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RNS Number : 6392S

Trakm8 Holdings PLC

27 June 2018

 

For immediate release

27 June 2018

 

 

Trakm8 Holdings plc

('Trakm8' or the 'Group')

 

Contract Extension Award

 

Trakm8 Holdings plc (AIM: TRAK), a leading telematics and data supplier to global markets, is pleased to announce that it has extended an agreement to supply FMG Ltd, the UK's leading independent provider of Fleet Incident Management and Specialist Vehicle Recovery services, with telematics-based services for a further three years.

 

Trakm8 currently provides telematics-based services for approximately 5,000 FMG vehicles. 

 

FMG's 'Ingenium Dynamics' Driver Behaviour Telemetry solution uses Trakm8's telematics devices to extract raw driver behaviour data from vehicles. This data is then fed into FMG's system to create risk profiles for each of its customers.

 

John Watkins, Executive Chairman at Trakm8, said: "Trakm8 has been working with FMG since 2014 when we shipped our first units and this has subsequently increased to about 5,000 FMG vehicles.   This is a great example of how the stickiness of our products enables Trakm8 to grow with its clients and subsequently increase the number of connections. We look forward to continuing our successful relationship with FMG going forwards." 

 

Harvey Stead, Commercial Director at FMG, said: "There is a strong appetite for improving driver behaviour as more fleet decision-makers recognise the benefits of running a flexible, safe and efficient fleet operation. By working in close partnership with Trakm8, FMG are able to provide a technologically advanced solution which ultimately optimises driver safety and reduces incident frequency and severity."

 

– Ends –

 

For further information:

Trakm8 Holdings plc
John Watkins, Executive Chairman	Tel: +44 (0) 167 543 4200
Jon Furber, Finance Director	www.trakm8.com
Arden Partners plc (Nominated Adviser & Broker)	Tel: +44 (0) 20 7614 5900
Paul Shackleton / Alex Penney	www.arden-partners.com

 

Media enquiries:

Buchanan
Chris Lane / Tilly Abraham	Tel: +44 (0) 20 7466 5000
[email protected]	www.buchanan.uk.com

 

About Trakm8

 

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group analyses data collected by its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

 

The Group's product portfolio includes the latest data and reporting portal (Trakm8 Insight), integrated telematics/cameras, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 250,000 connections.

 

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, Direct Line Group and Young Marmalade.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

 

www.trakm8.com / @Trakm8

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 5286S

Water Intelligence PLC

26 June 2018

 

 

 

Joint Technology Development Agreement and Expansion of Municipal Services

Water Intelligence plc ("Water Intelligence" or the "Group") (AIM: WATR.L), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce an exclusive joint development agreement with Reece Innovation Centre Limited ("RIC").  RIC is a manufacturing and innovation company headquartered in the UK.  The Group and RIC plan to develop a range of proprietary, leading edge technology products under the Water Intelligence brand for the municipal services market.  RIC also will provide Water Intelligence with preferred manufacturing capabilities that the Group needs in order to grow its solutions offerings worldwide.  Such new technology product capabilities reinforce the strong growth trajectory of the Group's municipal services business – Water Intelligence International ("WII") – to be detailed in the Group's 1H market update.

The first product being launched under the Joint Development Agreement is a ruggedized and water proof acoustic device that rapidly assesses the condition of sewer pipes and identifies the location of blockages with greater precision than available in the market.  The product is currently being tested at a major water utility in the UK.   Water Intelligence plans to combine the product's acoustic capabilities with video technology and artificial intelligence provided by its Tagasauris partnership, announced earlier this year, to provide technology leadership to the municipal market.

The Joint Development Agreement is the next step in the Group's strategy to expand its municipal services business under the WII brand, first across the Group's current sales footprint in the US, UK, Australia and Canada and then into new geographies as the problem of crumbling water infrastructure, especially in urban areas, is a world-wide problem. 

The Group's plan is to leverage the substantial market presence of its American Leak Detection ("ALD") residential and commercial subsidiary across the US and Australia to sell additional municipal services from WII in those serviced localities.  Earlier this year, the Group announced such commercial expansion in Australia with respect to Hunter Water.  During 1H, WII also won several additional contracts in different states of the US – Maryland, Michigan, Missouri and Virginia.  Such additional contracts are accretive as they would not have been executed by ALD given sharply increasing demand for its higher margin solutions for the residential and commercial markets.  During 1H, WII has also led the way in opening new markets for the Group with contract wins in Ireland and Romania. Ultimately, these new territories may be converted into residential and commercial opportunities under the ALD brand.  Cross-selling between ALD and WII contributes to the Group's growth in a more efficient way.

