17th May 2024 21:11
(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week Tuesday and not separately reported by Alliance News:
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Atlantic Lithium Ltd - lithium development company, currently focused on developing the Ewoyaa project on the Ghanaian coast - Finds 1.85% lithium oxide at its Ewoyaa project. Executive Chair Neil Herbert says: "We look forward to receiving further drilling results from the diamond tail drilling completed at Dog-Leg and delivering a mineral resource estimate upgrade for the project, now targeted for mid-year. The MRE upgrade will include updates to both the lithium and feldspar and incorporate all results received from drilling completed in 2023 and results from drilling completed so far during 2024."
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Challenger Energy Group PLC - Caribbean and Atlantic focused oil and gas company - Enters into long-term legal documentation to enable Charlestown Energy Partners LLC to invest in the company. Charlestown will advance a GBP1.5 million loan on or about next week Wednesday. Further, Challenger says a regulatory approval process regarding a farm-out of a 60% interest in the AREA OFF-1 licence to a subsidiary of Chevron Corp is progressing in line with expectations. After the close of the farm-out, Challenger will receive USD12.5 million in cash, with Charlestown's loan set to convert into new shares in Challenger. This will result in Charlestown holding an 8.7% stake in Challenger.
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i(x) Net Zero PLC - St Helier, Jersey-based investor focused on energy transition - Notes that investee Enphys Acquisition Corp extends deadline to complete an unspecific acquisition to December 8 from June. The extension is subject to approval by Enphys shareholders with a further announcement to be made "in due course."
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Mirriad Advertising PLC - London-based provider of in-content advertising technology - Raises GBP490,000 via issuing 39.3 million retail offer shares at 1.25 pence each. The retail offer has to be approved by shareholders at a general meeting set for next week Thursday. Admission of the shares is expected on May 28.
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Panthera Resources PLC - old exploration company with assets in India and West Africa - Enters into definitive agreements with DFR Gold Inc and Maniger Ltd to restructure the ownership interests in the Kalaka gold project in Mali and the Paimasa, Dagma and Dext gold prospects in Nigeria. After completion of the restructuring, Panthera will own 100% of Maniger, consequently doubling its interest in the Kalaka project to 80% from 40%. The remaining 20% will continue to be owned by local partner Golden Spear Mali SARL. Panthera will pay DFR about USD67,931 as part of the restructuring to settle intercompany loans. Panthera Managing Director Mark Bolton says: "We believe that Kalaka is a significant mineralised gold system with the potential for a multi-million-ounce gold resource. The company believes that the strong gold price will underpin a lower grade, bulk tonnage development strategy."
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Team PLC - Jersey-based wealth, asset management and complementary financial services company - Says it is raising GBP500,000 via the subscription for unsecured convertible loan notes, which will aim to provide funding for working capital purposes. The convertible loan notes have a term of 5 years, due in May 2029.
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Trident Royalties PLC - diversified mining royalty company - Reports quarterly receipts of about USD3.0 million for the first quarter ended March 31, down 18% from USD3.6 million a year prior and 6.0% lower than USD3.2 million in the fourth quarter of 2023. This was "driven by seasonally lower deliveries from the gold offtake portfolio, partially offset by exceptionally strong margin-per-ounce resulting from positive movements in gold volatility and price." Chief Executive Officer Adam Davidson says: "Trident has a diverse and exceptionally high-quality portfolio of royalties, which provide existing cash flow and the opportunity for substantial revenue growth. The revenue will enable shareholder returns and further investment and expansion of the portfolio."
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Union Jack Oil PLC - onshore oil and gas company focused on assets in the US and UK - Hails the Andrews 1-17 well in Oklahoma, for which it says first oil sales have already been made. It notes that "high quality oil" is being produced and an installation of permanent production facilities has started.
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Zenith Energy Ltd - Aberdeen-based oil and gas company with assets in Africa and Italy - Says strengthened legal team in support of International Chamber of Commerce arbitration. Zenith appointed Clay Arbitration, "an independent boutique law firm specialised in arbitrations". In December, Zenith had announced a formal claim for USD85.8 million in damages from Tunisia over a blocked acquisition. The arbitration is against Tunisia's national oil company Entreprise Tunisienne d'Activites Petrolieres.
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By Tom Budszus, Alliance News slot editor
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