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Date: 30/04/2025
Zephyr’s key ongoing production test (the ‘test’) on the State 36-2 LNW-CC-R
well (the ‘Well’), at its project in the Paradox Basin, Utah, is expected to conclude in the coming days, with initial test results expected to be available
shortly thereafter. While representing a few days slippage from the schedule indicated on 8 April, due to minor operational and equipment availability issues, testing operations are now progressing as planned. Along with today’s update, Zephyr also provided a recent image of the flare generated during the production test at the Well, as below:
Date: 02/04/2025
N4 Pharma (“N4P”) has raised £1.75m (gross) new funding through an equity
placing and subscription (‘the Fundraising Shares’) priced at 0.40p/share
(representing a 5.9% discount to Monday’s close). Each placing and
subscription share will have one warrant attached, exercisable at 0.8p for a
period of three years from the second admission date. 142.78m of the
Fundraise Shares have been issued utilising the Group’s existing authorities,
while 294.72m shares will be issued subject to shareholder approval at a
General Meeting to be held in the coming weeks, as will be the issuance and
exercise of all warrants. Together with estimated cash-in-hand of c.£0.25m,
the net new funds are expected to provide the Group with a runway well into
H2 2026.
Date: 31/03/2025
Metir confirms payment has been received from its local installation partner, Avanceon, in full settlement of the first tranche invoice for phase one of its prestigious Qatar project installation in Doha. With commissioning of all installed systems expected during April, phase one will complete and the second tranche payment, for a similar of €228k, become
due. Following this a Phase two tender for 17 more Continuous Toxic Monitoring systems (‘CTMs’) is expected to be issued, in turn providing an ideal springboard to promote the Group’s current offering and its Tethys Purity® total water testing solution concept to utilities across the Middle East and wider international marketplace.
Date: 14/03/2025
Orosur has announced a brokered private placement (the ‘Marketed Offering’)
to raise gross proceeds of up to CND$5.0m (c.£2.68m*) through the issue of
equity units (the ‘Units’) at a price (the ‘Offering Price’) of CND$0.17 (or
c.9.12p*) each. This makes use of the Group’s listing on Canada’s TSX-V, with
a view to broadening its shareholder base (including institutional investors)
and to potentially improve the liquidity of its common shares in the territory.
Each Unit will consist of one Orosur common share and one half of one
common share purchase warrant (the ‘Warrant’). Each whole Warrant shall
entitle the holder to purchase one Orosur common share at a price of C$0.25
(c.13.4p*) at any time on or before that date which is 24 months after the
Closing Date that is scheduled to be on or around 27 March 2025. The sole
Agent (‘the Agent’) appointed in connection with this best efforts private
placement also has an option, exercisable in full or in part, up to 48 hours prior
to the Closing Date, to sell further Units at the Offering Price for up to an
additional CND$1.0m (c.£0.54m*) gross proceeds along with the Marketed
Offering. The net proceeds of the total Offering will be used principally to
advance the Group’s Anzá exploration project in Colombia as well as for
general working capital and corporate purposes.
Date: 20/02/2025
Zephyr has confirmed drilling operations at the State 36-2 LNW-CC-R well
(‘the Well’) have been completed safely and successfully. The trajectory of
the Well’s extended lateral section (the ‘lateral’) was drilled to a total depth
of 15,288 feet (measured depth) as planned and correlated strongly with
existing 3D seismic data. 97% of the lateral was drilled within the Cane Creek
reservoir section, demonstrating ability to accurately steer within the
reservoir across a structurally complex play. Encouragingly, elevated mud
gas levels with notable peaks were evident throughout the drilling of the
Cane Creek reservoir. Zephyr’s operations team is now preparing to run
casing across the drilled section after which the Nabors rig will be
demobilised from the site. It will then mobilise equipment for the completion
and production testing of the reservoir zone. Results are expected to be
announced by the end of March 2025.
Date: 19/02/2025
TheraCryf has raised £4.25m (gross) new funding through a conditional equity
placing and subscription (‘the Placing’) priced at 0.25p/share (representing a
75% discount to yesterday’s close). The issue is being split into a firm placing
using existing authorisation and a conditional placing, which remains subject to a General Meeting (‘GM’) that is expected to be held on 7 March 2025.
Together with the Group’s present c.£1.0m cash/near-cash plus anticipated
receivables, the Board considers it now has runway through to end-2026.
During this time, it expects to pass through a number of value inflection
points. While certain Group projects remain supported by non-dilutive grants,
today’s funding will be used primarily for the advancement of Ox-1, a blocker
(antagonist) of the brain orexin-1 receptor with several applications in
neuropsychiatry, developed to late preclinical stage for indications such as
addiction and anxiety, by recently acquired Chronos Therapeutics (‘Chronos’).
The raise is expected to enable completion of remaining development steps,
up to and including securing approval/clearance to progress to clinical trials in man. It will also continue supporting SFX-01’s glioblastoma (‘GBM’) clinical program while satisfying anticipated working capital needs.
