Small Cap Feast

18th May 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
Off The Menu:
No Leavers Today.

What’s Cooking In The IPO Kitchen?

Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a third-party licensing arrangement, and Psych will work to develop an artificial intelligence platform that will provide biotech companies advanced clinical data that will be able to fast-track drug development and loop back the real-world data, in a centralised database, to provide feedback on molecules and associated therapy programmes. Due 30th May 2022.

EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). The Company has expertise in designing complex mixed signal ASICs, which combine digital and analogue functions onto a single chip. Mkt Cap TBC. Due late May 2022.

Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE. The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due May 2022.


Breakfast Buffet

Arrow Exploration 16.5p £37.2m (AXL.L)

Arrow Exploration announce the results of the Rio Cravo Este-2 (RCE-2) well testing on the Tapir Block in the Llanos Basin of Colombia. The RCE-2 well was spud on April 2, 2022. RCE-2 targeted a large, three-way fault bounded structure with multiple high-quality reservoir objectives on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 9,600 feet and encountered six hydrocarbon bearing intervals totaling 90 net feet of oil pay. Specific production test rates for the isolated zones (shallowest to deepest) include: Carbonera C7 and C7 Stringer: tested 2,000 bopd (net 1,000 bopd) peak rate of 28 API crude. The zone was tested for 19 hours at an average rate of 1,199 bopd (net 600 bopd); Gacheta C, C1 and C2: initial testing indicates productive capacity of 300 bopd (net 150 bopd) rate of 27 API crude. The zone was tested for 14 hours at an average rate of 115 bopd (net 58 bopd). Reserves have not been assigned to this zone previously; Gacheta D: tested 680 bopd (net 340 bopd) peak rate of 14 API crude. The zone was tested for 33 hours at an average rate of 362 bopd (net 181 bopd). Test results are not necessarily indicative of long-term performance or ultimate recovery. Continued strong production rates from existing tied-in wells combined with the encouraging results from new drills in Columbia support the Company’s objective of achieving a production rate of 3,000 boe/d within 18 months of its AIM listing.

Aura Energy 10.75p £55.8m (AUR.L)

Patrick Mutz appointed as Non-Executive Director, specialising in uranium projects and contributing 40 years of international mining experience across technical, managerial, consulting, executive and director roles. Former MD & CEO of African focussed uranium company, Deep Yellow (ASX:DYL) and Alliance Resources (ASX:AGS). Holds uranium operational experience in open cut, underground, and in-situ mining and related processing. Currently MD & CEO of Image Resources (ASX:IMA), which he drove into production to become a profitable mining company, with early repayment of debt. Significant experience in transitioning companies from explorers to producers. Mr Mutz’s experience and skillset complements that of the existing Board, further bolstering the team as Aura fast-tracks to near term uranium production at Tiris.

Cora Gold 7.25p £21m (CORA.L)

Second set of drill results from its recently completed 2022 drill programme at the Company’s Sanankoro Gold Project in southern Mali. Highlights: Reverse Circulation (‘RC’) drilling highlights from Zone B North: 17m @ 2.85 g/t gold (‘Au’) from 81m in hole SC0616; 11m @ 1.99 g/t Au from 31m in hole SC0608; 11m @ 1.35 g/t Au from 53m in hole SC0612; 31m @ 0.97 g/t Au from 15m in hole SC0615; Including 4m @ 2.18 g/t o 11m @ 1.29 g/t Au from 10m in hole SC0618. All Zone B North RC holes have now been released and RC assay results from Selin, Fode 1 and Target 6 will be released in the coming weeks. Drill programme consisted of 11 aircore shallow holes for 897m and 78 RC holes for a total of 6,992m (4,958m at Zone B North; 1,092m at Selin South, 504m at Fode 1 and 438m at Target 6. Drilling targeted both converting existing Inferred Mineral Resources to Indicated Mineral Resources, as well as identifying new discoveries at Sanankoro.

