TRADING UPDATES: Novacyt's strikes Illumina deal; Beeks' Thailand deal
The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Novacyt SA - biotechnology group focused on clinical diagnostics - Enters into a master collaboration agreement with Illumina Inc, a leader in DNA sequencing and array-based technologies, for an initial five-year term. The pact establishes a framework under which the parties may explore potential future collaboration in areas of mutual interest, subject to separate written project agreements. Novacyt Chief Executive Lyn Rees says: "The MCA establishes a strategic framework to facilitate knowledge sharing and training between Novacyt and Illumina and the potential to explore future collaboration, reflecting the value of Novacyt's product development capabilities."
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Oxford Metrics PLC - Oxford, England-based sensing and measurement technology - Buys Manchester, UK-based developer of professional head-mounted camera systems and software Captive Devices for up to £750,000 in cash and shares. Oxford Metrics says the acquisition adds specialist facial capture to Vicon's established leadership in body tracking, strengthening the group's markerless and hybrid motion capture offer. Captive Devices reported unaudited revenue of £500,000 million in the financial year ended April 30, and gross margin in line with Vicon's levels. "This is exactly the kind of targeted investment we want to make in Vicon - adding differentiated technology and specialist expertise in an area that builds directly on our existing strengths," says Chief Executive Imogen O'Connor.
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Beeks Financial Cloud Group PLC - Renfrew, Scotland-based cloud computing and connectivity provider - Announces the signing of a multi-year agreement with the Stock Exchange of Thailand for the deployment of Beeks' Exchange Cloud platform across the SET market. Beeks will deploy its Exchange Cloud platform to underpin SET's market infrastructure, delivering connectivity market data and co-location services. The service is expected to go live in H1 FY27 and revenue recognition thereafter, under a revenue share model, supporting Beeks' base of long-term recurring revenues. Beeks says the deal represents a "significant milestone" in expanding Beeks' footprint in the Asia-Pacific region. "It marks the eighth exchange to adopt Exchange Cloud, as global traction continues to build, paving the way for future expansion in APAC and beyond." Chief Executive Gordon McArthur says: "The contract expands our presence in the strategically important APAC region, strengthens our forward revenue visibility, and further reinforces the substantial market opportunity for Exchange Cloud."
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Chariot Ltd - London-based energy company - Signs a framework agreement with Etu Energias and BW Energy to support Etu's acquisition of additional interests in oil-producing Blocks 14 and 14K offshore Angola. In return for operational and technical support, Chariot will gain economic exposure to future cash flows equivalent to around 4,000 barrels of oil per day, with an indicative net present value exceeding USD100 million at a USD60 per barrel oil price. Says the agreement effectively doubles its economic footprint in Angola and increases its exposure to oil production and revenue. Block 14 currently produces around 40,000 barrels per day, while the assets have estimated producing reserves of 93 million barrels. Shell Trading is providing all of the acquisition debt funding required to complete the transaction.
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88 Energy Ltd - Perth, Australia-based oil and gas explorer, with operations in Alaska and Namibia - Provides an update on Petroleum Exploration Licence 93 in Namibia's onshore Owambo Basin, where 88 Energy holds a fully earned 20% non-operated working interest. Says the PEL 93 joint venture has formally applied to enter the second renewal exploration period, commencing October 3, with a proposed work programme that includes preparation for, and drilling of, at least one exploration well during the two-year renewal period. The application follows completion and integration of around 6,000 line-kilometres of airborne gravity, magnetic and radiometric data, which has confirmed prospect 9 as the highest ranked drilling opportunity. Concurrently, recent production testing by ReconAfrica at Kavango West 1X, around 100km east of PEL 93 within the Owambo Basin and Damara Fold Belt play, has flowed hydrocarbons to surface from both the Elandshoek and Huttenberg formations. These results provide further evidence of a working petroleum system within the basin and continue to de-risk hydrocarbon charge and prospectivity at PEL 93, firm comments. Managing Director Ashley Gilbert says: "With our existing fully earned interest, no remaining farm-in obligation and a pathway to drilling, PEL 93 provides us with a capital-efficient exposure to a potentially significant frontier exploration opportunity, that we look forward to advancing alongside our partners."
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Forgent PLC - Australian-focused critical and precious minerals explorer - Announces that phase 2 drilling has commenced at its 99%-owned Peak Hill gold-copper project in Western Australia. The drilling rig is now on site and operational, with the programme expected to comprise around 130 holes for around 8,700 metres of drilling. Phase 2 follows the encouraging results from the initial drilling campaign at Peak Hill and represents a significant expansion of exploration activity across the project. The programme is expected to take around 60 days to complete, with samples submitted progressively for assay. In addition, Forgent says that the two principal vendors of the Peak Hill project have entered into a three-month voluntary lock-in agreement in respect of Forgent shares to be issued to them in connection with the company’s recent acquisition of the remaining 48% interest in Peak Hill.
Under the agreement, the two vendors have undertaken not to sell, transfer or otherwise dispose of their shares, just over 7 million in aggregate, during the three-month lock-in period without the prior written consent of the company.
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East Star Resources PLC - Kazakhstan-focused copper and gold explorer - Signs a binding Heads of Agreement with Nova Ltd to establish a joint venture company by which Nova will farm into the Rulikha copper project and advance it through resource definition, feasibility studies, permitting, development and commissioning at no further cost to East Star. The jv company will appoint Orion Development Ltd, an "experienced" Kazakhstan mine developer, as Rulikha operator. East Star says the deal offers a "non-dilutive path" to potentially bring a second copper mine into production in Kazakhstan at no further cost to East Star in addition to East Star's Verkhuba-Xinhai mining joint venture. East Star retains significant exposure (at least 25%) at production whilst leveraging third-party funding and operating expertise. Chief Executive Alex Walker says the deal brings together a "highly complementary consortium" capable of advancing Rulikha from an exploration-stage asset towards development and ultimately production. "While a number of parties were interested in Rulikha, East Star selected Nova and Orion as the partners of choice due to their practical experience in developing copper projects, specifically in Kazakhstan. The group have the financial capacity as well as the practical, hands-on experience in permitting, building and operating copper projects in Kazakhstan," he adds. Walker says planning is "now underway to drill the primary target areas in Q3/Q4 of 2026."
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