Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
While Canada volume is not usually particularly relevant and generally trades are quite small, a somewhat higher (stress, for Canada) than typical trade to finish the day is nevertheless encouraging …
Nov 9, 20:40 0.04 0.005 300,000 RBC Capital Markets TD Securities Inc. CSE
GLA
Https://webfiles.thecse.com/10_CSE_Form_7_-_Monthly_Progress_Report_-_Oct_2023.pdf?R60iCXAnpLCS39ugh2ZhumH5PRhgeoaA
October additions (vs. Sept) …
6 Bonds and Warrants changes, “and crystallization of the Issuer's crude oil and butane risk management contracts”.
13 Bonds, SCF changes in some detail – quite a lot here, worth a read!
14 Share and Warrant issuance.
17 Now includes Middle East conflict.
Saving the operational update for Mr Cowan to speak (eventually, at last!)?
GLA
Aptamer Group (APTA) develop Optimers for diagnostic reagents and pharmaceutical solutions. Optimers specifically, as opposed to Aptamers more generally, are alternatives to antibodies but based on DNA or RNA oligonucleotide molecules, whereas Affimers are based on human stefin.
They have just posted a rather downbeat trading update, at least in relation to 2023 revenue …
https://www.lse.co.uk/rns/APTA/trading-update-kftpmni53fk0vy2.html
However, the ‘Technical’ section of the RNS is quite interesting, particularly …
“Secondly, we have made great progress in building a body of data further supporting our Optimer-based pharmaceuticals for gene therapy delivery and precision chemotherapy. This opens opportunities for the specific delivery of chemotherapeutics to site of action; for example, using these techniques to target specific tumours could reduce the amount of drug administered and thereby minimise side effects. We have successfully built the drug conjugates for oligonucleotide, radionuclide, and chemotherapeutic delivery, with the results showing selective delivery and gene knockdown or cell killing, respectively. This work will form the bedrock of technical data to attract larger pharmaceutical partners. Results from this work will be disseminated, as delivered, over the next 12 months.”
They are at least 2-3 years behind AVCT, even if they can get any funding.
But now valued at ~£6m, perhaps an opportunity, strategically, to acquire a potentially competing platform. Unless, of course, we have a high degree of certainty in our near-term outcome.
GLA
AI being used for cancer detection by Royal Marsden (retroperitoneal
Sarcoma). On BBC R4 this morning and …
https://www.bbc.co.uk/news/health-67264350
Lancet article …
https://www.thelancet.com/journals/lanonc/article/PIIS1470-2045(23)00462-X/fulltext
More effective early detection – perhaps followed by targeted treatment.
GLA
Just for info FWIW, as I recall someone suggesting that this site was somewhat ‘automated’.
https://www.withpower.com/trial/phase-1-sarcoma-6-2021-6f477
But it has switched from Colorectal, to Oesophageal (and back again), and now on STS – in the last couple of months.
GLA
Comparison of Sep vs Aug (unless stated).
Daily average production 1148 (30 days) vs 1146 (31 days). So, basically the same.
Top 6 (over 2000) …
BFU 34-20V, 3633 +435 on -2 days, -8 days lost overall
BFU 32-27V, 3168 -237 on -1 days, producing for 30 days
BFU FED 32-21V, 2899 +417 on 29 days
BFU 44-22V, 2633 -270 on 29 days
BFU 21-35-76 ST A SN 3H, 2335 +269 on +9 days, producing for 30 days
BFU Fed 11-22V, 2042 -1081, producing for 29 days (something ‘up’ here then?)
4 more producing 1000+
26 more producing oil, total 36 wells with production.
Biggest improvers …
COLE CREEK 31-17, +567 vs 0, on 30 (vs 0) days
BFU FED 11-28V, +494 on 30 (vs 17) days
BFU 34-20V, +435 on 22 (vs 24) days (high gas at 14631)
BFU FED 32-21V, +417 on 29 (vs 29) days
BFU FED 21-21V, +362 on 30 (vs 21) days
Another 8 with increases, total 13 improvers.
Worst ‘offenders’, one stands out …
BFU Fed 11-22V, -1081 on 29 (vs 28) days
Another 21 on the downside.
Gas produced up a bit, water up ~+54%.
Overall, nothing massively different to Aug. So let’s hope that we’ve been ‘off the throttle’ during field works and pending increased injection.
GLA
Tea in pot, cosy (hand knitted of course) on.
Yorkshire tea (data) brewing (being analysed).
Will be pouring a nice cuppa (of results) soon.
Looking forward to the biscuits.
