Proactiveinvestors United Kingdom - MSN - General mining RSS feed http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom - MSN - General mining feed en Sat, 20 Jan 2018 11:30:50 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com action@proactiveinvestors.com Pan Asia Metals lines up for London listing, bearing lithium and tungsten in Thailand http://www.proactiveinvestors.co.uk/companies/news/186588/pan-asia-metals-lines-up-for-london-listing-bearing-lithium-and-tungsten-in-thailand-186588.html Wed, 01 Nov 2017 13:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186588/pan-asia-metals-lines-up-for-london-listing-bearing-lithium-and-tungsten-in-thailand-186588.html Shell to come under fire over bosses pay package, climate change goals at its annual general meeting http://www.proactiveinvestors.co.uk/companies/news/178145/shell-to-come-under-fire-over-bosses-pay-package-climate-change-goals-at-its-annual-general-meeting-178145.html Tue, 23 May 2017 06:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178145/shell-to-come-under-fire-over-bosses-pay-package-climate-change-goals-at-its-annual-general-meeting-178145.html The zinc price is on the rise, but which companies are set to benefit the most? http://www.proactiveinvestors.co.uk/companies/news/172230/the-zinc-price-is-on-the-rise-but-which-companies-are-set-to-benefit-the-most-172230.html Thu, 26 Jan 2017 11:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172230/the-zinc-price-is-on-the-rise-but-which-companies-are-set-to-benefit-the-most-172230.html Day Ahead - Next, Topps Tiles to kick off key Christmas retail trading updates http://www.proactiveinvestors.co.uk/companies/news/171092/day-ahead-next-topps-tiles-to-kick-off-key-christmas-retail-trading-updates-171092.html Tue, 03 Jan 2017 12:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171092/day-ahead-next-topps-tiles-to-kick-off-key-christmas-retail-trading-updates-171092.html Equator Resources Ltd revives Northern Territory project after cash infusion http://www.proactiveinvestors.co.uk/companies/news/135667/equator-resources-ltd-revives-northern-territory-project-after-cash-infusion-69921.html Equator Resources Ltd (ASX:EQU) will commence exploration at the Acacia Frazer Project, 50 kilometres south of Darwin in a region which is host to occurrences of gold, uranium and base metals.

The shares of Equator were reinstated to the ASX last month, following the completion of a $2.05 million recapitalisation of the company.

The securities of the company had been suspended from official quotation since September 2013.

The Acacia Frazer project area is situated within the northern part of the Pine Creek Orogen.

The project area has good infrastructure and the availability of skilled labour within a favourable mining jurisdiction if any commercial discovery is made.

Equator is renewing exploration licences and engaging technical staff for exploration.

The company has undertaken a number of desktop studies including interpretation of regolith and geomorphological mapping with satellite imagery.

This work will be integrated with historical surface geochemistry and any newly acquired rock chip data from proposed reconnaissance field activities.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Jul 2016 04:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/135667/equator-resources-ltd-revives-northern-territory-project-after-cash-infusion-69921.html
BREXIT WATCH: 'Brexit will hit Capital' warns Osborne http://www.proactiveinvestors.co.uk/companies/news/124846/brexit-watch-brexit-will-hit-capital-warns-osborne-124846.html Tue, 21 Jun 2016 14:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/124846/brexit-watch-brexit-will-hit-capital-warns-osborne-124846.html Viking Mines banks US$2M from Ghana gold asset sale http://www.proactiveinvestors.co.uk/companies/news/158243/viking-mines-banks-us2m-from-ghana-gold-asset-sale-66787.html Viking Mines (ASX:VKA) has banked a very handy US$2 million as part of the sale proceeds for its Akoase gold project in Ghana.

Transfer of the licenses to the buyer of the West African project will commence and the $2 million proceeds are non-refundable.

Government approvals are expected in due course.

However, there are further cash proceeds to flow to Viking of US$6 million once Ministerial approvals for the transfer of the tenements are received.

