Genedrive – roll out for genetic test kit early in April after getting NICE approval expected later this month

Mark Watson-Mitchell
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Genedrive – roll out for genetic test kit early in April after getting NICE approval expected later this month

The world’s first commercial point-of-care genetic test for emergency care, Genedrive’s MT-RNR1 ID, is due to be rolled out at two hospital sites in the North West NHS.

Due to be started next month, the implementation of this project is expected to follow NICE giving final approval for the test in the NHS later in March.

Molecular diagnostics company Genedrive (LON:GDR) has been developing and commercialising a point of need molecular diagnostic platform that is low cost, rapid, versatile, easy to use and robust.

It is needed for the diagnosis of infectious diseases and for the use in genotyping which is the patient stratification process, for detection of pathogen and other indications.

The AIM quoted group has assays on the market for the detection of MT-RNR1, HCV, certain military biological targets, a high throughput SARS-CoV-2 assay and a point of care test for Covid-19.

It is also currently developing a genetic test for CYP2C19 metaboliser status.

Important roll out news

This roll-out news is important for Genedrive, whose MT-RNR1 ID Kit helps to avoid irreversible lifelong hearing loss in specific infants exposed to aminoglycosides by rapidly detecting the m.1555A>G gene variant that can cause deafness, allowing for alternative antibiotics to be prescribed.

The Manchester Academic Health Science Centre Women and Children Domain, part of Health Innovation Manchester are supporting and project managing the further roll out across Manchester University NHS Foundation Trust. 

The company continues to work alongside HInM on specific plans for the roll out across an additional five neonatal sites in Greater Manchester.

Once fully subscribed at this regional level, the test would be available when needed to circa 30,000 newborns over the next NHS fiscal year, of which 10-12% are modelled to be admitted to a regional neonatal unit.

MAHSC is one of eight national centres designated by NHS England and the National Institute for Health and Care Research for demonstrating excellence in patient care and driving innovation into the health service.

CEO David Budd stated that: 

“While we work with clinicians and implementers nationally on a Trust-by-Trust basis, near-term roll outs such as this one in Greater Manchester will benefit from additional coordination and support. 

We are grateful for the engagement from HInM and MFT, which will be an example for future regional roll outs elsewhere in the country.

It’s an important milestone for the Company as we work to ensuring every newborn has access to the Genedrive MT-RNR1 ID test when needed.”

In the market the news has seen Genedrive’s shares rise 10% to 47p, at which level the group is capitalised at just £43m.

New Aquis admission: Agglomeration plans for MBH Corporation

Andrew Hore
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New Aquis admission: Agglomeration plans for MBH Corporation

MBH Corporation (LON: MBH) joined the Access segment of the Aquis Stock Exchange on 13 March. The shares have previously been traded on the Frankfurt Stock Exchange and the Dusseldorf Stock Exchange. Trading started on Aquis at 7p (5p/9p) and it stayed at that price all week. There were no trades.
MBH has subsidiaries in a wide variety of sectors. They include education, construction, transport, health, engineering, property, leisure and food. There are 28 investee companies.
The company uses the agglomeration strategic growth model. The business being acquired will retain the things that made...

Aquis weekly movers: NFT Investments overhang sold

Andrew Hore
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2
Aquis weekly movers: NFT Investments overhang sold

Res Privata NV has sold its 3.83% stake in NFT Investments (LON: NFT). Following large sales on Tuesday, there was buying on Friday. The share price jumped 51.2% on the week to 1.625p.

Altona Rare Earths (LON: ANR) has ended trading on Aquis with the share price up 37.4% to 7.23%. Trading starts on the standard list on 20 March.

Ananda Developments (LON: ANA) has raised additional subscription funds at 0.3p a share, taking the total to £427,000. The share price improved 25.9% to 0.365p.

Capital for Colleagues (LON: CFCP) is investing £1m in A ordinary shares in automotive engineering and manufacturing start-up Morris Commercial, as part of an £8m investment round. The investment is in three tranches with an initial outlay of £500,000. The full investment will be made by the end of 2023. The initial product is the Morris JE electric van, which is based on the design of the Morris J-Type van. The share price increased 5.88% to 45p.