GLA
Point Biopharma (Eli Lilly acquisition target) have PNT2002 “a PSMA-Targeted therapy for metastatic castration-resistant prostate cancer”. This utilises “the beta-emitting radioisotope lutetium-177”.
https://www.pointbiopharma.com/our-products/pipeline/prostate-cancer
Novartis have Pluvicto™ which “shows clinically meaningful and highly statistically significant rPFS benefit in patients with PSMA-positive metastatic castration-resistant prostate cancer”. Pluvicto™ is based on the radioisotope lutetium (177Lu).
https://www.novartis.com/news/media-releases/novartis-pluvictotm-shows-clinically-meaningful-and-highly-statistically-significant-rpfs-benefit-patients-psma-positive-metastatic-castration-resistant-prostate-cancer-pre-taxane-setting
Note that there are side effects, see down the page.
Prostrate cancer is one of the higher FAP expressing tumour types – as per below, and as referenced by Avacta …
https://jnm.snmjournals.org/content/jnumed/60/6/801.full.pdf
Novartis seem to have missed out on CanSEEK™, so maybe they’re looking for the full platform?
GLA
OK, so would appreciate some insight into what’s going on here? Matched pairs at the same price, XOFF, posted after hours, and has been a regular occurrence recently. Delayed posting result of order fill maybe, but what about the small ones, etc.? Today’s …
2023-10-20T16:55:38+01:00 GBP 1.28084 992 1,269.76 Off-book XOFF
2023-10-20T16:55:37+01:00 GBP 1.28987 100000 129,000 Off-book XOFF
2023-10-20T16:55:37+01:00 GBP 1.28508 214229 276,355.41 Off-book XOFF
2023-10-20T16:55:37+01:00 GBP 1.29987 15029 19,537.7 Off-book XOFF
2023-10-20T16:54:26+01:00 GBP 1.28083 992 1,269.76 Off-book XOFF
2023-10-20T16:54:25+01:00 GBP 1.28987 100000 129,000 Off-book XOFF
2023-10-20T16:54:25+01:00 GBP 1.28507 214229 276,355.41 Off-book XOFF
2023-10-20T16:54:12+01:00 GBP 1.29987 15029 19,537.7 Off-book XOFF
GLA
@Shouston – looks like we got a bit more oil then!
When August production released …
BFU FED 32-21V Oil, Gas, Water, Days, 1484, 765, 76, 19
BFU Fed 11-22V Oil, Gas, Water, Days, 2381, 208, 39, 18
Current download …
BFU FED 32-21V Oil, Gas, Water, Days, 1570, 765, 76, 19 (+86 barrels oil)
BFU Fed 11-22V Oil, Gas, Water, Days, 2519, 208, 39, 18 (+138 barrels oil)
GLA
10/17/2023 (MDY) - BFU FED 41-22V …
http://pipeline.wyo.gov/Wellapi.cfm?oops=ID87060&nAPINO=948161
SWP requires emergency flaring at the BFU Fed 41-22V (948161) for a safety related well
intervention per Chapter 39 (b)(i). For safety related reasons, SWP needs to install two 5,000 psi casing valves on the
wellhead to secure the well properly prior to restarting offset gas injection. When the offset injection well was injecting gas, the casing pressure on the BFU Fed 41-22V climbed to 2,574 psi. The current casing valves are rated to 3,000 psi. The casing pressure has declined down to 2,100 psi over the last 4 months with the injector shut in. The well needs to be killed in order to swap out the casing valves and we have to bleed down the casing pressure through a flare prior to pumping the well kill. We may need to flare up to a cumulative volume of 7-10 MMcf over a 7-day period.
Interesting that this well doesn’t seem to have produced any oil since Jan 2022? Now upgrading the well-head to facilitate higher pressures and (presumably) reinstate production?
GLA
Quick scan for some heading changes …
Old – “Cellular proteasome activity is inhibited after AVA3996 cleavage”
New – as above plus “resulting in cell death”
Completely new heading – “AVA3996 is selectively cleaved at the tumour resulting in tumor growth inhibition in a melanoma PDX model”
Old – “Initial pre-clinical safety studies”
New – “IND enabling studies”
So, perhaps this one works as well? Now to look through the detail.
GLA
“300 mcf of actual flaring”
http://pipeline.wyo.gov/Wellapi.cfm?oops=ID26383&nAPINO=922922
BFU 23-27V
http://pipeline.wyo.gov/Wellapi.cfm?oops=ID26383&nAPINO=934819
BFU 22-27V - both ‘Notice of intent’ and ‘Subsequent report’
http://pipeline.wyo.gov/Wellapi.cfm?oops=ID26383&nAPINO=934637
Looks like issues dealt with and WOGC happy.
