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Horse Hill investor Primorus Investments boasts successful start to 2018

Published: 17:54 20 Jul 2018 AEST

oil and gas operations
Primorus sold 5% of the HHDL vehicle for £1mln earlier this year

Primorus Investments Plc (LON:PRIM) described the start of 2018 as “a successful period” making several further investments.

In its financial results, for the six months ended June 30, the investment company highlighted a strong balance sheet with no debt and £4.94mln of total assets.

One of the group’s investments this week made headlines, as the Horse Hill oil project – located in the vicinity of Gatwick Airport – saw a positive early start to a production testing programme.

Primorus sold out half of its holding back in February, reducing its stake to 5% from 10% in the HHDL operating vehicle (which in turn owns 65% of the discovery), for a total consideration of £1mln.

READ: David Lenigas upbeat as Horse Hill oil discovery returns to the spotlight

“We remain optimistic that the extended well test will return substantial flow-rates,” Primorus said in its statement.

The company also gave a rundown of its various investments, highlighting possible upcoming catalysts and milestones – notably several currently unlisted companies could be set to float on the stock market in the coming months.

It highlighted a new £250,000 investment into Engage Technology Partners, increasing its total investment to £750,000 ahead of a proposed 2019 IPO.

WeShop is making its early-stage IPO preparations following the appointment of former Dixons Carphone director as its new managing director.

Sport:80 is due to IPO onto London’s AIM market in the third or fourth quarter of this year, subject to a capital raise.

SOA Energy is awaiting approval for a farm-out/funding transaction, if secured it anticipates a UK market listing in the first quarter of 2019.

The recent achievements of the other investee companies - Fresho, TruSpine, and StreamTV - were also highlighted.

Evolving and maturing?

In terms of financial results, Primorus reported a £48,000 net loss for the six month period and it ended June with £274,000 of cash.

“During 2018 the portfolio continues to evolve and mature over time,” the company said.

“Key to our central strategy of investing in Pre-IPO is being able to demonstrate tangible IPO results and pleasingly two of our investments, Sport:80 and WeShop are undergoing the formal IPO process and are proposing to gain admission in Q3/Q4 2018 and Q1 2019 respectively.

“We continue to invest heavily in Engage Technology as it grows and develops its business and may look to invest further should the opportunity arise.

“Our oil and gas investments are dominated by our interest in HHDL and the ongoing EWT at the HH-1 oil discovery. We are however hopeful that further news regarding SOA Energy and NOMAD will be forthcoming in Q3.”

It added: “We will continue to seek out further investments in line with the Company's investing strategy.”

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