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Angus Energy spikes higher after UK Oil & Gas Authority approves plan to drill and then produce Lidsey-X2 well

A look at some of the biggest risers and fallers in London today
Bognor Regis pier
The Lidsey oilfield is located near Bognor Regis in the south of the UK, and production will target the upper crest of the producing Great Oolite reservoir

Angus Energy Plc (LON:ANGS) saw its shares spike nearly 17% higher in late afternoon trading to 28p after it said the UK Oil & Gas Authority has approved its plan to drill and then produce the Lidsey-X2 horizontal production well at its Lidsey production oilfield, license PL 241.

The company now has all regulatory consents to drill and produce Lidsey-X2. The Lidsey oilfield is located near Bognor Regis in the south of the UK, and production will target the upper crest of the producing Great Oolite reservoir.

Investment company Origo Partners PLC (LON:OPP) was also a late gainer, adding 7.7% at 1.75p after it said its portfolio company Kincora Copper Ltd (CVE:KCC) has completed a C$4.5mln fund-raising through the issue of 13.7mln units at a price of C$0.33 each.

Each unit consists of one share and one-half of a share purchase warrant, with each warrant entitling the holder to purchase another share at CAD0.445 for two years.

Proceeds from the equity raise will go towards funding a planned reconnaissance exploration programme in the Southern Gobi copper gold porphyry belt.

Following completion of the placement, Origo will have a 25% stake in Kincora.

But Xtract Resources PLC (LON:XTR) was a faller, losing 28.6% at 1.88p on new it is to raise funds so it can terminate its loan note facility with YA II EQ.

The resources company conditionally placed 76.47mln shares at 1.7p to raise £1.3mln.

The company said the outstanding amount owed under the loan note facility is £583,000, leaving some cash over from the placing to spend on meeting pre-production costs for the company’s Manica alluvial operations.

1.30pm: Parallel Media's shares suspended up 16% after it reveals deal discussions

Parallel Media Group plc’s (LON:PAA) shares stood near the top of the London market leader board in early afternoon trading, with the stock having been temporarily suspended up 16% at 21.5p after the event marketing and media agency revealed deal discussions.

Noting the movement in its share price, Parallel Media confirmed it is in advanced discussions with another party about a possible transaction which would constitute a reverse takeover under AIM rules.

In a statement, the AIM-listed firm said: “Shareholders are advised that there can be no certainty that the discussions between the parties will lead to any agreement concerning the possible transaction or as to the timing or terms of any such transaction and there can be no assurance that, even if agreement is reached, any such transaction would be completed.”

Elsewhere, Amur Minerals Corporation (LON:AMC) was also a strong gainer, adding 16.5% at 8.35p on follow-through buying after it told investors yesterday that it has the first batch of findings from lab analysis of samples from its Kun Manie nickel project in Russia had confirmed earlier positive drilling results.

Meanwhile, it added, a second batch of results is presently under management review following receipt from the lab and a third batch is still undergoing lab analysis.

And Parkmead Group PLC (LON:PMG) shares rose 6.4% to 41.5p after the UK and Netherlands focused independent oil and gas group announced that it has completed the previously announced acquisition of a 50% interest in the UK North Sea Licence P.2209. from Verus Petroleum (SNS) Limited, which contains the Farne Extension prospect.

11.30am: Snoozebox higher as first-half losses more than halve on lower admin expenses

Snoozebox Holdings PLC were comfortably higher in late morning trading, adding 15.5% to 0.34p after temporary and semi-permanent accommodation provider reported a narrowing of first-half pre-tax losses, despite revenue more than halving.

The AIM-listed firm posted a pre-tax loss of £1.0mln in the six months ended June 30, down from a £2.1mln a year earlier, as administrative expenses decreased to £910,000 from £2.6mln due to restructuring and cost reduction measures,

First-half revenue, however, more than halved to £871,000, down from £2.2mln a year earlier, reflecting the end of Snoozebook’s contract to provide semi-permanent accommodation in the Falkland Islands.

Elsewhere, flat panel antenna manufacturer MTI Wireless Edge Limited (LON:MWE) added 12.2% at 33.25p after announcing that it secured a new contract from an unnamed existing customer for the development and manufacture of an antenna solution for a military application.

The AIM-traded firm said the contract was worth approximately US$1mln and is expected to be delivered over the next 25 months.

And Water Intelligence PLC (LON:WATR) jumped 13.4% higher to 122.5p as it reaffirmed previous guidance that growth continued to "accelerate" in the first half, with its aim of US$20mln annual sales "within sight".