A further US$2,000,000 is payable to Viking from the vendors upon gold production at the project via a gold royalty.

Viking will soon kick off reconnaissance drilling at its West Star/Blue River gold project in Ghana, testing a gold in soil anomaly.

The company is looking at project farm-in/acquisition opportunities, particularly those with near term production potential.

The significant incoming cash inflows are against a market cap of just $2.75 million inidcating the company will trade under cash backing.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 01 Feb 2016 01:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158243/viking-mines-banks-us2m-from-ghana-gold-asset-sale-66787.html
Viking Mines to reveal latest at Akoase http://www.proactiveinvestors.co.uk/companies/news/158241/viking-mines-to-reveal-latest-at-akoase-66741.html Viking Mines (ASX:VKA) has been granted a trading halt by the ASX this morning, pending details regarding the sale of its Akoase Gold Project in Ghana.

The halt will remain in place until the opening of trade on Monday 1st February 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 28 Jan 2016 01:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158241/viking-mines-to-reveal-latest-at-akoase-66741.html
A week in gold: Worried over markets, try gold shares suggests UBS http://www.proactiveinvestors.co.uk/companies/news/121403/a-week-in-gold-worried-over-markets-try-gold-shares-suggests-ubs-121403.html Fri, 15 Jan 2016 13:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121403/a-week-in-gold-worried-over-markets-try-gold-shares-suggests-ubs-121403.html Oil prices to rise and industry set for M&A wave - broker http://www.proactiveinvestors.co.uk/companies/news/119852/oil-prices-to-rise-and-industry-set-for-ma-wave-broker-119852.html Mon, 30 Nov 2015 16:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119852/oil-prices-to-rise-and-industry-set-for-ma-wave-broker-119852.html Viking Mines shares fly as Ghana gold sale revives http://www.proactiveinvestors.co.uk/companies/news/158239/viking-mines-shares-fly-as-ghana-gold-sale-revives-65776.html Viking Mines (ASX:VKA) shares were up 37.5% today as money began to flow into the company again from the previously stalled sale of its Akoase gold project in Ghana.

Viking stock was last trading at A$0.011 compared to a $0.008 close yesterday.

The bounce coincided with the restart of payments from Akoase Resources regarding a June sales deal between the two companies valued at US$10 million.

As recently as earlier this month, Viking had confirmed that Akoase had failed to make a due payment of US$1.7 million as part of the second instalment in the compensation agreement.

To date, Akoase has paid Viking US$360,000 of the overdue amount.

News today that Akoase is beginning to honour its obligations comes as the two companies negotiate a new payment schedule for the balance of the overdue US$1,350,000.

This effort is aiming to arrange the payment to Viking within as short a period as possible and within the constraints of the recent Chinese Central Bank restrictions.

The Akoase project is an advanced exploration gold project located approximately 125 kilometres northwest of Accra in Ghana’s Ashanti Gold Belt.

It hosts a classified Inferred resource of 790,000 ounces of gold and is only 25 kilometres from Newmont Mining’s 8-million-ounce Akyem gold mine.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 24 Nov 2015 04:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158239/viking-mines-shares-fly-as-ghana-gold-sale-revives-65776.html
Australian Oil Company increase gas sales revenue http://www.proactiveinvestors.co.uk/companies/news/149098/australian-oil-company-increase-gas-sales-revenue-64676.html Australian Oil Company (ASX:AOC) has increased its daily sales revenue by $1,000 after the operator of its Rancho-Capay Gas Field in the Sacramento Basin, California, established gas flow from a new reservoir.

Gas flow of 425,000 cubic feet per day was established from the Forbes Reservoir zone, which was covered by produced sand.

AOC has a 55% interest in the well while the operator holds 20%. Fellow Australian company Xstate Resources (ASX:XST) holds a 10% stake.

The company is continuing to assess a number of opportunities to increase conventional gas production in the Sacramento Basin.

