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Proactive news round-up: Solo Oil, UK Oil & Gas, AdEPT Telecom ...

A glance at some of the stories on the Proactive newswire today
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Today's Proactive wire stories

Proactive Spotlight:

The Gatwick Gusher was back in focus today, with the partners in the Horse Hill exploration site, including Solo Oil PLC (LON:SOLO), having their licence on the acreage extended for a further four years along with the rights to explore and develop a second area nearby.

The update from the partners also provided a timeline for testing the Horse Hill well, near Gatwick airport in Surrey, as well as setting out a detailed work programme.

The agreement with UK Oil & Gas Authority includes production testing of the Portland horizon and Kimmeridge limestone, with the latter thought to be part of a thick oil-bearing layer that may span large tracts of the Weald Basin in the south of England.

Solo’s boss Neil Ritson said: “Extending the time we can retain the entirety of the licence areas by four years whilst we test and appraise the discoveries made by the Horse Hill-1 well is a positive development as it considerably increases our flexibility in completing the work programme.”

He added: “Testing at Horse Hill will likely start in the second half of 2017 and is the next step in the evaluation process."

Solo owns 6.5% of the licences via its 10% ownership of the operator Horse Hill Developments.

Meanwhile, the next big well in the Weald Basin is just weeks from getting underway, according to an update by UK Oil & Gas Investments (LON:UKOG).

The company already has planning permission for Broadford Bridge-1 (BB-1) in West Sussex and the drill pad has been constructed.

UKOG’s licence area is on the southern flank of the basin and is described as a mirror image of the fault block at Horse Hill, host to one of the most important onshore discoveries of recent times.

Other Proactive news stories:

Shares in AdEPT Telecom plc (LON:ADT) jumped 15% after it said its results for the year ended March will be ahead of market expectations on all metrics. The phone network, broadband and IT provider to the business sector said its underlying earnings (EBITDA) will increase 26% year-on-year, smashing the City consensus, which pointed to an 18% rise.

Europa Oil & Gas Holdings PLC (LON:EOG) had a busy first-half and the remainder of 2017 looks to be as exciting for the group, with further farm-out deals expected offshore Ireland, and strong potential from its onshore UK assets.

WATCH: Europa boss "confident" of closing further farm-out deals ...

Carl Bacon is to step down as chairman of StatPro PLC (LON:SOG) after 17 years in the role. Rory Curran, currently a non-executive director of the portfolio analytics software company, will succeed Bacon.

Online media and entertainment firm PCG Entertainment Plc (LON:PCGE) has confirmed it is looking to joint venture its Client Provider Authorization by the Kahn awake Gaming Commission in Quebec, Canada.

Satellite Solutions Worldwide Group PLC (LON:SAT) has landed a contract with the Norwegian government worth about £0.5mln to build a new fixed wireless network in the country.

Next Fifteen Communications Group PLC (LON:NFC) reported a 50% increase in profit, supported by a weaker pound following the Brexit vote. The digital marketing and communications company saw pre-tax profit rise to £24.2mln in the year to 31 January 2017 from £16.1mln the previous year.

Sirius Minerals PLC (LON:SXX) is well positioned to become a FTSE 250 company and there are signs that ‘basket’ investors are already buying in, so says Shore Capital.

City broker Dowgate Capital has repeated its ‘buy’ recommendation for Be Heard Group PLC (LON:BHRD),  claiming that investors are “starting to listen” to the digital marketing specialist’s story.

Speciality drug group Midatech Pharma Plc’s (LON:MTPH; NASDAQ: MTP) prelims charted a year of operational and financial progress – and a full year contribution from DARA Biosciences, bought in December 2015. The transformation of the business was reflected by top line growth of 510%, with gross revenues coming in at £9.21mln for the 12 months to December 31.

WATCH: MidaTech "consistently delivering on sales targets", says boss ...

Jersey Oil & Gas PLC (LON:JOG) has confirmed that the Herbier exploration well will go ahead this summer, after project operator Statoil signed up the Transocean Spitsbergen rig. Statoil has contracted Spitsbergen for a programme of three wells, including Herbier.

Gold plat PLC (LON:GDP) has failed to resolve its dispute with the Rand Refinery over a contract to process a batch of silver sulphide material and legal action is now pending.

Lou Energy Limited (LON:TLOU) has told investors that no earthquake damage has been reported at the Leased coal bed methane project in Botswana.

Bushel Minerals Limited (LON:BMN) has confirmed plans to pursue the acquisition of a significant interest in the Us tin project in Namibia following the successful completion of due diligence. The group’s subsidiary Greenhill’s Resources will buy a 49.5% stake in Dawning Africa, which owns 85% of the project.

Theresa PLC (LON:THS) is mulling a shift to becoming an owner miner at its platinum/chrome mine in South Africa. The mine currently has an open pit life of 18 years and a further 40 years underground with operations currently contracted out to MCC Contracts Proprietary.

Keywords Studios PLC (LON:KWS), the provider of technical services to the computer gaming industry, has traded in line with expectations this year and is primed for another year of strong growth.

WATCH: "Another fabulous year", says Keywords boss ...

Eldon Resources PLC (LON:EDR) gave the details of a deal to acquire 12% of the unconventional resources exploration rights for the PEDL 209 acreage from Stelinmatvic Industries. In exchange for the stake unconventional rights the company is trading 12% of conventional rights to the same acreage (and 580,646 shares).

The Parkmead Group PLC (LON:PMG) has taken full control of the Sanda exploration prospects in the West of Shetland region of the UK continental shelf.

Saffron Energy plc (LON:SRON) has reported last year’s financial results for Northsun Italia Spa (NSI), the company it acquired in January 2017. The company came to market in February, and the financials for NSI are somewhat meaningless given that the unit was restructured and rebooted preceding the acquisition and AIM market launch.

Peter George, chairman of Ergomed Plc (LON:ERGO), has bought 100,000 shares in the provider of specialised services to the pharmaceuticals industry.


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