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TRADING UPDATES: Inspirit Energy reports progress on Inspirit Charger

16th Mar 2023 17:32

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

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OKYO Pharma Limited - UK-based preclinical biopharmaceutical company focusing on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain - Says American Depositary Shares offer on Nasdaq and subscription for ordinary shares closed Wednesday. Raises USD5.3 million via issue of 3.5 million new ADSs (representing 227.7 million ordinary shares) at a price of USD1.50 each. Notes each new ADS offered in the US offering represents 65 ordinary shares. Issues 8.67 million new ordinary shares at a price of USD0.2 per new subscription share to raise USD0.2 million. Intends to use proceeds to advance OK-101 eye treatment funding the initial Phase 2 clinical trial of OK-101 in DED patients, and for working capital and other general corporate purposes.

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Inspirit Energy Holdings PLC - London-based waste heat recovery technology and decarbonisation engineering solutions company - Says stage two build and testing of the Inspirit Charger should be complete by the end of April 2023. Expects stage three build and testing should be complete by the end of May 2023, where the unit is targeted to achieve its intended peak performance of 131kW. Adds talks are ongoing with both a major automotive group and with an alternative combustion manufacturer to potentially partner on exciting future developments relating to the Charger. In addition, the Inspirit team is also exploring opportunities to collaborate with other automotive groups.

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hVIVO PLC - London-based specialist contract research organisation and leader in testing infectious and respiratory vaccines - Announces that its Omicron human challenge agent has been successfully manufactured. Notes this has expanded the company's portfolio to 11 human challenge models to test a broad range of infectious and respiratory disease products. Says it is currently in discussions with a number of existing and potential customers. Notes model was developed with Vaxart who have decided to postpone further clinical trials in its Covid-19 programme, including the challenge study. But points out the Vaxart study was not included in the company's order book and its postponement will have no impact on hVIVO's 2023 financial guidance.

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San Leon Energy PLC - oil and gas production, development and exploration company focused on Nigeria - Notes statement by Decklar Resources Inc on Wednesday. San Leon has a 11% shareholding in Decklar Petroleum Ltd, a subsidiary of Decklar operating in Nigeria. Decklar and its co-venturer Millenium have agreed to deliver extra 150,000 barrels to the Edo Refinery in Edo State, Nigeria. San Leon restates it continues to explore a potential sale of its non-core investments in DPL although the completion remains subject to the purchaser finalising its own funding arrangements.

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Cobra Resources PLC - a gold, rare earth and IOCG exploration company focused on the Wudinna Project in South Australia - Announces the start of reverse circulation drilling focused on growth of its gold resources. Permits and agreements are in place to drill 20 reverse circulation holes for approximately 2,600 metres. States this drilling will enable the Clarke prospect to be incorporated into an updated gold mineral resource estimate, which will be based upon a further 10,000m of drilling since the 2019 MRE. Assays are anticipated to be reported through April and May with an updated MRE to follow. Chief Executive Rupert Verco commented: "This field programme is anticipated to provide significant value to the company's primary asset - the Wudinna Project."

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Pennpetro Energy PLC - oil and gas company focusing on production and development in Gonzales County, Texas - Signs participation, development and option agreement with Millennium PetroCapital Corp for a proposed 250,000 acre petroleum joint venture in Gonzales County. Chief Executive Tom Evans says: "The execution of this agreement with Millennium is a major step forward towards Pennpetro becoming an oil producer." Working on budgets and scheduling to allow Pennpetro to participate in the upcoming Whistling Straits well, which is expected to spud in April.

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By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

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