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TRADING UPDATES: Ascent wins legal ruling; Pendragon deals approved

25th Oct 2023 20:12

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


Ascent Resources PLC - European and Hispanic American project-focused oil and gas exploration and production company - Announces receipt of a positive arbitration tribunal binding interim decision, confirming Ascent Slovenia Ltd's entitlement to proceeds above the baseline production profile from all wells in the concession area. The tribunal has now issued a binding interim decision confirming that, while in a preferential recovery position, ASL is entitled to a 90% share of the hydrocarbons produced. Therefore in addition to PG-10 and PG-11A revenues, it will now also be entitled to receive ongoing monthly revenue from incumbent wells. The tribunal will now decide the final award. Chief Executive Andrew Dennan says ASL is "very pleased" by the decision, which "underlines what has been evident to the current Ascent team for some time and now and finally is being resolved formally and in a binding way."


Arkle Resources PLC - Dublin-based diversified exploration company, with principal assets in Irish gold and zinc exploration licences - Says it has been granted a new lithium exploration block north of its Mine River block in Wicklow/Wexford in Ireland. The new block consists of four prospecting licences for lithium, rare earth elements and other minerals, including gold and platinum. The licences cost a total of EUR3,000 and Arkle is required to spend a minimum of EUR10,000 in exploration costs on each licence over the next 24 months. It believes this new ground is fertile for lithium deposits.


Pendragon PLC - Nottingham-based car dealership - Shareholders approve the resolution relating to the proposed disposal and the North American Pinewood opportunity with Lithia UK Holding Ltd.


ACG Acquisition Company Ltd - special purpose acquisition company focused on new economy metals and other mining materials - Reports all resolutions at today's extraordinary general meeting were approved by shareholders. As a result, the deadline by which an acquisition must be completed by ACG has been extended from the October 12 to January 25 2024, or such later date approved by shareholders. Separately, notes that LMR Partners LLP disclosed on Tuesday it has sold its 9.9% stake in ACG.


By Jeremy Cutler, Alliance News reporter

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