Date: 17/02/2025
Orosur has successfully completed Phase 1 of its exploration joint venture
(‘JV’) over the El Pantano (‘El Pantano’ or ‘the Project’) gold/silver exploration
project in Santa Cruz province, Argentina. While recent investor focus has not
surprisingly centred on the Group’s continuing run of quite exceptional assay
results and developing geological picture across its 100%-owned Pepas
Prospect (‘Pepas’ or ‘the Prospect’), located in the northern part of the Anza
project, northwest Colombia, development continues on its other earlier stage
but still potentially world-class assets in Argentina and Nigeria. Having now
invested US$1m, a key stage in the Project’s Exploration Agreement has been
reached, taking Orosur’s ownership of the JV to 51%. Follow-on spending of
an additional US$2m over two years could see Orosur earn 100% ownership of
the Project, which is a particularly unusual situation for any such JV.
Together with its partners, management is now starting to prepare for Phase
2 in order to accelerate exploration activities, including induced polarisation
surveys (‘IP’) designed to define silicified drill targets. Meanwhile in
Colombia, having freed up a team to examine the large anomalous area
abutting Pepas’s northern regions, continued rapid development of this
particularly exciting Prospect is anticipated.
Date: 28/01/2025
Today’s half year Trading Update to 31 December 2024 confirms significant
commercial and technical progress continues to be made across the Group.
Strategic asset developments with Unilever and Neuro-Bio advanced
through key milestones and technological validation during the period,
while demonstrating broad therapeutic potential of its fibrotic liver delivery
vehicle and also achieving a state of final commercial development for
another Optimer® delivery vehicle for the Group’s genetics medicine partner.
This progress continues to enhance Aptamer’s portfolio of assets as it moves
incrementally closer to a value inflection point(s) with heightening licensing
potential. Revenue recognition also increased, supported by a robust
pipeline of projects which are advancing in the Group’s laboratories. Based
simply on being able to sustain its existing trajectory of incoming Fee-For
Service (‘FFS’) work while completing the scale back of its cost base, the
Board continues to project cash-in-hand (incl. annual R&D tax credits) will
be sufficient to satisfy working capital needs out to end-June 2026, by which
time anticipated collection of milestone payments, licensing fees and/or
royalties offer potential for it to become financially self-sustaining going
forward. Although such passive income, which could commence during the
current financial period, is initially likely to be modest there is potential to
multiply substantially thereafter.
Date: 14/01/2025
The reset and reinvention of Microsaic’s business model, that was enabled
through January 2024’s £1.8m (net) equity funding round, is now starting to
bear fruit. The Group has confirmed receipt of firm and preliminary orders
for its newly upgraded laboratory-based MicroTox® LX device, while also
anticipating a prestigious second tender for additional Continuous Toxic
Monitoring systems (‘CTMs’) destined for Qatar’s general electricity and
water utility, Kahramaa. Following significant investment in its compatible
suite of technologies for toxic water and polyfluoroalkyl substance (‘PFAS’)
testing, while showcasing its upgraded and expanded range of instrumentation to customers urgently seeking such all-encompassing and fast response detection capabilities at major industry expos, substantial customer enquiries and sales initiatives are boosting expectations for
FY2025. Given also that the Group cash position and monthly burn remains
substantially unchanged from its 12 November 2024 Interim Update, while
anticipating a further tranche payment from Qatar, VAT refunds plus its
regular R&D tax credit, Microsaic’s runway appears sufficient to carry it well
into 2H FY2025. Against this background, confidence in the Board’s
ambition to quickly expand early revenues, while improving on gross
margins and positioning itself as a prospective leader in target markets that
are projected to expand substantially over the coming decade, continues to
rise sharply.
Date: 13/01/2025
Assay results from three further holes in the central zone of the Pepas
Prospect (‘Pepas’ or ‘the Prospect’) continue to build-out an exceptionally
exciting geological picture. Adding to the list of outstanding gold intersections delivered in the six weeks since Orosur regained control of the Anzá Project (‘the Project’) in Colombia, holes PEP016, PEP017 were drilled with the objective of increasing understanding of the litho-structural framework of the deposit, while PEP018 was drilled up dip and on section of holes PEP013 and PEP017 and, as expected, produced more highly impressive numbers. Altogether, this is suggestive of the current body of mineralisation sitting within the keel of two roughly parallel faults that converge at depth with a southerly plunge. Seeking to reinforce this opinion and commence a new section, hole PEP019 is now underway; located parallel to PEP018, some 30m along strike to the SE, it will gradually step out this mineralisation.
Date: 08/01/2025
N4 Pharma has appointed Dr Alastair Smith as an independent Non
Executive Director (‘NED’) of the Group with immediate effect. Alastair is the
founder and former Chief Executive Officer of Avacta Group plc (AIM: AVCT,
‘Avacta’), the clinical-stage biotech focussed on oncology and advancement
of its pre|CISIONTM tumour targeting platform. Obvious parallels between
the two businesses, including the building of therapeutic pipelines that are
strongly differentiated by proprietary technologies with opportunity for
early commercialisation through licensing, suggest his extensive/related
scientific experience plus widespread industry contacts will provide
valuable support to N4P when progressing its ambition to make Nuvec® a
delivery platform of choice for the gene therapy industry. Dr Smith joins
N4P’s remuneration and audit committees. Today’s release also confirmed
Technical Director, David Templeton, has retired with immediate effect due
to personal reasons.
