Reabold (RBD), the AIM quoted investing company with a portfolio of upstream oil and gas projects, announced that it has completed the acquisition of Simwell Resources Limited.
The updated breakdown of consideration payable by Reabold is: (i) £363,835.76, by way of initial consideration, to be satisfied through the issue of 134,753,985 new shares; (ii) £305,157.71 to certain Simwell creditors to be satisfied by the issue of 113,021,374 new shares; and (iii) the cash sum of £373,398.36 payable to certain Simwell creditors.
Helium One Global (HE1), said it has been informed that the current operator of the Exalo drill rig in southern Africa has amended their contract with Exalo to allow for an extension of their operations for a period of up to twelve-months. The company said the decision by the current operator to pay rig retention costs rather than release the unit is both disappointing and frustrating. However, based on recent rig searches, the company is aware of a number of alternative rigs for our Phase II exploration drilling.
San Leon (SLE), the independent oil and gas company focused on Nigeria, announced a further update in relation to the Proposed MLPL Reorganisation. The company said the MLPL Reorganisation Agreement’s deadline for the satisfaction of the condition relating to the New Eroton Debt Facilities being entered into, has now been further extended to 31 March 2023 by agreement between the company and Midwestern. These extensions bring the timelines for the satisfaction of the MLPL Reorganisation Agreement’s conditions relating to the New Eroton Debt Facilities and the Sahara OML 18 Acquisition Agreement in line with the current longstop timelines for the completion of the MLPL Reorganisation Agreement and the ELI Reorganisation.
MGC Pharmaceuticals (MXC), a European based pharmaceutical company, advised that as a result of the ongoing strategic review of its business and operations, the board has implemented further cost reductions which enable the company to direct a greater portion of its working capital to advancing its clinical trial and research programs in 2023. As a result of the review the board have agreed to an immediate ~35% reduction in director fees, effective from 1 December 2022.
GreenX (GRX) revealed that it had responded to the ASX in writing with regard to the increase in the company’s share price and in the volume of trading securities, and it is not aware of any information that has not been announced which could be an explanation for recent trading in the stock. It noted recent media reports published in Poland relating to the company’s international arbitration claims (Claim) against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties).
Bidstack Group (BIDS), the in-game brand activation platform, announces that in accordance with the terms of its commercial agreement with Azerion Technology B.V., it has performed its obligations under the agreement and issued invoices which it expects will meet market expectations for FY22. The company said that after the close of business on 30 December 2022, it received notice from Azerion purporting to exercise an alleged right to terminate the agreement. Bidstack has taken appropriate external legal advice and has concluded that Azerion has no present entitlement to end the agreement. Bidstack now intends to claim damages for unlawful termination.
MetalNRG (MNRG) announced that immediately prior to the deadline for his to file evidence in support of his unfair prejudice petition, Mr Rocco instead, on 23 December 2022, discontinued his claim against the company and its directors.
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