Shares in Invinity Energy Systems (LON: IES) rose 1.61% to 31.5p, following the closing of the open offer at 32p a share, which was 38.5% taken up by shareholders.

CBD products supplier Yooma Wellness Inc (LON: YOOM) shares continue to dive and they are down two-thirds to 0.25p. Following the exit from many businesses, the remaining businesses are in Europe. Yooma Wellness may have to sell other businesses if additional funds are not secured. In August 2021, at the time of joining Aquis, £7.46m was raised at 52.3p a share.

Snacks manufacturer S-Ventures (LON: SVEN) says the audit for its figures for the year to September 2022 will last until the end of April, so trading in the shares will be suspended on 3 April. The share price slumped by 18.3% to 10.25p.

IamFire (LON: FIRE) has subscribed a further £200,000 for convertible loan notes in WeShop, taking the total invested to £2.7m. The total amount invested in WeShop is £6.7m and there is the right to subscribe for a further £1.05m of loan notes. The conversion price is 200p. John Lewis and Sports Direct have recently become affiliated to WeShop. IamFire shares declined by 16.3% to 2.05p.

Quantum technology investment company Quantum Exponential Group (LON: QBIT) welcomes the Chancellor of the Exchequer’s plan for quantum technology. There will be investment of £2.5bn over ten years. This should help to increase investor interest in quantum. Even so, the share price fell 7.84% to 2.35p.

Cannabis company Apollon Formularies (LON: APOL) has sent out a circular ahead of the general meeting on 11 April. That provides an opportunity for shareholders to approve disposals and a new investing strategy. The share price is 7.69% lower at 0.3p.  

Wishbone Gold (LON: WSBN) has turned geophysics data at the Red Setter project in Australia into a new 3D model. Two targets have been identified. The share price fell 7.58% to 3.05p.

Silverwood Brands (LON: SLWD) is still experiencing opposition to the transfer of shares in skincare products supplier Lush. Silverwood Brands holds the rights to the shares even if ownership is not registered. The share price declined by 5.56% to 85p.

Chapel Down Group (LON: CDGP) believes that changes to UK duties are positive, because of the support for English sparkling wine producers. Even so, the share price has slipped by 4.41% to 32.5p. Chapel Down, along with Shepherd Neame (LON: SHEP), shares down 3.97% at 605p, have signed a partnership deal with The Boat Race, which happens on 26 March.  

Coinsilium Group (LON: COIN) is acquiring the advisory business and certain intellectual property assets of Tokenomi for £116,500 in cash and shares. There are four retained Web3 blockchain project clients with a further ten prospective clients. Revenues could be £551,000 over the next 12 months. The share price is 2.78% lower at 1.75p.

Tip update: Cordel’s Amtrak contract

Andrew Hore
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Tip update: Cordel’s Amtrak contract

Cordel (LSE: CRDL), which provides SaaS-based rail inspection services using LiDAR (Light Distance and Ranging) technology, has been winning contracts in the US. It is also overhauling its management as it continues to build up revenues. Cordel could move into profit next year.
Cordel has won an important contract with Amtrak in the US. The six-and-a-half year contract is valued at $6.7m. There will be $1m recognised in 2022-23 and $2m in 2023-24, with the rest recognised in the remaining time of the contract.
The bid was won in competition with more established competitors and the technical p...

AIM weekly movers: Potential buyers for Condor Gold project

Andrew Hore
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0
AIM weekly movers: Potential buyers for Condor Gold project

Verditek (LON: VDTK) has signed an exclusive supply agreement to supply solar panels to building and roofing products supplier Lindab Profil AB. They will be sold in the Nordic and eastern European markets. The exclusivity depends on the sale of panels of 850kw in 2023. The share price jumped 276.2% to 0.925p.