Commenting, Dr Patrick DeSouza, Executive Chairman of Water Intelligence, stated:

"The Joint Development Agreement provides the Water Intelligence brand with a leading-edge product to sell and a manufacturing capability for more technology products to supplement our service offerings.  We are excited by the opportunities to fuel further growth with Reece Innovation Centre. This transaction delivers against one of the three operating priorities for 2018-2019 identified in our recently released Annual Report.  As noted in the Chairman's Statement from that Report, 'since our business solutions DNA always has been focused on the use of technology, especially acoustic and infrared, we will continue to enhance our technology profile through new product partnerships and investments in cutting-edge solutions for our customers.'"

Commenting, Alistair Kitching, Operations Manager of Reece Innovation, stated:

"Reece Innovation is delighted to be partnering with Water Intelligence, a forward thinking and rapidly growing international company which shares our ambition to develop novel, leading edge technologies to tackle real-world problems. Reece Innovation work in partnership with industry leading stakeholders to develop engineering solutions across a wide range of highly diverse sectors, and Water Intelligence's specialist water sector knowledge, combined with Reece Innovation's world class research and development, production and manufacturing facilities, make this a particularly valuable alliance for both parties. We very much look forward to working closely with Water Intelligence in order that both parties achieve their objectives and meet their ambitious growth targets."
 

For further information about this announcement please contact:

Water Intelligence plc    Patrick DeSouza, Executive Chairman                    Tel: +1 203 654 5426

finnCap Ltd                       Adrian Hargrave / Giles Rolls (Corporate Finance)
Stephen Norcross (Corporate Broking)                 Tel: +44 020 7220 0500

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 1768S

Imaginatik PLC

22 June 2018

 

22 June 2018

Imaginatik plc

("Imaginatik" or "the Company")

 

Contract win

 

 

Imaginatik plc (AIM: IMTK.L), the #1 ranked leader in corporate innovation management according to Forrester Research, today announces it has signed a contract with a leading European wine producer. 

 

The customer is one of the leading, award-winning wineries of the world.  It has selected Imaginatik's Innovation Central as a key tool to assist in developing and deploying its growth strategies, in concert with engaging its employees. The nature of the wine industry requires continual new thinking to address a wide range of complex issues from consumer trends to climate and sustainability.

 

Shawn Taylor, Chief Financial Officer of Imaginatik plc, said, "We are very proud to have been selected as this award-winning winery's change and innovation partner and to have the opportunity to contribute to its ongoing success.  It is an early success in our sales team's drive to expand deeper into additional territories. The cloud-based nature of our software means that it is deployable anywhere in the world, and with the majority of our revenue being derived from the US we have a proven ability to support international customers."

 

For further information please contact:  

 

Imaginatik plc	Tel: 01329 243 243
Shawn Taylor, CFO
finnCap Ltd – Nomad and broker	Tel: 020 7220 0500
Jonny Franklin-Adams/Max Bullen-Smith, corporate finance
Camille Gochez, corporate broking
Peterhouse Capital Limited – Joint broker	+44 (0) 20 7220 9797
Duncan Vasey / Lucy Williams
Alma PR	Tel: 020 8004 4218
Caroline Forde / Robyn Fisher

 

About Imaginatik

 

Imaginatik is the only innovation solution provider which has combined a proven innovation program with purpose-built idea management software to enable companies to achieve breakthrough and continuous innovation at scale. Imaginatik works with leading global enterprises to build and integrate innovation management skills as a core competency. Customers include ExxonMobil, Altria, Shell, Goodyear, AECOM, Caterpillar, Novartis and Cargill.

 

Imaginatik is a public company traded on the AIM market of the London Stock Exchange (LSE: IMTK.L) with offices in Boston, MA, USA and Fareham, U.K.

