Market update - 15/03/21
Companies: Eco (Atlantic) Oil & Gas Ltd. (EOG:TSX)Union Jack Oil Plc (UJO:LON)
Upcoming OPEC meeting likely to result in unwinding of production cuts
Companies: Eco (Atlantic) Oil & Gas Ltd. (EOG:TSX)Enwell Energy plc (ENW:LON)
Oil edged lower on Friday alongside a broader market decline as the recovery in consumption remains uncertain. The dip capped a third straight week with New York futures stuck near $52 a barrel. US equities weakened amid lingering concerns over volatile retail trading. While Johnson & Johnson's Covid-19 vaccine breakthrough allayed some worries about the deterioration of consumption, it is clear the demand environment remains tepid. Chevron Corp posted a fourth-quarter loss after weak fuel consumption hit its refining business. But while headline prices have been treading water, the futures curve is pointing to a more balanced market as OPEC+ output curbs and restrained US shale production help further draw down inventories accumulated during the pandemic. The nearest contracts for both Brent and West Texas Intermediate have moved further into a premium relative to the next month, a pattern known as backwardation that signals tighter supplies and strong demand. At the same time, low processing rates from refiners are keeping fuel supplies more or less in check. The incentive for processing a barrel of oil is growing, with the combined refining margin of gasoline and diesel back near levels last seen in May.
Companies: CVX EOG HES GTE 88E ADV DGOC GTC JOG NOG PANR RBD SAVE SDX TLW VOG LUNE
Mosman Oil & Gas*, BUY, (MSMN LN): Initiation of Coverage | Global Petroleum (GBP LN): Significant upgrade in Prospective Resources, offshore Namibia | Eco (Atlantic) Oil & Gas*, STRONG BUY, (ECO LN): Eco diversifies into European renewables | SDX Energy (SDX LN): Slight curtailment in production guidance, comfortable liquidity position | Premier Oil (PMO LN): Successful farm out of the Tuna PSC, Indonesia
Companies: MSMN GBP EOG SDX PMO
Eco (Atlantic) Oil & Gas* (ECO LN): Reissuance of its four licences in the Walvis Basin, Offshore Namibia | Rockhopper Exploration (RKH LN): Navitas exclusivity extended due to Chrysaor/Premier merger | Bahamas Petroleum (BPC LN): New Enhanced PSC agreed for Goudron Block
Companies: EOG RKH BPC
Block Energy (BLOE LN): Acquisition of SRCL confirmed, further US$1.5m boost to inventory | Eco (Atlantic) Oil & Gas* (ECO LN): Interim results, robust financial position | Victoria Oil & Gas Plc (VOG LN): Matanda Block license extension approved, Cameroon
Companies: BLOE EOG VOG
Eco started trading on the TSX-V in 2011 with Namibian oil interests. 2016 saw the company teaming up with Tullow to acquire a licence in Guyana to explore similar basins in the margins on the other side of the Atlantic Ocean, ahead of becoming dual-listed in 2017. The shares began rising on Eco’s announcement to drill and climbed to 190p+ following the drilling of two discovery wells in Guyana which confirmed the prospectivity of the upper & lower Tertiary fairways. However, the stock price fell by two thirds in a matter of days following Tullow’s news that the wells contained heavy oil with high sulphur content, disappointing the market.
Companies: Eco (Atlantic) Oil & Gas Ltd.
Eco (Atlantic) Oil & Gas* (ECO LN): FY results, fully funded for upcoming Guyana drilling campaign 2020 | President Energy (PPC LN): Drilling and workover programme takes shape in Argentina
Companies: President Energy PLC (PPC:LON)Eco (Atlantic) Oil & Gas Ltd. (EOG:TSX)
Eco (Atlantic) Oil & Gas* (ECO LN): Initiation of Coverage – Transformational resource base | Union Jack Oil* (UJO LN): West Newton ascribed the highest (AA) rating for Carbon Intensity | PetroTal (PTAL): Strong FY19 financial and operational results
Companies: EOG UJO TAL
The past 18 months has seen Eco (Atlantic) Oil & Gas (“Eco” or “the Company”) emerge as a hugely successful explorer in frontier regions. Two large discoveries offshore Guyana made in 2019 will be followed by two further wells planned for next year, targeting the prolific Cretaceous formation at its flagship Orinduik Block. Drilling offshore Namibia is also due to accelerate this year, which we believe could directly de-risk the Company’s considerable acreage position in the region. We therefore initiate coverage with a STRONG BUY rating, setting a 110p/share Target Price.
JKX Oil & Gas* (JKX LN): FY19 results, revenues exceed US$100m, SP Angel Flash Note published | Eco (Atlantic) Oil & Gas (ECO LN): Cost measures in place to preserve cash position | Echo Energy (ECHO LN): Amendments to loans and deferral of interest payments |
Companies: JKX EOG ECHO
Gulf Keystone Petroleum (GKP LN): Strong trading update, additional buyback initiated | Reabold Resources (RBD LN): Drilling the VG-6 well commences, onshore California | Eco (Atlantic) Oil & Gas (ECO LN): JV Partners secure the Orinduik licence for a further three years | SDX Energy (SDX LN): South Disouq stabilises at 50MMscf/d, three months ahead of schedule | Falcon Oil & Gas (FOG LN): Horizontal drilling of the Kyalla 117 N2-1H appraisal well commences
Companies: GKP RBD EOG SDX FO
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Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May, musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: KIBO MTW GWI MTR DUKE ITM GDR MSMN CMCL PTRO
Pantheon has announced that it has concluded operations at the Talitha #A Well. Although, the parameters and estimates in respect of the horizons penetrated by the Talitha #A well can be expected to change materially as the well results are interpreted, for now we are comfortable with our 88.9p/sh pre-drill fair value estimate. We believe that positive volumetric analysis of the Talitha #A well in respect of the Basin Floor Fan and the Shelf Margin Deltaic will be determinant for near-term changes to our fair value estimate.
