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Turner Pope Investments | AIM Shares | Growth Companies & Small Cap, London

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Date: 19/09/2019

Falanx reported a strong increase in sales and a reduction in underlying EBITDA losses in the year to March 2019 driven by the integration of acquisitions completed in 2018 and increased levels of monthly recurring revenue. Against a market backdrop of a rapidly growing cyber security market, the company is witnessing continued growth in the current year buoyed by a growing sales pipeline.

Date: 13/09/2019

In Q4 2019, Coro will participate in a two well drilling programme on the Duyung PSC located in the West Natuna Basin offshore Indonesia (Coro: 15% non operated interest). The operator will focus on the central and southern regions of the Mako gas field appraising 2C contingent resources of at least 276 BCF and targeting an additional 200-300 BCF of prospective resources in a deeper gas exploration play. Mobilisation of the Singapore-based Asian Endeavour 1 jack-up rig is scheduled for late September and the back-to-back drilling programme is then expected to last until the end of November/early December 2019.

Date: 11/09/2019

The acquisition of RinoCloud in April 2019 and recurring revenue from higher margin software services has reduced EBITDA losses compared to the previous period. Operationally, the Labskin business has also added a raft of new contracts including 4 blue-chip clients from the US and EU and six CBD (cannabidiol) test contracts with more in the pipeline. With the wider reorganisation of the company completed prior to the period end, we anticipate that the full impact of the operational and financial progress outlined in these results will be seen starkly in H2 and beyond.

Date: 09/09/2019

Since the beginning of 2019, Reabold has gained major exposure to the exciting West Newton discovery, potentially the biggest onshore UK gas discovery since 1973, while in the US; the company has drilled two wells apiece on the West Brentwood and Monroe Swell fields providing an ongoing 50% share of revenue from each field. Looking ahead, the appraisal programme on Iecea Mare in Romania provides major near term drilling exposure and the likelihood of an appraisal well on the Corallian operated Curlew-A prospect in H1 2020 has the potential to significantly augment Reabold’s UK business.

Date: 05/09/2019

In conjunction with the company’s attendance at the Microbiome AI Conference currently taking place in San Diego, California, Integumen has announced that its Labskin business has achieved the successful multiple cloning of human volunteers. This is a highly significant breakthrough for the company as it enables multiple skincare products to be tested simultaneously on the same subject without the attendance of the original human volunteer. This development is likely to reduce substantially product development time and clinical errors as well as lowering recruitment, supervision and testing costs for subsequent product testing programmes.

Date: 29/08/2019

Initial testing at the West Newton A-2 well has indicated a substantial accumulation of oil and gas rather than solely a gas discovery as originally anticipated. Early analysis indicates a significant hydrocarbon column of 65 metres comprising a gross oil column of 45 metres underlying a gross gas column of 20 metres. The operator, Rathlin Energy (with a 66.67% interest), has paused the extended well test (EWT) in order to optimise its operations and will revise the well test design to focus on the oil column going forward. Reabold holds a 24% economic interest in West Newton through its 36% interest in Rathlin.

Date: 16/08/2019

W Resources (WRES) is currently focused on near term production from its wholly owned La Parrilla tungsten and tin mine located in southwest Spain. The Company is in the final construction stage of the new large-scale concentrator plant and has already commissioned the new crusher and jig plants. The newly commissioned crusher and jig plants are now operating at near design capacity. As such, we expect the Company will be able to ramp-up production during Q3 2019.

Date: 08/08/2019

Since the beginning of 2019, Reabold has gained major exposure to the exciting West Newton discovery, potentially the biggest onshore UK gas discovery since 1973, while in the US; the company has drilled two wells apiece on the West Brentwood and Monroe Swell fields providing an ongoing 50% share of revenue from each field. Looking ahead, the appraisal programme on Iecea Mare in Romania provides major near term drilling exposure and the likelihood of an appraisal well on the Corallian operated Curlew-A prospect in H1 2020 has the potential to significantly augment Reabold’s UK business.

Date: 01/08/2019

Primorus has acquired a diverse portfolio of direct and indirect interests in a range
of companies in the natural resources, leisure, corporate services and brand licensing sectors. Operating a clear investment strategy, Primorus is typically a long term investor and uses several instruments to finance its investments including cash and shares while maintaining the capacity to issue debt securities or borrow to complete an investment. Primorus has established a track record of successful divestments and although the market for IPOs is currently challenging, Primorus notes that it remains underserved and we anticipate that the company will seek to crystallise the value of several of its investments, predominantly through the IPO channel, within the next 12-18 months.