Date: 23/12/2024
Orosur has been undertaking early, close-spaced drilling in order to identify
and attempt to better understand its Pepas prospect (‘the Prospect’), which is
located in the northern extent of the Group’s flagship Anzá Project (pre
acquisition) (‘the Project’) in Colombia. Assays from the fourth hole of the
current program (‘PEP015’) have now been released, detailing a composite
intersection of 40.2m @ 3.75g/t Au from 23.5m, including 6.8m @ 9.02g/t Au.
The gold grades encountered are similar to those intersected in 2022 during
the initial drilling of holes PEP001, PEP005 and PEP007. Undoubtedly still
impressive, albeit falling below the quite exceptional numbers delivered from
recent holes PEP012, PEP013 and PEP014, today’s results suggest that the NW
end of the mineralised zone is more structurally complex and slightly lower
grade than the SE end. The picture will continue to build with further releases
from PEP016 and PEP017, which are expected shortly after the New Year
break.
Date: 19/12/2024
Orosur has raised £1.25m (gross) new funding through an equity placing (the Placing’) priced at 6.6p/share (representing a c.25% discount to Toronto and
London’s mid-market close on 18 December 2024. No General Meeting (‘GM’) is required for this issue which, along with cash-in-hand of c.US$0.5m (as of
18 December 2024) will primarily be directed toward further drilling, mapping,
licencing and resource development costs at its advanced Anzá Gold Project
(‘Anzá, ‘the Project’). The Placing is subject to approval of the TSX-V. The Placing Price translates to 12.0 Canadian cents at the exchange rate of GBP1=CAD$1.82. No finder’s fees have been paid as part of the Placing. Admission of the new shares will become effective on or around 30 December 2024.
Date: 18/12/2024
Further to its announcement on 10 October 2024, in which Zephyr outlined its intention to drill an extended lateral on the State 36-2R well (the ‘Well’), the Group has today confirmed it has entered into binding documentation to fully fund the expected drilling, completion and production test costs plus a margin for contingency (the ‘funding’). The funding totals an aggregate US$7.5m, an increase from the initial amount of US$7.0m, and has been secured from a US-based industry investor (the ‘wellbore investor’), in exchange for a 50% non-operated working-interest in the single well. The wellbore investor will not receive any further interest or option in the Paradox project, although Zephyr has retained a right of first refusal to repurchase the working interest at a discount to fair market value in the event the investor chooses to sell it in the future. Going forward, the wellbore investor will cover its pro rata portion of the Well’s operating and overhead
costs, for which it will receive 50% of its net revenues from the time of first production, with no catch-up period or other preferential rights to the
investor.
Date: 16/12/2024
A newly released TR-1, being the standard form for notification of major holdings, details 1832 Asset Management L.P. (‘1832AMLP’) as having recently
become a holder of 5.72% of Orosur’s ordinary share capital. The position is held through the Bank of Nova Scotia’s (TSX: BNS) Dynamic Precious Metals
Fund (itself a mutual managed by wholly-owned 1832AMLP). The AIM Rule 17 disclosure threshold was crossed on 9 December, the same day the Group published further exceptional results from its ongoing drill programme on the
Pepas prospect in the northern extent of its flagship Colombian Anzá Project. Presumably accumulated over preceding days, such participation by a
specialist fund with over CAD$680m* in AUM is clearly a major endorsement
of both the potential of the Group’s exploration assets and the Board’s ability to execute its strategy. Such confidence should help ensure Orosur finds access to future funding necessary to fully exploit the opportunities it has
identified in both Latin America and Africa.
Date: 09/12/2024
Orosur has released a further quite exceptional composite intersection of
77.3m @ 7.68g/t Au (from surface) from the second hole, PEP013, of its new
drilling programme at the Pepas prospect, in the northern extent of its flagship
Anzá Gold Project in Colombia (the ‘Anzá Project’). This news comes just one
week after publishing a similarly impressive 66.75m @ 5.64g/t Au result from
the first hole, PEP012. Along with details of thickness and grade, drilling is
also providing significant additional information in terms of the form and
orientation of the Pepas mineralisation. With assays from the third hole
(‘PEP014’) now also expected shortly, while drilling of the fourth (‘PEP015’) has
already been completed/data dispatched to the laboratory for analysis with
preparation of the platform for the drilling of PEP016 underway, further
disclosures can be anticipated before Christmas. The first four holes (12-15)
would seem to be confirmatory and designed to establish orientation, with
PEP016 being the first step-back to begin the process of defining the potential
scale of Pepas.
Date: 05/12/2024
Aptamer has published news detailing strong technical progress across a
number of its ongoing strategic projects with global consumer goods and
pharmaceutical partners.
