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TRADING UPDATES: IOG to cut Gazprom ties; wholesale changes at Donegal

4th Mar 2022 20:53

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

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IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Serves notice to Gazprom Marketing & Trading Ltd, part of Russian energy giant Gazprom, to terminate gas sales agreement with immediate effect. IOG had signed deal with Gazprom to supply equity production from Elgood and Southwark fields up to October 2023. "The Elgood and Southwark equity gas is now expected to be sold to an alternative buyer," IOG adds. IOG Chief Executive Andrew Hockey adds: "Our thoughts are with everyone affected by the shocking, unprovoked invasion of Ukraine. In that context, IOG has today served notices to GM&T with immediate effect. We had strong interest in rights to buy IOG gas during the competitive offtake process we ran last year and would expect to sell the gas to a highly credible alternative buyer. We already have a separate sales agreement in place with BP Gas Marketing Ltd for the Blythe field."

On Friday, IOG completes all construction, commissioning and function testing activities at its onshore Saturn Banks Reception Facilities. As a result, backgassing commences. Subject to weather and logistics, the backgassing and well start-up is likely to take approximately one week, with first IOG sales gas expected to be received onshore rapidly thereafter.

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Donegal Investment Group PLC - Donegal, Ireland-based agricultural firm - Says head office in Ballyraine, Letterkenny to be wound down. Donegal to incur one off cost of EUR1.6 million. All head office staff to be made redundant. "This is the continuation of cost saving measures at a corporate level which when completed will have delivered annualised cost savings of EUR1 million," company adds. CEO Ian Ireland and Chief Financial Officer Padraic Lenehan step down from full-time executive roles. "Going forward the Executives will remain as non-executives on the board and have entered into consultancy agreements with the company to provide their services as and when required on a per diem basis to support the strategy of the board going forward. As part of the consultancy arrangements incentive arrangements have been put in place in line with previous incentives to ensure the long-term objectives of the company are delivered," company adds.

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Summerway Capital PLC - company which invests in household and consumer goods sectors - Raises GBP8.5 million through placing and subscription at 165 pence per share. Shares were re-admitted to AIM on Monday after suspension following announcement of acquisition opportunity in "healthcare and pharmaceutical sector" back in September.

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Schroder Real Estate Investment Trust Ltd - activity managed UK-focused real estate investment trust - Says NAV at end of 2021 rises to GBP345.9 million from GBP323.4 million at end of September. Quarterly dividend lifted 6.3% to 0.772 pence per share, back to pre-pandemic level. "Rent collection levels stabilising at pre-pandemic levels, with 96% of rent due for the quarter ending 31 March 2022 collected, in line with the equivalent date in the previous quarter," company adds.

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AssetCo PLC - Middle East-focused provider of management and resources to the fire and emergency services - Reaches deal to acquire Revera Asset Management Ltd for GBP2.8 million. Deal to be satisfied by issue of 54,639 shares and GBP1.9 million in cash.

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CIP Merchant Capital Ltd - Guernsey-based investment company - Exercises option to acquire further 42% of 7Star Srl, also referred to as Happy Friends, an operator of three veterinary hospitals in Italy. "The exercise price of the option, which was scheduled to expire on 26 February 2022, was a nominal sum of EUR5," CIP adds. Now holds just over a 65% stake. On Tuesday, shareholder and Luxembourg-based investment banking boutique Corporation Financiere Europeenne SA updates on acceptances for takeover offer for CIP. CFE says it has received acceptances for, or owns, just under 34% of CIP.

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Gresham House Energy Storage Fund PLC - London head-quartered battery storage fund - Says recent T-1 and T-4 capacity market "both cleared at record prices". "The company entered operational and pipeline projects into both auctions and as a result has been awarded several capacity market contracts which are expected to earn revenues of over GBP108 million (assuming CPI at 2%) over the life of the contracts," Gresham House Energy says. Says T-1 contracts to add GBP8.4 million in revenue over one year, while T-4 pacts add GBP100 million over 15-years, assuming CPI at 2%.

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Cambria Africa PLC - Zimbabwe-focused investment company - Swings to earnings per share of 0.03 US cents in 2021, from loss of 0.07 cents in 2020. However, net asset value declines to 1.18 cents from 1.16. "The decline despite the earnings contribution was due to a market valuation drop of USD200,000 for the company's business property from USD2.3 million to USD2.1 million," Cambria says. "Cambria remains poised to take advantage of a turnaround in the economy through the stabilization of market-driven policies, which may yet take hold in Zimbabwe."

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Alpha Growth PLC - London-based financial advisory specialising in 'longevity assets' such as life insurance - Outlines new strategy, dubbed 'Alpha Growth 2B Plan'. Alpha Growth says: "The 2B plan is Alpha Growth's ambitious but achievable objective to be managing over USD2 billion of assets under management by 2025, this will provide the company with a significant source of predictable and recurring revenue." Says AUM growth to be achieved through offering "new, complementary and innovative strategies to our clients". Does plan on turning to equity raises to fund acquisitions.

