The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Corcel PLC - London-based mining and mineral resource development company with interests in Angola and Brazil - Says it has received notice that the Tobias-13 well in Block KON-11 in Angola was spudded on Wednesday. Corcel has a 20% working interest in the well, which is operated by Sonangol. The initial work plan for Block KON-11 is expected to include one or more new wells with the primary focus being on the consortium moving directly to early oil production should the drilling program be successful. If the drilling results are positive, the consortium will then proceed to evaluate the geological and geophysical data, with the aim of improving the structural maps of the block and resuming production. Executive Chair Antoine Karam says: ‘The commencement of drilling on our Angolan acreage is a very significant milestone for the company and I look forward to updating our shareholders as we advance the work programme with our partners.’
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Tekcapital PLC - London-based intellectual property investment company - Says that its portfolio company, Microsalt Ltd, has filed a new patent to improve baked goods. Microsalt believes its new low-sodium recipe reduces both sodium content and baking time for baked goods, enabling an improved nutritional profile coupled with a more sustainable and cost-effective production process. Microsalt CEO Rick Guiney says: ‘Our ability to not only reduce sodium but to enable a more efficient production process could be a watershed moment in the fight against excess sodium consumption, and we have already seen a high level of interest from one of the world’s largest food companies.’
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Touchstone Exploration Inc - Calgary, Canada-based oil and gas company focused on Trinidad & Tobago - Says the Cascadura natural gas and liquids facility has safely delivered first production. Touchstone has an 80% operating working interest in the Cascadura field, which is on the Ortoire block, onshore Trinidad and Tobago. Heritage Petroleum Company Ltd has the remaining 20% working interest. Natural gas and associated liquids production started on Wednesday. CEO Paul Baay says: ‘The commencement of production from Cascadura marks the most significant milestone to date in the Touchstone journey, transitioning us to a majority natural gas weighted production company. Our fixed price natural gas agreement will deliver a significantly increased predictable cashflow stream to be reinvested in the future development of our extensive Trinidad asset base.’
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Greencoat Renewables PLC - London-based renewable infrastructure fund, focused on UK wind farms - Enters a long-term strategic framework agreement with FuturEnergy Ireland to assist in the delivery of over one gigawatt of onshore wind projects in Ireland by 2030. Under the terms of the agreement, Greencoat will acquire project stakes under a forward sale basis. The acquisition of each project stake would complete upon commercial operation. Greencoat expects to invest over €1 billion enterprise value into its stake of the projects under the framework by 2030.
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Kinovo PLC - London-based property services provider offering safety compliance and sustainability solutions - Says it has been awarded additional framework wins, as well as a direct award. The first was given under Eastern Procurement Ltd’s asset improvement and sustainability framework. It has a maximum estimated aggregate value of £156 million across a total of five contractors over a term of four years in which awards can be granted and agreed. Kinovo has also been awarded a place on three lots of the Hyde Group’s alternative servicing frameworks. The overarching framework has a maximum estimated value of £28 million over four years across a total of five contractors, and the framework can also be accessed by other public bodies. Finally, Kinovo has received a direct award with a new client, Broadland District Council, from the government’s Social Housing Decarbonisation Fund announced in March 2023.
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Fulcrum Metals PLC - Sheffield, England-based provider of utility infrastructure services - Says that preliminary mapping and prospecting conducted by Dahrouge Geological Consulting Ltd identifies new mineralised zones and confirms strong uranium targets at Charlot-Neely and Fontaine Lake. At the former, the Black Bay Fault was mapped traversing the South Neely property. Multiple zones of strong radioactive outcrop were confirmed in a variety of geological settings. Meanwhile, at East Addie Lake towards the north east of Fontaine Lake, a radiometrically anomalous granite unit identified zones of strong hydrothermal hematite and sericite alteration with fracture-hosted uraninite and uranium oxides.
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Cobra Resources PLC - Gold, rare earth and iron oxide copper gold ore deposits exploration company focused on the Wudinna project in South Australia - Announces upgrades to its rare earth and gold resources estimates at Wudinna. The upgraded rare earth estimate includes a 99% increase in tonnes, a 5% increase in magnet rare earth oxide grade, and an over 100% increase in MREO metal content. The upgraded gold estimate includes a 32% increase in gold metal, and a 33,000 ounce maiden mineral resource estimate at the Clarke prospect. CEO Rupert Verco says: ‘Cobra’s rare earth strategy has been based upon economic viability. Defining rare earths within overburden provides a competitive edge when compared to stand-alone clay-hosted REE projects - with the exciting additional potential of ionic mineralisation at Boland, where we are eagerly awaiting final metallurgical results to validate proof-of-concept for in situ-leachable, low cost and sustainable sourcing of critical minerals.’
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