Condor Gold (LON: CNR) is entering the end of the first phase of the process to sell the La India gold project in Nicaragua. There are three formal expressions of interest, including two non-binding offers, with more likely to be received. The project requires $105.5m of investment and has an estimated NPV (5%) of $86.9m. There are additional areas to explore. The share price rose 50.8% to 23.75p.

Pendulum, a company incubated by Blue Star Capital (LON: BLU) investee company SatoshiPay, where it holds 27.9%, has launched Spacewalk, a blockchain bridge connecting the Stellar and Poladot networks. The PEN token has commenced trading on Singapore-based MEXC Global Exchange. SatoshiPay owns 5.5% of Pendulum. The Blue Star share price jumped 38,6% to 0.2425p.

Digital mental health company Kooth (LON: KOO) has won a significant contract in California covering 13-25 year olds. Services will be provided to the Behavioural Health Virtual Services Platform, and they will launch in January 2024. Specific terms are still to be finalised, but there should be a material impact on annualised recurring revenues from 2024. The share price rose 33.3% to 230p.

Circle Property (LON: CRC) announced a return of capital through a B share issue with a second distribution to follow. The company has nearly completed the sale of its property portfolio. The first distribution of 158p a share (£46.2m) will be on 21 March. A second distribution of 58p a share should be made in April. There will be a much smaller distribution when the final disposal is completed. An incentive payment of £620,000 is being paid to each executive. The shares have gone ex-payment and the share price fell 130p to 75p.

Clinical diagnostics firm Verici Dx (LON: VRCI) started the week by reassuring investors that it had no banking relationship with Silicon Valley Bank. Yet, the share price fell consistently through the week with trades predominantly being sales. The share price slumped 38.9% to 5.5p, which is a new low. There was $15.7m in the bank at the end of June 2022 and that cash will run out by the end of 2023.

Nucleic acid-based Optimer binders developer Aptamer (LON: APTA) reported interim revenues of £1m, which were in line with the previous trading statement, and management believes it can achieve full year revenue forecasts. However, this is fourth quarter weighted so there is caution and Liberum cut its 2022-23 forecast from £6m to £5m. That would leave net cash of £1.93m at the end of June 2023. The share price is 25.9% lower at 30p.

Energy supplier Yu Group (LON: YU.) reported 2022 figures in line with expectations, although the bad debt provision increased from 3.1% to 7.7% of sales. Year-end contracted revenues of £247m underpin the 2023 revenue forecasts. There are fears about bad debts this year. The share price fell 22.4% to 590p, but it is still 162% higher than at the end of 2021.

AIM movers: Verditek supply agreement and Circle Property distribution

Andrew Hore
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3
AIM movers: Verditek supply agreement and Circle Property distribution

Verditek (LON: VDTK) has signed an exclusive supply agreement to supply solar panels to building and roofing products supplier Lindab Profil AB. They will be sold in the Nordic and eastern European markets. The exclusivity depends on the sale of panels of 850kw in 2023. The share price jumped 25.9% to 0.85p.

Graphite technology developer Versarien (LON: VRS) raised £318,000 at 3p a share on Wednesday to fund commercialisation of products. It is considering the appropriate management structure following the departure of chief executive Neill Ricketts. The share price is continuing to recover and is up 9.31% to 4.3725p.

Technology investor Tekcapital (LON: TEK) says investee company Guident has a growing sales pipeline for its remote monitoring and control software for autonomous vehicles. The first purchase order from the Jacksonville Transportation Authority. The share price is 5% higher at 15.75p.

Circle Property (LON: CRC) has announced a return of capital through a B share issue with a second distribution to follow. The first distribution of 158p a share (£46.2m) will be on 21 March. A second distribution of 58p a share should be made in April. There will be a much smaller distribution when the final disposal is completed. An incentive payment of £620,000 is being paid to each executive. The shares have gone ex-payment today and the share price has fallen 85p to 120p.