Each continue to produce positive results,
providing increased validation and progression towards commercial
products with potential to deliver value inflection points for the Group across
diverse applications. Today’s news covers Aptamer’s partnership with
Unilever, its development of an Alzheimer’s disease diagnostic test with
Neuro-Bio and ongoing collaboration with AstraZeneca, while also
continuing to progress novel binder development in different areas for a
number of other major life-science players. Based simply on being able to
sustain its existing trajectory of incoming Fee-For-Service (‘FFS’) work
while completing the scale back of its cost base, the Board projects cash-in
hand (incl. annual R&D tax credits) will be sufficient to satisfy its working
capital needs out to end-June 2026, by which time anticipated collection of
milestone payments, licensing fees and/or royalties offer potential for it to
become financially self-sustaining going forward.
Date: 03/12/2024
Further to the Paradox project update of 14 November 2024, CEO Colin
Harrington has today confirmed his Board’s expectation that Zephyr will be
in a position to sign binding documentation to secure asset level funding for
State 36-2R well’s (‘the Well’) forthcoming drilling operations later this
month. This important update accompanied a more routine and largely
anticipated release detailing both Williston Basin’s 3Q 2024 production
numbers and a warrant exercise period extension. The fact that the Group
has managed to advance its funding negotiations so rapidly after confirming
positive result from Paradox’s second phase production test on 6 September,
suggests both a high level of interest and confidence in a successful
outcome. The final terms will of course be key, but the fact that the proposal
contains no equity element while retaining operatorship and the majority of
the Well’s economic benefits points to a positive scenario for shareholders.
Other funding discussions with different industry and asset-level financial
partners in respect of the larger, long-term development of the wider
Paradox project remain ongoing.
Date: 02/12/2024
Orosur has published assay results from the first hole of its new drilling
programme at the Pepas prospect. Coming hard on the heels of two releases
earlier this month, confirming that the Group had both assumed 100%
ownership and operatorship of its flagship Anzá Gold Project in Colombia (the
‘Anzá Project’) with no upfront payments and that the first in a series of six or
seven exploratory holes had already been completed, today’s news that
PEP012 delivered an exceptional 66.75m @ 5.64g/t Au from surface more than
justifies the Board’s determination to continue exploration of this potential
world class asset. Highlighting the importance of capturing a detailed
understanding of the form, orientation and controlling structures of local
mineralisation, Orosur’s experienced team was always clear in its belief that
following PEP001’s intersection of 150m @ 3g/t Au from surface on 6
September 2022, subsequent drilling had failed to follow standard step-out
protocol and so ended up missing the mineralised zone. Seeking to rectify
this, a decision was taken to collar PEP012 adjacent to artisanal workings and
direct it back toward PEP001 as a scissor hole, which is a reasonably standard
strategy in instances of uncertain geological orientation. The program’s
second hole, PEP013, commenced almost immediately after, being drilled from
the same pad but with the rig rotated 51 degrees eastward in order to test both
the mineralisation and potential structural controls from a direction that was
felt to be more orthogonal to the trend. Not surprisingly, management’s
confidence in its ability to deliver further positive results has elevated
sharply, while it considers a variety of options including examining potential
to calculate a NI43-101 Mineral Resource Estimate at the APTA prospect and
the possibility of introducing a new JV funding partner. Whatever, further
supportive data might set the phones ringing.
Date: 27/11/2024
Further to publication of Microsaic’s delayed interim results plus
readmission to trading on 12th November 2024, the Group yesterday released
an important operational update. The reset and reinvention of its business
model, that was enabled through January 2024’s £1.8m equity funding
round, has reached an advanced stage. Having complemented its miniature
mass spectrometry operations with the integration of Modern Water’s
monitoring products, ongoing business and intellectual property, the Group
is now able to recognise the scale of international opportunities being
presented to its unique and technologically advanced range of testing and environmental solutions in the post-Covid environment. Its recent
commissioning of a prestigious Continuous Toxic Monitoring (‘CTM’)
systems contract in Doha for Qatar’s general electricity and water utility,
Kahramaa, highlights this perfectly. The fact that a second 2025 phase of
this project is already under discussion, with potential to duplicate the initial
installation across a number of further locations, along with ongoing
demand for its high margin consumables, suggests the Group’s offering is
particularly timely. This year’s showcasing of its upgraded and expanded
range of instrumentation at major industry expos moreover, has met an
enthusiastic response from participants urgently seeking such all
encompassing and fast response detection capabilities. Against this
background, confidence in the Board’s ambition to quickly expand early
revenues, while improving on gross margins and positioning itself as a
prospective leader in a target market that is projected to expand
substantially over the coming decade, is rising sharply.
Date: 08/11/2024
Two recent announcements have reinforced expectation that Aptamer will
be able to deliver on both its revenue and licensing goals for FY2025/26.
