Seafarms Group Announces Update on Project Sea Dragon

  • May 10, 2019 AEST
  • Team Kalkine
Seafarms Group Announces Update on Project Sea Dragon

Headquartered in Australia, Seafarms Group Limited (ASX: SFG) is an aquaculture operator that market its farmed prawns under Crystal Bay Prawns® brand. Project Sea Dragon (developed in northern Australia) is its massive, greenfield investment. This project is a stand-alone marine prawn (shrimp) production system which produces over 100,000 tonnes of prawns per year. The Project Sea Dragon was designed to enable the company produce high-grade prawn volumes for the whole year to export markets.

The company ensures that its customers have “FRESH” prawns almost all year round. Seafarms delivers high-quality, year-round reliable prawn volumes for the Australian customers, as well as international markets. The Group farms two different prawn species comprising of Penaeus monodon and Penaeus merguiensis.

The Seafarms Group, on 10 May 2019, provided an update on Project Sea Dragon at Bynoe Harbour site. The company notified that the Northern Territory Government has agreed with the terms and conditions for the issue of a Crown Lease at Bynoe Harbour site with Seafarms’ Interest Registered on Title.

After this agreement, work can now be started at Project Sea Dragon’s (PSD) Broodstock Maturation Centre, early hatchery facility and Core Breeding Centre. The Project Sea Dragon Pty Ltd has issued its first contract with a Darwin based company, for work after the speedy conclusion of the lease agreement at Bynoe Harbour.

According to Dr Chris Mitchell, Managing Director of Seafarms Group, this is another step towards the development of a world-class black tiger prawn breeding program for Project Sea Dragon.

Up to eight full-time jobs will be created with this facility, and the number of jobs will expand further. This development will provide new technical skills to the territory economy in future.

Recently, Seafarms Group Limited took a significant move in progress of Project Sea Dragon as it unlocked Project Sea Dragon (PSD) headquarters in Darwin. This office will provide additional support to Project Sea Dragon operations in the Northern Territory.

Also, the company released its operational overview and market update for six months to 31 December 2018 on 28th Feb 2019. The company reported a rise in its operating revenue by 9 per cent to $17.9 million in the first half of FY 2019 relative to 1H FY18 figures. Also, the production grew 16.4 per cent to 872 tonnes during the six-month period on the prior corresponding period FY 2018. The company had cash and cash equivalents of $8,523,900 in 1H FY19.

The company’s stock is currently trading at A$0.094, up by 4.444% (as on 10 May 2019, 3:27 PM AEST). Presently, around 614,694 number of shares are in the trade. The market capitalisation of Seafarms Group stands at AUD 170.05 million. The 52-week high and low value of the company’s stock was recorded at AUD 0.180 and AUD 0.050 respectively. The stock has generated a negative return of 21.74 percent in YTD and 28 percent in the last six months period. However, in the last one-year period, the stock has given a yield of 68.16%.


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