Neometals Ltd (LON: NMT) says joint venture Recycling Industries Scandinavia has entered into a formal appraisal stage of diligence by the EIB and it is in discussions with several debt providers. The plan is to construct a facility to process and recover high-grade V2O5 from vanadium-bearing steel making by-product generated by SSAB EMEA AB and SSAB Europe Oy in Scandinavia. The final investment decision is expected in June. The share price is 4.11% lower at 36p.

Yourgene Health (LON: YGEN) finance director Barry Hextall is stepping down and he will be replaced by Peter Charles, who will hold the position until a permanent replacement is chosen. The share price declined by 1.84% to 0.3p.

Green shoots for global markets in 2023?

Aberdeen Investment Trusts
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0
Green shoots for global markets in 2023?
  • There are many risks for the global economy in 2023, but there are also encouraging signs
  • Asia is benefitting from the reopening of China and improving investor confidence
  • Reliable cash flow and dividends are likely to be highly valued by investors this year

Last year saw a significant adjustment in financial markets, as inflationary pressures ushered in a new era of rising interest rates. Markets also had to contend with sliding economic growth and a squeeze on household and corporate spending. So far in 2023, the outlook still warrants caution, but there are green shoots emerging.

These green shoots are perhaps most evident in Asia. China is reopening as it moves away from its zero-Covid policy. This creates economic momentum across the region, as activity resumes. At the same time, Asia’s post-pandemic debt hangover is not likely to be as severe, with governments remaining more circumspect about spending than their Western peers and inflationary pressures lower. This means the path to recovery appears clearer.

Asian markets

In Asian financial markets, valuations have been hit hard. The region saw a significant bounce in the first month of 2023 as confidence has returned. Gabriel Sacks, manager of abrdn Asia Focus, says: “It has been an exciting start to the year for Asia. Inflation has been relatively benign, particularly in China. Increasingly, there is an expectation that there might be pent-up spending – household savings have increased a lot. This is worth bearing in mind.”

He admits there are still some reasons for caution. It is still not clear how high interest rates could go and this could impact certain markets, such as India. He adds: “2023 could be a tough year for growth and earnings could also slow. But Asian companies have been more conservative and economies have generally been managed in an orthodox way. This positions Asia well and it should remain the powerhouse for global growth.”

Elsewhere, more caution is warranted. Martin Connaghan, Murray International Trust manager, says the team is still finding plenty of opportunities, particularly in sectors that have been sold off, but remains diversified and defensive: “We have holdings across Latin America, Asia and Europe. The only area we don’t hold is Japan – we have a level of frustration with Japanese companies on their conservative capital allocation. We are well-diversified across industries and sectors, holding energy, consumer staples and telcos. We are underweight those areas that don’t offer high or consistently  growing dividends, including the software space of technology and most consumer discretionary companies.

“We’re still quite cautious, particularly after the recent rally. We expect to see S&P 500 earnings at around 3% and sales growth slowing to a similar level. In general, employment has had to drop further before the cycle turns. Activity has fallen, but we need to see unemployment numbers tick up to bring prices under control.”

Stay diversified

Nalaka De Silva, manager of Aberdeen Diversified Income & Growth Trust, is similarly circumspect. He says core inflation is proving persistent and ‘soft landings’ are difficult to orchestrate: “The US Federal Reserve is effectively killing the cycle and we have yet to see where rates peak through this year. The extent of the recession is also unknown.”

The trust is split into three main areas: equity, fixed income and credit, and reduced beta assets, which includes areas such as listed alternatives and infrastructure. De Silva says exposure to private markets brings a long term perspective to the portfolio. He admits there has been some concerns that valuations of private equity holdings do not yet reflect the weaker economic environment. He believes the high yields on offer more than compensate for any potential re-set on valuations. There are also significant discounts on many of the private equity trusts. The fund holds private equity managers rather than making individual private equity investments, which gives greater diversification.

The trust is also looking for opportunities in equities and credit markets as the economic downturn unfolds and value re-emerges. He says visibility of cash flow and inflation protection is important. As such, he has trimmed back non-investment grade bonds and unrated credit, maintaining a weighting in investment grade where there is less chance of default. The fixed income portfolio tends to be shorter-duration, with less exposure to interest rates.