These were set on 24 July 2024, following the Group’s successful £2.83m
(gross) equity fund raise. Based simply on being able to sustain its existing
trajectory of incoming Fee-For-Service (‘FFS’) work while also continuing
the scale back of its cost base, the Board projected cash-in-hand (incl. annual
R&D tax credit) would be sufficient to satisfy working capital needs out to
end-June 2026, by which time anticipated collection of licensing fees offer
potential for it to become financially self-sustaining going forward. The
refreshed Board’s decision to return focus on asset development and
licensing initially appeared to raise the Group’s risk profile, but subsequent
contract extensions from both Unilever and a major US genetic medicines
customer, together with a high level of confidence in its ability to capture
significantly greater, highly visible, longer-term returns through accrual of
downstream milestone payments, licensing fees and/or royalties as
partnered projects approach and achieve commercialisation, now suggests
such fears had been overstated. Given the number of major development
partners, including Unilever, AstraZeneca, Neuro-Bio and other Top Tier
Pharmaceutical Groups, continuing to progress products that utilise
Aptamer’s binders in order to target global market opportunities, modest
initial collection of passive income that could commence as early as this
financial year, with potential to multiply substantially thereafter.
Seemingly unrecognised in the Group’s current valuation, any such
breakthrough adoption(s) would be transformative for Aptamer, both
financially and in terms of reputation.
Date: 30/10/2024
October 2024 Budget Outlook
• Capital Gains Tax Increase: Individuals taxed within the basic rate bands
will see CGT rates increase from 10% to 18% and individuals currently
taxed at the upper rates, CGT rates will increase from 20% – 24% in line
with CGT on property.
• Inheritance Tax (IHT): Current thresholds will be frozen for a further two
years until 2030. IHT relief received on qualifying shares traded on the
Alternative Investments Market (AIM) will be reduced to 50% attracting
tax charges on inherited portfolios.
• Broader market takeaways: There have been no changes to ISA
allowances. There were concerns that the annual allowance would be
reduced from the current £20,000 pa. Windfall Tax on oil and gas profits
is set to increase to 38% potentially impacting some of the larger O+G
producers operating in the UK.
Date: 30/10/2024
Ironveld has raised £2.5m (gross) new funding through a conditional equity
placing* (‘the Placing’), comprising 6,125.0m Ordinary Placing Shares and
819.4m Ordinary Subscription Shares priced at 0.036p each (the closing
middle market price on 29 October 2024); each has one warrant attached,
exercisable for 3 years from Admission at a 100% premium to the Placing
Price (i.e., 0.072p/ Share). An additional, 2,862.6m New Ordinary Shares
(with identical warrants attached) at the Placing Price will also be allocated
in aggregate settlement of certain loan facilities, deferred salaries/fees owed
to certain directors and other amounts owed to certain creditors.
Shareholder approval for the Placing and its associated Capital
Reorganisation will be sought at a General Meeting that is expected to be
held on 20 November 2024 for Admission to trading on AIM on 21 November
2024. TPI’s Ironveld valuation remains suspended at this time.
Date: 10/10/2024
Zephyr has announced its decision to drill a lateral extension on the State 36
2R well (‘the Well’), while confirming a non-binding letter of intent (the ‘LOI’)
has been signed with a US-based industry investor (‘the Investor’) to fund
100% of the estimated cost. The Board expects to close the c.US$7m
requirement in the coming weeks, following which it will move to secure a
rig contract plus additional equipment in anticipation of commencing the
next phase of on-site operations in late 2024 or early 2025. Supporting this,
management has also estimated ultimate recoveries (‘EURs’) from the Well
following completion of the extended lateral could be as high as two million
barrels of oil equivalent (‘boe’), a figure substantially higher than would
likely be achieved from the Well in its current form. The fact that Zephyr
has managed to advance negotiations so rapidly after confirming a positive
result from the second phase production test on 6 September, suggests both
a high level of interest and confidence in a successful outcome.
Date: 02/10/2024
Unaudited interim results for the six months ended 30 June 2024 have been
released. In terms of financials these provided little in the way of surprises,
while the Board continued to stress the exceptional progress being made
with its drug development candidate AVA6000, along with a high level of
confidence in the capabilities of its pre|CISION™ platform. Second and third
generation programs have already been designed to leverage the platform as
a foundation for other tumour-specific warhead delivery systems across an
innovative pipeline. More details on these will be provided when the Group
hosts a live R&D Spotlight: Next Generation of pre|CISION™ Medicines in
London on 30 October 2024.
Date: 30/09/2024
Orosur has raised £0.835m (gross) new funding through an equity placing (the
‘Placing’) priced at 2.78p/share (representing a c.15% discount to the close on 26 September 2024); each two Placing shares has one unlisted warrant
attached, which is exercisable for 2 years from Admission at c.US$0.0494
(approximately 3.697p**) into one new common share. No General Meeting
(‘GM’) is required for this modest issue which, along with cash-in-hand of
c.US$0.5m will be directed primarily toward drilling, mapping and licencing
costs at its advanced Anzá Gold Project (the ‘Anzá Project’). Presently being
returned to 100% ownership with walk up drill targets into known high grade
mineralisation at the Pepas prospect. The Group will also examine the
potential of moving the APTA prospect to NI43-101 Resource status in the near
term. Reassuming ownership of 100% the Anzá Project, which has several
prospects at advanced stages, is expected to provide the Board with a variety
of options, potentially including the introduction of a new JV partner(s).
