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TRADING UPDATES: Serica's Rhum starts production; XLMedia buys in US

Thu, 2nd Sep 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:



Serica Energy PLC - London-based oil & gas company - Starts production from the Rhum R3 well in UK North Sea. In the last seven days, gross Rhum production has averaged over 190mmcsf per day of gas and 1,400bbl/d of condensate. This equates to an average gross production in excess of 34,000 boe per day for the Rhum field. This compares to a maximum rate of 26,000 boe per day immediately prior to the commencement of R3 production. "Further work will continue in the coming weeks to optimise and stabilise production and if necessary," company says. Serica has a 50% working interest in the Rhum field.



88 Energy Ltd - Alaska-focused oil exploration and appraisal company - Raises AUD24.0 million, about GBP12.7 million, through issue of 855.9 million shares at about 1.49 pence each. Trading at 1.74p in London on Thursday afternoon. Net proceeds to be used to strengthen balance sheet and finance drilling and logging of the Merlin-2 appraisal well. Chief Executive Ashley Gilbert says: "We will continue to evaluate potential strategic partners for the Peregrine Project, in which we maintain a 100% working interest. However, ensuring our ability to fully fund Merlin-2 via this placing delivers us excellent commercial leverage and optionality with respect to these discussions."



Dev Clever Holdings PLC - Tamworth, England-based software developer for immersive career guidance and consumer engagement experiences - Says first phase of "tactical partnership" with Dubai-based Aldebaron DMCC has now been agreed and signed. Under the terms of the partnership, the National Careers Challenge will be launched in the UK on September 30. Concurrently, plans for an Indian NCC are anticipated to be finalised in the fourth quarter for full scale launch during the first half of 2022. "Aldebaron has made specific revenue commitments to Dev Clever across the collaboration period for a minimum amount of USD50 million with the first phase being USD5 million to be accounted for in this financial year ending October 31 2021 and subsequently USD10 million in FY22, USD15 million in FY23, and USD20 million FY24," company adds.



Fintel PLC - Huddersfield-based business services provider to financial advisers - Creates "distribution as a service" unit, signs up Schroders, Just, Guardian, BMO and 91 Asset Management for the new offering. "The new subscription service is another Fintel first and includes market analysis via Fintel's proprietary insights, product design, compliance consultancy and targeted distribution services via Fintel's data sets and events programme, the largest of its kind in the UK," company explains. Chief Executive Matt Timmins adds: "Fintel operates as the connecting force between product providers, intermediaries and consumers, with a mission to simplify and improve how the market operates through technology, people and insights. The launch of our managed distribution service reflects our commitment to simplify complexity, think bigger and deliver future focused solutions to inspire better outcomes in retail financial services."



RBG Holdings PLC - London-based law firm - Integration of Memery Crystal is "progressing well". To combine two law firms, Rosenblatt Ltd and Memery Crystal Ltd into a new legal services corporate entity to be called RBG Legal Services. "While we will retain both brands, we see opportunities to deliver considerable value for shareholders by integrating the two firms, leveraging each businesses skills and resources to benefit the other. I will be directly overseeing the integration over the next few months to ensure we maximise these opportunities," Chief Executive Nicola Foulston says. Foulston will also become interim CEO of RBGLS for the next six months to directly oversee the commercial and cultural integration, company says.



IronRidge Resources Ltd - Australia-based minerals exploration company - Reports additional broad and high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa lithium project, where company has defined a JORC compliant mineral resource estimate of 14.5 million tonnes at 1.31% lithium oxide in the inferred and indicated category, including 4.5 million tonnes at 1.39% lithium oxide in the indicated category in Ghana, West Africa. Drilling results include 0.4% Li2O cut-off and maximum 4 metres of internal dilution. Chief Executive Vincent Mascolo says: "We are highly encouraged by the ongoing results received from new targets adjacent to Ewoyaa, which continue to confirm high grades in new exploration targets tested within the ELP area."