It is also progressing discussions with potential funding partners who have shown a genuine interest in the development of the potentially 1+ trillion cubic feet Dempsey Prospect of the Rancho-Capay field.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Sep 2015 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/149098/australian-oil-company-increase-gas-sales-revenue-64676.html
Week ahead: Dixons Carphone tipped to maintain positive LFL sales growth http://www.proactiveinvestors.co.uk/companies/news/107542/week-ahead-dixons-carphone-tipped-to-maintain-positive-lfl-sales-growth-107542.html Sun, 31 May 2015 06:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107542/week-ahead-dixons-carphone-tipped-to-maintain-positive-lfl-sales-growth-107542.html Small cap report - featuring Motif Bio, OptiBiotix, Stride Gaming, Plus500 http://www.proactiveinvestors.co.uk/companies/news/107555/-107555.html Investors gave newly-listed antibiotics specialist Motif Bio (LON:MTFB) a shot in the arm this week.

Shares soared 32% to 42p as documents confirmed its iclaprim drug will be heading for phase III trials in the US.

The next generation antibiotic targets stubborn strains of bacteria and is “set is set to fill a major market void,” according to broker Northland Capital.

Its development comes amid a growing concern that the world’s line-up of drugs able to overcome stubborn diseases is inadequate.

A recent report by former Goldman Sachs economist Jim O’Neill found that the current arsenal of antibiotics is losing its effectiveness against drug-resistant bacteria, the so-called 'super-bugs'.

The study was commissioned by Prime Minister David Cameron to look at the threat posed by a lack of treatments for infection such as MRSA and E.coli.

Motif boss Graham Lumsden believes he may have the answer in iclaprim while Northland reckons the drug, which has already been tested on 1,000 patients, could achieve more than £650mln a year in sales.

On that basis, the broker reckons Motif is grossly undervalued and has a target price of 89 pence on the shares.

OptiBiotix (LON:OPTI) was another AIM biotech stock in rude health this week. 

The firm uses its technology to develop special ingredients to tackle such common modern problems as obesity, cholesterol and diabetes.

This week it told investors that the three new patents filed related to its work developing novel sugars.

These have the potential to act as calorie free sweeteners and modulate trillion microorganisms that live in our gut, mouth, skin - preventing, managing, and treat diseases, it reckons.

Shares have risen 8% since Monday to 38p and have climbed over 90% since the start of the year. 

On the subject of year-to-date performance, the FTSE AIM-All Share Index has now climbed 70 points since the beginning of January.

The junior equity gauge could only add a single point this week, reaching 711, but still maintained its upward momentum.

Matt Butlin, analyst at Allenby Capital, reckons there’s plenty of room for further upside on the index given a favourable general election result and higher commodity prices.

Still, it wasn’t all plain sailing on AIM during the shorter trading week. 

Shares in Plus 500 saw their value slide again despite telling investors it is working at ‘full speed’ to re-approve all customer accounts.

The forex focussed CFD firm has lost 60% its value in the past ten days after it emerged that client money laundering checking procedures had been inadequate.

It meant the company had to freeze more than half its accounts and today, it revealed it will take about a month to work through the backlog to reprocess the customers.

Plus500 shares were worth close to 800p at the start of the month but currently change hands for 331p apiece.

PeerTV also had a bad week, with shares down 20% to 0.2p as some of its institutional holders dumped their shares in the company. 

The firm makes boxes that allow viewers to stream content from the internet directly to home-TV sets.

Elsewhere, newly-listed Stride Gaming (LON:STR) revealed the progress it made as a privately run company as it unveiled a 173% rise in revenues and a move decisively into the black in the first half.

The owner of the Kitty Bingo, Lucky Pants and Jackpot Liner sites reported net gaming revenues of £11.7 million and earnings before tax, depreciation and amortisation of almost £3.6 million during the six months to February 28.

The shares, which listed at 132p earlier this month, are now worth 185 pence, valuing the business at just shy of £100 million.

Meanwhile, marketing and PR firm Porta Communications (LON:PTCM) posted its first ever annual profit as it comfortably outperformed the sector last year.