Date: 26/09/2024
Zephyr has released its half year results to end-June 2024. While detailing
continued, significant progress at its flagship asset in the Paradox Basin and
consecutive quarterly non-operated production growth from the Williston
project, the period delivered financials very much in line with expectations.
This clearly leaves investors to focus on next steps to be taken following the
recent, highly successful State 36-2R LN-CC well (‘State 36-2R’) second phase
production test. The acidisation operation successfully removed nearwellbore formation damage and generated very high reservoir deliverability,
with a notable improvement to near-wellbore reservoir permeability after
each treatment. Peak production rates achieved during the second test were
over 2,100 barrels of oil equivalent per day (‘boepd’), up from the 1,350 boepd
reported following the first test, which is particularly high for an onshore US
well with only 130 feet of completed reservoir interval. Elevated liquidyields were observed along with continuing evidence of almost nil water
production.
Date: 06/09/2024
Zephyr has completed the much anticipated second phase (the ’second test’) of the production test on its State 36-2R well (‘the Well’). The acidisation
operation successfully removed near-wellbore formation damage and
generated very high reservoir deliverability, with a notable improvement to near-wellbore reservoir permeability after each acid treatment. Peak
production rates achieved during the second test were over 2,100 barrels of
oil equivalent per day (‘boepd’), up from the 1,350 boepd reported following
the first test, which is a particularly high for an onshore US well with only
130 feet of completed reservoir interval. Elevated liquid-yields were
observed along with continuing evidence of almost nil water production.
Zephyr’s Board also notes a further, important and unanticipated benefit
from the acidisation operation, in that it appears to have significantly
enhanced the near-wellbore reservoir quality. From this, it concludes that
similar utilisation across a longer lateral may offer a cost-effective
completion technique compared to the hydraulic stimulation operations
used in other US resource plays.
Date: 03/09/2024
Aptamer has announced an extension to its partnership with Unilever plc
(LSE: ULVR). This new phase aims to commence in-vivo efficacy testing of
Optimer® binders as active ingredients in deodorants before the end of 2024.
This represents a significant endorsement of the Group’s technology with
opportunity to create a long-term interdependent relationship with the
consumer goods giant. Today’s news is also a reminder of the recently
appointed CEO’s stated ambition to re-establish focus on asset development
and licensing (while seeking to cover Group operating costs through its more
predictable but lower value-added fee-for-service (‘FFS’) operations) in
expectation of crystallising much higher-value inflection points for
shareholders. Beyond Unilever, Aptamer also continues to work with a
number of major development partners, including AstraZeneca, NeuroBio
and other top-tier pharmaceutical groups, each of which are similarly
progressing products that utilise its binders to target global market
opportunities.
Date: 29/08/2024
While providing an update on the Group’s Salt Wash helium project (the
‘Farm-in’), Zephyr has also confirmed that the State 36-2R well’s second
phase production test and evaluation is now nearing completion. Steady
progress continues to be made on the Farm-in, particularly with respect to
advancing funding options and positioning to get full drilling operations
underway next year. Meanwhile, technical analysis of the extensive data
presently being collected from State 36-2R is expected to conclude shortly
with results from the test expected to be formally announced within the next
ten days. A successful outcome here could then be translated quite rapidly
into 2P reserves with potential to spike overall Group production during H1
2025. Beyond this, with a view to delivering the best and most timely
outcome for shareholders, it is likely that the Board will start pushing for
broader/deeper discussions with larger industry players/strategic partners
on how best to accelerate development of its broader Paradox opportunity.
Date: 24/07/2024
Aptamer has undertaken a firm and conditional equity placing and
subscription (‘the Placing’), raising £2.83m (gross) funding through
placement of 1,415m new ordinary shares priced at 0.2p each. This follows
the recent flurry of high margin Fee-For-Service (‘FFS’) contracts with Big
Pharma and a major consumer goods company which have pushed the
Group’s order book up to c.£1.8m, while its pipeline of further opportunities
has risen to c.£2.1m. Accompanying this improved momentum, the Group is
now also proposing Boardroom changes that will be ratified at the
forthcoming General Meeting (‘GM’). This will see its co-founder and current
CTO reassume the role of CEO, with ambition to place increased focus back
on asset development and licensing in anticipation of crystallising much
higher-value inflection points for shareholders. Changing emphasis away
from relatively predictable FFS operations will, of course, raise Aptamer’s
risk profile, although Directors stress a good level of confidence in its ability
to capture significantly greater, highly visible longer-term returns through
accrual of downstream milestone payments, licensing fees and/or royalties
as partnered projects approach and achieve commercialisation.