 

For more information visit www.imaginatik.com.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 0476S

Trakm8 Holdings PLC

21 June 2018

 

For immediate release

21 June 2018

 

 

Trakm8 Holdings plc

('Trakm8' or the 'Group')

 

International Contract Award

 

Trakm8 Holdings plc (AIM: TRAK), a leading telematics and data supplier to global markets, is pleased to announce that it has reached an agreement to supply Intelematics Australia Pty Ltd ('Intelematics Australia') with telematics based services.

 

The contract, initially for three years, provides Intelematics Australia with data, including automotive diagnostics, and a 4G self-fit on-board diagnostic ('OBD') device.  It is believed that this is the first 4G OBD device to meet the requirements of the Australian Cat M1 networks.  The demand over the three year period is expected to amount to circa 40,000 connections.

 

Intelematics Australia is a subsidiary of the Royal Automobile Club of Victoria and a lead partner in the Intelematics Europe joint venture with which Trakm8 has an existing contract, as announced on 31 August 2017.

 

John Watkins, Executive Chairman of Trakm8, said: "This contract with Intelematics Australia is another good example of Trakm8 developing a market leading data service and device and successfully taking it into international markets with new partners.  We look forward to working with Intelematics Australia in the years ahead."

 

– Ends –

 

For further information:

Trakm8 Holdings plc
John Watkins, Executive Chairman	Tel: +44 (0) 1675 434 200
Jon Furber, Finance Director	www.trakm8.com
Arden Partners plc (Nominated Adviser & Broker)	Tel: +44 (0) 20 7614 5900
Paul Shackleton / Alex Penney	www.arden-partners.com

 

Media enquiries:

Buchanan
Chris Lane / Tilly Abraham	Tel: +44 (0) 20 7466 5000
[email protected]	www.buchanan.uk.com

 

About Trakm8

 

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group analyses data collected by its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

 

The Group's product portfolio includes the latest data and reporting portal (Trakm8 Insight), integrated telematics/cameras, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 250,000 connections.

 

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, Direct Line Group and Young Marmalade.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

 

www.trakm8.com / @Trakm8

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 0333R

Verditek PLC

12 June 2018

 

                                               

Verditek PLC
("Verditek" or the "Company")
 

Successful First Stage CO2 Capture Test for WES

 

Verditek plc, (AIM: VDTK), the clean technology company, is pleased to update shareholders that Westec Environment Solutions ("WES"), in which it is a major investor, is moving into large scale CO2 carbon capture testing, marking a significant milestone on its route to commercialisation.

 

SINTEF, Westec Environmental Solutions and CMC Research Institutes' Carbon Capture and Conversion Institute are working together on the INSPiRE project, to demonstrate the use of a proprietary precipitating solvent developed by SINTEF in the WES Regenerative Froth Contactor (RFC).  Completion of the first stage-gate included testing the solvent and RFC absorber at the SINTEF lab.

 

All required criteria were met, and the Steering Committee approved proceeding to the next stage, to include testing at the larger scale Tiller pilot plant in Trondheim, Norway. Particulars of the first stage of work will be presented at the GHGT-14 conference in Melbourne, Australia in October 2018.

 

The RFC technology developed at WES opens the door to significant size reductions and cost savings for post-combustion CO2 capture applications or H2S scrubbing of natural gas production. WES' RFC technology will be used in the oil and gas sector, fine chemicals, pharma and cement production.

 

Geoff Nesbitt, CEO of Verditek plc said: 

"Working with SINTEF has been a privilege for WES. As one of Europe's largest independent research organisations, and extremely well regarded by industry, SINTEF brings world-leading expertise and credibility to bear in any project. This is an important milestone in testing our technology and marks a significant step towards commercialisation. The results help validate the years of testing in our own pilot plant, as we move diligently towards delivering a new technology that can help make CO2 and H2S removal from any gas stream more economic to adopt. In this way we hope to help organisations comply with the global COP21 accord, and the IMO clean fuel initiatives.

 

Verditek remains dedicated to commercialising innovative clean technologies that can deliver significant competitive advantage compared to conventional industrial and residential solutions."

