Traders Cafe with Zak Mir: Galileo Resources, i3 Energy, Powerhouse Energy, Valereum Blockchain
Shares of (I3E), the independent oil and gas company with assets and operations in the UK and Canada were boosted by 10% in the wake of final results to the year ending December 2020. Given that this is still only a £60m market cap company, with 10 bullet point highlights, the feeling is that one is looking at a major oil and gas player. Key going forward is the Capital Reduction which will allow it to pay the CAD2 million (£1.16 million) maiden dividend announced on 31 March, and to enable its intention to make regular, half-yearly dividend payments in the future. Dividend distributions to its shareholders of up to 30% of free cash flow are now in motion. Traders pointing to a 25p a share fair value broker note versus 8p currently, also helped boosted sentiment.
It was a good start to the holiday shortened week for Aquis listed blockchain technology builder (VLRM), with a 12% share price rise. Last week the company announced the launch of "The Bridge" - the Non-Fungible-Token ("NFT") securities financial platform designed to strategically, securely and safely link the fiat and crypto worlds. Valereum will be working with Vinay Gupta's Mattereum, its partner in this venture, to have its first listed company NFT live on a crypto exchange in the coming weeks. Gupta appeared on Vox Markets “Sunday Roast” podcast over the weekend to explain The Bridge concept, and his role in the launch of Ethereum.
(GLR) served up a placing to raise approximately £2,000,000 before expenses. The Placing Price at was at 1.5p, with the net proceeds being used to fund the next stage of exploration development on its copper/silver licences in the Kalahari Copper Belt of Botswana. This includes any expenditure required to keep nine of the twenty-four Kalahari Licences which remain subject to the conditional sale agreement with Sandfire Resources Limited as announced on 26 January 2021. The backdrop to the fundraise is of course the ongoing record breaking run for copper so far this year.
There was a genuine left field announcement from the UK technology company commercialising hydrogen production from waste plastic – (PHE). It said that Peel NRE, part of Peel L&P, is planning to develop its second waste plastic to hydrogen facility, using Powerhouse technology. This is to be located at the Rothesay Dock on the north bank of the River Clyde, West Dunbartonshire. The 13,500 tonne facility will be the second in the UK to use the DMG®technology developed by Powerhouse Energy Group plc, after plans for a similar facility at Peel NRE’s Protos site in Cheshire were approved in 2019. Shares of Powerhouse Energy were up over 10%, with the company saying that the new facility will play an important role in supporting the objective of both Holyrood and Westminster to make hydrogen a key element of Scotland’s decarbonisation strategy.
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