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TRADING UPDATES: Zephyr Energy sales fall in third quarter

16th Nov 2023 04:30

(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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Knights Group Holdings PLC - Newcastle-under-Lyme, Staffordshire-based legal and professional services firm - Appoints David Wilson as non-executive chair with immediate effect. Says Wilson is currently non-executive chair at LBG Media PLC, and is former deputy chief executive of GB Group PLC. Wilson also has previous roles as chief financial officer and chief operating officer at EnviroFone Group. Notes that Wilson succeeds Bal Johal, who is stepping down after 12 years. Chief Executive David Beech says: "We are delighted to welcome Dave to Knights. He brings to our board a wealth of experience in scaling businesses organically and through acquisitions gained over a long and successful career across a number of listed and private companies. I look forward to working closely with him as we continue to deliver on our strategy of further strengthening our position as a diversified, premium provider of legal and professional services with national scale."

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Zephyr Energy PLC - Rocky Mountains-focused oil and gas company - Says third quarter 2023 Williston Basin project revenue fell 15% to USD6.0 million, down from USD7.1 million in the second quarter. Says sales volumes fall 25% to 1,043 barrels of oil equivalent per day, from 1,385 barrels per day in the second quarter. Notes that average sale price of oil increased to USD64.35 in the quarter, from USD56.64. Says third quarter operating income rose 2.4% to USD4.3 million, from USD4.2 million in the previous quarter. Chief Executive Coplin Harrington comments: "Our non-operated assets continue to deliver strong and robust cash flows, allowing Zephyr to continue to fund investment and growth across both our operated and non-operated portfolios."

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Red Rock Resources PLC - Africa, South America and Australia-focused natural resource exploration and development company - Says 200 tonnes of lithium ore have been prepared for export, with the first truck having left Harare, Zimbabwe, for the port of Beira in Mozambique. Chair Andrew Bell says: "We are now beginning to export lithium ore from Zimbabwe and expect this to be a growing part of the company's business. We continue in parallel to pursue the consolidation and improvement of our lithium estate and the permitting of additional areas, in order to create long-term visibility of earnings."

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Northern Bear PLC - Newcastle, England-based building services firm - Says tender offer approved for the buyback of up to 5.0 million shares at 62 pence each, worth GBP1.3 million. Notes that Non-Executive Chair Jeff Baryshnik reigns with immediate effect. Non-Executive Director Harry Samuel becomes interim chair.

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Mineral & Financial Investments Ltd - investment company focused on natural resources sector - Says Redcorp Empreedimentos Mineros Lda and Ascendant Resources Inc are finalising metals purchase and sale deal with Sprott Resource Streaming & Royalty Corp. Says the deal includes an increased USD4 million deposit against future production at its Lagoa Salgada VMS project in Portugal. Says the deal will increase the stream percentage to 2.75% of gross metals, from 1.75%. Adds that amendments are expected to be funded on November 29. M&F owns a 20% carried interest in Redcorp, Ascendant owns the remaining stake.

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Harland & Wolff Group Holdings PLC - London-based fabrication company, which serves the maritime and offshore industries from yards in England, Northern Ireland and Scotland - Says Islandmagee gas storage project appeal hearing will take place on February 6 and February 7 2024. Says it is of the "firm belief" that any appeal will hold no merit, as the claims have been rejected by the judicial review judgement on all five grounds. Notes that applicant has reduced grounds to two for this appeal. Islandmagee is a salt cavern gas storage facility in Antrim, Northern Ireland. The company obtained a marine licence for the project from Northern Ireland's Department of Agriculture, Environment & Rural Affairs in November 2021.

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Zegona Communications PLC - London-based investor in European telecommunications, media and technology sector - Says it has raised GBP484,272 via an offer of 322,848 new shares at 150 pence each. Says proceeds will be used to fund its acquisition of the Spanish arm of Vodafone Group PLC.

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Amte Power PLC - London-based lithium-ion and sodium-ion battery cells developer and manufacturer - Says financing discussions continue to progress. Adds that it has sufficient cash until the week beginning November 27, but that it will not be sufficient to finance the company through to the satisfaction of the conditions and to the completion of its proposed GBP2.5 million subscription. Says if discussions do not end positively, it will likely be unable to meet its financial obligations and will be forced into administration.

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By Harvey Dorset, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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