The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Metals One PLC - Finland and Norway-focused developer of brownfield metals projects - Reports results from eight diamond drillholes at the R1 Hook target, located within the Rauta 9-11 licence area at the Black Schist Project in Finland. Says significant intersections of mineralised black schists were identified in all eight drill holes, whilst drilling has also demonstrated geological continuity with the company’s existing Resource at R1 which could support future resource expansion.
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Beacon Energy PLC - Isle of Man-registered oil and gas company - Provides operational update on the Schwarzbach-2 well in the Erfelden field. Reports the sand jetting operation with a coiled tubing unit has now been completed. Expects to recommence production in the coming days following reinstallation of the rod pump. States the impact of the sand jetting will only be known once production has been restored and a stabilised and sustained flow rate from the rod pump has been achieved, at which time the company will provide an update. Once the well has been fully cleaned up following the sand jetting operations, it is expected that the rod pump will be replaced with an electrical submersible pump to maximise production - this is currently scheduled to take place in April 2024.
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Baron Oil PLC - London-based oil and gas exploration and appraisal company - Updates on operational activities on the TL-SO-19-16 production sharing contract, offshore Democratic Republic of Timor-Leste. Notes Baron’s wholly owned subsidiary, SundaGas Banda Unipessoal Lda, has entered into contracts to conduct a survey at the planned drilling location for the Chuditch-2 appraisal well. Site survey operations are expected to be carried out at the location during February and early March 2024. Explains the objective of the site survey is principally to identify any potential hazards at the proposed well site, ensuring that a drilling rig can be safely located there with minimal environmental impact.
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Star Energy Group PLC - onshore energy company - Announces updated competent persons report for its conventional oil and gas interests. Reports proven reserves net present value of $143 million at December 31, little changed from $144 million in 2021. Says total of proven and probable reserves was $235 million at December 31, rising from $215 million in 2021.
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Poolbeg Pharma PLC - London-based clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need - Says independent research conducted on behalf of Poolbeg confirms a more than $10 billion market opportunity for POLB 001 in cancer immunotherapy-induced cytokine release syndrome as an orally delivered preventative therapy. Believes rare and orphan diseases represent a significant value creation opportunity. Sees a substantial opportunity for medicines to treat these severe and often chronic conditions. Anticipates that acquiring and commercialising rare and orphan drugs could potentially lead to attractive revenue generation opportunities.
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Kromek Group PLC - Sedgefield, England-based detection technology supplier - Agrees to allot new shares to another two loan note holders in consideration of them cancelling their loan notes that were due to expire later this month. This follows loan note conversion announced last Monday. The two further loan note holders will cancel their loan notes, which total £1.2 million, including accrued interest. Kromek agrees to allot around 16.5 million shares in consideration of the cancellation at 7.5 pence per share. The cancellation is subject to shareholder approval.
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Katoro Gold PLC - London-based gold and nickel exploration and development company - Raises £750,000 via broker-led placing and subscription with new and existing shareholders to support business development at 0.1 pence per share. Plans changes to board to maximise value from existing interests and to secure new cost-effective opportunities globally, with a focus on critical metals including uranium. Appoints strategic consultant, Paul Johnson, former chief executive of Power Metal Resources PLC and Metal Tiger PLC, to assist the board with a reinvigoration of the business model, business operations, strategic direction and enhanced communications with investors. Plans name change to Katoro Global Resources PLC.
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Enteq Technologies PLC - Ascot, England-based energy services technology and equipment supplier - Provides an update on the progress of the SABER Tool technology. Expects to receive $100,000 in the first half of financial 2025 from contract win.
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Silverwood Brands PLC - holding company established to invest primarily in branded consumer businesses - Says VSA Capital Ltd has transferred around 2.3 million shares to Chief Executive Andrew Gerrie in settlement of a legal dispute. Following this transfer, finalises arrangements for the proposed cancellation of the 228 million shares issued in connection with the acquisition of a 20% stake in Lush Cosmetics Ltd and Lush Cosmetic Warriors.
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Athelney Trust PLC - invests in smaller UK companies for dividend and capital growth - Reports net asset value at December 31 was 209.1 pence, down 4.7% from 219.4p the year before. Recommends final dividend of 7.6p, making a total payout of 9.8p, increased from 9.6p, a rise of 2.0%. NAV total return was negative 4.4% compared to negative 26.2% the year before. Describes the year as ‘disappointing’. Notes the company suffered negative absolute returns and has underperformed compared to the FTSE 250 largely because of ongoing negative sentiment for UK smaller companies and comparatively high UK interest rates through the year. But, believes there is now a strong case for investment in UK equities....which ‘offer great value for money’.
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RTW Biotech Opportunities Ltd - London-based venture capital firm focused on biotechnology companies - Notes Arix shareholders vote to place Arix Bioscience PLC into voluntary liquidation. Following this, the assets of Arix have been transferred to RTW in exchange for the issue of new ordinary shares in RTW Bio to eligible Arix shareholders. In November, RTW agreed to acquire the entirety of Arix’s assets, with shareholders receiving 1.4633 RTW shares for each share in the company. RTW also provided a cash exit to Arix’s largest shareholder, Acacia Research Corp, which has been given a total of $57.1 million in exchange for its 26% stake in the company.
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