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MetalNRG PLC - London-based investor in natural resources and energy - "With disappointment" agrees to further request for extensions of time for Brit ENERGY Holdings LLP, Pierpaolo Rocco and BritNRG Ltd to file defences related to civil proceedings. Extension runs until March 18, maximum time permitted without consent of court. In January, company said it served civil legal proceedings in the English High Court against defendants for a declaration and the recovery of monies paid to the LLP in 2021.

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San Leon Energy PLC - independent oil and gas production, development and exploration company focused on Nigeria - For a USD750,000 debt financing for investee Eroton Exploration & Production Co Ltd to be finalised, Eroton will update OML 18 off-take agreements. For current off-taker to enter into new pact, Eroton must successfully demonstrate the barging of oil to the floating storage and offloading vessel through part of alternative crude oil evacuation system. Work must be produced to satisfaction of off-taker.

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Chariot Ltd - Africa-focused transitional energy company - Formally awarded 75% interest and operatorship of Rissana licence in Morocco.

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SDX Energy PLC - London-based oil and gas company with projects in Egypt and Morocco - Seals drilling at MSD-25 infill development well on the Meseda field in Egypt, where it has 50% working interest. CEO Mark Reid adds: "The logs from MSD-25 are encouraging, implying a 36% larger pay zone than in MSD-21 with porosity also being good at 26.1%. The well will now be connected to our infrastructure and flow tested and we will update the market on the results of this in the coming weeks. With the oil price now at multi-year highs, West Gharib is a very high margin asset in our portfolio, MSD-25 and subsequent wells will boost the production and cashflow from these fields in the coming months. I look forward to updating the market further as the campaign progresses."

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Coro Energy PLC - London-based gas explorer - Says Italian consent for Dubai Energy Partners Inc's buy of Coro's Italian portfolio to no received by February 26. Company adds: "Coro has served a notice of non-fulfilment on DEPI and in doing so has commenced, as prescribed by the SPA, a 5 business day good faith consultation period between the company and DEPI in order to determine whether completion of the disposal can be achieved."

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Oilex Ltd - Perth-based company focused on the development of natural gas assets - Updates on UK-based Medway Hub carbon capture and storage project. Hoping to be granted CCS licence from the Oil & Gas Authority in "coming months". "A pre-FEED* study has been completed by Axis Well Technology, which confirms the technical viability of the project as well as providing scoping economics," Oilex says.

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Adriatic Metals PLC - precious and base metals explorer and developer - Updates on Vares silver project in Bosnia & Herzegovina. Says Ausenco Pty Ltd appointed as engineering and procurement contractors at asset in December. In February, Paterson & Cooke (UK) Ltd was called on for detailed design of the backfill plant and shotcrete plant at rupice surface infrastructure site. Adriatic adds: "Further refinement and test work on the backfill engineering has been ongoing since the completion of the 2021 DFS, with recent test results suggesting there will be a significant increase in tailings content used in the backfill. If the final test work results are successful, this will reduce mining costs and the quantity of tailings deposited on the dry stack tailings storage facility, further minimising the environmental impact of the project."

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Serica Energy PLC - gas producer in UK North Sea - Says fault identified at Rhum Subsea Control Module was has necessitated temporary shutdown of Rhum output. "There are currently no safety or environmental issues associated with this fault. A programme to replace the control module is being planned utilising a spare module held in stock. This will necessitate diving operations and the timetable is not yet finalised. It is likely, however, that Rhum production will not resume for at least two weeks," Serica adds.

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Taseko Mines Ltd - British Columbia, Canada-based copper producer - Says participation and cooperation pacts between Gibraltar and Williams Lake First Nation assets extended. "The agreement commits the Gibraltar Mine and the WLFN to work together in the interest of achieving environmentally responsible and economically beneficial mine development at Taseko's copper-molybdenum mine near Williams Lake, British Columbia. In addition to enhancing understanding, communication and cooperation between the parties, the agreement also provides clear mechanisms to advance employment and contracting opportunities for WLFN members, as well as education, training, and community development initiatives," Taseko adds.

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President Energy PLC - Leeds-based oil & gas company focused on Latin America - Says first two wells drilled in Salta asset in Argentina. Both have been "successful commercial production for over one week". "The benefit of the recent increased production is already being felt in Salta where realised domestic prices are currently approximately USD60 per barrel," company adds. In South Louisiana, US, workover at Triche well "successfully completed" and both it and Simmons are back to normal output. Company adds: "The Triche well is still settling down producing 180 bopd gross with 60 boepd of gas. The Simmons well is estimated to be producing 50 bopd gross." In addition, names Daniel Musri as Argentina chief executive.

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Mosman Oil & Gas Ltd - Sydney-based oil and gas company - Issued permit by Central Land Council in Northern Territory of Australia in respect to EP-145 asset. Permit allows Mosman to perform environmental survey which is required prior to the planned 2-D seismic acquisition programme. "This enables Mosman to proceed with the environmental survey which is scheduled to be completed in March 2022," company adds.

