TRADING UPDATES: Chariot expects gas in Morocco; Redx wants CFO in US

Tue, 02nd Mar 2021 21:39

(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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All Active Asset Capital Ltd - London-based firm seeking investment opportunities in the technology, software and artificial intelligence space - Exercises first tranche of the option agreement with AAQUA BV, and has acquired 6,000 new AAQUA shares. Under the terms of the option, AAA can subscribe for up to 125,000 new AAQUA ordinary shares at EUR1,000 per share, being a total cost of EUR125 million if fully exercised. AAA paid a EUR1 million fee for the grant of the option to AAQUA in December 2020. The grant fee is offset against the initial exercise cost payable by AAA; and so AAA's incremental cost of this initial exercise is EUR5 million.

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Redx Pharma PLC - Macclesfield, England-based treatments for cancer and fibrotic disease - Starts search for US-based chief financial officer. Notes James Mead will continue in his role as CFO until a new appointment has been made at which point Mead will assume the role of chief operating officer. Chair Iain Ross adds: "In conjunction with these changes, Mead will step down from the board with immediate effect and will cease to be a director of the company. Going forward, the board will therefore consist of five non-executive directors and one executive director, the CEO."

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Verici Dx PLC - clinical diagnostics developer for organ transplant - Partners Lorenzo Gallon, at Northwestern University Feinberg School of Medicine; Milagros Samaniego, at Henry Ford Health System and Daniel Maluf, at the University of Maryland, Baltimore to collaborate on company's clinical trial surrounding its two lead products, ClaravaTM and TutevaTM, and longer term, the validation of the fibrosis test. "The study uses next generation sequencing in the Verici Dx laboratory to create transcriptomic profiles to validate performance characteristics of the lead Verici Dx immune-phenotype signature tests," company explains.

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Amiad Water Systems Ltd - Israel-based water treatment and filtration systems - Launches Spin Klin Nova, a disc filtration system. "This cutting-edge solution, which is the culmination of years of R&D work, is the company's most efficient product to date. It includes multiple new features that are designed to make it as adaptable as possible to the needs of the customer while increasing ease of use," company says. Spin Klin Nova is available now in Israel and will be released globally later this month.

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Chariot Oil & Gas Ltd - Africa focused transition energy company - Signs memorandum of understanding along with its partner the Office National des Hydrocarbures et des Mines with the Ministry of Industry, Trade & Green and Digital Economy in Morocco. The MOU relates to the ministry's support of Chariot and ONHYM's Anchois gas development project as a potential provider of significant gas to the Moroccan gas market. Chariot's acting Chief Executive Adonis Pouroulis says: "The signing of this MOU is a significant step in our efforts to access the Moroccan gas markets. With the Kingdom of Morocco's support we intend to build on the positive conversations we are already having with entities involved in the Moroccan gas market, giving us greater confidence that we will sign the necessary agreements to expedite the development of this value accretive gas project, for the benefit of the Kingdom and Chariot's investors."

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Hurricane Energy PLC - Surrey-based oil and gas company - Says discussions on Lancaster field forward work programme, strategy, financing and balance sheet recapitalisation are ongoing. Looking at drilling the side-track in 2022 following further planning activity during 2021; or drilling the side-track together with the previously contemplated water injection well as a combined programme in 2022. If those do not pan out, considering drilling the side-track in 2022 and the water injection well in 2023. Hurricane adds: "Proposed side-track is more complex in nature than previous wells on Lancaster due to the incorporation of an intelligent completion and the challenges of delivering the well trajectory from the side-track location."

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Tern PLC - internet of things-focused investor - Pleased with recent momentum of portfolio companies. Notes Device Authority Ltd, Talking Medicines Ltd and Wyld Networks Ltd have had a good start to 2021 and have "promising" pipelines of business. Chief Executive Al Sisto says: "Device Authority's IoT summit last week, funded by its partner sponsors, was a particular milestone for the company, demonstrating the depth of their relationships and the important position their KeyScaler product has in the IoT. I wholly endorse one speaker from a global software company who commented that KeyScaler is 'the glue that holds the IoT together'." Adds: "I would also like to congratulate Talking Medicines on being selected as part of Healthcare UK's 'Fast 100'. This recognises Talking Medicines' innovation and their commitment to global expansion."

