The oiler guided for 60,000 to 66,000 barrels of oil per day this year, down from 74,900 in the previous period.
In the year to December 31, revenue came in at US$1.4bn, with gross profit anticipated at US$400mln for the year.
2.50pm: Seeing Machines motors higher after new partnership
Seeing Machines Limited (LON:SEE) rose 8% to 12.55p in the afternoon after partnering with US computing firm Qualcomm Inc (NASDAQ:QCOM) to design a driver monitoring system incorporating its cabin monitoring technologies.
The AIM-listed firm said as part of the relationship it will work to further optimise its technology stack for Qualcomm’s Snapdragon Automotive Cockpit Platform architecture and its acceleration hardware for use with automakers and tier-1 suppliers.
The company also said its previously announced embedded development kit for the Snapdragon Automotive Cockpit Development is now available to select tier-1 and original equipment manufacturer customers.
1.30pm: PetroNeft Resources higher after growing production volumes despite temperatures reach -50°C
PetroNeft Resources Limited (LON:PTR) added 11% to 1.03p in the early afternoon after announcing that production in licence 61 has performed strongly despite the temperature touching a shocking -50°C.
In fact, January production has risen 7% to 1,847 barrels of oil per day compared to the same month a year ago.
The AIM-listed oiler, which focuses in Russia’s Tomsk Oblast, said that it will start operations to commence year-round production at a well in licence 67 in the second week of February.
12.30pm: Fresnillo drops after lowering production guidance
The FTSE 100 miner now expects to produce 675k-725k ounces, also because of a lower ore grade at the Ciénega mine.
The Mexico-based group also reported unearthing lower levels of silver in the final quarter of 2020, though gold production bounced back from a weak prior quarter.
11.30am: 88 Energy in demand after update on Alaska exploration well
It comes after a number of days of regulatory uncertainty amidst certain interim changes to the permitting for oil and gas projects in the US, following the inauguration of Joe Biden as America’s new president.
Nonetheless, the Alaska branch of the Bureau of Land Management (BLM) is currently reviewing the company’s permit to drill and the authority has indicated that it is now very close to being complete with only minor outstanding items.
10.20am: Origo Partners slips after reminding website address
The AIM-listed closed-end investment company, which mostly focuses on firms based in China and Mongolia, reminded its shareholders that its website is origopartners.com and not origoplc.com.
Origo noted last March that its corporate website was not accessible but it didn’t explain why.
Elsewhere, Verditek PLC (LON:VDTK) lost 14% to 4.85p after admitting the pandemic and in particular the second surge in infections in the autumn have had a significant commercial impact with opportunities and trials continuing to be delayed.
The solar panels producer said it impeded its sales team’s efforts and has also made customers more cautious.
Revenues recognised in the year to December 2020 will be minimal, the goal of being cash flow positive on a monthly basis by the end of 2020 was not met though the AIM-listed firm remains free.
8.50am: Diurnal Group rises after licencing Alkindi to Chinese therapeutics company
Citrine has licenced Diurnal’s Alkindi, a therapy for adrenal insufficiency in kids, to market it in China, Hong Kong, Taiwan and Macau.
The AIM-listed firm will receive an upfront payment of US$500,000, milestones of up to US$12.75mln as well as tiered royalties on sales “ranging from low to mid double-digits”.
The project will convert 200,000 tonnes of non-recyclable household and commercial waste each year into 25MWe of green electricity and 34MW of thermal heat production.
Once full commercial EPC offers are reviewed and negotiated to contract, a final decision will be reached with regards the funding structure for the project.
Proactive news headlines:
EQTEC PLC (LON:EQT) said it has received local council approval for a 25MWe waste-to-gas plant at Billingham, Teeside. The resolution from Stockton-on-Tees Borough Council is for a revised scheme that EQTEC said both improves the economics of the project and reduces the size of the footprint of the plant. EQTEC signed an option to acquire the land at the Haverton Hill site in December.
Seeing Machines Limited (LON:SEE) said it has agreed to partner with US computing firm Qualcomm Inc (NASDAQ:QCOM) to design a driver monitoring system (DMS) incorporating its cabin monitoring technologies. The AIM-listed firm said as part of the relationship it will work to further optimise its technology stack for Qualcomm’s Snapdragon Automotive Cockpit Platform (SACP) architecture and its acceleration hardware for use with automakers and tier-1 suppliers. The company also said its previously announced embedded development kit (EDK) for the Snapdragon Automotive Cockpit Development is now available to select tier-1 and original equipment manufacturer (OEM) customers.
Redx Pharma PLC (LON:REDX) has said its current cash runway provides the group with the ability to deliver multiple inflexion points by the end of next year. The drug developer, which has one candidate in the clinic and another set to undergo a phase I study, had over £48mln in the bank as of the end of last year. Results from a first in man study of RXC004, a potentially best-in-class porcupine inhibitor targeting solid tumours, are expected by the middle of this year. RXC007, for fibrosis, is set to enter phase I in the first half.
88 Energy Ltd (LON:88E) shares rallied in Wednesday’s opening deals after it last night told investors that field operations for the Merlin exploration well are expected to get underway in Alaska in the next few days. It comes after a number of days of regulatory uncertainty amidst certain interim changes to the permitting for oil and gas projects in the United States, following the inauguration of Joe Biden as America’s new president. Nonetheless, the company in a statement last night said that the Alaska branch of the Bureau of Land Management is currently reviewing the company’s permit to drill and the authority has indicated that it is now very close to being complete with only minor outstanding items.