 

Enquiries:

Verditek plc

Geoffrey Nesbitt, CEO                                                                         +44 (0) 20 7129 1110

[email protected]  

Stockdale Securities Limited (NOMAD and Broker)

Antonio Bossi / David Coaten                                                             + 44 (0) 20 7601 6100

www.stockdalesecurities.com 

Strand Hanson Limited (Financial Adviser)

James Harris / Ritchie Balmer / Jack Botros                                      +44 (0) 20 7409 3494

www.strandhanson.co.uk 

Whiteoaks International

Mary Fitzgerald                                                                                   +44 (0) 7795 284440

Bekki Bushnell                                                                                    + 44 (0) 7841 698586

[email protected] 

 

About Verditek

Verditek plc (AIM: VDTK), the clean technology company is headquartered in London. Verditek is dedicated to commercialising proven technology that can deliver significant competitive advantage compared to conventional industrial solutions. From light-weight solar modules, cutting edge de-odourisation, and ground-breaking CO2 capture, Verditek is realising tomorrow's technologies today.

 

For further information, please visit www.verditek.com 

           

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 8589Q

Solid State PLC

11 June 2018

 

 

Solid State plc

("Solid State", the "Group" or the "Company")

 

£4.3m robotics power unit contracts

with a major UK technology smart warehouse solutions provider and robotics manufacturer

 

Solid State plc (AIM: SOLI), the AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components, is pleased to announce it has received orders to supply power units for autonomous robots operating in cold climate conditions with a combined value of £4.3m.

 

Solid State was commissioned to design and supply the bespoke power units for the end customer's smart warehouses based on its knowledge of harsh environment applications for battery power solutions developed over 20 years.  Working closely with the end customer and the robot manufacturer, Solid State was able to satisfy the design and durability specifications to deliver a product that will stand the demands of the modern 24/7 fast moving consumer goods fulfilment cycle.  The power units have been designed and will be supplied from Solid State's centre of excellence for batteries established at their Power business unit in Crewkerne, Somerset.

 

The smart warehousing model is considered by many to be the solution in addressing the increasing demand for online and home delivery based shopping.  Through the use of autonomous robots, a round the clock fulfilment function can be maintained, shortening delivery cycles and reducing cost in the retail supply chain.

 

Deliveries of the power units are expected to commence during the second half of the fiscal year 2018/2019, contributing to the current financial year and will continue into the next financial year.  The contract will deliver additional recurring revenues through the supply of replacement cells in subsequent years as part of a support and maintenance agreement.

 

Commenting on the contract, Gary Marsh, Chief Executive at Solid State, said:

 

"This contract establishes Solid State as a leading innovator in the fast-evolving distribution and fulfilment technology market.  

 

"Solid State's in-depth knowledge of battery chemistries and harsh environment characteristics give it a unique position for partnering with customers as an embedded solutions developer.  Our intention is to develop a longer term collaboration with this customer."

 

Notice of Results and Investor Lunch:

Final results for the 12 months ended 31 March 2018 are expected to be released on 3 July 2018.

An investor lunch for Private Client Investment Managers and Private Investors will be held on Monday 9 July at St Pauls, London.  Those interested in attending should contact Tom Cooper on 0797 122 1972 or [email protected].

 

 

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information please contact:

 

Solid State plc	01527 830 630
Gary Marsh – Chief Executive Peter James – Group Finance Director	[email protected]
WH Ireland (Nominated Adviser & Joint Broker)	0117 945 3470
Mike Coe / Ed Allsopp (Corporate Finance) Jasper Berry / David Kilbourn (Corporate Broking / Sales)
finnCap (Joint Broker) Ed Frisby / Kate Bannatyne (Corporate Finance) Emily Morris / Rhys Williams (Corporate Broking / Sales)	020 7220 0500
Walbrook PR (Financial PR)	020 7933 8780
Tom Cooper / Paul Vann	0797 122 1972
	[email protected]

 

 

Notes to Editors:

 

Solid State plc (SOLI) is a leading value added group of companies providing specialist design-in and manufacturing services to those acquiring computing, power and communications products and electronic component services for use in harsh environments. 

 

Serving niche markets in oil & gas production, medical, construction, security, military and field maintenance, Solid State acts as both a component supplier to OEMs and bespoke manufacturer of specialist units to clients with complex requirements.

 

Headquartered in Redditch, Solid State employs over 200 staff across five sites.  Solid State operates through two main divisions: Solid State Supplies and Steatite.