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i-nexus Global PLC - Coventry-based business management software - Sales pipeline progressing, including two new contract wins, bringing first half total to five. "The business is once again achieving quarter on quarter growth in monthly recurring revenue. The company has secured a high level of customer renewals, in line with management expectations and has already hit management's half year target for services revenue," company adds.

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Tekmar Group PLC - Darlington-based offshore energy industry services - Plans to raise GBP1 million through open offer at issue price of 45 pence. Qualifying shareholders to be given opportunity to subscribe for one share for every existing 23 shares owned.

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Pineapple Power Corp PLC - special purpose acquisition company - Terminates deal to buy BVP Investments Ltd. "The parties were unable to come to a mutually acceptable agreement on valuation and the final structure of the transaction," Pineapple Power says. Eyes lifting suspension of shares. Shares had been suspended as deal constituted reverse acquisition. Company adds: "The directors will proceed immediately to seek an attractive acquisition opportunity, with the objective of maximising value for Pineapple shareholders. A listing on the London Stock Exchange remains attractive to target companies, and the directors intend to seek to maximise the value of the company to the benefit of its shareholders in an appropriate acquisition. The company will make further announcements in due course."

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Primorus Investments PLC - investment firm focused on small and mid cap firms in financial services, technology and natural resources - Requests Mustang Energy PLC to issue Bushveld Minerals PLC with requisite notice to enact backstop arrangements. Under arrangements, Bushveld must either repay Primoris outstanding convertible loan notes, including interest, or into into a convertible loan note deal with Primorus.

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FD Technologies PLC - Newry, County Down-based financial markets technology, formerly known as First Derivatives - Enters into partnership agreement with Microsoft Corp to expand reach of its KX Insights streaming data analytics platform. KX Insights will be embedded natively on the Microsoft Azure platform with KX generating revenue based on consumption, FD says. "Microsoft's intention in leveraging KX's dominance in capital markets to co-develop product will become a symbiotic win. We agree with management that this is one of the more significant pieces of news to have come from FD Tech, which remains undervalued," analysts at Peel Hunt comment.

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Advanced Oncotherapy PLC - London-based proton therapy system provider - Confident of obtaining outstanding items in "timely manner" amid supply chain delays, which it has previously updated market on. "The company has made good progress in overcoming and mitigating these issues," Advanced Oncotherapy says. "Assembly and commissioning of the LIGHT system requires a step-wise approach to conditioning the components. To date, 17 of the 21 accelerating modules - one proton source, one RFQ, four SCDTLs and 11 of 15 CCLs - have been RF conditioned whilst the last four CCL modules are expected to be conditioned by mid-April 2022," company adds.

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Quantum Exponential Group PLC - quantum technology investment firm - Invests GBP300,000 in technology company Siloton Ltd. Represents first tech equity investment since November 2021 float.

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Haydale Graphene Industries PLC - Ammanford, Wales-based graphene technology company - Awarded UK funding worth GBP168,573 to develop high barrier monolayer films for food packaging.

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Faron Pharmaceuticals Ltd - Turku, Finland-based biopharmaceutical company - Agrees financing of up to EUR30 million through a loan from IPF Partners. Faron adds: "The first tranche of EUR 10 million is agreed to be drawn today and is to be repaid quarterly over a five-year term. Subject to certain conditions being met, Faron may have access to an additional EUR20 million in funding until mid-2023 on a four and one-half year term under the funding agreement. The funding agreement is subject to minimum cash and gross gearing covenants." IPF to be granted share warrants and will have right to name board observer.

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Oncimmune Holdings PLC - Nottingham-based immunodiagnostics developer - Signs deal with biomarker and bioanalytical science firm Synexa Life Sciences BV. "Synexa Life Sciences has selected Oncimmune's ImmunoINSIGHTS platform to provide its clients access to specialist autoantibody services. This collaborative partnership will allow for comprehensive characterisation of the B-cell immune response in a wide range of disease and treatment indications," Oncimmune says.

On Friday, Oncimmune signs commercial contract with an unnamed pharmaceutical company for the autoantibody profiling of Chronic Inflammatory Demyelinating Polyradiculoneuropathy, a rare autoimmune disease which attacks the fatty coverings intended to insulate and protect nerves. Oncimmune does not disclose the financial details of the contract.

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Seed Innovations Ltd - Guernsey-based wellness and life sciences firm - Notes investee Little Green Pharma Ltd posts record revenue growth for six months to December 31. Revenue rises 94% to AUD7.3 million from AUD3.8 million. Seed owns 3.1% stake in Little Green.

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Allergy Therapeutics PLC - Sussex-based biotechnology firm focused on allergy vaccines - Reports data on its short-course subcutaneous allergen-specific immunotherapy. Sees "clinically meaningful and statistically significant reductions in symptoms" related to grass pollen allergy after six injections of Allergy's candidate. "Demonstrating a nearly 40% reduction in combined symptom and medication score compared to placebo in a grass pollen allergy trial is a significant event in our history," CEO Manuel Llobet says.

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By Eric Cunha; [email protected]

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