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TRADING UPDATES: Caspian Sunrise signs charter contract, eyes further

7th Mar 2023 17:11

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


Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Says contract chartering the Caspian Explorer, its drilling vessel, has been signed. The vessel is capable of drilling to depths of 6,000 metres from shallow water and operates principally between May and November. Well is scheduled to be drilled in the summer of 2024 for Isatay Operating Company LLP, a Kazakh-registered explorer. Work is expected to take at least two months. The amount to be paid under the contract will depend on the number of drilling days. Company expects the contract to result in around USD15 million in net income over the lift of the contract. Adds that the contract provides for a second well to be drilled, broadly on the same terms as the first well. Says it is continuing talks with potential hirers for other charters of the Caspian Explorer.


Duke Royalty Ltd - Europe and North America-focused alternative capital solutions provider - Enters into a USD8.8 million royalty financing agreement with Instor Solutions Inc. Instor is a product reseller and service provider related to the build-out and migration of data centres. Duke's financing will support a shareholder buyout, which will transition equity control of the business to the current executive management team. Terms of the agreement are: 30-year secured financing, monthly cash payments, with distribution starting immediately and to be adjusted annually based on Instor's year-on-year revenue performance.


CVC Income & Growth Ltd - closed-ended investment company with exposure to European senior secured loans and other sub-investment grade corporate credit - Completes review of its annual dividend targets. Annual dividend targets increase to 7.5 pence per sterling share and 7 cents per euro share, with immediate effect. Consequently, the company's quarterly dividends will be increased to 1.875p per sterling share and 1.75 cents per euro share, including the company's first quarter 2023 dividends. Chair Richard Boleat says: "The board of directors has also resolved, in the event that the investment vehicle portfolio produces surplus cash income beyond that currently forecasted, that an upwards only adjustment will, if appropriate, be made to the company's fourth quarter 2023 dividends payable in the first quarter of 2024, in a manner similar to that recently announced in respect of the fourth quarter of 2022. There should be no expectation as to the level of any such adjustments, or indeed whether such adjustments will arise at all."


Argo Blockchain PLC - London-based cryptocurrency miner - During the month of February, mines 162 Bitcoin or Bitcoin equivalents, or around 5.7 Bitcoin or Bitcoin equivalents per day. This represents an increase of 7% against the previous month. Says this was achieved despite a 10% increase in average network difficulty in February compared to January.


By Heather Rydings, Alliance News senior economics reporter

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