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TRADING UPDATES: PetroTal buys Peru's Block 131 for USD5.0 million

Fri, 17th May 2024 18:55

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

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AFC Energy PLC - Surrey, England-based fuel cell technology focused initially on construction and temporary power markets - Appoints Illuming Power as its first scaled manufacturer of fuel cell plates and stacks for its S series air cooled platform. AFC and Illuming sign a strategic supply agreement for large scale production of S Series air cooled fuel cell plates and stacks. Illuming Power President & Chief Executive Officer Jeff Plato says: "We are pleased to be entering into this long term strategic supply agreement with AFC Energy to support the growth in demand for its H-Power Generator platform into a scalable production product. We have been working with AFC Energy over a number of years now and believe the market for decarbonised generators in the off-grid and backup power markets highlights a near term, sizable global market in which to pursue, lending itself well to third party manufacture."

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Burberry Group PLC - London-based luxury goods retailer - Chief Financial Officer Kate Ferry will take a short leave of absence after under going unscheduled surgery. She is expected to resume her duties next month.

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Digital 9 Infrastructure PLC - investor in internet infrastructure, such as data centres and subsea fibre - Appoints Eric Sanderson as independent non-executive chair. He is currently chair of JPMorgan Emerging Europe, Middle East & Africa Securities PLC and serves in the same role at BlackRock Greater Europe Investment Trust PLC.

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PetroTal Corp - Calgary, Canada-based firm focused on oil and gas development in Peru - Executes a definitive agreement to buy for USD5.0 million Peru's Block 131, including the producing Los Angeles field, via acquiring CEPSA Peruana SAC, which represents the Peruvian business unit of Compania Espanola de Petroleos SAU. PetroTal President & CEO Manuel Pablo Zuniga-Pflucker said: "This is PetroTal's first acquisition since entering Peru in late 2017. This transaction marks an important step forward in delivering on our ongoing growth vision. The assets being acquired are synergistic, highly accretive to the company's current operations and we have immediate plans for development once the transaction is complete. All production from the assets is directed to the Iquitos refinery." He adds that completion of the acquisition will add about 900 barrels of oil per day to PetroTal's current 18,500 bopd of Bretana production.

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Premier African Minerals Ltd - Africa-focused metals and mineral project developer - Celebrates that the Zulu flotation circuit is now running in continuous state and is producing saleable spodumene concentrate. CEO George Roach says: "Target production for the coming week is expected to start at 50 tonnes spodumene concentrate per day with increasing production. Target full projected capacity remains at 4,000 tonne per month."

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ReNeuron Group PLC - Brigdend, Wales-based stem cell and exosomes technology company - Announces the company has been assessing a number of possible options such as a recapitalisation of the business via an equity fundraise or the potential sale of the operating subsidiary. "The board has prepared a revised business plan which would enable the group to continue to progress the development of its exosome platform on a lower cost base should it be able to secure an equity fundraise," ReNeuron says.

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Tungsten West PLC - London-based miner focused on restarting production at the Hemerdon tungsten and tin mine in Devon - Notes the UK Environmental Agency extends consultation period regarding the mineral processing facility permit to May 30.

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By Tom Budszus, Alliance News slot editor

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