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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Valeura Energy Inc - Thailand and Turkey-focused oil and gas company - Provides business update, guidance for the full year 2023 and the results of its third-party independent reserves and resources assessment for its Thailand assets. Sees production between 20,000 to 22,300 barrels per day. Expects total capital spending between $180-$200 million and operating costs between $220-$240 million. Intends to fund its operating costs and capital spending through cash generated from ongoing operations. Plans 21 new or re-completed wellbores in 2023, seven of which, were drilled or completed in the first quarter. Reports proved reserves of 20.7 million barrels of oil and proved and probable reserves of 29.1 million barrels of oil, with an estimated future net revenue after income taxes of $261 million, using a discount rate of 10% for its assets in Thailand.
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FireAngel Safety Technology Group PLC - Developer and supplier of home safety products - Signs two delivery and production agreements with its long-term manufacturing partner and Techem Energy Services GmbH. Estimates total income opportunity for FireAngel has grown significantly to an aggregate of up to around $7.50 per alarm based on the same previously announced number of units planned for production. Adds shipments of the new alarm are expected to start in 2024 with production volume building in 2025.
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Tissue Regenix Group PLC - Leeds, England-based medical device company - Provides further update on share reorganisation announced on March 21. Expects admission of new shares to AIM next week Friday.
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Hurricane Energy PLC - Surrey-based oil and gas producer in fields offshore west of Shetland - Reports production of 660,000 barrels of oil in quarter to March 31, revenue of $39.3 million, cash production costs of $38.6 per barrel and net free cash of $132 million. Updates on planned acquisition by Prax Exploration & Production PLC. Believes it is highly probable that the full £37.2 million will become payable under the acquisition either via the supplementary dividend or via the deferred consideration units.
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Harvest Minerals Ltd - Fertiliser producer with operations in Brazil - Says sales orders in the first quarter totalled 16,755 tonnes versus budget of 12,000 tonnes while sales orders invoiced and delivered reached 3,560 tonnes. Remains on track to achieve 2023 year-end invoiced sales target of 200,000 tonnes of KP Fertil, a 33% increase on 2022. Points out fertiliser price has fallen in the first quarter, intends to monitor the situation and respond to market conditions as required.
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