 

Solid State was established in 1971 and admitted to AIM in June 1996.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 3609Q

LoopUp Group PLC

05 June 2018

 

 

5 June 2018   LoopUp Group PLC   ("LoopUp" or the "Company")   Completion of Acquisition of MeetingZone Group   LoopUp Group PLC (LSE AIM: LOOP), the premium remote meetings company, is pleased to announce that following the re-admission of its Enlarged Share Capital to trading on AIM on 4 June 2018, it has successfully completed the acquisition of MeetingZone Group, a UK-headquartered conferencing services provider.   Terms used in this announcement shall have the meanings given to them in the Company's admission document dated 16 May 2018 unless otherwise specified. Steve Flavell, Co-CEO of LoopUp commented:   "Today marks a major milestone in LoopUp's development. This is a transformational step for the Company – MeetingZone enhances our already strong competitive position, adds significant scale to the business, amplifies the network effect of our offering, and brings a close and long-standing partnership with Cisco. We are excited to welcome MeetingZone into our newly-enlarged group. Together, we have an exciting opportunity to transform the way remote meetings take place and drive long-term growth and value for our shareholders."     For further information, please contact:   LoopUp Group PLC via FTI Steve Flavell, co-CEO       Panmure Gordon (UK) Limited +44 (0) 20 7886 2500 Dominic Morley / Alina Vaskina (Corporate Finance)   Erik Anderson (Corporate Broking)       Numis Securities Limited +44 (0) 20 7260 1000 Simon Willis / Jonny Abbott (Corporate Finance)   Tom Ballard (Corporate Broking)       FTI Consulting, LLP +44 (0) 20 3727 1000 Matt Dixon / Harry Staight / Jamille Smith           About LoopUp Group plc   LoopUp (LSE AIM: LOOP) is a premium remote meetings solution. Streamlined and intuitive, LoopUp is built for business users and delivers the quality, security and reliability required in the enterprise. One-click screen sharing and integration with tools business people use every day, like Outlook™, make it easy for LoopUp users to collaborate in real time. LoopUp's award-winning SaaS solution doesn't overwhelm users with features, and doesn't require training. Over 2,000 enterprises worldwide, including Travelex, Kia Motors America, Planet Hollywood, National Geographic, and Subaru trust LoopUp with their remote meetings.   The Group is headquartered in London, with offices in San Francisco, New York, Boston, Hong Kong, Barbados and Australia, and is listed on the AIM market of the London Stock Exchange (LOOP). For further information, please visit: www.loopup.com.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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RNS Number : 2403Q

Netcall PLC

05 June 2018

 

RNS Reach

5 June 2018

NETCALL PLC

("Netcall", the "Company", or the "Group")

 

Contract Renewal

 

Netcall plc (AIM: NET), a leading provider of low-code and customer engagement software, is pleased to announce that its wholly owned subsidiary, MatsSoft Ltd, has secured a contract renewal with one of the UK's largest financial services institutions (the "Customer"). The four-year contract is worth a minimum of £3.7 million.

 

Since implementing MatsSoft's low-code platform ("MATS"), the Customer has developed a broad range of applications on the platform, supporting a significant number of operational processes.

 

The MATS platform drives innovation and digital transformation, from enterprise scale strategic services to niche applications that enhance the customer experience, lower and mitigate risk and reduce operating costs.

 

Henrik Bang, CEO of Netcall, commented: "We are delighted to continue our partnership with this important financial services institution. The contract win emphasises the value our platform brings as organisations transition into digital businesses. With MATS recognised as a market leading low-code platform, we are well positioned to benefit from the growing market opportunity."

 

For further enquiries, please contact:

 

Netcall plc	Tel. +44 (0) 330 333 6100
Henrik Bang, CEO James Ormondroyd, Group Finance Director
Alma PR	Tel. +44 (0) 20 8004 4218
Caroline Forde / Josh Royston / Robyn Fisher

 

About Netcall plc

Netcall is a UK company quoted on the AIM market of the London Stock Exchange. Netcall helps organisations transform their customer engagement activities and enable digital transformation faster and more efficiently, thereby improving customer experiences and operational efficiencies. Netcall's software product portfolio comprises Liberty, a customer engagement platform, incorporating omnichannel contact centre and workforce optimisation, and a leading low-code platform MATS.

 

Netcall has over 700 customers in both the private and public sectors. These include two-thirds of the NHS Acute Health Trusts, major telecoms operators such as BT and Vodafone, and leading organisations including Lloyds Banking Group, ITV and Nationwide Building Society.

