TRADING UPDATES: Gulf Marine Services secures contract extension
The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:
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Dotlines Global Ltd - operating in the telecommunications, digital infrastructure, cybersecurity and financial technology sectors - Says it has made strategic progress across the business since joining the AIM market in May. In particular, highlights a five-year contract with Olilo UK & Ireland Ltd for the provision of its Catena software platform, the expansion of the customer base for Carnival Internet broadband and the expansion of the Sohoj digital lifestyle platform service offering.
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Gulf Marine Services PLC - London and Abu Dhabi-based operator of self-propelled self-elevating support vessels for offshore energy industry - Announces a contract extension for one of its small-class vessels operating in the Gulf Cooperation Council region. The extension, awarded by a major national oil company in the Middle East under an existing agreement, adds 183 days beyond the current contract period, with two further three-month extension options thereafter. The current backlog stands at USD659 million. The extension will see the vessel continue to support the client's offshore maintenance operations without interruption. Chair Mansour Al Alami says the contract extension reflects "the confidence our clients continue to place in GMS to deliver safe and reliable support for their offshore operations. This extension further strengthen fleet utilization, which remains central to delivery of our objectives."
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Springfield Properties PLC - Morayshire, Scotland-based housebuilder - Says that it has sold land, equating to 170 plots, at one of its sites in central Scotland for £12.0 million. Uses £6.5 million of the proceeds to pay the final consideration for its acquisition of the Scottish housebuilding business of Mactaggart & Mickel Group announced in June. As part of the acquisition, there was £30.8 million of deferred consideration payable proportionally as homes were sold over five years. As at May 31, the outstanding deferred consideration was £20.7 million, which has now been satisfied. Chief Executive Innes Smith says the "milestone further strengthens our balance sheet and our position to capitalise on future growth opportunities."
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Predator Oil & Gas Holdings PLC - Morocco and Trinidad-focused oil and gas company - Executes a drilling contract with Star Valley Drilling Trinidad Ltd for rig 205 at Snowcap-3. Says SC-3 drilling and well testing operations will commence shortly after the completion of the MOU-6 well in Morocco. This will ensure optimum deployment of the company's management team to efficiently supervise each individual operation in two different jurisdictions. At Herrera #8 Sand, says testing results indicate that Snowcap-2ST-1, Snowcap-1 and Rochard-1 wells support an extrapolated oil column for the Herrera #8 Sand of 600 feet. The pre-drill forecast is that SC-3 will potentially confirm the Herrera #8 oil column around 170 feet higher than the oil encountered in Rochard-1 in the Herrera #8 Sand. SC-3 will also evaluate the Herrera #1 Sand secondary objective around 200 feet higher than its oil-water contact seen in Rochard-1. Chief Executive Paul Griffiths says pre-drilling preparations are progressing extremely well in the two drilling jurisdictions. "We are confident of a successful outcome to our drilling programmes such that we are planning the next stages of accretive project development," the CEO adds.
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Arc Minerals Ltd - exploration company focused on copper deposits in Africa - Says that it has selected an experienced drilling contractor for the imminent exploration diamond drilling programme at its PL135/2017 licence that forms part of the Virgo project, located in the Kalahari copper belt in Botswana. The drill programme will adopt a phased approach, testing the identified high-priority target areas along 14 kilometres of D'kar-Ngwako pan formation contact inferred by the recently completed induced polarisation chargeability/resistivity survey, as well as the areas displaying structural complexity with the potential to host trap sites. The phased drill programme will be carried out by GDE Botswana Drilling & Exploration Pty Ltd and is expected to exceed 6,000 meters. "I look forward to a very exciting drilling programme," comments Chief Executive Remy Welschinger.
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Blencowe Resources PLC - developing the Orom-Cross graphite project in Uganda - Updates on the progress of the ongoing application component testing utilising Orom-Cross graphite concentrates produced from its 100%-owned Orom-Cross graphite project in Uganda. The latest work "further demonstrates the potential" for Orom-Cross graphite products to access specialist, high-value markets beyond conventional concentrate sales, Blencowe says. In particular, Blencowe highlights that Orom-Cross graphite products are being tested in advanced anti-radar/electromagnetic interference shielding applications for unmanned aerial vehicles and other defence-related platforms; it is currently engaged with three manufacturers of advanced aerial platforms in Europe; and one potential offtake relationship is now at an advanced commercial stage. P1 funding discussions continue to advance in parallel, with the company focused on securing the "optimal project-level funding structure".
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Wise Group PLC - London-based money transfer services firm - Accedes as a guarantor to the £2 billion euro medium term note programme. This follows May's announcement relating to the court's sanction of the scheme of arrangement by which Wise Group PLC has been inserted as Wise's ultimate parent company.
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