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TRADING UPDATES: Duke expects revenue rise; SIMEC gets EL deal payment

Thu, 28th Mar 2024 14:14

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


Union Jack Oil PLC - Bath-based UK- and US-focused oil and gas company - Says Andrews-1-17 well in

the West Bowlegs prospect, located in Seminole County, Oklahoma, has spudded. Union Jack Oil has a 45% working interest in the well. Says that the Andrews-1-17 well has a geological chance of success of 75%. Adds that it expects a 10-day drilling period to a depth of 5,200 feet for the well.


SIMEC Atlantis Energy Ltd - Energy company focused on tidal energy - Receives its first GBP5 million milestone payment under its agreement with EL (Uskmouth) Ltd, a subsidiary of FPC Electric Land. In December, SAE announced that it had agreed to sell the freehold land owned by SAE to EL, for a milestone-linked total gross cash consideration of GBP9.8m million. The freehold land sold to EL is limited to the land used by Quinbrook Infrastructure Partners, for their 230-megawatt battery energy storage system at SAE's Uskmouth Sustainable Energy Park. With the achievement of this first milestone and the payment of GBP5 million to SAE, EL has now taken ownership of this land. SAE Chief Executive Officer Graham Reid comments: "This is another milestone hit and demonstrates how we secure value for our business and shareholders. We have the knowledge, skills and a fantastic site to deliver an exciting pipeline of projects that are expected to provide revenue for the business and increased value for our shareholders in the long term. This experience and knowledge can also provide a platform for future growth, and it's a truly exciting time at SAE."


VH Global Sustainable Energy Opportunities PLC - London-based investor in energy infrastructure - Says it will buy and build two solar and storage hybrid sites in Australia for GBP16.9 million. The battery energy storage systems are located in New South Wales, it says.


Hummingbird Resources PLC - gold producer with operations in Mali, Guinea and Liberia - Seeks to address suspension of activities at the Kouroussa gold mine in Guinea by Corica Mining Services. This comes after Corica accused Hummingbird last week of "substantial breaches" of contract, including failure to pay for its work at Kouroussa. Hummingbird had said Corica's actions were "a clear breach of the mining contract", and alleged that Corica "failed to meet mining contract volumes due to delays in mining equipment mobilisation, commissioning, and overall operating performance". Now says that it is in discussions to restart operations as soon as possible, but notes that reduced mining activity will result in commercial production being delayed.


Duke Capital Ltd - Guernsey-based provider of royalty finance to companies in the UK and Europe - Says recurring revenue in the third quarter of its financial year ending March 31 reached a record of GBP6.3 million, an increase of 12% from RR of GBP5.6 million in the third quarter of financial 2023. Total cash revenue was also GBP6.3 million, up 89% from GBP5.6 million the year before. Duke Capital currently forecasts cash revenue of GBP10.2 million for the final quarter of financial 2024, which would be an increase from GBP5.8 million.


Blue Star Capital PLC - London-based investment company focused on the esports and new technologies sectors - Notes Pendulum announcement that Spacewalk is now live on its network. Pendulum is a company incubated by Blue Star's investee company SatoshiPay. Blue Star holds a 27.9% stake in SatoshiPay, and SatoshiPay has an interest of 5.5% of Pendulum's future PEN tokens. Spacewalk is a "trust-minimised decentralised bridge between the Polkadot and Stellar ecosystems, enabling efficient transfers of fiat-backed stablecoins and cryptocurrencies, and serves as a critical link that allows the Pendulum chain to leverage the vast array of fiat-backed stable tokens available on the Stellar blockchain, paving the way for the development of a fiat-based decentralised finance ecosystem."


By Sabrina Penty, Alliance News reporter

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