TRADING UPDATES: Prospex gas sales rise, expects cash to increase

Fri, 15th May 2026 20:01

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

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Union Jack Oil PLC - onshore exploration, development and production in the UK and US - Updates on its 43%-owned Crossroads Well, located in Garvin County, Oklahoma USA. Says drilling to the target depth of 4,600 feet encountered good hydrocarbon shows at several levels from the Hoxbar down to the Basal McLish intervals. Based on a petrophysical evaluation of the downhole logs, four intervals with production potential will be tested, Union Jack says. These intervals are the Middle McLish, Basal McLish, Cisco and Hoxbar Sandstones. Chair David Bramhill comments: "We look forward to the evaluation and test results from Crossroads which has excellent upside potential. Nearby wells that are down-dip from the Crossroads location have produced hydrocarbons. We look forward to reporting on evaluation and test results from Crossroads in due course."

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Prospex Energy PLC - London-based oil and gas investment company - Gas sales revenue from Selva Malvezzi rises to GBP912,000 in the first quarter from GBP769,000 a quarter ago. Expects to see higher European gas prices in March reflected in the second quarter as sales proceeds are received in the following month. Closed the first quarter with GBP907,000 in cash following its convertible loan note issuance, up from GBP42,000 at end-December. Says it has sufficient cash to fund new licences in Poland and progress early assessment of prospectivity on that acreage. Expects strong Italy gas sales to increase its balance. Chief Executive Officer Tom Reynolds comments: "I expect Q2 2026 to be a period of consolidation with a focus on planning in support of future investment in the Company's key assets as well as corporate development activity." Adds: "As previously shared with shareholders, activity across all assets is expected to converge around the end of 2026, with capex required in 2027. Over the remainder of 2026, the company will continue to evaluate all available funding options to support its development plans whilst limiting shareholder dilution where possible."

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Blackbird PLC - London-based video editing software for media and entertainment industry - Says it has moved to "a more strategic" go to market approach for its elevate.io platform as it nears the end of the product market fit phase. "The GTM approach encompasses the Company's learnings from the PMF phase, where seeding at targeted events, social content and user data has informed the team of how the elevate.io proposition is landing with, and solving problems for, users. Additionally, through working with a fractional multi-disciplined experienced marketing team, the GTM approach now being deployed by the Company incorporates both brand positioning and clear routes to market," Blackbird says.

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Mkango Resources Ltd - Vancouver-based mining company - Announces June 5 general meeting to amended its stock option plan approved in November, and the extension of the term of certain stock options. Under its current plan, the maximum term of the options not exceed 10 years from the date of issue. Currently, 4.7 million options each at an exercise price of CAD0.06, will expire on June 15 and 2.2 options, each with an exercise price of CAD0.07, will expire on October 23. The directors have amended the plan to permit the Mkango to extend the term of the options to 15 years from the date of issue. Additionally, it seeks to approve the waiver of oversight by the TSX Venture Exchange of actions proposed to be undertaken by Mkango following the completion of its proposed merger transaction with Crown Proptech Acquisitions and listing of its shares on Nasdaq. Mkango says US regulatory oversight will be sufficient to protect the interests of the company and continued regulation by the TSXV "could result in delays that may adversely affect MKAR's operational flexibility."

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Ajax Resources PLC - natural resources investment company focused on South America - Updates on its proposed acquisition of the Paguanta Project in Chile from Asara Resources Ltd. The parties have agreed to extend Ajax's exclusivity period until August 14 as they continue to work towards completion. "The company confirms that Ajax and Asara are currently finalising negotiations regarding the terms of the sale and purchase agreement. Completion is expected to occur in due course and, in any event, no later than the timeline set out in the extension," Ajax says.

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Sunda Energy PLC - Southeast Asia-focused gas resource company - Receives notice from Alumni Capital to convert GBP250,000 of the outstanding balance of its convertible loan notes plus a GBP25,000 finance charge the into ordinary shares. The conversion price is 1.7827 pence, a 15% discount to the lowest daily volume weighted average price on any of the 10 trading days prior to the issue of the conversion notice. Accordingly, Sunda will issue 15.4 million new shares. Sunda has also granted 8.9 million CLN Warrants to the investor pursuant to the conversion. One CLN Warrant will entitle the Investor to subscribe for one ordinary share, at a 30% premium to the conversion price.

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Playtech PLC - Douglas, Isle of Man-based gambling software - Chair John Gleasure buys 57,000 shares at an average of 339.77 pence each, worth a total of GBP193,667.

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Permanent TSB Group Holdings PLC - Dublin-based bank - Announces July 30 shareholder vote for the acquisition of PTSBGH by BAWAG Group AG subsidiary BAWAG PSK. Under the terms of the acquisition, PTSBGH shareholders will be entitled to receive EUR2.97 per share. The acquisition values the entire issued share capital of PTSBGH at EUR1.62 billion.

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Hunting PLC - London-based provider of equipment and engineering services to the oil and gas industry - Managing Director of Asia Pacific Daniel Tan sells 50,000 shares at 510.0 pence each, worth total GBP255,000.

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Global Connectivity PLC - Isle of Man-based broadband provider to rural areas in the UK - Says running costs have been "kept at a minimal level." However, commits to appointing a new director by September 30 "to help to drive the strategy for the business." Updates on its 6.73%-holding PLUG Group Ltd, where Chair Keith Harris holds the same position. On 12 May, a filing on a liquidator being appointed was made and PLUG has gone into a creditors voluntary liquidation. Expects to announce its 2025 results during the week June 22.

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Frenkel Topping Group PLC - Manchester, England-based specialist financial and professional services firm - Updates on its GBP65.8 million acquisition offer from Irwell Financial Services Bidco Ltd, which is managed by Harwood Private Equity LLP. Proposes second extension of the longstop date, which will be announced on May 20, from March 27. Says Irwell Bidco and its advisers are discussing certain amendments to its capital structure in order to satisfy FCA requirements, which is expected to result in a change in the structure of the Irwell Holdco Units that formed part of its alternative offer.

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By Aidan Lane, Alliance News reporter

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