Its Australian operations starred, while the recent acquisitions have started to bed in, the company revealed.  Shares are worth 7.6p.

Camco Clean Energy (LON:CCE) also generated some gains after the firm sold off a tranche of its Californian carbon credit portfolio.

Camco will receive US$1.74 million in cash up-front after securing a deal with an unnamed major multinational company.

Shares have moved 20% higher since Monday and trade at 6 pence each. 


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Sat, 30 May 2015 10:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107555/-107555.html
A week in gold: Fed interest rate hike uncertainty to keep price low until a decision is made http://www.proactiveinvestors.co.uk/companies/news/107544/a-week-in-gold-fed-interest-rate-hike-uncertainty-to-keep-price-low-until-a-decision-is-made-107544.html This week saw gold fall back below the US$1,200 level as it continues to move in the opposite direction to the dollar.

Commerzbank sees that changing by the end of the year however, when the Federal Reserve is expected to raise interest rates.

“Once the Fed’s first rate hike has come in autumn, the gold price will probably rise again” it said.

“The continuing debate over the summer months about the timing of the Fed’s first rate hike should prevent a rise of the gold price in USD [dollars] for the time being.”

The unknown timing of an interest rate hike has been the main driver for gold, with investors looking for clues on when and how far it is likely to lift it.

“Our economists forecast the first rate move for September” Commerzbank continues. 

“Once the uncertainty about this is behind us, the gold price should rise moderately to USD 1,250 per troy ounce by year-end, as the Fed will probably proceed very slowly in raising rates.”

Meanwhile, gold’s little cousin silver has been outperforming the yellow metal. 

The silver price has outperformed the gold price so far this year, rising 5.5% compared to a 0.06% gain in gold. Besides the cheaper price level compared to gold, there are fundamental reasons for this.

According to Thomson Reuters GFMS, the physical demand for silver should increase again this year. GFMS, a research company that specialises in precious metals, expects to see strong demand especially for jewellery, silverware, coins and bars.

Commerzbank said it forecasts silver to climb to US$18 per troy ounce by the end of the year.

Finally, platinum has had a tough 2014 shedding 7.1% since the turn of the year, but things could be looking up for the metal. 

According to estimates from Johnson Matthey, the world’s largest platinum and palladium refiner, platinum supply will be 285,000 ounces lower than demand this year.

Commerzbank thinks this will mean an uptick in its price. “While the platinum and palladium markets are no longer as tight as in 2014, the fourth consecutive annual supply deficit is on the cards nevertheless” it said. 

It expects the price to rebound to US$1,250 before the end of the year.

As the markets closed yesterday, gold was trading at US$1,187 per troy ounce while silver was US$16.67 and platinum was US$1,113.

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Sat, 30 May 2015 08:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107544/a-week-in-gold-fed-interest-rate-hike-uncertainty-to-keep-price-low-until-a-decision-is-made-107544.html
Proactive weekly mining news summary - Condor Gold, Golden Saint, Mariana Resources, Metal Tiger, Premier African Minerals http://www.proactiveinvestors.co.uk/companies/news/107554/proactive-weekly-mining-news-summary-condor-gold-golden-saint-mariana-resources-metal-tiger-premier-african-minerals-107554.html On a short week, equity news has been somewhat subdued but there were some nuggets in the mining sector. 

Kicking off with Condor Gold (LON:CNR)n which said a high-grade intercept to the south of its proposed La India open pit in Nicaragua hints at the untapped potential of going underground.

The latest drill campaign intercepted a 7.55 metre section grading 10.2 grams per tonne. 

Condor said this indicated an extension to high grade gold mineralisation 100 metres outside the planned pit shell and next to underground resource.

Sticking with gold, Austria-focused explorer Noricum Gold (LON:NMG) has started geological mapping and sampling programme at the Walchen VMS deposit it acquired in March. 

The work will take 2-4 weeks and focus on known outcrops from historical studies plus new cuttings made by more recent forestry road works in the area.