Date: 23/07/2024
The much-anticipated initial phase of the production test on the State 36-2R
LNW-CC well (‘the well’) at Zephyr’s flagship project in the Paradox Basin,
Utah, has been completed. Undertaken at multiple rates and choke settings
in order to ascertain its production potential, high reservoir deliverability
and high initial reservoir pressures (approximately 8,600 pounds per square
inch absolute) were observed. Achieving peak production rates of 1,350
barrels of oil equivalent per day (‘boepd’) while still choked back and
constrained, indicates excellent potential for long term productivity which
will be further delineated with a longer testing period. It furthermore
delivered a significantly higher condensate-yield than Zephyr’s previously
drilled Paradox project well (with more than a three-fold increase in
condensate rate versus that from the State 16-2LN-CC well) which holds
significant positive implications for the larger Paradox development. The
release goes on to note, however, that despite the excellent initial rates,
evidence suggests that the natural fracture network may still be partially
restricted from the greater reservoir at this well location.
Date: 07/06/2024
N4 Pharma has successfully raised £0.63m through an equity placing and subscription (‘the Placing’) priced at 0.5p/share. Completed using authorities granted at the Group’s 23May 2024 AGM and seen providing it with roughly a 12-months forward runway, this new funding is expected to support delivery of a number of key valuation inflection points across its two novel complementary non-viral delivery technologies. Accretive newsflow expected to be generated over this period includes progress with the recently announced collaborative research agreement with Silicon Valley-based SRI International (‘SRI’), potentially advancing preclinical work sufficiently to commence early partnership negotiations with third parties. Elsewhere, preclinical validation of Nuvec®’s novel oral siRNA Irritable Bowel Disease (‘IBD’) product offers potential to become a new development drug with important licensing opportunities, while (75%-owned) Nanogenics’ leaddevelopment, ECP105, is expected to secure Orphan Drug Designation (‘ODD’) through the FDA’s regulatory fast track, ahead of a pre-IND meeting in 2025.
Date: 06/06/2024
Drilling operations on the State 36-2R LNW-CC well (‘the well’) at the Group’s flagship project in the Paradox Basin, Utah, were completed safely on 4 June 2024, having successfully achieved to a total depth of 10,290 feet (measured depth). The ability to hit the natural fracture system once again is, of course, critical to obtaining a high flow rate and initial results indicate the well has indeed penetrated a folded and naturally fractured Cane Creek reservoir. Intersecting the top of the reservoir c.15 feet from the original well bore and its natural fracture network, the well encountered drilling mud gas shows of a similar magnitude to the original well. Rock pore pressure analysis suggests formation pressures estimated at c.9,300 pounds per square inch (which is broadly consistent with previously drilled offset wells). Furthermore, it confirms the presence of hydrocarbons within a large structural compartment that falls within Zephyr’s acreage and 3D seismic coverage. The coming weeks will see equipment mobilised for well completion and commencement of production testing. This will determine reservoir pressure, fluid composition, well flow rate, bulk reservoir permeability and deliver an early estimate of the overall potential recoverable resources.
Date: 30/05/2024
Orosur has provided an update on exploration activities at its El Pantano gold and silver project (‘Project’ or ‘El Pantano’) in Argentina. Results clearly underline the region’s potential, with low-cost generation of a highly prospective array of gold targets amid a presently buoyant market for the precious metal. Analysis of mapping and sampling data from completed field work has resulted in identification of a large, district scale low-sulphidation epithermal system. With environmental studies for required drilling permits already having been submitted, the Board expects to be in a position to commence work before the year end. Meanwhile, of course, the Group continues to oversee the complex process of reassuming 100% ownership of the Anzá project (the ‘Anzá Project’) from joint venture partners, Newmont Corporation (‘Newmont’) (NYSE: NEM, TSX: NGT), and Agnico Eagle Mines Limited (‘Agnico’) (NYSE: AEM, TSX: AEM) (the ‘Transaction’). Holding a cash balance of US$1.65m as of 23 April 2024, Orosur’s geologists are presently in Colombia carrying out the planning and permitting required for commencement of drilling activities as soon as possible following completion of the Transaction.
Date: 28/05/2024
Having reached a pivotal point in its evolution, Dr Christina Coughlin was
appointed as Avacta’s new Chief Executive Officer (effective 1 May 2024),
with a view to steering the Group through its coming chapter of growth and
transformation into a therapeutics-focused business. The upbeat statement
that accompanied release of 2023 Preliminaries released on 30 April 2024,
nevertheless remained very much in accord with TPI’s positive
expectations. Significantly, it reinforced the view that the c.£31.1m (gross)
new funding collected through February’s equity placing and March’s
subsequent REX retail offer, which took cash-in-hand to c.£38m at endMarch 2024, will be more than sufficient to service the anticipated spike in
cash burn as the Group’s lead development, AVA6000, moves into key Phase
2 studies next year.