Date: 31/07/2019

Since the beginning of the current year, Integumen has delivered a wide range of commercial and corporate milestones. These have included disposing of underperforming subsidiaries and the reduction of group indebtedness, the acquisition of RinoCloud to augment the growing Labskin business, new blue-chip customer agreements, significant expansion of facilities in York and Ireland and the appointment of key personnel.

Date: 30/07/2019

Highlands Natural Resources (HNR) is a diversified resources company with a broad portfolio of activities. The group’s core assets are located in Colorado and include a vertically integrated cannabidiol (CBD) products business and a 7.5% carried working interest in the East Denver Project, a producing oil and gas field. These businesses represent the foundations of HNR’s strategy to assemble a portfolio of projects whereby up to 80% of its assets generate sustainable revenue streams, complemented by more speculative projects which offer the potential for longer term capital appreciation.

Date: 29/07/2019

Reabold is making solid progress across its key areas of activity in Romania, the US and the UK. In particular, rig mobilisation to drill the Iecea Mare-1 appraisal well in Romania is expected to commence imminently. In California, the VG-4 well on the West Brentwood field has been placed on permanent production and at the Monroe Swell field, the operator is poised to re-enter the Burnett 2A and 2B wells to implement clean-up activities and restore the wells to initial production rates. In the UK, the results of a rig site survey for the Curlew-A prospect is also expected to be completed by the end of the week.

Date: 29/07/2019

Integumen has expanded its wound care business, LifeScienceHub Ltd (Wound pHase), through the extension of its technology licensing agreement with Cellulac plc, a company in which Integumen holds a 9.35% interest. This new remit will include the refinement of medical grade cannabidiol (CBD) derived from hemp for the development of CBD-infused wound dressings. This enhanced agreement will be in collaboration with the Department of Chemical Sciences at the University of Limerick and the Irish government supported body; the Research Centre for Resource Efficiency (tcbb RRSOURCE).

Date: 19/07/2019

Integumen has signed new open-ended agreements with two of the world’s Top-10 cosmetic companies for initial testing on multiple ingredients and products within its clients’ portfolios. The company has also announced that LabskinAI has completed Beta testing and has fully transitioned from a product sale only company to a virtual and physical test platform for new products.

Date: 18/07/2019

Coro has renegotiated the terms of the proposed acquisition of a 42.5% interest in the Bulu Production Sharing Contract (PSC) located offshore East Java in Indonesia. The Bulu PSC contains the Lengo gas field estimated to contain gross certified recoverable gas resources of 359 BCF.

Date: 17/07/2019

Egdon Resources, the operator of UK onshore licence PEDL253, in which Union Jack holds a 22% interest, has stated that further analysis of the results of the Biscathorpe-2 appraisal well confirms the likely presence of a 35 metre column of good quality oil in the Dinantian Limestone interval. This is coupled with elevated gas readings and oil shows within the well which indicates that a working hydrocarbon system exists within the PEDL253 licence area.

Date: 12/07/2019

Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn project in NW Spain. The company is currently drilling Toral’s high-grade core with the aim of collecting a bulk sample for metallurgical testwork as well as increasing confidence in the current JORC (2012) compliant inferred mineral resource estimate of 16Mt grading 3.9% Zn, 3.1% Pb and 24g/t Ag. Currently trading on an in-situ resource multiple (US$/t) of just 1.5x, the stock is significantly undervalued compared with our peer group multiple of 24.8x. As such, we value Europa at 0.095p per share which is a simple average between our DCF derived (0.13p per share) and our peer based (0.06p per share) relative in-situ valuation. Our blended valuation offers significant upside to the current share price.

Date: 08/07/2019

As a function of the restructuring of the company since the end of 2018, Integumen has delivered a nine fold increase in revenue in H1 2019. The company has also transformed the balance sheet with the disposal of underperforming subsidiaries, the removal of outstanding debt and the acquisition of RinoCloud to augment Integumen’s Labskin business. With a successful fundraising of £2.75m also completed in April 2019 providing significant working capital, we believe that Integumen is very well placed for continued sales growth in H2 2019.

Date: 19/06/2019

Falanx has been active on the corporate front during 2019. Following a successful £4.16m fund raising at the end of 2018, where the company attracted significant institutional support to the shareholder base, the company has also strengthened both the board and its team of advisers as it moves into its next phase of development. At the end of March it announced further growth in its third quarter and that its cash balances remained strong and were able to support its next phase of growth.

Date: 17/06/2019

Following the earlier distribution of the Union Jack Oil Research Note, we identified an error regarding the percentage holding of the Keddington oilfield. Please be aware that the interest held by Union Jack in the Keddington oilfield is 20% and not 10% as was previously stated.

