(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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Longboat Energy PLC - exploration and production company focused on the North Sea - Farms into gas weighted exploration prospects on the Norwegian Continental Shelf which have combined gross unrisked mean resources of 223 million barrels of oil equivalent. Longboat strikes deal with OMV (Norge) AS. Company adds 45 million boe will be net to Longboat. Longboat acquires a 20% stake in assets named Oswig and Velocette. "Oswig and Velocette are material, gas prospects close to infrastructure in Norway anticipated to drill in summer 2022 and Q2 2023 respectively," Longboat adds. Acquisition comprises of NOK109 million, about USD12.4 million, pretax carry, NOK30.7 million on post-tax basis. Longboat adds: "The associated expenditure is anticipated to be met by a combination of Longboat's existing cash resources and drawings on its NOK600 million exploration finance facility. The company is fully funded for its current committed expenditure."
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Midwich Group PLC - audio visual technology distributor - Says 2021 results displayed "strength of our business". Revenue and adjusted pretax profit in 2021 was company record, despite audio-visual market remaining "below pre-pandemic levels". Chair Andrew Herbert says: "We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building on our expertise across a broader range of markets and products." Says trading in first four months of new year has been in line with board expectations.
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Falanx Group Ltd - Reading, England-based cyber security - Working with Bratislava, Slovak Republic-headquartered ESET spol sro and Cape Town, South Africa-based Grove Group to develop managed-endpoint detection and response solutions. MEDR refers to the idenification of cyber threats and subsequent response to them. Falanx says: "The ESET EDR capability is a leader in its field providing customers with protection from advanced persistent threats. The cloud-based version is now available enabling customers in the hybrid network environment to have full protection and control."
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FireAngel Safety Technology Group PLC - Coventry, England-based home safety products maker - Delivers first development milestone in agreement with Techem Energy Services GmbH. Agreement is for development of "new generation smoke alarm" for German market. Company says: "The first contractual NGSA development milestone, which was delivered on time and within budget, is a plug-compatible board for sensor control." Says development phase of deal with Techem 18% complete on a planned man-days basis.
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Kavango Resources PLC - mining company focused in Botswana - Says Great Red Spot asset can play host to iron oxide copper-gold mineralisation. IOCG "systems can host highly valuable copper, gold and uranium ores", Kavango says. Company adds: "The large size and relatively simple metallurgy can produce extremely profitable mines." In addition, company plans placing of to raise GBP750,000, at 3 pence each. Says 25.0 million shares placed. Funds to go towards expanding exploration programme.
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Yellow Cake PLC - Jersey-based investor in uranium - Under buyback programme, repurchases 566,833 shares for USD3 million in total, a weighted average price per share of 415.4 pence.
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i3 Energy PLC - oil and gas producer in the UK and Canada - First quarter average output doubles year-on-year to 18,095 barrels of oil equivalent per day from 9,035. Increases Canadian capital budget by "up to USD50 million" above previously earmarked USD47 million for 2022. Says monthly dividend payments totalling GBP1.2 million kicked off in March, with year-to-date distributions totalling GBP3.6 million. i3 says "dividend increase is expected to be announced in due course".
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Lexington Gold Ltd - Bermuda-based explorer with projects in the US - Receives remaining assay results from Loflin asset in US. Results show "significant shallow level intersections" including from areas outside of north-eastern boundary of main Loflin resource. Lexington adds: "Assay results returned silver values of up to 6.9 grammes per tonne, associated with gold mineralisation and zones of high sulphide alteration."
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Cora Gold Ltd - gold company focused on West Africa - Says drill programme of 11 aircore shallow holes completed at Sanankoro gold project in Mali. Notes two new discoveries, Fode 1 and Target 6, which are both in "close proximity to existing mineral resources".
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By Eric Cunha; ericcunha@alliancenews.com
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Longboat Energy (LBE)
Midwich Group (MIDW)
Kavango Resources (KAV)
Yellow Cake (YCA)
Lexington Gold (LEX)
Cora Gold (CORA)