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TRADING UPDATES: Baron Oil boosts P2478 stake amid Upland farmout pact

11th Oct 2021 19:51

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

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Upland Resources Ltd - oil & gas company - Seals farmout at UK offshore licence P2478, located in Inner Moray Firth. Stake reduces to 32% from 40% as Baron Oil PLC boosts stake. Baron's stake rises to 32% from 15%, following formal consent given by UK Oil & Gas Authority. Corallian Energy Ltd holds remaining 36% stake.

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Orcadian Energy PLC - North Sea-focused oil and gas development company - Enters into pact with Carrick Resources Ltd related to farmout of licence P2320 which includes 30 million barrel-strong Carra prospect. If a deal is done, Carrick will purchase new seismic data relating to the Carra prospect. It will also work Carra until it reaches "drill-ready status" and then manage a farmout process. "In return, Orcadian will, subject to OGA approval, assign a 50% interest in the sub-area of licence P2320, which contains the bulk of the Carra prospect, to Carrick," Orcadian adds.

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Longboat Energy PLC - North Sea-focused exploration firm - Reports discovery at 20%-owned Rodhette exploration well. "The exploration well 7122/6-3 S encountered a 29-metre hydrocarbon column in the primary target in the Middle Jurassic Sto formation," Longboat says. Preliminary estimates place size of discovery between 9 and 12 million barrels of oil equivalent.

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Alba Mineral Resources PLC - explorer with assets in Greenland, Ireland and the UK - Says "additional potential for gold mineralisation" at and around Clogau-St David's mine in Wales after multi-element prospectivity modelling of a 2019 soil sampling programme. "Six high-confidence targets refined from the 10 targets previously defined by the SSP for follow-up investigation," Alba says.

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GreenRoc Mining PLC - miner with projects in Greenland - Reports "successful" site visit to Amitsoq graphite project. "Drill pad locations were confirmed for the next drilling campaign following completion of maiden drilling programme in August 2021," GreenRoc says. Says positive meetings held with mayor as well as local leader of Kujalleq municipality. GreenRoc was spun out of Alba Mineral and listed in September.

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Red Rock Resources PLC - gold explorer in Australia, Kenya and Ivory Coast - Says reverse circulation drill programme at Luanshimba copper and cobalt project in Democratic Republic of Congo completed with around 2,500 metres of drilling performed. "The majority of assay results received, but those from later holes including some with significant visible mineralisation still awaited," Red Rock says.

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Power Metal Resources PLC - exploration company seeking metal discoveries in the US, Australia and Africa - Says inaugural drilling programme underway at Tati project in Botswana, targeting gold and nickel.

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IOG PLC - gas production focused on the UK southern North Sea - Encounters issue after drill rig mobilised at Southwark field. The Noble Hans Deul jack-up drilling rig mobilised at asset early on Sunday but during routine jacking work, company finds issue at one leg of rig. Installation process was then halted. "No drilling or associated works were ongoing at the time. The rig went to full muster while the issue was assessed and all 66 people on board are safe and well. There was no damage to the rig hull or to the Southwark platform," IOG says. "Noble Corp, the rig owner, has initiated an investigation into the cause of the issue. It is initially expected that the rig will be transported to port to undertake any necessary assessments before drilling can be safely resumed. The company will release further relevant information as it becomes available."

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Kropz PLC - African phosphate developer - Receives approval from South African Reserve Bank for loan facility of ZAR200 million, about GBP9.8 million.

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Kodal Minerals PLC - miner developing project in southern Mali and Ivory Coast - Says high grade gold mineralisation returned from re-split sampling for drilling of Nielle project, Ivory Coast. "These latest results follow on from the previous announcement of the initial composite sample assay results for the completed RC drilling at the Nielle concession earlier this year," Kodal adds.

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AfriTin Mining Ltd - African tin mining company which operates the Uis tin mine in Namibia - Says drill results from five holes at V1/V2 pegmatite "demonstrate continuity of mineralisation at depth". Chief Executive Officer Anthony Viljoen notes "consistent tin grades" as well as "substantial lithium grades". CEO adds: "These high-grade drill hole intersections substantiate our belief that AfriTin Mining is poised to become a leading supplier of technology metals targeting a more diversified portfolio of production in the future."

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Thor Mining PLC - precious, base, energy and strategic metal projects in the US and Australia - Says 3,000 metre reverse circulation drilling programme underway at Ragged Range project in Australia. Notes is first-ever programme at asset and 10 soil samples from Sterling prospect will be drill tested.