Date: 17/06/2019

Preliminary data from the West Newton appraisal well suggests that the discovery is at least as big as the pre-drill estimate of 189 BCF of gas. This implies that West Newton could be the largest onshore UK gas field discovered since 1973, assuming that subsequent testing confirms the scale of the resource. Reabold holds an indirect interest of 24.7% through its 37.08% interest in the operator, Rathlin Energy (UK) Limited.

Date: 14/06/2019

Po Valley Energy Limited (PVE) is an ASX-listed oil and gas development and exploration company with a diverse portfolio of assets in Northern Italy. The company possesses preliminary approval for two key development assets, namely the Selva Malvezzi licence which contains the onshore Selva gas field, anticipated to be on production in 2020, and the Teodorico offshore gas discovery for which development plans are well advanced for the commencement of production in 2023. 

Date: 10/06/2019

Avacta has selected the Affimer molecule, AVA004, as its clinical development candidate for first-time-in human clinical trials on the Affimer platform. This represents an important milestone for the company and confirms that Avacta is on track to submit an IND/CTA application for an Affimer PD L1 inhibitor in the US and European markets by the end of 2020.

Date: 04/06/2019

Avacta is planning to submit an IND/CTA application in early 2020 to test the TMAC™ linker in a Phase I study in patients with selected tumours. The IND (Investigational New Drug) submission relates to the US application process while the CTA (Clinical Trial Application) applies to the European market. This is good news for the company as Avacta is in a position to test this critical TMAC linker in humans early in 2020, well ahead of its original plans.

Date: 28/05/2019

Labskin AI has entered into testing agreements with three exciting new clients. In aggregate, these contracts are worth approximately £290,000 with the value of all contract revenue expected to fall into the current year. In order to accommodate these agreements and anticipated new business, the company is also increasing its Labskin laboratory capacity by 50%. We believe that this latest news validates both Integumen’s strategy to focus on larger contracts from Labskin AI services and also the company’s expertise in Cannabidiol (CBD) based product testing.

Date: 10/05/2019

Midatech is focused on the research and development (R&D) of medicines for rare cancers. Through its portfolio of three proprietary drug delivery technology platforms, in tandem with a highly specialised team of scientists located in the UK and Spain, the company is developing novel drug delivery solutions to improve existing therapies and develop new treatments for a range of lethal diseases. Midatech focuses on making existing medicines better, using its proprietary technologies.

Date: 29/04/2019

Integumen is a vertically integrated business focused on the group’s core Labskin AI technology platform. Collaborations with a wide range of partners in the pharmaceutical and cosmetic products sectors, among many others, enable Labskin’s clients to test consumer products on acne, eczema, psoriasis and dandruff populated skin under real-world conditions, viewing the results in real-time.

Date: 18/04/2019

Tower is in the final stages of planning the NJOM3 appraisal well on the Njonjifield (Tower: 100%), located offshore Cameroon. NJOM3 is planned to be drilled to a total depth of 1,100m, probing at least three reservoirs zones identified by the NJOM1B and NJOM2 discovery wells. NJOM3 is designed to confirm the reservoir thickness on the Njonji field, supplement existing well data and evaluate additional formations that could provide valuable resource upside.

Date: 17/04/2019

Oil production from the VG-4 well at the West Brentwood field in California (Reabold 50%) has commenced at an initially constrained rate as a consequence of significant volumes of associated gas. However, a tie-in to the local gas pipeline is underway and when completed, daily volumes of both oil and gas can be increased significantly providing a significant increase in revenue to the company.

Date: 16/04/2019

Coro’s strategy to become a mid-tier South East Asian focused E&P company has accelerated with the news that the company has completed the cash and shares payments amounting to a total consideration of US$4.8m to acquire a 15% interest in the Duyung PSC offshore Indonesia. Additional to this, Coro has also provided a further US$10.5 contribution to the operator’s 2019 drilling campaign on the licence.

Date: 09/04/2019

Avacta’s interim results demonstrate that the company is making solid progress with its in-house therapeutic programmes and first-in-man clinical data for its Affimer therapeutic platform is expected in late 2020. This is underpinned by the company’s recent commercial agreements with LG Chem Life Sciences and Tufts University Medical School, among several others, which have the potential to deliver long term revenue growth to the company.

Date: 26/03/2019

Catenae Innovation is a provider of digital media and technology focused on Distributed Ledger Technology or ‘blockchain’ solutions. The company has developed a portfolio of products and services which have the potential to provide innovative solutions and commercial advantage to Catenae’s growing client base.

Date: 25/03/2019

W Resources has announced that the jig and mill for its flagship La Parrilla tungsten-tin project are on schedule for mechanical completion in the current
month and the majority of equipment for the company’s new concentrator is now on site. With completion of these key phases of development imminent and
most other infrastructure work complete, we expect that the company will be able to ramp-up production significantly in Q2 2019.

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