TRADING UPDATES: Residential Secure sees rental rise; PetroTal NPV up

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

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Residential Secure Income PLC - real estate investment trust focused on retirement living and shared ownership homes - IFRS net asset value per share as at December 31 amounted to 98.3p, down from its NAV as at September 30 of 108.8p. Records a total EPRA return of negative 9.9% for its first quarter. Declares a quarterly dividend of 1.29p, in line with its dividend target. Rent collection remains at 99% for the quarter, it adds. Records rental growth of 5.3% on 502 properties representing 1.0% like-for-like growth. "We're pleased by ReSI's operational performance this quarter, with strong rental growth, continued high occupancy and good demand for new homes. As with many other REITs and investment companies, the difficult UK macro environment in the last three months of 2022 drove a spike in gilt yields, which has directly impacted our valuations as at the end of December," Managing Director Ben Fry says.

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Canadian Overseas Petroleum Ltd - Calgary-based international oil and gas firm - Reports that its average annual gross lease oil production for 2022 was 1,550 barrels per day. Total gross miscible flood injection volumes in 2022 at the Barron Flats Shannon Unit were 1,434 million standard cubic feet of natural gas and 6.9 million gallons of liquefied petroleum gas. Expects production at its Barron Flats Shannon Unit to remain "constrained", until it secures funding to debottleneck the gas gathering system to recover produced gas for re-injection.

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ADM Energy PLC - London-based natural resource investor - Says that the Federal High Court of Nigeria has adjourned the injunction matter to March 28. On December 13, it obtained an interim injunction at the Federal High Court of Nigeria to restrain Noble Hill-Network Lt, its officers, agents, privies, or persons connected from selling, disposing, divesting, or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors "or in any other manner whatsoever."

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Harland & Wolff Group Holdings PLC - London-based offshore construction company - Executes a subcontract with Navantia UK Ltd, further to the execution of the Fleet Solid Support Programme's Manufacture contract between the UK Ministry of Defence and Navantia UK Ltd. On January 18, the company said that the deal is worth around GBP1.6 billion follows the award of preferred bidder status as announced on November 16. A formal ceremony took place at Harland & Wolff's Belfast facility on Wednesday, with UK defence secretary Ben Wallace, senior industry leaders representatives of each party of Team Resolute in attendance. Says that the subcontract is expected to generate revenue of between GBP700 million and GBP800 million. Adds that it will propel the company to the next stage of its development.

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PetroTal Corp - Calgary, Canada-based, Peru-focused oil and gas development and production company - Records net present value increases of USD0.90 per share, USD1.75 per share, and USD2.86 per share for 1P, 2P, and 3P, respectively. Reports a 2P estimated ultimate recovery of over 108 million barrels, a 24% increase in 2P reserves to 96.7 million barrels, and a 21% increase in 1P Reserves to 45.4 million barrels. "Bretana's reserves have grown tremendously since 2017. Our drilling success combined with the field's strong natural aquifer support that allow for recovery factors beyond 30% has underpinned a world-class oil operation that is expected to deliver immense free cash flow for the next 20 years. The field's initial 2017 2P estimated ultimate recovery was 37.5 million barrels which we have now almost tripled to 108.2 million barrels," Chief Executive Manuel Pablo Zuniga-Pflucker comments.

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Trident Royalties PLC - London-based mining royalty and streaming company - Says that General Motors Co and LAC have agreed to jointly invest to develop the Thacker Pass lithium project in Nevada that it holds 60% interest in. Says that GM has entered into a 10-year off-take agreement, to purchase the phase 1 production from Thacker Pass. It will make a USD650 million equity investment in LAC, it adds. Notes that LAC estimated that the lithium extracted and processed from the Project can support the production of up to 1 million electric vehicles per year. "For Trident, Thacker Pass is expected to become an important component in our expanding revenue-generative royalty portfolio as LAC advances towards Phase 1 production of 40,000tpa in H2 2026. Until then, we continue to keenly monitor its development including the result of the appeal process held in early January, with a decision expected in the coming months," Trident CEO Adam Davidson comments.

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By Abby Amoakuh, Alliance News reporter

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