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TRADING UPDATES: TransGlobe Energy ups oil production in first quarter

6th Apr 2022 19:05

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

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Hummingbird Resources PLC - gold miner with projects in Mali, Liberia and Guinea - Announces further assays from its resources & reserves drilling programme at the Kouroussa gold mine in Guinea. Results from 86 reverse circulation and 12 diamond holes, delivering 9,900 metres, at the high-grade Koekoe deposit. Notable results include: 3 metres at 18.63 grams per tonne from 27 metres, 7 metres at 2.98 grams per tonne from 36 metres, and 11 metres at 5.62 grams per tonne from 64 metres. Says mine on track to achieve scheduled first gold pour by the end of the second quarter of 2023.

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London Finance & Investment Group PLC - London-based investment finance and management company - sells 300,000 shares in Finsbury Food Group PLC at 1 pence each on Tuesday. Company now holds 3.9 million shares, representing less than 3.0% of the Cardiff-based baker's share capital.

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Metal Tiger PLC - Winchester, England-based investment company focused on the natural resources sector - Notes construction and development update from its investee Sandfire Resources Ltd regarding its 100%-owned Motheo Copper Mine in Botswana. Sandfire says it has commenced open pt mining at Motheo. Metal Tigers holds a 1.9% interest in Sandfire.

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China Nonferrous Gold Ltd - Cayman Islands-based mineral exploration and development company - Agrees a foreign currency working capital loan with China CITIC Bank Corp Ltd for a loan facility of up to USD20 million. This, the company says, will be used to repay USD20m of the CNMC Trade Company Ltd trade loan which was extended on 26 March 2021 and is repayable on 26 November 2022.

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Bodycote PLC - Cheshire-based thermal processing services provider - Person closely associated with Director and Chair Daniel Dayan buys 16,000 shares at GBP6.35 each, worth GBP101,600, on Tuesday.

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Nostrum Oil & Gas - Amsterdam-based oil and gas company operating in Kazakhstan - Following an identification of an error during its 2021 financial statements process, the company makes a further USD40 million asset impairment charge to its 2020 statements. The impairment charge increases to USD285 million from USD245 million in 2020. Says the restatement has no impact on its cash position.

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Pembridge Resources PLC - London-based copper-focused mining company - Notes results from investee Minto Metals Corp which operates the underground copper-gold-silver mine in Yukon, Canada. Says first quarter production results from the Minto mine were up 70% against the previous year at 9.1 million pounds in payable copper from 5.3 million pounds.

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Aberdeen Standard Equity Income Trust PLC - London-based trust investing in UK quoted companies of all sizes - Changes its name to abrdn Equity Income Trust PLC. The company's shares will trade under the new name from April 8.

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Caracal Gold PLC - gold producer with operations in East Africa - Intends to list on the Nairobi Securities Exchange. Expects to complete listing in the second quarter of 2022. Adds the listing will make Caracal the first gold and related minerals mining company to be listed on the NSE.

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Capricorn Energy PLC - Edinburgh-based oil and gas company - Completes tender offer. 171.1 million shares will be purchased by Morgan Stanley at a strike price of 223 pence per share, representing 35% of the company's share capital and for a total value of GBP381.5 million.

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Oxford Cannabinoid Technologies Holdings PLC - Oxford-based pharmaceutical company developing prescription cannabinoid medicines - Says all resolutions put to shareholders at its requisitioned general meeting called by GHS Capital Ltd held on Wednesday were defeated in line with the board's recommendation. Chair Julie Pomeroy says: "With the requisitioned general meeting having already taken up a considerable amount of management time and shareholders' funds, it is now time to move forward and get back to the business in hand, including the very important upcoming clinical trials for drug development programmes 1 and 2."

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Lekoil Ltd - oil and gas exploration and production company focused on Nigeria and West Africa - Notes that Lekoil Nigeria Ltd and its subsidiaries have been granted an injunction by the Federal Court of Nigeria against Lekoil and Savannah Energy Investments Ltd restraining them from taking any steps to transfer of any interests in the oil and gas assets of Lekoil Nigeria and the transfer or creation of any interest in Lekoil Nigeria that will alter the ownership, equity or share capital structure of the company.

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AfriTin Mining Ltd - Guernsey-based tin mining company focused on Nambia - Announces its five-year growth strategy, aiming to enlarge its footprint in Nambia by expanding existing operations and adding mining locations. Says revenue streams for multiple technology metals concentrates will be developed. Aims to increase tin concentrate production to 2,800 tonnes per year, lithium concentrate to 60,000 tonnes per year and to commence tantalum concentrate production at 45 tonnes per year.

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TransGlobe Energy Corp - Calgary, Canada-based oil exploration and production company - Averages 12.4 million barrels of oil equivalent per day in the first quarter of 2022, in line with guidance. Ends the quarter with USD37 million in cash. President and Chief Executive Randy Neely says: "We achieved a solid operational start to the year with drilling in both Egypt and Canada generating production in line with guidance, and we have opportunistically retained the Canadian rig to accelerate the budgeted seven well drilling program as demand for services and equipment increases." Company adds its outlook for 2022 is "very encouraging" but notes it is working to mitigate potential supply chain issues arising from the conflict in Ukraine.

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Xtract Resources PLC- mining company focused on Africa and Australia - Completes further drill holes between the Racecourse and Ascot areas at its Bushranger copper-gold porphyry exploration project in Australia. Results offer the potential to extend the Ascot mineralised zone 250 metres along-strike to the north. Drill hole BRDD-22-044 intersects a wide zone of variable strength visible chalcopyrite mineralisation. Chair Colin Bird says: "The objective is to add strike to the Ascot mineralised zone and move towards an inferred mineral resource, while drilling to extend further south."

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By Heather Rydings; [email protected]

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