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Infinity Energy bemused by share price rise

Last updated: 15:00 15 Mar 2017 GMT, First published: 09:00 15 Mar 2017 GMT

picture of oil workers

Infinity Energy SA (LON:INFT) said it knew of no reason for the 194% jump in its share price to 0.22p today.

The oil and gas company added that it has “very limited cash resources and is dependent on the continued financial support of its major shareholder. 

“The Company is planning to raise funding to provide additional capital to pursue its investing policy.”

Telecoms group Zegona Communications PLC (LON:ZEG) jumped 13% to 133p as  talks started with Spanish peer Euskaltel over a sale of its Spanish business Telecable.

Heavy rain has hampered Metals Exploration Plc (LON:MTL) plans to get its Runruno gold mine in the Philippines up to full speed.

Progress has been slower expected due to incessant rainfall and other factors that have restricted the effective mining of waste materials.

Shares in the company, which is controlled by property developer siblings the Candy brothers, dropped 14% to 40.

Mobile Systems PLC (LON:MOS) was another faller, shedding 11% to 3.1p, as it warned its business in Argentina had received notification from a significant partner that it is to stop its mobile billing subscription services.

As a result, revenue and EBITDA for the current financial year to be materially lower than market expectations.

12.30pm...Nektan nabs first contract with major US casino owner

Nektan PLC (LON:NKTN) has signed its first contract with a Tier-1 US casino operator for its in-venue mobile games solution.

Rapid Games, Nektan’s in-resort Bring Your Own Device (BYOD) mobile platform, will be launched into a marquee casino in California, though the operator also owns commercial and tribal market rights elsewhere in the US.

Respin, Nektan’s US subsidiary,  currently has a further five signed Letters of Intent to launch into multiple states in the US, with a strong pipeline of other additional interested parties.

The Rapid Games platform currently has Class II (Protected Tribal Gaming Category) certification, but is set for third party certification for Class III games (Traditional Casino Slots). Shares rose 13% to 17.5p.

Savannah Petroleum PLC (LON:SAVP) has signed up a drill contractor for a new programme, of up to 9 wells, starting in the first half of this year. Shares climbed 15% to 33.8p.

Active Energy Group PLC (LON:AEG) has raised £11.57mln via the issue of five-year convertible loan note to existing and new investors, with the cash set to be used to accelerate the development of the company’s CoalSwitch technology. 

AEG said it plans to build the first commercial-scale plant that will burn the revolutionary biomass product that can be burned by old, coal-fired generation facilities without the need for a retrofit. Shares rose 13% to 2.8p.

9.00am ...Magnolia Petroleum soars on reserves boost

Magnolia Petroleum PLC (LON:MAGP) gushed higher on a doubling of reserves across its US onshore projects.

New wells coming on stream boosted proved reserves by 112% to 283,000 barrels, while gas reserves rose more than 300% to 2.3bn cubic feet.

Combined, the new reserves are worth more than US$4mln, compared to a market value of £2.5mln (US$3mln) even after a 45% rise this morning to 0.137p.

On a different scale, Hikma Pharmaceuticals PLC (LON:HIK) added £350mln to its market cap as the FTSE100 group’s results were deemed better than expected.

Operating profit declined 21% to US$302mln on a reported basis in the year to December as it invested in research and development and its generic business reported an operating loss of $14mln.

During the period, the company invested US$150mln in research and development, compared to US$36mln in 2015, launching 34 new compounds.

Shares rose 7.5% to 2,285p.

A boardroom shake-up took its toll on Africa-focused oil and gas group Bowleven PLC (LON:BLVN). Kevin Hart, chief executive, was among five directors voted off the board at a general meeting called by rebel investor and Monaco-based private equity fund Crown Ocean Capital.

Shares dropped 10% to 31.1p.

 

Proactive news headlines

Clinigen PLC (LON:CLIN) increased underlying interims profits by 34%, helped by an outstanding performance from acquisition Link Healthcare.

Haydale Graphene Industries PLC’s (LON:HAYD) US arm AMC has won a US$2.6mln contract for coatings for advanced cutting tools used to make jet engine and wind turbine blades. Shares rose 6% to175p.

Learning Technologies Group PLC (LON:LTG) said its offer for NetDimensions has been declared unconditional.

StatPro Group PLC (LON:SOG) said 2016 was a pivotal year for the group, as it increased revenue by 24% to £37.6mln and adjusted underlying earnings (EBITDA) by 26% to £5.1mln. Shares rose 2% to 89p.

Scotgold Resources Limited (LON:SGZ) has told investors that an update to the bankable feasibility study at its Cononish gold mine has added “significant value” to the project.

Sound Energy PLC (LON:SOU) has confirmed it has observed gas shows whilst drilling in the TE-8 well's target reservoir - drilling operations continue and further details will follow its completion.

Magnolia Petroleum PLC (LON:MAGP) has revealed a significant rise in reserves, as part of its period reassessment (tied to the redetermination of its debt facility) and it has in turn increased its borrowing headroom. The reserves assessment was carried out as part of a six-monthly redetermination of Magnolia’s bank debt, and under the process the company has unlocked further headroom with US$2.21mln up from US$1.89mln.

Berkeley Energia PLC (LON:BKY), which is developing the Salamanca uranium mine in Spain, reported “strong interest” from financiers and looking to get involved in the project.

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