Clontarf Energy 0.52p £12.3m (CLON.L)

Operational update on the drilling of the Sasanof-1 exploration well and will issue further updates upon the completion of campaign milestones: Valaris MS-1 rig has started mobilisation activities for departure to the Sasanof Prospect 200km away on the North West Shelf. Secondary anchors securing the rig at Dampier outer harbour, Western Australia, have been pulled, and the rig is secured to the GO Spica support vessel bridle for the tow to the Sasanof-1 exploration well location. Primary anchors will then be recovered by the Far Senator, and the tow commenced. Transit time is expected to be approximately four days, weather dependent. All required equipment has been loaded onto the rig for commencement of drilling. Preliminary preparations for drilling operations are being conducted: Mud mat, low pressure wellhead housing and conductors prepared for deployment. 13-3/8″ casing stands made up and racked in preparation for deployment on completion of 17-1/2″ hole section. Third party services equipment being installed and tested. Drilling operations (conductor jetting) are expected to start during week starting Monday 23rd May.

D4t4 265p £106.5m (D4t4.L)

The data solutions provider, announces that Celebrus CDP, the Group’s product for the most advanced cross-channel, first party data collection will be integrated into Always-On Insights, a new offering combining the capabilities of Pegasystems’ Customer Decision Hub™ with Celebrus CDP. By integrating Celebrus’ real-time data capturing and identity solutions with Pega’s AI-powered decisioning, brands can react in real-time to consumer behaviour with the most relevant inbound and outbound offers and messages to drive higher response rates. This addresses the challenge that brands have as they struggle to convert customer data into meaningful outbound and inbound interactions in a compliant and cost-effective way. This challenge will be exacerbated when third-party cookies are withdrawn in 2023. The integrated Always-On Insights product will enable; Real-time identity and context, using Celebrus’s Identity Graph capabilities; Instant outreach recommendations, trigger an outbound engagement, such as promotional offers, with customers in real-time; Integration of owned and paid channels, allowing hyper-personalised messages to customers through any connected channel, such as a website, mobile app, email, contact center, or advertising platform.

EKF Diagnostics 34.6p £157.2m (EKF.L)

AGM statement from the global diagnostics business. “We were delighted to announce at the end of March a record set of financial results for 2021 and provide confirmation of our ongoing focus on implementing a strategy that positions our business for sustainable future growth. In the new financial year we have already made good progress in implementing our investment plans to support this growth. We have made significant investment to expand the fermentation capabilities of the Life Sciences business at our South Bend, Indiana, facility. We have a demand-driven pipeline of opportunities that is expected to start flowing strongly once the investment in new fermenters is completed by the end of the current year, and we remain on track to have the capacity in place to support significant revenue growth through to 2024. We are also making good progress in redeploying our Contract Manufacturing and Laboratory Services capacity and skill set into non-COVID related areas. In Contract Manufacturing we are actively working with new partners to build a strong pipeline for non-COVID products. This includes delivering validation batches for products which are expected to be launched throughout 2022 and into 2023. In Laboratory Services, the ADL Health team are expanding their range of testing capabilities across a broader suite of healthcare applications and are progressing well. Trading in the first quarter has been strong and we have delivered first quarter revenues in line with that of the corresponding period in 2021, and we remain on track to deliver full year results in line with current market forecasts. In our established Point-of-Care and Central Laboratory businesses we continue to see market growth following the COVID slowdown and in the first quarter have seen sales growth compared with 2021. As a Board we remain confident in delivering on our growth strategy to 2024 and I would like to thank my fellow shareholders for their support.”

Open Orphan 14.5p £97.3m (ORPH.L)

The specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials , announces that hVIVO, a subsidiary of Open Orphan, has signed a £7.3m influenza human challenge study contract with a leading biotechnology company to test its antiviral product using the hVIVO Influenza Human Challenge Study Model. The randomised, double-blinded, placebo-controlled study will test and assess the antiviral prophylactic and post-inoculation treatment activity of the antiviral in healthy adult volunteers enrolled through the Company’s specialist, tech-enabled volunteer recruitment arm, FluCamp. The Study will be conducted by hVIVO’s team of medics at its state-of-the-art quarantine facilities in London and is expected to commence next year. Revenue from the contract is expected to be recognised across FY23 and FY24. The Company’s specialised virology laboratories, h LAB, will determine the viral load of the influenza challenge agent used to inoculate volunteers, h LAB will also provide serology services and virology services (viral infectivity assay) for the study. Influenza is a contagious respiratory illness caused by influenza viruses that affect the nose, throat and the lungs. It can cause mild to severe illness, and occasionally lead to death. According to Financial Times1 analysis of official data in England, since the development of effective vaccines and the emergence of the less severe Omicron variant, influenza is now more lethal than COVID-19. For every 100,000 Omicron infections, 35 will result in death, while the equivalent number of flu infections will lead to around 40 fatalities.