Hummingbird Resources (LON:HUM) nudged higher after it confirmed it remains on track for an initial gold pour at its Yanfolila project in Mali in the first half of next year.

Earthworks are due to be completed by the end of the next month, paving the way for construction, the firm said.

Meanwhile, ECR Minerals (LON:ECR) told investors it expects to receive full assay results from its recent drill programme at the Itogon gold project, in the Philippines, in June.

Drilling operations were completed at Itogon in April, but the availability of the assay results have been delayed due to circumstances outside the company’s control; including one lab worker being hospitalised with dengue fever.

In tungsten news, Premier African Minerals (LON:PREM) is now fully funded to move its RHA tungsten project in Zimbabwe into production next month (June), said broker Northland, which has started covering the shares.

The firm agreed a £1.65mln convertible loan facility with financier Darwin last month to complete the mine build.

Combining the two, initial drilling at Metal Tiger's joint venture (JV) gold and tungsten project at Logrosán, in Extremadura, Spain, has identified near-surface tungsten mineralisation. 

The natural resources investing company(LON:MTR) said 563 metres (11%) of the planned 5,000 metre drill programme has been completed, with 31 holes drilled to date.

To diamonds - and Golden Saint Resources (LON:GSR) has found a 9.65 carat clear white diamond at its Tongo site to add to its growing collection.

The news comes almost one month after the company said it found a 9.475 carat diamond at the same site, which it valued at between US$75,000 and US$100,000

Finally, Mariana Resources (LON:MARL) said it intends to keep its focus on the Hot Maden project in north east Turkey, where a 10,000 metre drill programme is delivering promising high grade results.

Positive results have presented an opportunity for the company to advance Hot Maden more quickly than initially anticipated.

 

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Sat, 30 May 2015 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107554/proactive-weekly-mining-news-summary-condor-gold-golden-saint-mariana-resources-metal-tiger-premier-african-minerals-107554.html
Falcon Oil & Gas counting down to start of Aussie shale drilling http://www.proactiveinvestors.co.uk/companies/news/107553/-107553.html The countdown has now begun for the start of Falcon Oil & Gas’s (LON:FOG) shale drilling in Australia.

Falcon, which has a 30% stake in 4.6mln acres within the Northern Territory, yesterday revealed that operations have begun at the first well location.

It is expected that the Kalala S-1 exploration well will now spud before the end of June, and the drilling will last between 35 and 50 days.

Kalala S-1 will be drilled to a depth of around 2,800 metres and it will target the Middle Velkerri formation to assess hydrocarbon saturation and reservoir quality.  This will be the first of three wells in the programme.

“We are delighted to announce the commencement of drilling operations and the expected spudding of the first of our three well fully funded drilling campaign by the end of June 2015, in this highly attractive basin,” said chief executive Philip O’Quigley.

“We look forward to exploring the potential of the Beetaloo Basin in Australia with our partners and updating the market with further details in due course.”

The project is operated by Australian firm Origin Energy, which has a 35% stake, and Falcon is also partnered with South African energy major Sasol, which also has 35%.

The partners, as a result of a deal last year, are carrying the full A$63mln cost of the first five wells, which are part of a larger nine-well campaign.

Partnering with Origin and Sasol has effectively funded Falcon’s participation in the exciting exploration phase and, importantly, has underlined the attractiveness of the acreage the AIM firm secured as an early mover.

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Sat, 30 May 2015 07:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107553/-107553.html
FTSE100 closes 72 points lower as Greece remains in focus http://www.proactiveinvestors.co.uk/companies/news/107557/ftse100-closes-72-points-lower-as-greece-remains-in-focus-107557.html FTSE100 closed 72 points lower at 6,968 as traders took flight over mixed concerns, including Greece's continued debt woes.

Talks on a possible third bailout can only restart if “substantial” differences between Greece and its creditors are resolved, European Union economics commissioner Pierre Moscovici said today.

