Fiinu (BANK), a UK fintech group including Fiinu Bank, has selected Tuum as the core banking platform to power its Plugin Overdraft®, a solution that will give consumers access to an overdraft facility without the need to switch banks and current accounts. Using Tuum’s lending module, Fiinu will bring much needed flexibility to the tightly regulated overdraft market.
Open Orphan (ORPH), a contract research organisation, noted the media report relating to the allegation of an incident of potential insider dealing in the company’s shares by an unconnected private individual in 2020. The company confirmed that it was made aware of this allegation by, and at their request, is helping the relevant Irish authorities in respect of this allegation. Open Orphan said it is satisfied that there are no implications for the company in the resolution of this allegation and confirms that no employee, executive, director or anyone connected with the company had any involvement whatsoever in this matter nor are they suspected of any wrongdoing.
Oracle Power (ORCP), the international natural resources project developer, announced that its joint venture company, Oracle Energy Limited, has been issued a Letter of Intent from the Directorate of Alternative Energy of the Government of Sindh relating to the establishment of a 1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan. The issuance of the LOI follows the Directorate of Alternative Energy’s confirmation of receipt of a $600,000 bank guarantee from Habib Metropolitan Bank, Karachi valid for 12 months, on behalf of Oracle Energy.
United Oil & Gas (UOG), the oil and gas company with a portfolio of production, development, exploration and appraisal assets, announced the commencement of drilling at the ASH-4 development well location and an update on the Al Jahraa-14 development well in the Abu Sennan licence, onshore Egypt. The company said its active and fully funded drilling programme in Egypt is continuing with its next development well ASH-4 being spud whilst operations continue on AJ-14 to initiate commercial flow rate there.
Recent star stock market performer, IGas (IGAS) announced its unaudited interim results for the six months to 30 June 2022. The company said commodity prices were exceptionally strong during the period with a resulting positive impact on income and cash generation from the underlying conventional oil and gas assets. This continues to give it financial flexibility, enabling a reduction in net debt by over £2.5 million and allowing capital to be allocated to sustaining, and in the future, increasing conventional production as well as to its growth businesses, geothermal and now shale.
Ferro-Alloy Resources (FAR), the vanadium mining and processing company, released its unaudited interim financial results for the six months ended 30 June 2022 earlier this morning. Further to the announcement of its interim results, the Company is pleased to announce a proposed capital raising of, in aggregate, £8.6 million. On an operational level, half year production of vanadium pentoxide was 95% higher than H1 2021, and a feasibility study is ongoing on both Phase 1 and Phase 2 of the Balasausqandiq project.
Parkmead (PMG), the independent energy group, provided an update to developments on the Skerryvore project in the UK Central North Sea. The company said that following consultation with its joint venture partners in Licence P.2400 and having received approvals from the regulatory authorities, the company announced that it has reached agreement to increase its stake in the Skerryvore project from 30% to 50%.
ThinkSmart (TSL), the specialist digital payments business, announced its results for the year ended 30 June 2022. The company said ThinkSmart has created significant shareholder value, resulting in a cumulative profit of over £40 million to 30 June 2022, through a series of transactions that have ultimately led to the Group owning shares in Block. At the same time, the Board has continued to deliver capital to shareholders and, during the year, completed a special dividend and capital return of c. £3 million, which was shortly followed by an additional return of c. £2.5m post year end.
Future Metals (FME), announced that ground-based geophysical surveys are well advanced, with exploration drilling expected to commence in October 2022, at its 100% owned Panton PGM-Nickel Project in northern Western Australia. The company said data from these surveys will refine the planned drill programme targeting sulphide mineralisation, with a contractor secured to mobilise to site in early October 2022.
Zinnwald Lithium (ZWND), the German focused lithium development company, announced its Interim Results for the period ended 30 June 2022. The company said post the publication of the PEA, it is extremely proud of having moved Zinnwald from a company with 50% of a 5,000 tonne niche lithium product project, to full ownership of a 12,000 tonne lithium hydroxide one with what it hopes is the scope to expand still further.
Another significant stock price winner of the recent past, CleanTech Lithium (CTL), an exploration and development company, announced its unaudited Interim Results for the six-month period ended 30 June 2022. The company said that the focus of the company for 2H 2022 is to provide further JORC upgrades for both Laguna Verde and Francisco Basin following the drilling campaigns in 1H 2022.
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 where the company has completed four phases of diamond drilling to date. The company said that these are extremely exciting results from the latest phase of drilling; yet again projects in Cameroon have delivered, with these results confirming that it has two gold-bearing vein sets at Bakassi Zone 1 and additional potential for mineralisation at the two Lawa prospects.
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