Trakm8 Holdings (TRAK), the telematics and data insight provider said it has been awarded a new contract with Howden Driving Data. Under the terms of this contract Trakm8 will provide devices and data to Howden. The contract is for a term of three years and has no guaranteed and/or minimum value. The company said it was delighted to secure a new contract with Howden and was excited to be joining them on their journey of expansion across the Howden Group companies.
Comment: Like many companies whose shares have been on the back foot of late, such contracts can offer some succour to shareholders, and on occasion attract fresh buying interest.
GreenX Metals (GRX) was notified via the filing of a Form 604 with ASX that CD Capital Natural Resources Fund III LP (CD Capital) had provided a notice of change of interests of substantial holder (as defined by the Corporations Act 2001) of the Company as of 14 March 2023 due to the issue of shares which has led to a dilution of CD Capital’s shareholding in the Company. CD Capital continues to hold 44,776,120 ordinary shares in the Company which now represents 16.73% of the Company’s issued capital.
Comment: GreenX continues to be one of the stocks of interest this year, with bets on that the stock will resume its uptrend after peaking near 50p in January.
CleanTech Lithium (CTL), an exploration and development company, announced changes to the Board of Directors with the Non-Executive Chairman, Steve Kesler, moving to the role of Executive Chairman and the appointment of a new independent non-executive director, Maha Daoudi, as the Company moves into the next phase of growth. The company it is delighted that Steve is moving to Executive Chairman and Maha is joining the Company on our journey to producing the greenest lithium for the EV market. They both bring a diverse set of skills that will help drive the Company into the next phase, all the while strengthening our position in the lithium market.
Comment: Cleantech has been one of the lithium plays that have inspired the market in recent months. Beefing up the board should ensure that this special position is maintained.
Union Jack Oil (UJO), a UK focused onshore hydrocarbon production, development and exploration company, to declare an interim dividend to shareholders. The company said the financial position of Union Jack during 2022 and the first quarter of 2023, has been transformational and, following a thorough review of the capital requirements of the company’s business operations, organic growth options and other considerations, the Board has decided it is both timely and appropriate to make a further distribution, in the form of an interim dividend.
Comment: The obvious explanation as to why UJO is held more highly than many of its peers is simply provided by the dividend payout, a point being underlined by this latest news.
Audioboom (BOOM), the podcast company, announces that Michael Tobin OBE, non-executive Chairman of the Company, purchased 1,162 ordinary shares in the Company on 27 March at a price of 420p. Following this purchase, Michael Tobin holds 728,384 ordinary shares in the Company, representing approximately 4.5 per cent. of the Company’s issued share capital.
Comment: Once again we have the Chairman leading from the front at BOOM. However, it may be the case that Mr Tobin will have to serious dig into his pockets to restore the kind of positive sentiment towards the company it was enjoying last year.
Contango Holdings (CGO), the London listed natural resource development company, provided an update on operations at its Lubu coking coal project in Zimbabwe. The wash plant construction is now complete ahead of commissioning and the production of coking coal. The company said it has continued to make excellent progress at site as it prepares for imminent first coking coal production and sales. Next month its intends to activate its wash plant and commence the processing of coal ahead of subsequent sales under our existing offtake agreements.
Comment: The activation of the wash plant has assumed legendary status at CGO, many will be celebrating on the day it finally starts operating.
Technology Minerals (TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, announce its results for the six months to 31 December 2022. The company said “It has been a period of significant progress for Technology Minerals as we have built the foundations to scale up operations in 2023. It has continued to advance its exploration projects, receiving particularly encouraging results at our assets in Leinster, Ireland and Asturmet, Spain.
Comment: Recent newsflow from TM1 suggests that if there is going to be a sustained turnaround in the stock, it should now happen sooner rather than later.
Pennpetro Energy (PPP), an independent oil and gas company, announced that its wholly owned subsidiary, Nobel Petroleum USA Inc., has spudded its first well under its recently signed Joint Operating Agreement with Millennium PetroCapital Corporation within the 250,000 acre (1,011 square kilometres) Area of Mutual Interest petroleum joint venture in Gonzales County, Texas. The Whistling Straits #1H well, to be drilled within the Gonzales County AMI with Millennium, is the first of hopefully many wells to be drilled in Texas under our new Joint Venture that we announced two weeks ago.
Comment: Pennpetro returns to the RNS Hotlist after quite a leave of absence. It looks as though it could be a stock in play for the rest of the Spring.
UK Oil & Gas (UKOG) announce that its subsidiaries UKOG (137/246) Ltd (UKOG 100% interest) and Horse Hill Developments Ltd have executed a conditional binding term sheet with LSE main board listed Pennpetro Energy plc, whereby PPP will farm-in to the Horse Hill Oil Field on an incremental production basis via funding the acquisition of 3D seismic and the drilling of the next infill production well. UKOG holds an 85.635% net interest in Horse Hill and the surrounding 142.9 km² PEDL137 and PEDL246 licences located about 2 km north of Gatwick airport. The company said this mutually advantageous transaction will inject new activity into Horse Hill, aiming squarely to deliver increased production and revenues from the oil field. The farmout enables UKOG to move this asset forwards without the need to raise capital, enabling its resources to be firmly focussed upon the appraisal and development of the Loxley gas discovery, its most material petroleum asset. It looks forward to a close working relationship with Pennpetro and a mutually successful future at Horse Hill. Introduction of new cornerstone Investor Group with Corcel board representation as part of fundraising of £1,055,515 at a price of £0.0035 – representing a 11% premium to the closing price of 27 March 2023 and a 16.6% premium to the 30-day VWAP – the investment will be made in three tranches.
Comment: It would appear that Horse Hill is back in play, with the RNS mentioning private investor play Corcel and Pennpetro to boot. It would appear that those who may have written off Horse Hill were very much in play.