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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Nostra Terra Oil & Gas Co PLC - London-based oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA - Third quarter net sales are 11,568 oil barrels, resulting in $1.0 million in revenue or $90.14 average price per barrel. Third quarter production is higher than second quarter, which in turn is higher than first quarter. Reports 25% sales growth since the start of 2022 until the end of the third quarter, including two consecutive quarters with revenue in excess of $1 million. Says it is on track for record annual production and revenue. Says facility upgrades at Pine Mills field are now completed with treating and disposal capacity doubling and decreasing injection pressure by around 50%. Chief Executive Officer Matt Lofgran says: ‘We’re on track for a record year and I look forward to reporting on these results in subsequent periods.’
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Critical Metals PLC - London-based mining company currently developing ex-producing copper and cobalt mine the Molulu project in the Democratic Republic of the Congo - Management raises £1.8 million at 20 pence per share for the restart of the now-indirectly-owned 70% of the Molulu project, following the recent acquisition of the remaining 43% of Madini Occidental Ltd. Finds one new copper ore extension in the southern part of the lease area using geological mapping software, while three existing oxide copper targets are also identified close to surface with average copper grades of 3%.
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Lansdowne Oil & Gas PLC - North Celtic Sea-focused oil and gas company - Agrees with LC Capital Master Fund to extend the payment date of its £1.1 million outstanding loan for one year from the previously agreed repayment date of December 31. Agrees to amendments for LC Capital Targeted Opportunities Fund LP’s warrants to subscribe to new shares, including extension in line with new loan repayment date. Says the current expectation is for Lansdowne to look to undertake a modest at-market financing for six-month working capital during the first quarter of 2023. This is to provide funds whilst awaiting the outcome of the application for a lease undertaking for the Barryroe Field. Says it is convinced Barryroe field can satisfy Irish demand over coming decades.
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Celadon Pharmaceuticals PLC - London-based pharmaceutical company focusing on research, cultivation, manufacturing and sale of cannabis-based medicines - Concludes feasibility study for non-cancer chronic pain clinical trial. Says the results are positive and submits them to the research ethics committee in line with timings announced in late September. Plans larger clinical trial to provide the ‘most robust data set to-date’ in the UK for cannabis-based medicines. Says the design of the larger clinical trial has already been approved by the Medicines and Healthcare products Regulatory Agency and will commence upon REC approval. Says the REC requested feasibility study prior to approval of the larger clinical trial which would allow enrolment of up to 5,000 patients.
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Mosman Oil & Gas Ltd - Texas, US-focused oil exploration, development, and production company - Says drilling of the Cinnabar-01 well in Tyler County, Texas is now in the process of being completed and placed on production, after drilling took place in October. Initial flow is both oil and gas. Says the next step is to connect the well to the existing production facility with larger tanks and gas separation to allow stable rates to be established and measured. It will announce flow rates when available. Chair John Barr says: ‘The success at Cinnabar-1 confirms Mosman’s technical work, indicating considerable potential for additional development wells on the Cinnabar lease. This success again reinforces the investment case in south-eastern Texas where Mosman has participated in several wells, and each one has been placed on production.’
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Agronomics Ltd - Isle of Man-based cellular agriculture investment firm - Says its portfolio company Liberation Labs Holdings Inc, which is a large-scale precision fermentation contract manufacturer, completes the final close of around $20 million in seed financing. Says the capital will be used to build out a 600,000 litre production facility in the US to meet surging demand for novel proteins from both traditional and food-tech companies. Liberation Labs Co-Founder & Chief Executive Officer Mark Warner says: ‘Liberation Labs aims to dramatically increase availability of precision fermentation capacity to meet the rising demand for alternative proteins, fuelled by population growth and increasingly health-conscious, impact-driven consumers. Our business model enables us to not only meet the demand from today’s traditional food companies but unlock innovation among the dozens of emerging food-tech companies.’
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