 

For more information on Netcall visit www.netcall.com.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

END

 

 

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Neville Registrars is delighted to welcome Rotala Plc as the newest addition to its list of client companies.

Rotala Plc provides a range of transport solutions for businesses, local authorities, the public and private individuals.

Further information can be found on the Company's website: http://www.rotalaplc.com/

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RNS Number : 4469P

Prospex Oil and Gas PLC

29 May 2018

 

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

29 May 2018

Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Production concession application submitted, onshore Italy

 

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by the operator Po Valley Energy Limited ('PVE') that a production concession application has been submitted to develop a new high return gas field in northern Italy (the 'Application').  The Application covers the 80.8km² Selva Gas-Field ('Selva'), which includes the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well'), where strong flow rates from testing operations confirmed a significant commercial gas discovery in January 2018.  Prospex holds a 17% interest in Selva, which sits within the 331km² Podere Gallina Exploration Permit (the 'Podere Gallina'), which is located in the Po Valley region of Italy, a proven hydrocarbon province where over 5,000 wells have been drilled historically.

 

Podere Maiar was drilled in Q4 2017 into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf of gas between 1960 and 1984. In December 2017 two gas-bearing reservoirs, C1 and C2, were encountered by the Well in the Medium-Upper Pliocene sands of the Porto Garibaldi formation with peak flow rates of 148,136 scm/day (5.2mmscf/d) on a 3/8 inch choke and 129,658 scm/day (4.6 mmscf/d) on a 3/8 inch choke achieved respectively in January 2018. 

 

Under the first phase of the development plan for the Well, PVE plan to install a fully automated gas plant at the existing Selva/Podere Maiar-1d well site at a cost of EUR2.4m and run a 1km long pipeline to connect with the nearby Italian National Grid connection. Based on dynamic reservoir studies, first phase production is targeted at a rate of up to 150,000 cubic metres (5.3 mmscf/day) a day from the successfully tested C1 and C2 reservoirs.  Accordingly, the formal Application, which has been submitted to the Italian Ministry, covers the installation of a fully automatic gas plant with capacity to produce 150,000 cubic metres (5.3mmscf/day) of gas a day. 

 

Crucially, significant further upside remains and in the second phase of the development plan (contingent on 3D seismic results), PVE intend to drill additional wells with a view to significantly increasing the size of the Selva natural gas resource.  Wells will be drilled in the field's highly prospective Selva East, Selva South Flank, and Riccardina prospects, all of which fall within the production concession application area.  3D seismic will be acquired (subject to JV approval) across these areas in the second half of 2018 and early 2019.

 

The Application will be considered for preliminary award at the next Italian Ministry Hydrocarbon Commission meeting, which is expected in July 2018. In the interim, PVE will prepare documentation for the requisite Environmental Impact Assessment so as to be able to commence the next stage of environmental approval pending preliminary award of the Application.

 

Commenting on the news Managing Director, Edward Dawson, said, "The submission of this production concession application marks a significant step forward in the commercialisation and recommencement of commercial gas production at the Selva Gas-Field in Italy.  Following the successful discovery of commercial gas at Podere Maiar earlier this year, PVE has designed a clear development plan from which to realise value in the near term whilst also proving up the potential of the wider licence area, with multiple prospects set to be advanced, each of which has the potential to significantly increase the size of the overall Selva Gas-Field. 

 

"Selva is set to be a high return natural gas field development and is undoubtedly a valuable asset within our multi-project investment company, which also includes the Bainet gas discovery in Romania, which is on course to commence production later this quarter, and the Tesorillo Project in southern Spain, which has gross unrisked Prospective Resources of up to 2 Tcf cubic feet of gas.  With multiple value triggers due in the coming months, we look forward to keeping shareholders updated on developments and believe 2018 is set to be a very exciting year for Prospex."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

* * ENDS * *

 

For further information visit www.prospexoilandgas.com or contact the following:

 

Edward Dawson	Prospex Oil and Gas Plc	Tel: +44 (0) 20 3766 0325
Rory Murphy Ritchie Balmer Jack Botros	Strand Hanson Limited	Tel: +44 (0) 20 7409 3494
Duncan Vasey	Peterhouse Corporate Finance	Tel: +44 (0) 20 7469 0932
Frank Buhagiar Charlotte Page	St Brides Partners Ltd	Tel: +44 (0) 20 7236 1177

 

Notes

Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects. 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

 

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