RNS Hotlist: Advanced Medical, C4X, D4t4, East Star, GreenRoc, IamFire, i3, Savannah, Surface, United Oil & Gas

i3 Energy (I3E), an independent oil and gas company with assets and operations in the UK and Canada, updated regarding its August 2022 dividend declaration, totalling £1.6996m, and amounting to  0.1425 pence/share.

United Oil & Gas (UOG), the oil and gas company, updated on the  ASV-1X exploration well in the Abu Sennan licence, onshore Egypt. The company said the ASV-1X well was drilled safely and under-budget to a total depth of 3,496 metres. It encountered both primary and secondary reservoirs. The testing programme is still underway, but after over a week of testing with a sucker rod pump installed, no hydrocarbons have yet been recovered. The operator and partners will continue to review the test results and potential future options and costs before a final decision is made on the forward plan for the well.

IamFire (FIRE) said that it has acquired an option to subscribe for up to £3,750,000 in Convertible Loan Notes of social commerce group WeShop Holdings Ltd from Community Social Investment Limited (formerly WeShop Limited). IamFire has paid £250,000 to acquire the right to subscribe for the CLNs.  The option to invest in to these CLNs was part of the consideration paid by WeShop when it acquired the business in October 2021. Should the Option be taken up, the CLNs will be convertible into new ordinary shares of WeShop at £1 per share. 

East Star Resources (EST), the Kazakhstan-focused gold, rare earths and copper explorer, announced the completion of the helicopter electromagnetic survey conducted over the company's licences in the prolific Rudny Altai volcanogenic massive sulphide belt in Eastern Kazakhstan. The company said it was “delighted” to have identified a number of strong electromagnetic anomalies, potentially indicating new VMS discoveries to be made under shallow cover. East Star added that it is applying modern geophysical technology, which has been used to discover significant VMS deposits elsewhere in the world, to this prolific but underexplored VMS region of Kazakhstan.

C4X Discovery Holdings (C4XD), a Drug Discovery company, announced that it has received a milestone payment of €3 million from Sanofi under the IL-17A Inhibitor programme license agreement entered into in April 2021. Under the terms of the deal, C4XD is entitled to up to a total of €414m in upfront, pre-clinical, development, regulatory and commercialisation milestone payments plus royalties on future net sales. One wonders whether the €414m is not a typo in the RNS…?

Getech (GTC), a geoenergy and green hydrogen company, has secured $2.15 million of new contracts. These include geoscience data sales and product renewals and extensions for the group's Globe knowledge base, which models the earth's evolution over the last 400 million years. The transactions include a $0.9 million multi-product sale to a global critical minerals company. This is Getech's largest contract to date in the critical minerals sector.

Advanced Medical Solutions Group (AMS), the specialist in tissue-healing technologies, announced its unaudited trading update for the six months ended 30 June 2022. The Group said it expects to announce its interim results on Wednesday 14th September 2022. Trading in the first half of 2022 continues to be strong and in line with the Board's expectations as healthcare markets return to normal. Group revenues for the period are expected to be approximately £58 million. Both Business Units performed well during the first half and the Board remains confident that the Group is on track to meet market expectations for the full year.

GreenRoc Mining (GROC), a company focused on the development of critical minerals projects in Greenland, announce details of the forthcoming summer/autumn field work programme at the Thule Black Sands Ilmenite Project in north-west Greenland.  The company also confirmed that the Phase 2 drilling campaign has commenced at the Amitsoq Graphite Project in southern Greenland, one of the highest-grade graphite deposits in the world.

Surface Transforms (SCE), a manufacturer of carbon fibre reinforced ceramic materials, provide a trading update for the six months to 30 June 2022. Revenue in H1 2022 grew 240% to £2.9m (H1 2021: £1.2m), reflecting deliveries on the Aston Martin Valkyrie project as well as catch up on the OEM arrears reported at the end of 2021. Gross cash at 30 June 2022 was £6.7m.

D4t4 Solutions (D4T4), the data solutions provider, announced its final results for the year ended 31 March 2022. Annual recurring revenue (ARR) was up 32% to £14.0 million (2021: £10.6 million. Revenues were up 7.3% to £24.5 million (2021: £22.8 million). The company said this has been a transformational year as it built for scale globally.

Savannah Resources (SAV), the European lithium development company, announced that it has been notified by Portugal's environmental regulator, Agência Portuguesa do Ambiente, regarding the next stage of its review process of the Environmental Impact Assessment of the Barroso Lithium Project. Before giving its final 'Declaration of Environmental Impact' decision, APA has proposed that the EIA evaluation process should now continue under Article 16 of Decree-Law No. 151-B/2013, amended and republished by the Decree-law 152-B/2017 of 11 December, which regulates Environmental Impact Assessments in Portugal. It would appear that there is an element of red tape in the mix here.