Although the news was widely distributed yesterday, presumably to give shareholders an extra bad night’s sleep,
By Zak Mir
Advance Energy (ADV), the energy company seeking growth, but perhaps not currently getting it, updated on the Buffalo-10 well, located offshore Timor-Leste. The operator, Carnarvon Petroleum Timor, Lda., has said that since the last update the wireline logging operations have been completed with only residual oil being encountered. The well will therefore be plugged and abandoned, and the rig demobilised.
Tirupati Graphite (TGR), the specialist graphite and graphene company developing sustainable new age materials, updated on the expansion of its graphite production operations in Madagascar. The company said the growth projects across its primary graphite division remain on track to achieve total flake graphite production capacity of 84,000 tonnes per annum by the end of 2024, in line with our vision to be a world leader in the graphite space. Graphite demand and prices continue to increase, leading to recent media reports forecasting a shortage of flake graphite due to the global growth in EV sector.
Oracle Power (ORCP), the international natural resources project developer, has signed a non-binding Memorandum of Understanding with Sui Southern Gas Company Limited, which is majority owned by the Government of Pakistan, relating to the joint development of a synthetic natural gas (syngas) project utilising coal from Thar. Oracle said The MoU with SSGC, could be a significant turning point in the pursuit to secure long-term domestic syngas.
MyHealthChecked (MHC), the consumer home-testing healthcare company, updated on trading for the year ended 31 December 2021 and outlook for H1 2022. MHC said it believes that the strong commercial relationships that have been established in 2021 and include both of the UK’s top pharmacy retailers will provide a solid foundation as we look to commercialise a wider range of tests in H1 2022.
TomCo Energy plc (TOM), the US operating oil development group, announced a placing to raise gross proceeds of £1.25 million, certain directorate changes and an operational update. The company said the net proceeds of the Placing will be applied to the drilling of the planned exploration wells and facilitate the due diligence exercise to be undertaken by a party currently interested in backing its plans for Greenfield.
Tintra (TNT) said that confirmation has been received from Cap-Meridian Ventures Ltd.’s UK clearing bankers that the payment of $1 million payable to the Company is in the final stages of being processed.
Belluscura (BELL), a leading medical device developer, announced a trading update for the 12-month period ended 31 December 2021. The company said that demand for, and delivery of, the X-PLO2R® portable oxygen concentrator has exceeded its most recent update of 4 November 2021. Since the launch of X-PLO2R in September 2021, the group has sold 377 units, 25% above current consensus forecasts and 150% above initial forecasts for 2021.
Bradda Head Lithium (BHL), the North America-focused lithium development group, announces results from industry expert Zonge Engineering’s magnetotellurics survey, and from Terravision Exploration’s GPRplusTM survey, both carried out at its Eureka asset in Nevada. The company said these results support the potential of Eureka that its geological team have always believed to be the case. This will enable plans for a drilling programme to test the observed brine reservoir and a shallow drill programme to test the clay to maximise the resource’s full potential whilst further exploring Eureka’s lower basin.
Mirriad (MIRI), the leading in-content advertising company ,issued a trading update for the year ended 31 December 2021. Total revenue for FY2021 is expected to be approximately £2.0 million. The company said it has seen strong year-on-year growth in the key US market. As a result, US revenue rose by more than 180% to approximately £884k. Of this, approximately 70% was generated in H2 2021, illustrating substantial momentum in this key advertising market for Mirriad.
Block Energy (BLOE) the exploration and production company focused on Georgia, announced that testing on well JKT-01Z has commenced, with current average production rates of 344 boepd, comprising 241 bopd and 17,500 m3 of gas per day. Build-up analysis showed no pressure depletion after the clean-up and well testing flows. This indicates the well is likely to be in good communication with the wider reservoir and will provide sustained production like KRT-39.
Panther Metals (PALM) the company focused on mineral exploration in Canada, announced the first batch of assay results, to 172m, from the 402m deep diamond core drill hole (PD-DL21-01) at the 100% owned Dotted Lake property in the wider Hemlo region, in Ontario. The company said the objective of the drill hole at Dotted Lake was to build its understanding of the stratigraphy linked to its airborne geophysics survey and trench sample anomalies, so finding gold mineralisation widely dispersed in the first sample batch in the first hole to be drilled in this area was very pleasing, especially given the context of the wider prospective Hemlo region.
Pantheon Resources (PANR), the AIM-quoted oil and gas company, provide an update. The company said the spudding of the Theta West #1 well marks another important day for Pantheon shareholders, with its equipment on both locations by mid-January, maximizing our time to complete our planned two well winter campaign. Pantheon intends to drill the Alkaid 2 well in Spring/Summer 2022 which, if successful, can commence production soon thereafter. These wells test very large targets and have the potential to be “very material for all shareholders”, if successful.
AdvancedAdvT (ADVT) confirmed that, having met with M&C (SAA), the company proposed an improved set of terms on 19 January 2022. The Board of AdvancedAdvT believe this is a truly beneficial merger; providing a significant investment and additional expertise to build on the existing M&C platform, seeking to drive M&C’s future growth at significantly greater pace for the benefit of all stakeholders. Given Vin Murria’s role in the two companies, it will be interesting to see how having a role as bidder and target pans out.
NFT Investments (NFT), an incubator specialising in the market for non-fungible tokens, announce it has entered into a non-binding letter of intent for the acquisition of Pluto Digital PLC, a crypto technology and venture company, for a consideration of £96 million. NFT said acquisition, which is conditional on shareholder approval, will create a significant global metaverse company and advance NFT’s investments in the non-fungible tokens sector as the Pluto Ventures division has invested heavily in NFTs and NFT gaming. All of this appears to be a positive development for the likes of Pires (PIRI) and Riverfort Global (RGO) who are invested in Pluto.
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