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TRADING UPDATES: 88 Energy expands Texas footprint with acquisitions

15th Dec 2023 16:58

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:


UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says its service provider PSI has secured all of the required explosive permits to deploy its 7-inch perforating guns at Pinarova in Turkey. Says the guns are capable of penetrating its 9 5/3 inch casing. Notes that the guns will be deployed over the Germik/Hoya section, where it says it detected and recorded strong oil odours over a 12-hour period, and recovered mobile light oil from the mud pit. The firm holds a 50% stake in the project.


88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Says it has acquired an additional non-operating interest in leases in and wells, expanding its footprint in Texas Permian Basin. Says the acquisitions have conventional onshore production and development opportunities. Says it now owns a 64% working interest in 1,262 acres near its Longhorn project, while its joint venture partner and operator, Lonestar I LLC, has acquired a 22% stake in the assets. Says it will pay USD350,000, with the consideration to be paid in cash. Notes that the new area includes nine existing wells and 10 development opportunities in multiple zones. Says the new assets are estimated to contain 0.668 million barrels of oil equivalent.


Tremor International Ltd - Israel-headquartered company offering an end-to-end technology advertising platform - Says its subsidiary Nexxen has agreed a partnership with Taiv to offer connected TV out-of-home advertising opportunities. Says the deal will look to deliver advertising to sports bars and restaurants across designated market areas in the US. Adds that Taiv's ad units offer "an increased level of engagement in high traffic environments", with an average of eight screens per venue and large format displays. Says this offers a new effective way of connecting with customers. Nexxen Vice President John Rogers says: "We've always been all in on CTV, and our partnership with Taiv brings broadened reach, increased visibility and enhanced scale to leading brands and advertisers looking to capitalize on CTV OOH formats. By leveraging Taiv's extensive network of screens in sports bars and restaurants across the US, our clients have the chance to connect with their audiences in entirely new spaces."


Helios Underwriting PLC - investment vehicle, which provides shareholders with participation in the Lloyd's insurance market - Says it has increased its 2024 capacity portfolio to GBP501 million. Notes that its retained capacity is expected to grow 58% to GBP387 million, while third-party capacity is expected to rise 73% to GBP114.9 million. Notes growth is due to exercising pre-emption rights in its freehold portfolio and by building its tenancy portfolio with new syndicate opportunities. Chief Executive Martin Reith says: "I am delighted to report that we have substantially grown our portfolio into 2024 and further positioned Helios to benefit from market discipline and the attractive pricing environment. We have built the portfolio to deliver superior returns across a diversified and volatility managed portfolio. We have also started to shift the quality of our earnings away from pure underwriting returns and into a hybrid model where we have repeatable fee income generated by allowing access to our portfolio."


By Harvey Dorset, Alliance News reporter

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