Surface Transforms PLC - Liverpool-based maker of carbon‐ceramic automotive brake discs - Says its new strategy will increase 2023 sales capacity to GBP50 million per year from GBP35 million, with no new capital equipment cash requirement. Also says it has been awarded a new contract as a tier one supplier of a carbon ceramic brake disc to its existing mainstream customer described previously as OEM 5. Contract is worth EUR5 million spread over 5 years from 2024 to 2028. Chief Executive Kevin Johnson says: "The significance of this relatively small contract lies in it being the first example of the implementation of the multi-year 'carry over' agreement concluded with OEM 5 at the time of the initial contract award in July 2019. This envisaged further awards, of varying sizes, over several years. A further award in 2020 did not happen because of a Covid induced programme cancellation by the customer. It is good to be now back on track."



Redx Pharma PLC - Cheshire-based cancer and fibrosis drug developer - Nets USD3 million milestone payment from Jazz Pharmaceuticals PLC, which was triggered as a result of the initiation of IND-enabling studies of JZP815, a preclinical Pan-RAF inhibitor, for the potential treatment of RAF driven tumours. Mutations leading to uncontrolled signalling in the RAS-RAF-MAPK pathway are seen in around one third of all cancers. Redx is entitled to up to USD203 million in development, regulatory and commercial milestone payments. Company also eligible for royalties based on any future net sales. The next milestone payment under the agreement is due on acceptance of an Investigational New Drug application by the US Food & Drug Administration.



XLMedia PLC - London-based marketing firm operating in online gaming, personal finance and sports - Buys online publisher of US college football news Saturday Football Inc for USD23.0 million cash plus USD1.0 million in long term incentive shares. Company will pay USD11.0 million up front, plus USD12.0 million over next three years. In addition, the founders, who are remaining with the business, will receive USD1.0 million in long-term incentive shares. Founded in 2014, Saturday Football operates two college football media sites, saturdaydownsouth.com and saturdaytradition.com, which cover the Southeastern Conference and Big 10 college sports conferences.



MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Granted a permit to import CimetrA into India by the Indian Central Drugs Standard Control Organisation as a final step towards obtaining emergency use authorisation for the treatment of patients with Covid-19. Co-Founder & Managing Director Roby Zomer says: "We are pleased to have secured a license to import CimetrA as an Emergency Use Drug in India, and hope that we can secure approval swiftly to expand its availability to a much wider patient base. India has been acutely affected by the Covid-19 pandemic and we believe that CimetrA can make an important difference in treating the symptoms of Covid-19 and alleviate patient suffering. It is important that we have secured Medopharm, as the importer and the marketing authorisation holder of CimetrA given their vast experience of taking medicinal products through the process to full approval for sale."



Advance Energy PLC - upstream oil and gas company - Operator of Buffalo-10 well, Carnarvon Petroleum, signs formal rig contract for a jack-up rig with Valaris. "The VALARIS JU-107 jack-up drilling rig is currently working in the Timor Sea, on the Montara field 300 kilometres southwest of the Buffalo field, and only a short tow away from the Buffalo field," company says. Adds: "The final well timing will be subject to securing the remaining drilling support services and equipment, and joint venture and regulatory approvals, all of which are well progressed." The Buffalo-10 well is designed to test the presence of a significant attic oil accumulation that remains after the original development was closed-in and convert the 2C certified resources.



Carclo PLC - West Yorkshire-based plastic parts manufacturer - Makes "encouraging" start to financial 2022, which ends March 31, by maintaining the momentum built in the second half of the prior year. As a result, trading was ahead of management's expectations for the first four months of the period, with performance also ahead of the equivalent prior period. Carclo Technical Plastics unit performs "strongly" but notes availability and pricing of raw materials has been "difficult" in recent months. Aerospace unit sees early signs of market recovery as order intake exceeds sales for the first four months year on year.



Wishbone Gold PLC - precious metals trading and exploration company with assets in Australia - Finds 7 geophysical targets varying in size up to 3.7 kilometres by 1.2 kilometres at Cottesloe project in the Patersons Range of Western Australia. Notes Cottesloe tenement E45/4543 term has been extended by the Western Australian government by 5 years to 2026. Chair Richard Poulden says: "This is exciting news to have the 5 year extension granted. Our examination of additional unpublished data has fully justified our optimism in Cottesloe. It is in a great location between the existing Nifty copper mine to the north and the Maroochydore copper project in the south, both with major copper resources." Sampling includes 5 metres at 102 grams per tonne gold from 14 metres.



By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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