The following is a round-up of updates by London-listed companies, issued on Wednesday and Tuesday not separately reported by Alliance News:
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Poolbeg Pharma PLC - London-based infectious disease-focused biopharmaceutical company - granted US Patent & Trademark Office patent for methods of treating hypercytokinaemia using POLB 001. Hypercytokinaemia refers to an immune system reaction which sees the body release too many cytokines too fast. It is also known as a cytokine storm.
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Resolute Mining Ltd - gold miner, developer, and explorer - Says mineral resource increases by 1.7 million ounces to 11.2 million ounces of gold, ‘after accounting for the effects of mining depletion, improved productivities underground and exploration success’. ‘The continued success of the drilling program at Syama North over the second half of 2022 exceeded our expectations,’ Chief Executive Officer Terry Holohan says.
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Predator Oil & Gas Holdings PLC - oil and gas company with operations in Trinidad, Morocco and Ireland - Long-form legal documentation entered into with Challenger Energy Group PLC for acquisition of T-Rex Trinidad Ltd. Challenger owns 84% stake in T-Rex. Challenger has option to repurchase 25% stake. Predator pays $2 million in cash in two $1 million instalments. Further $1 million will be payable when Cory Moruga field production first reaches 100 barrels of oil per day. The deal may end up being worth $9 million in total.
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Neometals Ltd - minerals and materials project development company - Hails ‘strong’ feasibility study results for vanadium recovery project. Study shows pretax net present value at 10% discount of $323 million. Vanadium oxide could average 19.1 million pounds per year, study suggests.
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Chariot Ltd - Africa-focused transitional energy company - Completes the front-end engineering and design on the key components of its flagship Anchois gas development project, offshore Morocco. Chariot holds a 75% interest and operatorship in the gas field. Adds that engineering, procurement and construction commercial proposals have been requested, and other technical work is progressing. Chief Executive Adonis Pouroulis says: ‘The conclusion of the FEED stage, largely performed by the Subsea Integration Alliance, is an important step in defining the initial development plan to deliver gas to our anchor customers.’
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Ariana Resources PLC - mineral exploration and development company with gold mining interests in Europe - Updates on Venus Minerals Ltd’s plans to float in London. Ariana says its stake in Venus will increase to 58% after the conversion of an existing loan of £500,000 and an additional loan of £200,000. Says Venus portfolio has several drill-ready targets, including the Margi Prospect and Troulli prospect at the Mariner project in eastern Cyprus.
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Afentra PLC - Africa-focused energy company - Plans to acquire 4% stake in INA-Industrija DD taking longer than expected due to ‘documentation delays’. ‘Completion is still expected to occur ahead of the INA Acquisition SPA long stop date of 17 April 2023,’ Afentra adds. In addition, says remaining conditions needed to seal purchase of non-operating interests in Block 3/05 and Block 2 in offshore Angola now expected to occur after longstop date of March 31. ‘We are therefore working, together with Sonangol, to extend the long stop date for the Sonangol acquisition from 31 March 2023 to 30 June 2023 in order to facilitate completion,’ company adds.
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San Leon Energy PLC - Nigeria-focused oil and gas production, development and exploration company - Says 11% economic interest in OML 18 in Nigeria unaffected by doubts on asset’s operatorship. Statement on Nigerian Petroleum Development Co Ltd website from non-operating partners of OML 18 removed Eroton Exploration & Production Co Ltd as operator. ‘San Leon has contacted Eroton who has advised the company that this purported takeover of operatorship was done without any legal or contractual basis and, furthermore, that Eroton considers that the action is without any legal effect, through both a lack of due process and a breach of the rule of law. Eroton is currently taking advice on its legal rights to address the matter expeditiously and considers that it remains the operator of OML 18,’ San Leon explains. ‘The lack of production from OML 18 alluded to in the press has been primarily due to the unavailability of Nembe Creek Trunk Line in the last two years and not to production issues suffered by Eroton. This is an industrywide problem due to widespread and well known crude oil theft and sabotage of pipelines in the Niger Delta.’
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SDX Energy PLC - Middle East and North Africa-focused oil and gas exploration and production company - At request of Egyptian Natural Gas Holding Co, SDX subsidiary Sea Dragon Energy (Nile) BV and Energy Flow Global Ltd reconstitute South Disouq disposal deal. Original deal saw Energy Flow gain 18% South Disouq interest through acquisition of 33% of Sea Dragon. Under new pact, Sea Dragon assigns 18% interest in asset to EFGL by deed of assignment. EFGL returns 33% stake in Energy Flow for nominal fee of $1.
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Mycelx Technologies Corp - Georgia, US-based clean water and clean air technology company - Enters into second pilot testing pact for treatment of PFAS remediation system in landfill leachate in US. ‘We are pleased to announce the signing of a second pilot testing agreement for PFAS remediation in the United States so far this year. We are firmly focused on expanding our footprint in the PFAS remediation market in 2023, and this is further evidence of us delivering on this objective,’ Chief Executive Connie Mixon says.
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MGC Pharmaceuticals Ltd - Perth, Australia-based medicinal cannabis company - Says $500,000 funding request has been approved under $10 million convertible securities financing facility with Mercer Street Global Opportunity Fund LLC. Will issue 550,000 convertible notes to Mercer. ‘The $500,000 of funds received from Mercer will be used as working capital to fund MGC’s ongoing operations, including its clinical trial programme,’ MGC says.
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