Oilex (OEX), whose shares seem to be intent on not factoring in positive fundamental factors, said it continues to progress its main objective of accessing the significant gas resource potential present in siltstones in the EP-IV reservoir at Cambay PSC.
By Zak Mir
The current work programmes are focused on finalising the purchase of GSPC’s 55% PI in the Cambay PSC, and to potentially further develop the asset with a new partner, or on its own. The company is preparing detailed work programmes, including new wells for implementation under the approved Field Development Plan and arranging the necessary funding to implement the planned work programme.
Specialist drug development company Sareum Holdings (SAR) said that the United States Patent and Trademark Office has issued a Notice of Allowance for a patent in respect of an invention associated with Sareum’s proprietary SDC-1802 TYK2/JAK1 Kinase Inhibitor Programme. The patent will protect the SDC-1802 molecule and pharmaceutical preparations to treat cancer selected from pancreatic, colorectal and kidney cancers, melanoma, and B-cell lymphoma by inhibiting TYK2 kinase. This programme is in preclinical development. The company said it expects that the patent will be granted within three months.
As we look forward to be coughed and spluttered on in a confined environment, Cineworld (CINE) said it has secured $200m of incremental loans maturing in May 2024 from a group of its existing lenders. The company noted that the new facility does not have a material impact on its weighted average cost of debt. Cineworld has also agreed covenant amendments on certain of its existing debt facilities, including reducing the minimum liquidity requirement and relaxing limitations on the use of cash.
Namibia / Guyana focused Eco (Atlantic) Oil & Gas (ECO) unveiled its results for the year ended 31 March 2021. Highlights here included working capital of $13 million and no debt, with total equity of $16.0 million. On the operational side at Orinduik Block offshore Guyana all seismic data reprocessing has now been completed and multiple light sweet oil drilling prospects are currently being reviewed. High-graded candidates are being considered for the next drilling programme which Eco intends to drill in 2022. Target selection is expected in Q3 2021. The company said it continues to evaluate additional asset opportunities in both West Africa and South America with its partner Africa Oil Corp.
Decentralised finance investment company Dispersion (DEFI), announced its unaudited financial results for the six months ended 30 April 2021. The company said its successful flotation on the AQSE Growth Market provided it with the capital and credibility to be an early investor in the rapidly growing global market of decentralised finance as well as being involved in London’s burgeoning fintech sector. It said it has already made a” flying start” to life on the market with six investments and will continue to actively pursue opportunities that meet its investment criteria and due diligence process.
Multi-asset, African focused energy company, Kibo Energy (KIBO) whose shares have on occasion been a source of frustration to some, said it has now satisfied all conditions and completed the agreement with South Africa-based Industrial Green Energy Solutions to jointly develop a portfolio of Waste to Energy projects in South Africa. Kibo and IGES have entered into an amendment to fast track the implementation of the first project.
International research and data analytics group, YouGov (YOU) delivered its pre-close trading update for the full year ending 31 July 2021. It said that trading has continued to be resilient, driven by the strong sales pipeline in the second half of the financial year, and full year results are anticipated to be in line with expectations. YouGov has seen strong progress in the year on its stated strategy with continued growth in both revenue and profit across all divisions and geographies on an underlying basis. The sales pipeline remains buoyant.
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