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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Mpac Group PLC - Coventry, England-based packaging company - Says trading in 2022 so far has been in line with expectations. Explains the prospects pipeline is strong and its current order book is ‘significantly’ above the previous year. However, company notes that supply chain uncertainties and operational challenges have increased, amplified by transportation delays. Mitigation measures in place and thus company remains positive. Chief Executive Tony Steels says he expects the full-year to be in line with expectations.
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Primorus Investments PLC - London-based investment firm focused on small and mid cap firms in financial services, technology and natural resources - Signs a deed of amendment which extends the time for investee Alteration Earth PLC to complete its prospectus and obtain its listing on the London Stock Exchange. Date has been extended to June 6 from May 4.
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Arix Bioscience PLC - London-based venture capital investor in biotech firms - Receives notice Acacia Research Corp that it has increased its ownership of the company. Acacia acquires a further 646,932 shares representing 21% of Arix’s share capital. Acacia also notifies Arix that it does not intend to make an offer for the company.
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Gunsynd PLC - London-based investment company focused on the natural resources, life sciences and alcohol sector - Gives notice to Sajawin Pty Ltd to terminate the term sheet and variation terms sheet in relation to the disposal of Gunsynd’s shareholding in Oyster Oil & Gas Ltd. Gunsynd, in conjunction with other shareholders in Oyster, will now seek alternative avenues to monetise the project.
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Pantheon Resources PLC - London-based oil and gas company focused on Alaska - Announces that the holder of its senior unsecured convertible bonds due 2026 has exercised conversion rights for $3.8 million. Accordingly, the remaining amount under the convertible bonds will be reduced to $46.6 million.
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Open Orphan PLC - London-based pharmaceutical services company - Notes market speculation regarding its potential delisting. Confirm it has no plans to delist and says it is working with Liberum Capital to complete its due diligence.
Separately, company says its subsidiary, hVIVO, has signed a ‘substantial’ contract with an unnamed pharmaceutical client. Contract is manufacture a virus for use in human challenge studies. Adds that virus manufacturing activities have commenced and expected to be completed by the end of the third quarter of 2022. Revenue for the manufacturing process will be recognised in 2022, company says.
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Insig AI PLC - London-based data science and machine learning company - Signs agreement for a £1.0 million convertible loan note. Note provided by Non-Executive Chair Richard Bernstein. Loan is unsecured and repayable on or before December 31. An initial tranche of £250,000 has been drawn down.
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Enwell Energy PLC - London-based oil and gas company - Says SV-31 well is currently producing at a stabilised flow rate of 2.7 million standard cubic feet per day of gas and 185 barrels per day of condensate. All operations remain suspended at the Vasyschevskoye gas and condensate field and the Svystunivsko-Chervonolutskyi exploration licence in light of Russian military action in Ukraine. Chief Executive Sergii Glazunov says: ‘We are very pleased with the results of the SV-31 well, which was drilled safely and successfully, and ahead of schedule. The completion of the well in the current extremely challenging environment in Ukraine is a great achievement by our team, and the strong flow rates recorded will provide a welcome boost to our overall production volumes.’
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ImmuPharma PLC - London-based drug discovery and development company - Confirms that final preparations are underway to progress Lupuzor into a new phase three trial for lupus patients. Adds that its US partner Avion Pharmaceuticals have confirmed they are requesting final guidance from the US Food & Drug Adminstration to commence the phase three trial. Chief Executive Tim McCathy says: ‘Following the positive readout from the [pharmacokinetic] study, we have been working closely with the team at Avion to move Lupuzor as quickly as possible to the start of the Phase 3 trial.’
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SDX Energy PLC - London-based oil and gas company focused on Egypt and Morocco - Completes tie-in of the SD-5X Warda well one month ahead of schedule. The company holds a 37% working interest in the well. Well is now under production test, with first gas achieved on April 27. After the initial flow period, there will be a shut-in of 12 hours followed by a main flow period of five days. Post the main flow period, the well will be shut in for 10 days to monitor the pressure build-up. Chief Executive Mark Reid says: ‘The well is now contributing to production and cash flow from this asset much earlier than originally anticipated... Once the long-term production profile for the well has been established, we will revise our 2022 production guidance if appropriate.’
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CleanTech Lithium PLC - Jersey-based lithium exploration and development company focused on Chile - Reports drilling at its Laguna Verde and Francisco Basin. Two drill rigs are now in operation at the Francisco Basin. Upgrades resource estimate for Laguna Verde. Maiden resource estimate for Francisco Basin on track for the second quarter of 2022. Chief Executive Aldo Boitano says: ‘The resource drilling programmes, which commenced in January 2022 at Laguna Verde and in March 2022 at Francisco Basin, continue to progress well. The Francisco Basin programme has been accelerated with the addition of the second rig, bringing the total number of rigs operating across both sites to three.’
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Caerus Mineral Resources PLC - Cyprus-based exploration & resource development company focussed on Europe - Returns ‘consistently anomalous’ gold assay results from hand auger drilling and pitting results for the Mala pyrite dump in Cyprus. Reports peak gold grades 9.9 grams per tonne of gold, 1.3 grams per tonne of gold and 1.2 grams per tonne of gold. A total of 55 auger holes and pits return gold grades from 0.1 to 9.9 grams per tonne of gold. Chief Executive Martyn Churchouse says: ‘The potential gold resource in the pyrite dumps combined with the known sulphide body is an excellent start and provides the confidence we need to commit to further detailed resource development.’
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