RNS Hotlist: Arrow Exploration, Canadian, Chill, DeepVerge, Empyrean, Gunsynd, Ideagen, Kavango, Rockhopper, Southern, Tekcapital, UOG, Woodbois

DeepVerge (DVRG) continues to demonstrate it has reached a positive fundamental inflection point, as it announced increased sales (unaudited) across all divisions delivering £2.38m (Q1 2021: £1.29m unaudited) in the best first quarter in the history of the company. Post-covid marketing and sales activity has been intensified across all international markets with existing solutions as well as high profile R&D projects progressing on all fronts, generating enquiries and deep engagement from large corporate entities that are both potential partners and customers.

Arrow Exploration (AXL) announced a further update on the Rio Cravo Este-2 well on the Tapir Block in the Llanos Basin of Colombia. The RCE-2 well was spud on 2 April 2022. The company said the well is targeting a large, three-way fault-bounded structure with multiple high-quality reservoir objectives. The company said, "From the data we have, several of the pay zones are attractive and like the RCE-1 well, we believe more than one pay zone will be productive."

It would appear that Canadian Overseas (COPL) is determined to get all its pending / expected newsflow out in a single day. It announced the strategic acquisition of Cuda Energy, signed a $20m bridge loan term sheet for funding and announced a (leaked) equity placing of $10m. It will be interesting to see if after all this water under the bridge, the share price can finally start the reflect the value in the company.

Under-appreciated investment company Gunsynd (GUN) announced its interim results for the six months ending January 31. The company had net assets at 31 January 2022 of £5,993,000 (31 January 2021: £4,848,000) including cash balances of £1,082,000 (31 January 2021: £1,000,000). GUN revealed the quote, "Price is what you pay, and value is what you get".

Kavango Resources (KAV) has commenced drilling the "i10" target at the Ditau Camp Project, in southwestern Botswana. Target i10 is a discrete circular anomaly that is 2.2km in diameter and under an estimated 120m of sand cover. Kavango said its primary objective is to retrieve rock core to establish whether Target i10 is a carbonatite intrusive. Carbonatite complexes are the world's primary source of rare earth elements. Ditau is held in a 50/50 Joint Venture with frequent RNS producer Power Metal Resources (POW).

Tekcapital (TEK), the UK intellectual property investment group, said that portfolio company Guident has executed a strategic alliance with Perrone Robotics, Inc. TEK said the strategic alliance is a key milestone for both companies as they seek to “seamlessly enhance” the scalable deployment of safe and reliable autonomous vehicle transport.

Chill Brands Group (CHLL), the international consumer packaged goods company, announced a reorganisation of its executive management team to support the Company's growth. Callum Sommerton, previously International Brand Director for the Company, will now serve as the Company's Chief Executive Officer and has been appointed to the Company's Board of Directors. As a former legal professional, and someone who is likely to be keen to steer Chill towards an improved market perception, it could very well be that he will be able to see off bears in the stock.

Aura Energy Limited (AURA), a company focused on the development of the 85% owned Tiris Uranium Project, Mauritania, provide an update on the Resource Upgrade Programme. The Programme will focus on increasing the Measured and Indicated Resource base at Tiris and will now also include re-evaluation of exploration targets with the aim of increasing the total uranium and vanadium Resource Estimates.

Empyrean Energy (EME), the oil and gas development company, updated on drilling at the Jade prospect at its 100% owned Block 29/11 permit, offshore China. The company said "The first technical objective of the Jade well has now been drilled. The validation of "gas clouds" through the presence of elevated methane levels in exactly the depth zone it interpreted on the seismic data proves that the gas clouds exist and supports the company's pre-drill interpretation that the methane is probably coming from light oil in the anticipated reservoir section. “This is a major box now ticked.”

Woodbois (WBI) updated on Q1 2022. Group profit margins increased to 23% in Q1 2022 from 20% at FY 2021 as efficiencies from processes implemented in its factories during 2021 started to flow through. The company said absent any further material disruption to the shipping routes and container availability it plans to deliver strong quarter-on-quarter growth throughout the remainder of the year.

Southern Energy (SOUC) released its fourth quarter and year ended December 31, 2021, financial and operating results. The company said pending successful drilling results from the current three well program, it will evaluate the commencement of a continual drilling program in Gwinville to further its business plan.

Ideagen (IDEA), a compliance software for regulated industries, noted the announcement made by Cinven Limited on 14 April 2022 and confirmed that it has not received an approach from Cinven in relation to a possible offer for the company.  Ideagen said it will provide an update as and when required – so something of a stiff upper lip response.

Rockhopper Exploration (RKH), the oil and gas exploration and production company, said that further to the heads of terms notified on 8 December 2021, Rockhopper, Harbour Energy plc  and Navitas Petroleum LP have signed legally binding definitive documentation in relation to Harbour exiting and Navitas entering the North Falkland Basin.

United Oil & Gas PLC the oil and ga s company,  announced a quarterly production update for the first quarter (Q1) of 2022. Q1 2022 production averaged 1,567 boepd (1,267 bopd oil and 300 boepd gas) net to United, in line with H1 2022 guidance of 1,500-1,650 boepd. The first well in the 2022 drilling campaign, the ASD-2 development well, started production at the end of March. ASV-1X exploration well has commenced drilling; this is the second well of the five-well 2022 drilling campaign.