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Mosman Oil & Gas Ltd - London-based metals exploration and development company - Spuds Winters-2 well in Texas. Unit Nadsoilco has 29% stake in asset. Mosman adds: "The Winter-2 well is now drilled to 1,445 feet with surface casing cemented. The intention is to drill to target depth in the next week. Casing has been purchased in preparation to complete the well. Any production flow rates will be announced when they are available.

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Vaalco Energy Inc - Houston-based oil producer in Gabon and Equatorial Guinea - Enters into consortium alongside BW Energy and Panoro Energy. Consortium awarded two blocks in the 12th offshore licensing round in Gabon. BW to hold just shy of 38% stake and be operator. Vaalco to also hold just under 38%, while Panoro to hold 25%.

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Manx Financial Group PLC - Isle of Man-based financial services firm - Unit Bradburn Ltd exercises option to acquire remaining stake in The Business Lending Exchange Ltd from company's existing shareholders. Bradburn acquired 40% stake back in 2018. "As part of that transaction, the group negotiated an option to acquire the remaining 60% on the basis of four times the business's normalised Ebitda over the last three years," Manx adds. Bradburn pays GBP920,503 in cash with up to GBP483,663 in deferred payments.

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Aptitude Software Group PLC - financial management software firm - Acquires MPP Global Solutions Ltd for GBP37.1 million. MPP is a provider of cloud-based subscription management and billing technology. MPP has a "highly complementary product offering", Aptitude says.

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Brandshield Systems PLC - London-based cybersecurity software producer interested in brand protection and online threat hunting - Secures new business deals with three independent crypto-currency, foreign exchange and online trading brands. Brandshield says: "The new mandates, for which BrandShield was approached directly, will see the company deploy its solutions to detect and shut down the following to ultimately prevent online fraud: fraudulent websites duplicating the clients' existing websites; websites which imitate the clients by using similar domain names or logos; and unauthorised mobile apps or fake social media pages."

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Bidstack Group PLC - London-based in-video game advertising platform - Secures new deals with Swedish mobile game publisher Illusion Labs. Deals are for two new free-to-play games. "Bidstack will now add both Touchgrind Scooter and Touchgrind Skate 2 to its growing portfolio of titles," company says.

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MobilityOne Ltd - e-commerce infrastructure payments and platform provider - Malaysian unit M1 AP Sdn Bhd enters into joint venture pact with One M Tech Pty Ltd to establish new firm in Australia. "The purpose of the JVco is to explore e-commerce and e-payment business opportunities in Australia," MobilityOne says.

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Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Phase 1 clinical trial data for Ditest, a treatment for male primary and secondary hypogonadism, published in European Journal of Endocrinology. "Secondary endpoints of the study demonstrated that there was no impact on the rate and extent of absorption of testosterone from Ditest, whether taken with either food or in the fasted state, representing a major difference from testosterone undecanoate." Diurnal says. Hypogonadism is when the sex glands gonads produce little to no sex hormones.

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Arecor Therapeutics PLC - Cambridge, England-based biotechnology company - Says European patent EP2457590 on polysaccharide vaccines upheld, following proceedings filed by a GlaxoSmithKline PLC unit. Examples of such a vaccine include jabs used to protect against meningitis.

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Rutherford Health PLC - Hereford, England-based cancer care centre provider - Says date it will receive funds from placing delayed to Friday, October 15. Says this is due to allow for regulatory checks to be completed. These were delayed by investor travelling overseas and therefore being forced to undergo quarantine. "There may be further extensions and the company will make a further announcement as appropriate," Rutherford cautions.

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Feedback PLC - medical imaging software company - Signs memorandum of understanding with Quest Teleradiology Solutions - a teleradiology organisation with customers across India, the UK and throughout Africa - to develop strategic opportunities for Bleepa, its clinical communications platform, in the "large and growing" Indian healthcare market, the UK and internationally.

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RTW Venture Fund Ltd - New York-based investor in life sciences, biopharmaceutical, and medical technology companies - Portfolio firm Pyxis Oncology Inc raises USD168 million in initial public offering. Offers 10.5 million shares at USD16 each, RTW says.

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Highway Capital PLC - cash shell - Enters into deal to acquire Guinevere Capital Esports & Entertainment, which will count as reverse takeover. Guinevere is an esports and advisory firm.

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By Eric Cunha; [email protected]

Copyright 2021 Alliance News Limited. All Rights Reserved.

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