The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Celsius Resources Ltd - copper-gold exploration and development company focused on its portfolio of assets in the Philippines - Assay results from three additional drill holes confirm ‘further extensions to the shallow, high-grade copper mineralisation’ at MCB project in Philippines, company says. ‘The earlier success we had in 2022 defining new shallow higher grade copper mineralisation is continuing into 2023. We still have further tests to carry out on the possible extensions to these higher-grade copper zones which we believe will continue to improve the proposed production schedule, specifically during the early years, as part of our feasibility studies,’ Executive Director Peter Hume says.
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Brandshield Systems PLC - London-based cybersecurity solutions provider - Annual recurring revenue in 2022 rises over 60% to $8.4 million from $5.2 million in 2021. Revenue rises 55% to $6.4 million from $4.1 million. Client numbers improve 41% to 183. ‘With the company ending the year financially sound, this performance has laid the foundations for further growth and innovation in the new year,’ Brandshield adds.
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ECSC Group PLC - Bradford, Yorkshire-based cybersecurity firm - Expects revenue of £5.8 million for 2022, though down slightly from £6.1 million in 2021, ECSC hails ‘stronger second half of trading’. However, it expects ‘small’ adjusted loss before interest, tax, depreciation, and amortisation, compared to profit of £170,000 in 2021. ‘Since taking on the CEO role, I am pleased with the progress made across a number of areas of the business and how the team is responding. As we continue to re-shape the business, strategy and operational efficiencies, we expect to see further improvements in financial performance,’ Chief Executive Officer Matthew Briggs says.
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essensys PLC - London-based software and cloud services for flexible workspace industry - Trades in line with expectations in first half ended January 31, with revenue growing 18% to £12.9 million from £10.9 million. Says growth is largely driven by North American business. Still expects to report annual revenue and adjusted Ebitda outcome in line with market expectations, currently at £27.8 million for revenue, though a £6.9 million loss at an adjusted Ebitda level. Updates on reorganisation of its global operations, which essensys expects to yield £7.5 million worth of cost savings from. Measures will result in company being adjusted Ebitda positive during first quarter of financial 2024 and run-rate cash flow positive by end of that financial year. ‘The reorganisation comprises a centralisation of the sales and marketing function, reorganisation of operational capabilities and streamlining the executive and regional management structures. The group’s go-to-market capability has been centralised under the leadership of a newly appointed group Chief Revenue Officer Daniel Brown, who will be responsible for all sales and marketing activities globally,’ essensys adds. ‘The group’s APAC operations have been centralised in a hub location in Sydney, Australia, resulting in the closure of its Singapore and Hong Kong based offices. All Group customer operations have been streamlined into global functional teams. Collectively, these actions have removed the need for regional executive leadership and as a result the regional CEO positions have been removed.’
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Image Scan Holdings PLC - Leicestershire, England-based X-ray screening systems supplier - Hails order intake increase amid decent start to year ending September 30. ‘[The year] has begun with a strong momentum, with demonstrations, attendance and interest at trade shows, events and conferences beginning to return to pre-pandemic levels. Image Scan anticipates this trend will continue, particularly in Asian markets which have been trailing other territories in economic recovery,’ Image Scan says. ‘Positive partner feedback, coupled with increasing visibility of government projects coming back on stream in 2023 is providing greater confidence in the sales pipeline for the year.’
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Block Energy PLC - oil and gas company focused in Georgia - Updates on drilling at WR-B01Za well in West Rustavi/Krtsanisi Field. Says the well was only drilled to 2,372 metres, which was shallower than planned, due to unstable wellbore conditions. This caused escalating tool failure and ‘lost-in-hole’ risk. Observes significant drilling fluid losses and gas and oil shows beyond the problem zone. This indicates a ‘potentially productive well’, but the well is constrained due to the failure of the wellbore. ‘Intermittent testing has produced some dry oil with zero water cut and high gas volumes, despite the wellbore issue. The well will now enter an extended well test period during which oil and gas will be sold whilst data is acquired to optimise the completion design, which may require further low-cost drilling operations to remedy or by-pass the wellbore failure and improve overall wellbore connectivity to the productive zones,’ Block adds.
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Panthera Resources PLC - gold explorer with projects in India and west Africa - Executes conditional agreement for $10.5 million worth of litigation financing with LCM Funding SG Pty Ltd, a subsidiary of AIM-listed Litigation Capital Management Ltd. Funds to support firm’s damages claim against India for breaches of obligation under Australia-India bilateral investment treaty. Damages claim relates to Bhukia project, where Panthera says it has ‘provided all of the funding and managed the joint venture exploration programmes’. The right to be granted a prospecting licence over Bhukia through its JV holding has been ‘consistently frustrated over an extended period of time’ by government of Rajasthan.
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United Oil & Gas PLC - oil and gas company with projects in Egypt, Italy and the UK - Says 22 metres of net oil pay interpreted at primary reservoir target of ASH-8 development well at firm’s 22%-owned Abu Sennan licence in onshore Egypt. ‘Following completion and testing, ASH-8 is expected to be immediately brought onstream through the existing ASH facilities,’ United Oil adds. The well was spud in late January and reached a total depth of 3,999 metres last week Tuesday, ahead of schedule and ‘significantly under budget’.
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Technology Minerals PLC - battery metals developer - Cameroon Ministry of Mines, Industry & Technological Development confirms five exploration permits have been validated. The permits form part of Technology Minerals Cameroon property. ‘To date, TMC has performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical (rock) sampling. With the approval of the permits finalised, the company plans to continue further exploration and perform a more detailed remote sensing study of the area for nickel, cobalt and manganese,’ Technology Minerals adds. In addition, firm says it has drawn down further £560,000 from £4.0 million convertible bond with Macquarie Bank Ltd and Atlas Capital Markets LLC. Total of £1.1 million has now been drawn down.
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Baron Oil PLC - London-based oil & gas exploration and appraisal company - Hails competent person’s report at Chuditch, which it has a 75% effective interest in. Report confirms contingent resources of 1.1 trillion standard cubic feet of gas. Baron Technical Director Jon Ford hails report as ‘major milestone, underpinning the potential commercial viability of the asset and highlighting its attractions to potential future participants in the Chuditch project’.
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