RNS Hotlist: Arc, Igas, Immediate, Kavango, Kefi, Kodal, Oracle, Orcadian, Oriole, Pires, Power, Redx, Scancell

Immediate Acquisition (IME) revealed the results of the placing announced yesterday, and updated on the proposed acquisition of Fiinu Holdings Limited. 40,050,000 new ordinary shares were conditionally placed at 20p raising gross proceeds of £8,010,000. Mark Horrocks, a non-executive Director of IME, and his family interests have subscribed for a total of 17,500,000 placing shares.

Pires Investments (PIRI), the investment company, announces its audited results for the 12-month period ended 31 December 2021. Profit achieved of £1.49 million during the period (14 months ended 31 December 2020: loss before taxation of £687,000). The Net asset value of £7,223,000 as at the period end (31 December 2020: £2,926,000), an increase of 147% compared to the prior year figure, equating to an increase of circa 100% in NAV per share to 4.57 pence since 31 December 2020.

Oracle Power (ORCP), the international natural resources project developer, said that its joint venture company, Oracle Energy Limited, has signed a non-binding MOU with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd with the objective of working together to explore hydrogen storage and hydrogen refuelling infrastructure opportunities as a part of Oracle Energy's 400MW green hydrogen project in Pakistan. ORCP said that this is another “big leap forward” in its journey to bringing its 400MW green hydrogen project to fruition and lays the foundations for a route to the commercialisation of hydrogen on the international market.

Arc Minerals (ARCM) the Africa focussed copper company, revealed the commencement of its maiden exploration programme at its Virgo Project in Botswana, with a soil geochemistry survey currently underway to be followed by an exploratory drill programme. The company said that following the acquisition of Alvis-Crest (Propriety) Limited late last year the team has reviewed the previous work carried out in the respective license areas and put forward its maiden exploration programme to further refine its geological understanding before commencing with an exploratory drill programme.

KEFI (KEFI), the gold and copper exploration and development company, updated on the Tulu Kapi Gold Mines Share Company joint venture project in Ethiopia. The company said progress in Ethiopia over the past month has remained on track, with further advancement on the multi-party project financing activities and the early development works. It has kept the Ethiopian Ministry of Mines informed to ensure that the procedure is satisfactory to demonstrate good faith and progress that is as fast as reasonably possible. KEFI has maintained the full funding syndicate for the Tulu Kapi Gold Project. KEFI also said that it has significant momentum as it progresses its three advanced projects in two countries that are now overtly pro-development, with a now-established Mineral Resources of c.4.7 million ounces gold-equivalent in Ethiopia and Saudi Arabia.

Orcadian Energy (ORCA), the low-emissions North Sea oil and gas development company, announced a seismic licensing deal with the energy data company TGS. The agreement will provide Orcadian with high quality seismic data, revealing the reservoir structures and even the likely fluid type. The deal with TGS ensures that Orcadian will be able to use the best data available to evaluate the multitude of development opportunities and prospects within its North Sea portfolio.

Kodal Minerals (KOD), the mineral exploration and development company, provided details of an updated Project Feasibility Study and the development status for its Bougouni Lithium Project in southern Mali.  The company said this update is based on a review of the engineering, process recovery and capital cost for the proposed Project operation and improved financial metrics based primarily on an improved market outlook for the sale of lithium spodumene concentrates.  The current buoyant market conditions for lithium spodumene concentrate reflect current high and future demand for battery minerals and recognise a supply deficit.

Igas (IGAS) provided a trading statement ahead of its AGM. The company continues to anticipate net production of c.2,000 boepd for 2022.  As at 31 May 2022, cash balances were £3.2 million and net debt was £10.3 million, a reduction of £1.9 million since year end. Operating cash flow before working capital movements expected to be c.£21 million in 2022, with operating costs are now forecast to be c. US$ 38.8/bbl.

Power Metal Resources (POW), the London listed exploration company,  announced a drilling update in respect of the Ditau Camp Project, located in southwestern Botswana. Ditau is considered prospective for carbonatite hosted rare-earth element, base metal and possible precious metal mineralisation. The company said the Ditau drilling is moving at significant pace through the key targets and today it announces the commencement of hole DITDD006, which is located on the i8 Target, the third main area being tested as part of this ongoing programme.

Jazz Pharmaceuticals (NASDAQ: JAZZ) and Redx (REDX) announced that the FDA has cleared the IND application for JZP815, a pan-RAF inhibitor for the treatment of solid tumors and hematologic malignancies that contain mutations in the MAPK pathway, enabling Jazz to proceed with initiating a clinical trial for JZP815. As a result, a milestone payment of $5 million from Jazz payable to Redx has been triggered.

Oriole Resources (ORR), the AIM-quoted exploration company focussed on West Africa, provided an exploration update on its 90%-owned Bibemi gold project in Cameroon. The company said the first two holes of the ongoing Phase 4 diamond drilling programme have confirmed the existence of mineralised sub-horizontal quartz veins between the previously defined sub-vertical shear veins. Confirmation of these sub-horizontal veins could be important for building a volume of mineralised material at Bakassi Zone 1, just one of four prospects at the Project.

Scancell Holdings (SCLP), the developer of novel immunotherapies, announced an update to the Phase 2 SCOPE clinical trial being conducted at multiple centres in the UK. Following the approval of a protocol amendment by the MHRA, the trial will include a cohort of melanoma patients who will receive SCIB1 plus doublet therapy consisting of ipilimumab (Yervoy®) plus nivolumab (Opdivo®) in addition to the cohort who will receive SCIB1 with pembrolizumab (Keytruda®). The updated protocol also allows all patients to receive the SCIB1 vaccine as a needle-free injection.

Kavango Resources (KAV) said it has successfully completed hole DITDD005 on the "i1" target at the Ditau Camp Project. The company has now moved the drill rig to the "i8" target Hole DITDD006, following the completion of a Controlled Source Audio-Magnetotelluric ground geophysical survey and inversion model.