TRADING UPDATES: Hardide upbeat on recovery; SIMEC permit delayed

Thu, 07th Oct 2021 14:43

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

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Hardide PLC - Oxfordshire-based advanced surface coating technology developer - Value of orders received in second half of financial year ended September 30 is GBP2.5 million, up 52% on those received in first half, though a significant proportion of this will be recognised as revenue in the start of the 2022 financial year. "The board is looking forward to an improved performance in financial year 2022 and providing further updates on the various exciting projects in progress," Chair Robert Goddard says. Going into the company's next financial year, notes there are "promising signs of recovery" across the all key market sectors.

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SIMEC Atlantis Energy Ltd - Edinburgh-based tidal and hydro energy producer - Explains Welsh government will now itself decide on permit variation application for the conversion of the Uskmouth power station and has blocked Natural Resources Wales - which had previously indicated that it was minded to award the variation to the permit - from making a determination. Says "further delay" is a blow, and the government is putting project at risk. "SAE will consider all available legal options and will seek to ensure that the Welsh government understands how critical this project is to South Wales, Newport, to key industries and the hundreds of employees whose jobs are at risk," it says.

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Block Energy PLC - oil and gas developer and producer in Georgia - Reports third quarter production of 34.6 million barrels of oil equivalent, down from 42.6 million barrels in the second quarter. "Production during the third quarter includes the resumption of production from well WR-16aZ, following successful installation of a sucker rod pump, but this was more than offset by the decline from well WR-38Z," Block explains says. Third quarter revenue slumps 23% to USD901,000 from USD1.2 million a year previously.

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Falcon Oil & Gas Ltd - exploration and development company - Completes production testing at Kyalla 117 in the Beetaloo Sub-Basin, Northern Territory, Australia. While Kyalla 117 flowed liquids-rich gas without assistance for intermittent periods, production was not sustained and there were indications of a potential downhole flow restriction. Further analysis will be undertaken which will inform the future approach to further drilling. "The information collected from this first horizontal well drilled in the Kyalla liquids-rich play, including the elevated liquids component, confirmed that the Kyalla remains an attractive target for further appraisal," comments Chief Executive Philip O'Quigley.

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Aura Energy Ltd - Australian exploration company focussed on Sweden and Mauritania - Signs USD10 million offtake financing agreement with commodities firm Curzon Uranium Trading. The funds have been set aside for mining working capital and production costs. The agreement includes up to an additional USD10 million facility at the lender's discretion. The potential maximum available under the agreement is USD20 million. "Sentiment towards uranium and nuclear power is shifting rapidly amongst investors and we see considerable potential to expand our resource, production throughput and undertake further offtake finance agreements," says Chair Martin Rogers.

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Mast Energy Developments PLC - developer of reserve power generation plants - Completes purchase of Rochdale Power Ltd for the installation of a 4.4 megawatts flexible gas power project in Dig Gate Lane, Rochdale. The acquisition amounts to GBP90,000, while the property rights cost GBP132,000, for GBP222,000 total, which will be funded from the current MAST working capital budget. Rochdale will provide an additional revenue opportunity, Mast says, increasing the overall revenue stream by adding to the Bordesley project, which is currently under construction, and Pye Bridge project, which is already in production. "Completion of the Rochdale transaction is yet another step in MED's clear strategy to establish a portfolio of reserve power plants in aggregate of 300 MW generating capacity in the UK," Mast says.

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Live Company Group PLC - UK-based live events and entertainment company - Signs new contract with Les Grands Pres Shopping Centre in Mons, Belgium for Bricklive Fantasy Kingdom. Plans to expand presence in similar centres across the region and wider Europe in 2022.

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By Will Paige; willpaige@alliancenews.com