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TRADING UPDATES: Helium One says Tai-3 rig temporarily shut down

30th Oct 2023 14:30

(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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Helium One Global Ltd - London-based helium explorer focused on Tanzania - Says Tai-3 well encounters "helium shows" while drilling the in the Lake Bed Formation and the Karoo Group. The well depth is currently at 1,445 metres of measured depth, with well total depth now expected to be at around 1,550 metres measured depth. However, says that on Sunday, the rig encountered a mechanical and an electrical fault while drilling the final section. This has resulted in a temporary rig shut down to allow for troubleshooting and repairs. Says that once drilling restarts, the Basement target should be reached quickly, and will be followed by a comprehensive wireline programme to fully evaluate the helium shows encountered whilst drilling.

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Pineapple Power Corp - London-based special purpose acquisition company - Terminates proposed reverse takeover of Element 2 Ltd. First announced that it had entered into a non-binding heads of terms with Element 2 in April, to buy 100% of the Yorkshire-based firm's outstanding shares. Says that both the company and Element 2 have spent "considerable time" raising the capital for the transaction, and to reach an acceptable agreement on valuation and the final structure of the transaction. To date, this has not been possible and so the acquisition will not now proceed. Due to the size of the proposal, it was treated as a reverse takeover and Pineapple's shares were suspended until the transaction was finalised. Ordinarily, it would now request that its ordinary shares be restored to listing, but the directors are "actively considering" another potential acquisition opportunity in the renewables sector and have thus requested the shares remain suspended "for the time being".

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RC365 Holding PLC - London-based company focusing on payment gateway solutions and IT support services - Says that its Hong Kong subsidiary, RCPAY Ltd, has signed a memorandum of understanding with Koperasi Usaha Maju Kuala Lumpur Berhad, or Komaju, to establish a collaborative platform for offering co-branded international and domestic fintech solutions for corporate clients. RCPAY will provide both offline and online Mastercard payment solutions, which will be made available to interested parties seeking fintech payment solutions, and Komaju will provide and manage the services for domestic and international clients. The agreement is valid for 12 months.

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Infrastructure India PLC - Infrastructure fund investing directly into assets in India - Agrees extension to the maturity dates of all its debt facilities, being the term loan provided by IIP Bridge Facility LLC, the working capital loan provided by GGI, Ltd, and the bridging loan provided by Cedar Valley Financial. The term loan is a USD119 million principal secured facility. The current amount of accrued interest is USD85 million, and the maturity date of the loan has been extended to December 15 from October 31. The working capital loan is for USD21.5 million, and has accrued interest of USD28 million. The unsecured bridging loan was increased in multiple tranches to USD64.1 million in March 2019, and has accrued interest of USD57 million. Both have also been extended to December 15.

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Blencowe Resources PLC - London-based graphite miner operating the Orom-Cross project in northern Uganda - Completes next-step metallurgical test work at Orom-Cross graphite project, with initial stage spheronised purified graphite upgrading now completed. Says test work was completed by two separate graphite technical experts, adding that results prove that Orom-Cross graphite can upgrade into one of the purist SPG products, which will strengthen offtake negotiations and ultimately deliver more value to the project. Additional metallurgical test work will now take place, with samples of uncoated SPG and other flake sizes distributed to potential off-takers and battery manufacturers.

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By Holly Beveridge, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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