De Silva believes yield is likely to be particularly important in the year ahead, as investors look for stability while capital values remain volatile and uncertain. The fund looks to have a broad mix of income sources, including listed infrastructure, real estate, private infrastructure and private credit. This helps create a stable portfolio of income-generative assets.

There are green shoots in the year ahead, but until there is greater clarity on the turning point for inflation and interest rates, some caution is warranted on financial markets. At abrdn, the focus is on finding assets with reliable, inflation-adjusted cash flows and income.  

Important information

Risk factors you should consider prior to investing:

  • The value of investments, and the income from them, can go down as well as up and investors may get back less than the  amount invested.
  • Past performance is not a guide to future results.
  • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.
  • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.
  • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.
  • The Company may charge expenses to capital which may erode the capital value of the investment.
  • Movements in exchange rates will impact on both the level of income received and the capital value of your investment.
  • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.
  • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.
  • With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘subinvestment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in such bonds.
  • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.
  • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down.
  • Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts.
  • The Company invests in smaller companies which are likely to carry a higher degree of risk than larger companies.
  • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss.
  • The Company may invest in alternative investments (including direct lending, commercial property, renewable energy and mortgage strategies). Such investments may be relatively illiquid and it may be difficult for the Company to realise these investments over a short time period, which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.
  • Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value of investments.

Other important information:

Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London EC2M 4AG. abrdn Investments Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK.

Find out more by visiting the Trusts’ websites or by registering for updates.

Murray International Trust PLC

abrdn Asia Focus plc

Aberdeen Diversified Income and Growth Trust plc

You can also follow us on social media: Twitter and LinkedIn.

FTSE 100 resumes declines despite higher open, Fed decision eyed

UK Investor Magazine
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FTSE 100 resumes declines despite higher open, Fed decision eyed

As we head towards the end of a tumultuous week for global equities, the FTSE 100 resumed the move to the downside despite volatility subsiding in early trade across Europe.

The FTSE 100 was down round 0.5% at the time of writing on Friday after giving up early gains.

European stocks opened higher after US banks moved to stabilise regional US bank First Republic overnight. The move follows efforts by the Swiss central bank to support Credit Suisse with access to $54 billion.

“Whether the efforts on the part of the Swiss government to prop up the bank prove sufficient, whether Wall Street’s injection into troubled regional institution First Republic overnight works, and whether there are any other vulnerable banks are likely to remain key considerations for investors. The dreaded c-word, contagion, certainly remains in the air,” said AJ Bell investment director Russ Mould.

Although the shares of both First Republic and Credit Suisse were again trading negatively on Friday, the declines were more moderate than the swings we saw earlier in the week. Credit Suisse was down 11% at the time of writing.

Around midday on Friday, SVB announced they were filing for bankruptcy in the US and sparked a fresh wave of selling.

The FTSE 100’s banks were down marginally. Barclays and Lloyds were both down around 0.5%. Standard Chartered was off 0.8%.

Investors will be looking forward to the weekend after a week of uncertainty and volatility, but will have to be prepared for another potentially choppy week next week as the Federal Reserve meets to set the next change in interest rates.

US rates

The collapse of SVB and fears about Credit Suisse overshadowed the interest rates concerns this week, but make no mistake, whether the Federal Reserve hikes 25bps or 50bps, and their comments on the trajectory of rates, promises dramatic moves in equities and the bond market next week.

Indeed, the troubles in US regional banks and Credit Suisse are a result of the tightening cycle.

“The pace and scale of the rate tightening cycle after a decade of virtually zero interest rates was always likely to reveal stresses and strains in the financial system but if central banks row back, they risk leaving inflation even more entrenched and fostering a sense of panic,” said Russ Mould.

The Federal Reserve are stuck between a rock and a hard place.

They need to bring high inflation rates under control, but risk further instability with further rate hikes. A 50bps hike is warranted given US CPI is still at 6%.

However, there is an argument the disruption in the banking system this week may act to tighten financial conditions and do the Fed’s job for them.

