Hybridan Small Cap Feast: 12/08/2024
* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour
Dish of the day
Delistings:
Gunsynd plc (AQSE: GUN) has delisted from the AQSE Growth Market.
What’s baking in the oven? **
Banquet Buffet***
The Zimbabwean focused exploration, development and mining corporation announces its operating and financial results for the quarter ended June 30, 2024. Gross revenues was $50.1m, a year-on-year increase of 35% from $37.0m in Q2 2023 due to higher gold production and a higher gold price. EBITDA was $22.5m, up 134% year-on-year (Q2 2023: $9.6m) and net cash and cash equivalents in 2Q 2024 increased by $12.8m to negative $1.4m. Gold production from Blanket was 20,773 ounces. Caledonia is on track to achieve production at Blanket within its pre-disclosed guidance range of 74,000 to 78,000 ounces for 2024.
The African focused transitional energy Company announces the result of its Open Offer pursuant to the Fundraising announced on 19 July 2024. The Company has received valid acceptances from Qualifying Shareholders in respect of over 197% of the Open Offer Shares available. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately $2m, bringing the total fundraise to $9m. The Company will provide an update on the imminent drilling campaign at Anchois, alongside progress across the wider Group, over the coming months.
The West African agriculture Company focused on sustainable and diversified projects provides a July production update for its Ayenouan palm oil project in Côte d'Ivoire (Palm Oil Operation). Crude palm oil (CPO) production in July 2024 was 6.6% higher than July 2023. Year to date July 2024 CPO production remains in line with market expectations. CPO prices continued to be historically strong at EUR 778 per tonne and international prices continue to remain steady at approximately EUR 900 per tonne. The Company continues to see local CPO prices gradually increase towards the international price after commencing January 2024 at EUR 737 per tonne.
The Company exploring and developing gold, silver and copper targets in the Walker Lane belt of Nevada, USA, announces that it has entered into a pooling agreement with Bronco Creek Exploration, Inc. for developing copper potential in and around the Company's Eastside Mine group of claims in Mineral County, Nevada. Benefits and liabilities will be shared by the parties to the Agreement 30% Great Western / 70% Bronco Creek, being approximately the ratio of the claims held by each party.
The helium exploration and development Company focused on helium deposits within the 'Montana Helium Fairway', announces that, further to the announcement on 22 July 2024, drilling of the Clink #1 well on the Ingomar Dome project area in Montana has commenced to test the stacked reservoir targets in the Amsden, Charles, Flathead Formations and fractured pre-Cambrian basement. Historic drilling has identified nitrogen-rich gas in Amsden, Charles and Flathead formations that has never been assayed for helium. Drilling will take 3-4 weeks to complete, followed by wireline logging and extended flow tests.
The supplier of tool and equipment hire in the UK and Ireland announces that Paul Quested, Chief Financial Officer will leave at the end of August. Richard Jones has today assumed the role of interim CFO. Richard has over 13 years of experience in finance roles in UK public and private companies. He is currently Senior Independent Director and Audit Committee Chair of Alliance Pharma Plc and Non-Executive Director of C4X Discovery Ltd and was most recently CFO and Company Secretary of Medica Group Plc. Prior to Medica, Richard was CFO of Mereo Biopharma Plc and previously CFO and Company Secretary of Shield Therapeutics.
The company that is advancing strategic minerals projects in Finland and Norway announces that its Råna Project (nickel, copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX: KRM) has now commenced drilling at the Råna Project in Norway. Arctic Drilling AS has been engaged to complete the drilling, which has been designed to test compelling exploration targets comprising shallow, highly conductive electromagnetic anomalies immediately down dip from mineralised nickel-copper-cobalt massive sulphide at surface.
The alternative investment fund specialising in the market for digital assets announces that further to authorisation granted by shareholders at the Annual General Meeting on 25 July 2024, it is commencing a share buyback programme of up to £7.5m. The buyback will be funded by the Company's distributable reserves, initially from the Company's cash reserves or by divestments of part of the Company's assets. Given that the tender offer announced on 14 June 2024 was oversubscribed, the Company is proposing the Buyback Programme as a mechanism primarily to allow those who participated in the tender offer but have residual shareholdings and wish to exit these share positions. All ordinary shares repurchased under this buyback programme will be held in treasury.
The international oil Company with operations in Romania and Tunisia announces its interim results for the six months ended 30 June 2024. Revenue for the period was $8.8m (30 June 2023: $8.9m) and EBITDA was $1.6m (30 June 2023: $0.5m), due to higher gross profits. Cash and cash equivalents were $1.0m (31 December 2023: $1.3m) and restricted cash was $1.1m (31 December 2023: $1.2m) whilst the Company is debt-free. Production in Chouech Es Saida continues to perform well, benefiting from the artificial lift programme. The Group completed lifting 62,930 bbl of Tunisian crude oil in the second half of March 2024 at an average price of $82.76/bbl with the cash proceeds of $3.2m received in April 2024. The Group expects to perform the next lifting in August 2024.
The natural gas exploration Company focusing on the Southeast Asian region provides an update on the TL-SO-19-16 Production Sharing Contract (the Chuditch PSC) in Timor-Leste. The Company has entered into an Exclusivity Agreement with Pacific LNG Operations Pte Ltd, a privately-owned Singapore investment company. The Exclusivity Agreement enables a period of mutual due diligence relating to a potential strategic investment into the Chuditch PSC project. It is anticipated that such investment, should it occur, would be through an equity issuance in a Sunda subsidiary company and not at the Sunda Energy plc level. The Company also announces the appointment of Rob Collins to the Board of Directors with immediate effect.
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