Diversified Gas & Oil PLC (LON:DGOC) has said its average production increased by 18% to around 100,000 barrels of oil equivalent per day (boepd) in. 2020, marking a new company record. The company noted that its ‘Smarter Asset Management’ programme continued to offset natural declines within the portfolio. It also pointed out that operating expenses were marked at US$5.58 per barrel, whilst total cash costs equated to US$6.93 per barrel. A robust hedging portfolio, meanwhile, provides the company with cash flow and dividend stability, the group added.
FastForward Innovations Ltd (LON:FFWD) has said its portfolio company EMMAC Life Sciences, in which it holds a 2.3% stake, has been selected as a supplier for an upcoming medical cannabis trial in France through its partnership with homoeopathic products maker Boiron. In an announcement late on Tuesday afternoon, EMMAC said the trial, the first of its kind in France, will allow 3,000 patients access to medical cannabis as a treatment option for certain ailments including chronic pain, epilepsy, oncology and spasticity under tightly controlled conditions.
Crossword Cybersecurity PLC (LON:CCS) said it has made a limited use version of its third-party risk assurance platform Rizikon Assurance freely available to around 10,000 members of the Chartered Institute of Information Security (CIIS). The company said for the lifetime of their membership CIIS members will be able to send a number of online assessments per year to suppliers and third parties to assess their security posture, both pre and post-contract award.
Europa Metals Ltd (LON:EUZ) said it has hired Adam Habib as a corporate development adviser to its board. The senior banker’s remit is to help maximise value for Europa Metals shareholders and, the group said, he will give corporate development/transactional support.as the company seeks to advance to the next stage in its development. “Europa Metals will look to secure value for shareholders through the potential execution of meaningful transaction opportunities in line with our stated strategy,” said Myles Campion, executive chairman in a statement.
Catenae Innovation PLC (LON:CTEA) has raised £1mln to enhance its technology and build on its business strategy. The digital technology specialist has sold 50mln shares at 2p each in an oversubscribed placing. The new stock comes with a warrant attached to every two shares bought. The exercise price for warrants is 3p. In an accompanying business update, Catenae said its coronavirus (COVID-19) testing platform, which securely records and feeds results into Public Health England’s database, has been implemented by 18 pharmacies, a major mobile operator and Badminton England.
Applied Graphene Materials PLC (LON:AGM) raised £6mln overnight from institutions and private investors for working capital to help it serve expected growth in customer and product demand. An accelerated placing raised £5.3mln at a price of 41p per share, a discount of 39% to previous day’s closing price, with another £0.7 raised via a subscription and offer on the PrimaryBid platform, the company confirmed in a statement on Wednesday.
Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa said it has issued 20,000,000 ordinary shares in the company to EPI Group, in lieu of fees to the value of £65,000. EPI Group provides geological and geophysical services to the company under a strategic relationship that has been in place since 2015.
Quadrise Fuels International PLC (LON:QFI) has announced that, following receipt of a notice of exercise in respect of the convertible security issued by the company on August 30, 2019, to convert £500,000 of the convertible security into new ordinary shares at a conversion price of 2.0p per new ordinary share, the company has issued 25,000,000 new ordinary shares. No amount now remains outstanding under the convertible security, it added.
Condor Gold PLC (LON:CNR) (TSX:COG) has announced that following receipt of notice for the exercise of warrants from Jim Mellon, a non-executive director of the company, it is issuing 1,562,500 new ordinary shares with a nominal value of 20p each at a subscription price of 31p per share. The company has received gross proceeds of £484,375 Accordingly, further to the purchase, Mellon owns, directly and indirectly, a shareholding of 20,289,463 Condor Gold ordinary shares or 16.8% of the company.
Tiziana Life Sciences PLC (NASDAQ:TLSA) (LON:TILS), a biotechnology company focused on innovative therapeutics for oncology, inflammation, and infectious diseases announced that it has filed a “universal” shelf registration statement on Form F-3 (File No. 333-252441) with the U.S. Securities and Exchange Commission (SEC) in relation to up to US$250,000,000 in market value of its securities. The filing of “universal” shelf registration statements of this type, a common practice by NASDAQ-listed companies, enables issuers to have more timely and efficient access to the US capital markets.
Aminex PLC (LON:AEX) has said an extraordinary general meeting of the company will be held at Kings Buildings, 16 Smith Square, London SW1P 3JJ on February 18, 2021, at 10.00am. The business of the EGM will be to consider and, if thought fit, approve certain resolutions relating to the replacement of CREST with a system operated by Euroclear Bank SA/NV for the electronic settlement of trading in the Company’s ordinary shares. As a result of the withdrawal of the United Kingdom from the European Union, the CREST settlement system will soon no longer be able to provide settlement services to Irish incorporated listed companies. Approval of the resolutions is, therefore, necessary to ensure that the company’s shares can continue to be held and settled electronically when they are traded on the London Stock Exchange and remain eligible for continued admission to trading and listing on that exchange, which is crucial to the interests of the company and its shareholders as a whole. There is no meaningful alternative to migration and failure to migrate would remove the Company’s access to electronic trade settlement.
Remote Monitored Systems plc (LON:RMS) said a general meeting of the company (has been convened to request approval for, inter alia, the issue of the placing warrants and broker warrants in connection with the fundraising, announced on December 18, 2020. The meeting will be held at 1.00pm on February 12, 2021, at the offices of Pharm2Farm Ltd, BioCity Nottingham, Pennyfoot Street, Nottingham NG1 1GF, United Kingdom. In light of the ongoing coronavirus pandemic, voting will only be able to take place by proxy and no shareholder will be allowed entry into the meeting. Shareholders will be able to submit questions by emailing [email protected] ahead of the meeting. Only questions in relation to the resolutions or business of the meeting will be considered.