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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Beacon Energy PLC - Isle of Man-based upstream oil & gas company with operations ranging from Europe, Africa to east Asia - Starts trading on AIM again as completes acquisition of Rhein Petroleum GmbH, which contracts the Schwarzback-2 development well rig in the Erfelden field in south west Germany. Contracted rig is from RED Drilling & Services GmbH, with mobilisation anticipated in early June, with a mid-June spud targeted. Expects drilling to take 25 days with a target depth of 2,255 metres. Adds that it successfully raised gross proceeds of around £6 million via fundraise.
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Dekel Agri-Vision PLC - West Africa-focused agriculture company, with portfolio of projects in the Ivory Coast at various stages of development - Crude palm oil production in March jumps 49% annually to 5,302 tonnes from 3,567 tonnes. CPO sales grow 45% in March to 4,048 tonnes from 2,788 tonnes, the average CPO price per tonne however falls by 2.9% to €967 from €996. Processed fresh fruit bunches increase 56% to 24,508 tonnes from 15,673 tonnes. Looking ahead, Executive Director Lincoln Moore says that early April looks promising to set the palm oil operation up for a potentially strong second quarter of 2023, when compared to a year prior. Further, company will release its first quarterly production report for its cashew operation ‘in the coming days.’
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Ilika PLC - Hampshire, England-based solid-state battery technology provider - Announces first customer shipment of Stereax batteries from its UK manufacturing facility to Blink Energy, without giving financial details. Ilika Chief Executive Officer Graeme Purdy says: ‘Starting with Blink Energy, we look forward to further supporting our customers’ product roadmaps for miniature medical devices and industrial Internet of Things applications. Our relationship with Cirtec [Medical LLC] will further support commercial ramp-up in due course’.
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Tavistock Investments PLC - Bracknell, England-based investment manager - Buys Bangor, Northern Ireland-based insurance and protection business Precise Protect Ltd for up to £7.0 million. Precise Protect has over 200 advisers and over 37,000 UK clients and had a pretax profit of £1.5 million in financial year 2022 ended October 31 on a turnover of £6.5 million. The acquisition will lead to ‘numerous synergies, including operational cost savings, increased profitability and new business leads,’ says Tavistock Chief Executive Officer Brian Raven.
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UK Oil & Gas PLC - UK and internationally focused energy company - Hails start of Pinarova-1 drilling operations in Turkey which started last week Friday. Says drilling of around 300 metres below the surface is underway, which it anticipates to take around 8 to 10 days.
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