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TRADING UPDATES: United Oil adds Jamaica expert; Vaalco makes buy

29th Feb 2024 18:06

(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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United Oil & Gas PLC - Oil and gas company, focused on Egypt, the UK and Jamaica - Names Herona Thompson as country manager in Jamaica. "Herona is a geologist by background and brings extensive experience of working in the petroleum industry having worked for both the government of Jamaica and for the private sector on Jamaican and international projects," United Oil says. In Jamaica, it owns Walton Morant licence.

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Vaalco Energy Inc - Canada and Africa-focused hydrocarbon explorer - Enters into deal to acquire Svenska Petroleum Exploration AB, a Stockholm-based exploration and production firm. Svenska's primary asset is its 27% stake in the deepwater producing Baobab field in Block CI-40, offshore Ivory Coast. Vaalco says acquisition sum is USD66.5 million. It adds: "The gross purchase price will be partially funded by a pre-closing dividend of cash on Svenska's balance sheet to the seller with the balance funded by a portion of Vaalco's cash-on-hand with no issuance of debt or equity. Closing of the acquisition is expected in the second quarter of 2024, with ultimate timing dependent on final receipt of all necessary approvals. Vaalco currently estimates that the net cash due at closing will be in the range of approximately USD30 to USD40 million, dependent on timing."

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Premier African Minerals Ltd - metal and mineral developer focused on Africa - Says zulu lithium and tantalum plant "is now running". Concentrates being produced "from both Mica and Spodumene flotation sections" though it notes some hitches. Premier African adds: "Analysis of the concentrates is underway. Several issues need attention by the plant contractors that are affecting both quantity and quality of production. Most important is that instrumentation related to pH measurement does not cover all plant components that need to be monitored and the reagent dosing system is unable to adjust pH to design specifications. The plant contractor will need to remedy this forthwith."

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Gunsynd PLC - investing in companies and projects within the natural resources, life sciences and beverage sectors - Says investee Low6 Ltd has "continued to build revenue and has now traded profitability for all seven months of the current financial year". For the year to June, Low6 revenue of GBP4.5 million is forecast.

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Seed Innovations Ltd - investment firm focused on early-stage health, wellness and medical cannabis companies - Extends existing share repurchase programme, for up to maximum of 21.5 million shares and GBP850,000, for another three months. Says has bought back 9.9 million shares to date, forking out GBP288,988.

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Shanta Gold Ltd - East Africa-focused gold producer - Says following shareholder feedback, adjourns court meeting and general meeting scheduled for Thursday concerning takeover by Saturn Resources Ltd. Shanta accepted the GBP140 million takeover in December. Meeting now expected to be held on March 28.

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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says all conditions met under agreement to acquire an additional 51% shareholding in BC Ventures Ltd. It now holds an 80% stake. BC owns a "highly prospective lithium project in southwest Zimbabwe".

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Corcel PLC - London-based mining and resource development company - Notified that Extractions Premium & Mining Ltd enters into call option agreement with Richard Jennings. Extractions holds a 24% stake in Corcel. Extractions has the right to purchase up to 99.0 million Corcel shares from Jennings at a price of GBP0.012 each. In addition, it is notified Extraction converts GBP750,000 of outstanding loan notes and associated interest into 98.9 million Corcel shares.

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BSF Enterprise PLC - biotechnology investor - Signs deal with Maison Amelie Pichard, a fashion company that "designs and makes products using environmentally friendly materials". BSF says: "The collaboration will explore future commercial opportunities, working together to develop, manufacture, and ultimately sell fashion accessories that incorporate lab-grown leather." The firm says this is a "milestone event". It is the first-time "real lab-grown leather has been ethically produced for the fashion industry using the same structures as traditional leather".

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Corero Network Security PLC - London-based cybersecurity provider - Shares begin trading on US US OTCQB Venture Market. "The OTCQB listing is an important step in the company's strategy to increase its US investor reach and deepen both its exposure and presence in the country," it says.

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By Eric Cunha, Alliance News news editor

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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