Power Metal 1.38p £20.1m (POW.L)

The company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Ditau Camp Project located in southwest Botswana. Ditau is considered prospective for carbonatite hosted rare-earth element, base-metal and possible precious-metal mineralisation. Ditau is held within a 50/50 Joint Venture (Kanye Resources) with London-listed Kavango Resources plc (LSE:KAV). Kavango is the operator. DITDD004, the second hole in the Ditau drill programme has been successfully completed to a downhole depth of 389m. DITDD004 was drilled into the i10 Target, a discrete 2.2km diameter magnetic anomaly that Kanye Resources had previously modelled as a possible carbonatite. DITDD004 appears to have intercepted the magnetic anomaly within the drillhole from 293m to 321m downhole depth. Kanye Resource’s field team has taken preliminary magnetic susceptibility readings on the core recovered from DITDD004. The field team recorded highly elevated magnetic susceptibility readings between 293m and 321m – a combined 28m of core length. These readings from the Zone of Interest coincide with a visibly altered section that Kanye Resources will immediately cut half-core samples from and send to the assay laboratory for multi-element analysis. The core from DITDD004 contains visible siliceous and haematitic zones, with local pervasive pyrite manifested both as disseminations and in veins. Extensive fracturing (brecciation) is observed throughout the Zone of Interest and elsewhere in the hole. A 1km Audio-Magnetotelluric survey will be performed over the i10 Target in the coming weeks. Kanye Resources hopes that data from this will help further define the shape and form (morphology) of the Zone of Interest. Mindea Exploration and Drilling Services Pty will now mobilise the diamond core drill rig to Target i1 at Ditau. Target i1 is the largest of three geophysical targets Kanye Resources plans to drill during the current campaign. A further update will be released shortly in respect of this drillhole.

PPHE Hotel Group 1,440p £612.7m (PPH.L)

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announced the launch of an extension of its strategic partnership with Radisson Hotel Group. PPHE has been the leading force behind the expansion of the Park Plaza brand in Europe, operating since 2002 under an exclusive and perpetual territorial license of Radisson Hotel Group’s Park Plaza brand in Europe, Middle East and Africa. Today’s announcement builds on this successful 20-year partnership with Radisson Hotel Group, which is founded on trust, collaboration and joint value creation. Through the extension of the partnership and in addition to the Park Plaza TLA (which remains in its current form), the parties entered into long term agreements through which: PPHE will have the ability to access and leverage the full suite of Radisson Hotel Group’s brands, including Radisson Collection, Radisson Blu and Radisson RED, to support the growth of its own property portfolio beyond the upper upscale and lifestyle segments on favourable commercial terms, subject to development targets. The first hotel to be launched under the extended partnership will be the Grand Hotel Brioni Pula, which will open in May 2022 as a Radisson Collection Hotel. Radisson Hotel Group will have access to the art’otel and Park Plaza brands in certain regions, primarily outside of PPHE’s core markets, and subject to development targets. Through this arrangement, PPHE will be entitled to a fee based income for the use of its brands. PPHE retains full ownership over the art’otel brand and its special rights under the Park Plaza TLA.

Symphony Environmental Technologies* 17p £30.5m (SYM.L)

The global specialists in technologies that make plastic and rubber products smarter, safer and more sustainable, announced that The Hon. Alexander Brennan will be appointed as an Executive Director of the Company with immediate effect. Alexander has nearly two decades’ experience of delivering growth for businesses in the UK and internationally, both as principal and adviser. Alexander founded Brennan & Partners in 2016, a UK-headquartered consultancy, providing business development advisory services for UK and international clients. In his capacity as CEO of Brennan & Partners, he has provided business development advisory services to Symphony since February 2019. Prior to founding Brennan & Partners, Alexander was CEO of a global infrastructure investment business, building upon 5 years of international sales and business development experience with De La Rue plc. Alexander began his career at Slaughter and May, where he practised as a corporate lawyer for several years. Alexander is also an independent non-executive director of Big Technologies plc. Alexander will join Symphony on a part time basis, focusing on customer engagement, marketing and corporate matters.

18 May 2022
*A corporate client of Hybridan LLP

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