The AIM-listed leak detection and repair firm also revealed it has reacquired its franchise located in Northern Virginia, adding that revenue from the franchise's operations will be added to corporate operations that were launched in Washington DC during May, which were "immediately profitable".

10.45am: Tasty shares drop after restaurant operator warns on first half trading

There was a bad taste in the mouth for shareholders of Tasty Plc (LON:TAST) in mid-morning trading as the restaurant operator’s shares dropped 16% to 42p after it said trading in the first half was below its operations as profit fell sharply.

The AIM-listed group said trading across its businesses was below the revised expectations set out in March, due to a "challenging" trading environment in the UK restaurant sector.

For the six months ended July 2, the Wildwood and Dim T restaurants operator said it expects to report adjusted pre-tax profit of £200,000, down sharply from £1.3mln last year, though revenue rose to £24.4mln from £21.8mln.

Telit Communications Plc (LON:TCM) was the top faller on the London markets, plunging nearly 32% lower to 124.25p after it said its chief executive officer, Oozi Cats is  take a leave of absence, with financial director Yosi Fait to take on the role on an interim basis.

The Internet of Things (IoT) enabler issued a statement noting speculating regarding indictments relating to CEO Cats in the USA that pre-date the establishment of Telit.

The Telit board has appointed independent solicitors to look into the matter. Until the review is published, Cats has asked to take a leave of absence from the company.

The news follows a profit warning from the company on Monday that saw more than 40% wiped from Telit’s share price followed by a rally yesterday after upbeat broker comment

And on the big board, outsourcing firm G4S PLC (LON:GFS) was the biggest FTSE 100 faller, down 5.6% at 312.1p despite reporting a 7.6% rise in first-half profit amid worries about growth in emerging markets and further asset sales.

9.45am: Trading Emissions soars as it completes sale of a further portion of its Italian solar portfolio

Trading Emissions PLC (LON:TRE) was one of the markets biggest gainers in early trading, adding almost 15% at 2.5p after the group confirmed the completion of the sale of a further portion of its Italian solar portfolio.

The disposal by the AIM-listed firm’s TEP (Solar Holdings) Limited subsidiary, to a member of the Sonnedix group – first announced on July 31 - raised  aggregate net proceeds that are estimated to be in the order of €3mln.

Elsewhere among the small cap gainers, Trinity Exploration & Production PLC (LON:TRIN) gained over 13% at 11.75p after it told investors it has seen a step-change in its financial performance, delivered during a period of transition.

In an operational update ahead of interim results, due September 25, the company said that it continued the upward trajectory in production into the second half.

And Jubilee Platinum PLC (LON:JLP) added 12% at 4.15p as it revealed it has executed a US$50mln project funding agreement to support its metals recovery business.

The company highlighted that the deal is structured at project level to minimise dilution and enhance shareholder value.

Other Proactive news headlines:

Motif Bio Plc’s (NASDAQ:MTFB, LON:MTFB) iclaprim next-generation antibiotic  has moved a step closer to potential commercialisation after the last patient finished their treatment in the REVIVE-2 phase III trial. The study is investigating the safety and efficacy of iclaprim in patients with acute bacterial skin and skin structure infections (ABSSSI).

PowerHouse Energy Group PLC (LON: PHE) has started demonstrations of its waste-to-hydrogen technology at the Thornton Science Park ahead of an expected full week of operation in September. The green energy group will collect data from a variety of sources integrated throughout the G3-UHt unit during this demonstration phase and this information will be used in the design of a first commercial unit.

Empyrean Energy PPC (LON:EME) updated investors on the operations on the Dempsey 1-15 well, in the Sacremento basin in California, where it says drilling is going to plan.

Improved vanadium prices have given a lift to Bushveld Minerals Limited’s (LON:BMN) recently acquired associate, Vametco. Bushveld, which acquired an effective 35% stake in Vametco in April, said interim underlying profits at the South Africa-based miner climbed to R85.5mln (£4.9mln) or 80% more than the whole of 2016.

Mobile messaging specialist Zamano Plc (LON:ZMNO) said it plans to sell its PSMS arm, its remaining business, as part of the wind down of the company. It is speaking to a number of potential buyers, and said it is close to concluding a deal with a preferred party.

Haydale Graphene Industries (LON:HAYD), the advanced materials group, has established operations in Taiwan. Haydale Technologies (Taiwan) will operate as a dedicated producer and sales outlet of graphene-based conductive inks and pastes, including other functional and specialty inks and pastes.


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