The following is a round-up of 2022 annual results by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Wentworth Resources PLC - Tanzania-focused natural gas production company - Reports pretax loss of $10.3 million in 2023, swinging from a profit of $6.0 million in 2022. Revenue rises 58% to $37.7 million from $23.8 million, while it declares no final dividend for 2022, compared to 1.16 pence a year earlier. Chief Executive Officer Katherine Roe says: ‘2022 was a landmark year for Wentworth, representing the culmination of years of hard work. Tanzania’s increasing demand for energy, continued good performance from the Mnazi Bay reservoirs and impeccable operational safety record all contributed to 2022’s strong performance. [The first half of] 2023 continued in the same vein, although we expect 2023’s financial outcome to be heavily first half weighted.’ Earlier in June, Wentworth said it faced ‘a number of concerns’ over it being taken over by Etablissements Maurel & Prom SA at a preliminary hearing in Tanzania, at which various Tanzanian governmental parties were present. In February, the Tanzania-focused natural gas production company said 75% of votes cast at the court meeting supported the £61.7 million takeover deal agreed in early December. It then passed at the general meeting by the same margin. CEO Roe on Friday adds: ‘We continue to work with M&P and our stakeholders towards a successful completion of the acquisition. We believe this will represent a considerable value realisation for shareholders.’
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Edenville Energy PLC - Africa-focused mine operator and developer - Reports pretax loss of £1.8 million in 2022 widening from £1.5 million in 2021. Says Tanzania revenue rose 74% to £183,448 from £105,228. Outgoing Chief Executive Officer Nick von Schirnding says: ‘2022 was certainly a challenging period for the company however, the board has not shied away from making tough management and board level decisions to look at ways of delivering value to its shareholders. We believe that the recent recapitalisation of the company, together with planned continuing exploitation of Rukwa with the support of the experienced our enhanced board to determine how to best maximise production and output which should lead to a successful period ahead into 2023.’
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Scirocco Energy PLC - Leeds, England-based investment firm focused on assets with the European sustainable energy and circular economy markets - Reports pretax loss of £1.4 million in 2022, swinging from a profit of £362,000 in 2021. Reports no revenue in 2022, as in 2021. Non-Executive Chair Alastair Ferguson says: ‘2022 was a year of strategic progress for the group as we worked towards completion of the divestment of legacy assets, in particular Ruvuma, and continued the development of the company’s sustainable energy investment strategy. The macro backdrop continues to support the new strategy as the importance of delivering secure and sustainable energy solutions for the UK and beyond becomes increasingly clear, while increased volatility in the oil and gas markets, exacerbated by Russia’s invasion of Ukraine, has demonstrated the prudence of the board and shareholders’ decision to pivot to an investment strategy that offers a risk/reward profile better aligned to a company of Scirocco’s scale and ability to deliver sustainable long-term returns.’
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Firering Strategic Minerals PLC - operator of Atex dual lithium-tantalum project in the Ivory Coast - Reports pretax loss of €180,000 in 2022, narrowing from €2.3 million. Noted a one-off gain on earn-in arrangement of €1.6 million. Financial expenses fell 79% to €290,000 from €1.4 million, while general and administrative expenses were up 61% €1.5 million from €929,000. Says it expects to commence 11,000 metre Auger drilling programme soon, with Auger drill to precede reverse circulation drill campaign in the second half of 2023. Chief Executive Officer Yuval Cohen says: ‘There have been several operational highlights during the year, including the completion of the phase 1 diamond drilling campaign where we successfully drilled 19 drill holes with pegmatites intersected in all 19 holes drilled and visible lithium mineralisation present in 18 out of the 19 holes. This was followed by some stand out drilling intercepts 64 metres at 1.24% of lithium oxide which greatly increased our understanding of the scale and potential of the Atex project.’ Non-Executive Chair Youval Rasin adds: ‘With several ongoing field programmes, I am optimistic that the team will make even more strides in 2023. The company’s commitment to excellence and its relentless pursuit of critical minerals are a testament to its unwavering mission to provide ethically sourced minerals to meet the demand of lithium as the world transitions to net-zero by 2050.’
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