as an independent endorsement when specifying for a wider range of non-Caltrans projects," says Executive Chair Patrick Cheetham.

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Symphony Environmental Technologies PLC - Borehamwood, Hertfordshire-based plastics and rubber - Says following legal action by distributor in Peru, a "clear distinction" has been officially acknowledged between oxo-degradable and oxo-biodegradable technologies, officially confirming that oxo-biodegradable technology does not leave microplastics behind. "This legal outcome has significant implications for Symphony's commercial growth in Peru and in Latin America generally. In addition, it vindicates Symphony's long-term and ongoing advocacy strategy in the region, based upon transparent and technically-led engagement with legislators and opinion-formers," company says.

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By Lucy Heming; lucyheming@alliancenews.com