A 25bps hike may suggest the Fed is concerned about financial stability and unleash a fresh wave of concern.

Today’s more benign trade in equities could well be the quiet before a new storm.

The FTSE 100’s more defensive nature may see the index provide a refuge and lead to outperformance compared to US indices, should we experience Fed-induced volatility.

Tekcapital shares jump as Guident update released

UK Investor Magazine
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Tekcapital shares jump as Guident update released

Tekcapital shares jumped on Friday after the university technology company released an update on their portfolio company Guident.

Guident is an autonomous vehicle (AV) safety company at the forefront of ensuring AV compliance with safety regulations. Guident has developed a Remote Monitoring and Control Center (RMCC) solution that facilitates human involvement in safety procedures for driverless vehicles.

Guident’s summary of recent activity saw Tekcapital share price perk up 5% to 15.75p in early trade as investors digested the progress and commercial opportunity for their technology.

Guident has established agreements with the Boca Raton technology campus and Jacksonville Transportation Authority which are to be finalised shortly and see Guident’s RMCC’s deployed and generating Guident revenue.

A letters of intent has been signed with Auve Tech, a developer and manufacturer of autonomous transportation systems. The relationship could see Guident’s technology in Auve Tech products and supply to clients across US, Europe, and Asia.

Shock Absorbers

In addition to their AV safety systems, Guident are developing the Regenerative Shock Absorber which harnesses the natural energy subjected to shock absorbers and converts this energy back into power for electric vehicles. This improves EV power efficiencies and reduces the resources used to complete a journey.

Predator Oil & Gas Holdings – £2m fund raising @ 5.5p a share sees shares fall 20% on the news

Mark Watson-Mitchell
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Predator Oil & Gas Holdings – £2m fund raising @ 5.5p a share sees shares fall 20% on the news

The Jersey-based Predator Oil & Gas Holdings (LON:PRD) has announced a £2m Placing to cover the costs of the works programme on its MOU-3 project.

The Placing of 15.5m new shares and 20.86m on loan from Chairman Paul Griffiths, was handled at 5.5p per share, the shares fell 1.5p from 7.5p overnight in reaction to the fund-raising news.

The £25m capitalised company, which has a highly experienced management team with a proven track record in operations in the oil and gas industry, is engaged in the exploration, appraisal, and development of oil and gas assets in Africa, Europe, and the Caribbean.

The company owns a diversified portfolio of oil and gas interests comprising CO2 enhanced Oil Recovery project in Trinidad; as well as 2 gas exploration and appraisal projects in offshore Ireland; and a gas exploration project in onshore Morocco.

Morocco

Predator is operator of the Guercif Petroleum Agreement onshore Morocco which is prospective for Tertiary gas in prospects less than 10 kilometres from the Maghreb gas pipeline and suitable for the development of Compressed Natural Gas for Morocco’s industrial sector.  The MOU-1 well has been completed and is subject to a follow-up testing programme. The MOU-2 well is currently suspended pending a potential re-entry. 

The MOU-3 surface location and drilling programme, now being funded, incorporates geological information from the suspended MOU-2 well and allows the company the first opportunity to penetrate in a single well not only the Moulouya Fan primary target but also the shallower potential gas target included in the first Competent Persons Report produced by SLR Consulting Ireland Ltd. in March 2019.

Trinidad

Predator is seeking to further develop the remaining oil reserves of Trinidad’s mature onshore oil fields through the application of CO2 EOR techniques and by sequestrating anthropogenic carbon dioxide in oil reservoirs.

Ireland

In addition, the company also owns and operates exploration and appraisal assets in licensing options offshore Ireland, for which successor authorisations have been applied for, adjoining Vermilion’s Corrib gas field in the Slyne Basin on the Atlantic Margin and east of the decommissioned Kinsale gas field in the Celtic Sea.

The group has also developed a Floating Storage and Regasification Project for the import of LNG and its regassification for Ireland and is also developing gas storage concepts to address security of gas supply and volatility in gas prices during times of peak gas demand.

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