GLA
(The less than sign in front of the 300 mcf seems to be 'control character' that chops off the copy!)
The complete list ...
Flaring requests all approved today …
http://pipeline.wyo.gov/RepByCompsundr.cfm?oops=ID46986&RequestTimeOut=65000&nOpco=1769
FEDERAL 12-26 – annotated “
Flaring requests all approved today …
http://pipeline.wyo.gov/RepByCompsundr.cfm?oops=ID46986&RequestTimeOut=65000&nOpco=1769
FEDERAL 12-26 – annotated “
Another Sundry - dated 10/09/2023 (MDY).
http://pipeline.wyo.gov/Wellapi.cfm?oops=ID25434&nAPINO=922922
Flaring request on FEDERAL 12-26.
“SWP requests approval under Chapter 3 Section 39 (b)(i) to emergency flare up to 1,000 Mcf of gas from October 8-13 due to high line pressures in the field. The problem will be remedied right away to reduce the flared volume from this well.”
So, if the problem is being remedied ‘right away’, then is it being connected to the GGS.
12-26 did 600 barrels in Aug, steady decline since Jan (1333), with increasing amounts of gas produced. Was included in the 2 previous flaring requests.
Field works going on to increase production.
GLA
This is a very clear article that takes you through what Avacta are doing without directly mentioning Avacta (though referenced) or their products / pipeline …
https://twitter.com/avacta/status/1711308768112267489/photo/1
“modified forms of standard chemotherapies that are activated only in the tumour microenvironment (TME) …”
“However, the therapeutic potential of doxorubicin is hindered by injury to non-targeted tissues … limiting therapeutic doses and diminishing the quality of patients’ lives during and after treatment.”
“a wide range of tumour markers has been identified, unlocking the potential to develop more targeted anti-cancer therapies.”
“One particular marker that is over-expressed within the TME is fibroblast activation protein (FAPalpha) …”
“targets like FAPalpha can be exploited to enable the selective targeting and release of the active drug within the tumour tissue.”
“This approach has been validated in proof-of-principle studies and shows promising results in a phase 1a clinical trial.” Ref 6 (NCT04969835 = AVA6000 trial)
“opportunity to incorporate therapeutic agents beyond chemotherapy, unlocking the potential to transform other powerful existing anti-cancer therapies that are limited by systemic toxicity, such as proteasome inhibitors, to treat a broader range of cancers.” Ref 7 (AVA3996)
The article continues in some depth but with allusions to AVA032, AVA028 and AVA021.
Excellent build up to the AACR conference later this week and further data releases.
GLA
The suggestion by Sir Al that Dx might be ‘spun off’ was quite unexpected. Wonder if it took any of his team by surprise?
Launch cost £24m plus up to £13m (max) earn out, and Coris £7.4m plus (max) £3m, let’s say total £48m, plus costs, say ~£55m. Outstanding bond £43.35m (as at 20 Sept).
So, to get our money back / pay off the bond we need (say) ~£55m+, to get our money back and fund Tx (independently) for another couple of years we will need £100m+ for the sale of Dx (i.e. Launch, Coris, plus other bits). Should be achievable once restructuring demonstrates growing revenue and standalone profitability.
Avacta retain all IP for Affimer® (as well as pre|CISIONTM and TMAC), selectively and non-exclusively license Affimers to the ‘spin-off’.
But Sir Al also noted the ‘uptick’ in commercial interest re Tx. BP stake, BP sub-license platform, other permutations short of acquisition? Many options then. Currently funded through H2 2024. Interesting times.
GLA
@Eazy, agree. Both wells have been producing a lot of gas (and flaring) for most of this year. Also both had downtime in recent months.
GLA
Https://webfiles.thecse.com/09_CSE_Form_7_-_Monthly_Progress_Report_-_Sept_2023.pdf?l3QNFdKtZc74_qmNJ1.o.IDIwkNDe7ib
2 – “Management continues working on refinancing its senior debt and obtaining
additional financing for the Issuer’s operation.”
3 – “On September 6, 2023 the Issuer announced a completion of the BFU gas
gathering infrastructure improvement ahead of schedule and under budget.”
14 – conversion shares.
16 – “Effective September 5, 2023, Mr. Arthur Millholland moved from Chief Executive
Officer (“CEO”) and a Director of the Issuer to President of the Issuer’s affiliate,
COPL America Inc. Mr. Arthur Millholland is replaced as CEO by Mr. John Cowan, an Issuer director since 2015. Mr. Thomas Richardson has been appointed as Chairman of the Issuer.”
Ryan still signing off.
(Does look like folks in Wyoming and Canada still doing something then!)
GLA