Date: 03/05/2024
As well as providing a further positive 36-2R well update, Zephyr has today detailed its retirement of US$3.88m (£3.11m) of existing debt through issuance of 64.05m new ordinary shares (c.3.7% of the enlarged capital) to SGR Investments, LLC (‘SGRI’) at a price of 4.85p per ‘Repayment’ share. Having originally provided a US$8m asset-backed bridge loan facility to Zephyr back on 21 December 2022 in support of the Williston Acquisition, SGRI is now reflecting a high level of confidence in the Group’ broader opportunity by becoming a new cornerstone equity investor. This debt-forequity exchange, that was completed with no ancillary fees and at no discount to the market price, will further strengthen Zephyr’s balance sheet while increasing future cash flows for reinvestment into its growing asset portfolio. The Repayment shares are being issued using existing share authorities granted to the Board at the Group’s annual general meeting held on 26 July 2023 with their Admission being expected on or around 8 May 2024.
Date: 25/04/2024
N4 Pharma and Silicon Valley-based SRI International (‘SRI’) have entered a research collaboration agreement (‘the Agreement’) designed to progress development of preclinical products capable of overcoming barriers that prevent intracellular delivery of large molecule biotherapeutics. SRI is a high reputation not-for-profit scientific research institute, that was originally founded by the trustees of Stanford University in 1946 and today comprises c.1500 professional staff. Its Biosciences division has supported the advancement of >200 drugs to clinical trials. Providing significant validation for Nuvec® , N4P’s unique novel silica nanoparticle delivery technology, the Agreement will utilise SRI’s proprietary FOX Three Molecular Guidance system™ (‘MGS’) platform with a view to advancing development of N4P’s nucleic acid-based therapies. Should combination of the two technologies in due course open new commercial potential, N4P and SRI will work together to identify, develop and pursue related business opportunities.
Date: 28/03/2024
Nanoco yesterday released its half year results to 31 January 2024 (‘the
Period’). Very much in line with expectations, these following confirmation
of the Group’s Final Litigation proceeds earlier this month along with a
proposal to shortly return up to £33m to Shareholders (the ‘Return of Value’,
abbreviated remaining timetable below). Emerging from this, the Group finds
itself positioned as a fully funded business with commercial traction,
investing to secure organic growth that is supported through extensive and
validated IP. Given that the coming five years are projected to deliver global
CAGR of over 40% and c. 20% resp. across its core sensing (cameras and
imagers) and display markets, in tandem with wider adoption of QD
technology in mobile phones and small screen micro-LEDs that are also
anticipated over this period, the scale of Nanoco’s addressable opportunity
looks set to expand sharply. Finding itself debt free (by the end of FY2023/24) while holding resources sufficient to carry it through to expected cash breakeven during CY2025.
Date: 28/03/2024
Aptamer has published its unaudited first half results to 31 December 2023
(the ‘Period’). Confirming core detail provided in its Half Year Trading
Update released on 5 February 2024, the financials are very much in line with
expectations, while the Board continues to report strong technical delivery
leading to growing commercial traction. Presently, the Group has £1.3m of
signed deals being processed through its laboratories along with c.£2.9m of
pipeline opportunities considered to be at an advanced stage. Somewhat
further out, amongst other opportunities, two longer-term deals with big
pharma offer potential to crystalise into ongoing strategic relationships with
c.£6m of value. The principal issue of course remains one of timing.
Delivery of a customer’s target materials required for a production run, for
example, can sometimes delay revenue recognition by a matter of months.
The extent of high-level interaction across a wide range of industry leaders
through to smaller sector innovators, nevertheless suggests it is not a case
of ‘if’ but ‘when’ more sizeable uptake of its highly specialised services gets
underway.
Date: 27/03/2024
Zephyr has provided an update on its Salt Wash Helium project (‘the
Project’). While stating that it is not seeking for helium to become a primary
focus of the Group, the Board do consider it offers significant and currently
unrecognised potential value for Shareholders, particularly in consideration
of the growing supply-demand imbalance that has recently been seen to
drive prices up to US$1,000 per million standard cubic feet (‘mscf’), while also
being able to further utilise its team’s significant experience in the Paradox
Basin. Noting recent market interest in helium-related companies and
considering that the economics for the Project are attractive based on its
helium content alone notwithstanding further upside from oil and gas
development, several funding options are now being appraised. Having
received informal proposals, including potential funding for 100% of the drill
at the asset level that falls within timing obligations of the Farm-in
agreement (‘the Farm-in’), the Board is now considering the best alternative
to maximise value.
Date: 25/03/2024
Orosur has taken an important first step toward resuming 100% ownership of
the Anzá Project (‘Anzá’ or ‘the Project’), targeting completion of a transaction
(‘the Transaction’) by the end of April 2024. The proposed consideration, as
set out in the letter of intent (‘LOI’) entered with Minera Monte Águila SAS
(‘MMA’), includes a net smelter return (‘NSR’) royalty of 1.5% plus cash
payments of up to US$15 million payable upon meeting certain agreed (but as
yet undisclosed) production thresholds. Recognising the development steps
that need to be taken to reach such a stage (including production of a bankable
feasibility study (‘BFS’), permitting, construction, etc.) still remain, perhaps, 7
to 10 years away, such deferral considerably derisks the Project for
shareholders. Orosur, in exchange, will regain complete control of a now datarich, potentially world-class opportunity that is clearly much more valuable
than what was handed to the JV some years back.
