RNS Hotlist: ADM, Arrow, Beowulf, Cadence, Coro, Contango, Empire, Gfinity, Harvest, Oracle, Orcadian, Pensana, Pires, Polymetal, POG, Seeing, Thor Mining
Pires Investments (PIRI), the investment company focused on next generation technology, updated in relation to Buymie, Ireland's same-day grocery delivery company, an investment within the Sure Valley Ventures portfolio. Buymie has launched a one-hour personal grocery shopping service in Leeds and Bristol in partnership with supermarket chain Asda, allowing customers to access Asda's full online range of products with the on-demand delivery platform. This appears to be a double big name win for Pires, with the big Asda and Buymie brands.
Oracle Power (ORCP), the international natural resources project developer, looks to be stepping up a gear in the Hydrogen space. ORCP has entered in to a joint venture agreement with the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum (represented through Kaheel Energy FZE), with the objective of advancing its green hydrogen project in Pakistan.
Contango Holdings (CGO), the London listed natural resource development company developing the Lubu Coking Coal Project in Zimbabwe and the Garalo-Ntiela Gold Project in Mali, confirmed that production commenced at the Lubu site on 29 March 2022.
Arrow Exploration (AXL) announced the results of its 2021 year-end reserves evaluation by Boury Global Energy Consultants Ltd. NPV-10 values have increased 208% for 1P and 146% for 2P, over year-end 2020, due to reserves growth and an increase in the oil price forecast used by BouryGEC at year-end 2021. 2021 Proved Developed Producing reserves increased 152% to 1.0 MMboe on the back of the recent tie-in at West Pepper, Canada; PDP reserves represent 34% of 1P reserves, reflecting an attractive ratio of base production to low-risk drilling targets. The company said it is pleased with the results of the BouryGEC reserves evaluation, which reinforces the significant value of its Colombian and Canadian assets.
Infectious diseases specialist Poolbeg Pharma (POLB) said it will commence on the OTCQB Venture Market in the United States. The company’s OTCQB shares will have the ticker: POLBF. The OTCQB trading facility will provide access to one of the world’s largest investments markets. This cross trading facility has the potential to enable greater liquidity in Poolbeg shares on AIM by easing cross-border trading for potential US investors.
Orcadian Energy (ORCA), the North Sea focused oil and gas development company, announced an extension to Phase 'A' of Licence P2320 and a resource update. The company said the extension brings the date by which it is required to commit to drill a well on P2320 into line with its Pilot project FDP approval plans.
Beowulf (BEM), the mineral exploration and development company, announced that it has invested £1,000,000 in Vardar Minerals Ltd to fund drilling. The investment increases the Company's ownership in Vardar from 51.4 per cent to 59.5 per cent approximately. The rig has arrived on the Mitrovica licence and drilling is expected to start on Wolf Mountain zinc-lead-silver targets, before attention is turned to the Majdan Peak gold prospect. A total programme of approximately 3,400 metres is planned.
Petropavlovsk (POG) updated in relation to Gazprombank. The company said it is in the early stages of discussions with its advisers and GPB relating to a potential restructuring of the Group's debt within the limitations imposed by the Regulations. No rush.
Polymetal (POLY) provided a further update on the impact of sanctions and other recent developments in Russia on its business. The company said operations in Russia and Kazakhstan continue undisrupted. Production guidance for 2022 of 1.7 Moz of GE remains in place.
ADM Energy (ADME), a natural resources investing company, announced the result of a competent person's report on the Barracuda prospect in OML141, offshore Nigeria. The company said that following the rigorous independent analysis from Xodus, the results of the CPR covering the Barracuda prospect in OML141 show that the prospect is considered prospective and robust for development, with a 2U (P50) case, the NPV10 is +$99mm with an IRR of 45%.
Pensana (PRE), the rare earth group, announced its unaudited results for the six months ended 31 December 2021. The company’s slick Chairman, Paul Atherley said that the company has seen six months of considerable progress as it looks to establish an independent and sustainable magnet metal rare earth production facility at Saltend in the UK to meet the burgeoning demand from the electric vehicle and offshore wind sectors. Both the Saltend and Longonjo projects have been brought to FEED status, with financing and offtake discussions being well advanced.
Coro Energy (CORO, the South East Asian energy company said that gas production at Sillaro has resumed and is currently producing at a stabilised rate of circa 17k scm/d with an expected 2022 average production rate of circa 13.5k scm/d.
Thor Mining (THR) are pleased to provide an exploration update on field activities at the company's 100% owned Ragged Range Project, located in the Eastern Pilbara, Western Australia. THR said the testing of new targets in conjunction with the continuation of drilling of further gold exploration targets at the Sterling Prospect, has the potential for significant exploration discoveries.
Cadence (KDNC) said that along with all the Lithium Technologies and Lithium Supplies shareholders, it has reached an agreement to sell 100% of the equity of LT and LS.
Scotgold Resources (SGZ), announced its Interim Results for the six months ended 31 December 2021. The company is looking forward to reporting on its calendar year Q1 2022 production results as it continues to implement optimisation initiatives at Cononish to increase its gold production profile with the target of achieving a c.23,500oz p.a. production run rate of gold by end of Q1 2023.
Gfinity (GFIN), an esports solutions provider, announced its unaudited results for the six-month period ended 31 December 2021. The company said it has continued to improve on financial performance during the period, despite a slower than anticipated return to live events and delays in certain revenue streams.
Harvest Minerals (HMI), the AIM listed fertiliser producer, provided a trading update for its organic, multi-nutrient fertiliser, KP Fértil®, from its 100% owned Arapuá Fertiliser Project in Brazil. Accumulated sales orders in Q1 CY2022 totalled 70,200 tonnes, an increase of over 689% compared to the same period last year. Something of a wow factor in the headline number.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, updated on the reverse circulation drilling programme recently completed at the Gindalbie Gold Project in Western Australia. The company said that to hit such high-grade shoots at Homeward Bound on the first pass is very encouraging, and to have a 100% success rate on all four holes drilled at this target bodes well for future, more targeted drilling campaigns.
Seeing Machines (SEE), the computer vision technology company, publishes its unaudited results and financial report for the six months to 31 December 2021. The company said there is considerable accelerating momentum for the business, with current market conditions presenting a significant opportunity to capture an even greater market share as a number of structural tailwinds continue to support application of its technology.
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