Companies: Pantheon Resources plc
Following a general meeting of shareholders on 14 April 2021, Jersey Oil & Gas closed a placing and open offer raising £16.6M (pursuant to the results of the placing announced 17 March 2021). We believe the capital raise materially strengthens Jersey's outlook by i) securing the near-term funding to “keep the foot on the gas” into 2022 in relation to its engineering work in line with the objective of realising first oil from the Greater Buchan Area (“GBA”) project in late 2025, ii) strengthening its balance sheet ahead of farm-out negotiations and iii) displaying that it has strong equity capital market support. We are increasing our fair value estimate to 622p from 526p to reflect the equity capital raise and a corresponding change to our risking factor from 12.5% to 20%. We believe that Jersey Oil & Gas has an exceptionally compelling outlook into 2021 and 2022.
Companies: Jersey Oil & Gas PLC
Hargreaves has released an unscheduled and very positive update. The performance of the German JV has improved materially, prompting a 45% upgrade to FY21 EPS forecasts. Meanwhile, the Services and Land businesses in the UK are trading in line with expectations, whilst driving significant outperformance on cash. This has created a £26m positive swing versus previous FY21 cashflow forecasts, albeit with catch up investment to follow in FY22. In our view, the Hargreaves story has genuine momentum and today’s update reinforces our confidence in the progress being made across the Group.
Companies: Hargreaves Services plc
We are updating our estimates to incorporate the result of the open offer portion of JOG’s recent fundraise and new FX assumptions. The open offer raised another £1.61m and brought the total funds from the placing, subscription and open offer to £16.61m. These proceeds will help JOG maintain the strong momentum behind its major Greater Buchan Area (GBA) Development in the UK North Sea and strengthen its negotiating hand in the ongoing farm-out process. Our risked-NAV and price target fall 5% to 542p/sh as a result, but still offers major upside potential as the GBA Development is further de-risked.
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced an exploration drilling and resource update. The results are from 3,590m of drilling conducted in February and March 2021 and is new information since the last exploration update released on 16th March 2021. They relate to Luika which is part of the NLGM operations in Tanzania and the high-grade development project in WKP. Both are positive.
Companies: Shanta Gold Limited
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Anglo Asian Mining* (AAZ LN) - STRONG BUY – Quarterly production update and CY21 guidance Botswana Diamonds (BOD LN) – Moving to a further stage of drilling at Thorny River Capital Limited (CAPD LN) – Q1 2021 delivers strongest ever quarterly revenue GoldStone Resources* (GRL LN) – Update paves way for production ramp-up at Homase Kenmare Resources (KMR LN) - Q1 production rises on higher grade and production despite Covid-19 isolation for management and staff Rainbow Rare Earths* (RBW LN) – Temporary suspension of REE concentrate exports Serabi Gold* (SRB LN) –– Grade improvements drive higher Q1 gold production
Companies: CAPD AAZ BOD GRL KMR RBW SRB
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: GAL AXS IDH GWMO AGL YEW INFA HE1 PPC CASP
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May. musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
INITIATION OF COVERAGE - Transforming Morocco's energy mix
Companies: Sound Energy plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Trinity has released a Q1/21 update ahead of its 2020 full year results in May 2021. Having proven its low cost, low risk production model during the past 12-months, which has seen one of the worst downturns in the history of the industry, Trinity's focus is now on scaling with the backdrop of a much improved oil price outlook. Production during Q1/21 was resilient having reduced by a modest 3% QoQ to 3,107bopd, in spite of Trinity not drilling any new wells since 2019. Net average production guidance for 2021 is expected to be 2,900-3,100bopd (before the potential drilling of new wells and/or acquisitions). Tight cost controls reduced operational costs YoY, with only a modest increase on a per unit basis. Given the improved oil outlook, recently implemented SPT reform, the continued integration of the Company's recently acquired 3D seismic data and the finalising of the ten-year LOA extensions, Trinity hopes to recommence drilling in H2/21. The potential benefits of the 3D seismic onshore could be transformative and with the news that Trinity and its partner have been short listed for the next stage of the potential high impact NWD Onshore exploration play of particular note from today's update. We increase our target price to 31p (from 30p), c2.2x the current share price and reiterate our BUY recommendation.
Companies: Trinity Exploration & Production Plc
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has, this morning, released a production and operational update for Q1 2021. Overall, it was a weaker than expected quarter with gold production 17% below our estimate – the company is maintaining guidance though for the full year. However, from an exploration perspective Q1 has been very encouraging with the recently announced addition of 76Koz of high-grade indicated resources at the Luika deposit; evidence that the increased exploration spend this year is already translating to more ounces.
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: KIBO ROCK VRCI K3C TOU ADT PCA ATYM IOM MJH