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Mkango Resources Ltd - explorer for rare earth elements in Malawi - Completes flotation pilot plant programme for the Songwe Hill rare earths project in Malawi. The results of the flotation pilot programme will be announced in due course, and the flotation concentrate produced will be supplied to ANSTO in Australia for hydrometallurgical piloting. "Discussions in relation to sites for a rare earth separation plant are ongoing - this will process the high grade, purified mixed rare earth carbonate produced at Songwe, enriched in high value neodymium, praseodymium, dysprosium and terbium," company adds.

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IXICO PLC - AI data analytics company - Says Cyclerion Therapeutics Inc, a new client, to support the company's Phase IIa clinical trial to investigate CY6463 for treatment of individuals with Alzheimer's disease. For the study, IXICO will provide advanced neuroimaging solutions involving structural magnetic resonance imaging, diffusion MRI, resting state functional MRI and arterial spin labelling. "Whilst this contract does not change management's expectations of financial performance for the year, it adds to the company's strong order book, further increases visibility of future revenues, and reflects an increasing diversification of the company's client base," company adds.

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Westmount Energy Ltd - South America-focused energy investor - Notes the Stena Carron drillship is moving from the Bulletwood-1 location on the Canje block, offshore Guyana, to a new drilling location on the Stabroek block. "Westmount is not a direct participant in the Canje Joint Venture and is therefore not aware of the outcome of the Bulletwood-1 well. The company awaits confirmation and disclosure of the Bulletwood-1 drilling results by the operator or other Canje JV partners. It is the company's intention to update the market as soon as these drilling results are publicly available," company adds. Company plans drilling of the second and third wells on the Canje block, Jabillo-1 and Sapote-1, over the coming months.

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Bahamas Petroleum Co - Caribbean and Atlantic margin focused oil and gas company - Notes Honourable Justice Petra Hanna-Weekes allowed the company's application and ordered the applicants to post USD200,000 security for costs within 30 days, pending which the proceedings will be stayed. BPC recently added as a respondent to the application brought by environmental groups against the government of the Bahamas. BPC was entitled to request that the applicants provide security for costs.

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Enteq Upstream PLC - oil & gas drilling technology company based in Buckinghamshire - Launches disruptive alternative to traditional rotary steerable systems. The SABER tool is now ready for next stage field trials. "The SABER tool uses internally directed pressure differentials to steer from the drill bit face, delivering true 'at-bit' geo-steering. This mechanically simple design also removes the need for traditional pistons and pads that are susceptible to reliability issues - an approach which can create a smoother and more precise wellbore with easy to manage directional control. SABER will offer a robust, reliable, simple and cost effective directional drilling alternative to current RSS options," Enteq explains.

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DP Aircraft I Ltd - Guernsey-based aircraft leasing company - Signs letter of intent with Thai Airways under which the parties have agreed to amend the existing lease terms. The new terms provide for a "power by the hour" arrangement until the end of next year, with scaled back monthly lease payments thereafter, reflecting the reduced rates now seen in the market. The lease term will be extended from October 2026 to December 2029, with the company retaining a right of early termination in October 2026. Agrees with Thai lenders to amend and restate the existing loan facility agreements in respect of the Thai assets.

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Mobile Streams PLC - mobile content and data intelligence company headquartered in London - Says Chinese language version of Streams will launch on March 14. Streams China is aimed specifically at the Chinese market for companies that want to sell their products and services to a western audience. Also notes revenues and customer growth continue to remain ahead of internal forecasts, and monthly Streams Data revenue has now exceeded the net revenue brought in via the legacy business. Says Streams SaaS platform which generated initial customer revenues in October, now generating monthly revenue of GBP12,000, up 33% year on year. "Whilst still at a modest level, with our pipeline of product development and marketing, we expect to see significant growth in 2021, with additional higher price points to come," company adds.

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By Paul McGowan; paulmcgowan@alliancenews.com