David Madden, at IG, said: "Traders know deep down that a deal will be reached in the nick of time, but those who don’t have the stomach for it are getting out of the market  while they can. Greece has been in revolving door crisis talks for five years now, and Yanis Varoufakis is refusing to bow down to the international creditors."

Primark owner Associated British Foods (LON:ABF) was one of the top risers after heavyweight broker Goldman Sachs released a bullish statement on the company.

It is taking its Primark brand to the states with a September launch of a new store in Boston which Goldman says could be worth £720mln to its earnings by 2020.

Meanwhile, it was a mixed bag for miners as some were hit by panic selling in the Chinese markets.China stocks continued to be sold off overnight - falling as much as 3.5 per cent after plunging 7 per cent a day earlier.

Anglo American (LON:AAL), heavily influenced by Chinese data, saw shares slip 0.43%.

In small caps, Minco (LON:MIO) was the big riser after it swung to a profit in the first half of the year. Shares soared almost 31% to 1.80p.

A foreign exchange gain of US$665,000 helped the company record a profit of US$482,000 compared to a loss of US$271,000 for the same period in 2014.

Data centre company Telecity (LON:TCY) eased 1.10% as it revealed it is heading to Silicon Valley instead of Amsterdam after it agreed to be taken over by US rival Equinix for £2.35bn.

The California–based company has seemingly won over the Telecity board, which had previously been in favour of a £3bn all-share merger with Dutch firm Interxion.

Telecity's board is recommending acceptance of a 572.5p cash plus shares offer worth around 1,145p per share.

Other small caps in focus were Amur Minerals (LON:AMUR) up 13.7% to 20.75p and ferrex (LON:FRX), which gained 13.04% to 0.65p.

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Fri, 29 May 2015 16:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107557/ftse100-closes-72-points-lower-as-greece-remains-in-focus-107557.html
Proactive news summary, including Nostra Terra, Falcon Oil & Gas, Condor Gold and Galantas Gold http://www.proactiveinvestors.co.uk/companies/news/107556/proactive-news-summary-including-nostra-terra-falcon-oil-gas-condor-gold-and-galantas-gold-107556.html It was a busy end to the short week today. Nostra Terra Oil & Gas (LON:NTOG) appears to have shrugged off the worst of the crude decline, as the junior US producer and investor reported a 49% increase in revenue for 2014.

Revenue for the 12 months to December 31 totalled £1.26mln, versus £851,000 in the preceding year. 

Elsewhere in the oil and gas sector, Falcon Oil & Gas’s (LON:FOG) hotly anticipated Australian shale exploration programme has now kicked off.

The company, which has a 30% stake in 4.6mln acres within the Northern Territory, today revealed that operations have begun at the first well location.

Meanwhile, Magnolia Petroleum (LON:MAGP) has raised £1mln that will fund its on-going drilling programme onshore in the US.

Specifically, the cash will be used to develop its operated and 94%-owned vertical wells targeting Oklahoma’s Mississippi Lime, Skinner and Red Fork formations. It has two on the slate for the second half.

In energy news, Recently-listed wind turbine technology firm Windar Photonics (LON:WPHO) met its sales targets last year and is well-placed to thrive this year.

The company, which builds laser guided units called Lidars that sit atop wind turbines and line them up properly, has beefed up its sales team across the globe and highlighted the Chinese market as a particular area of interest.

88 Energy (LON:88E) has confirmed its exit from its Moroccan project has now been officially signed off.

The company told investors it has now received the notification from the Minister for Energy and Minister for Finance, which seals the transfer of 88’s interest in the Tarfaya offshore block to Galp.

In mining news, Galantas Gold (LON:GAL, CVE:GAL) is confident on its ability to establish a sound business from the Omagh gold mine as it narrowed the loss in the first quarter.

Production at Ireland's only gold mine remains suspended and the firm is in cost cutting mode as it awaits the much-delayed outcome of the application for planning permission.

Sticking with gold, Condor Gold (LON:CNR) says a high-grade intercept to the south of its proposed La India open pit in Nicaragua hints at the untapped potential of going underground.

The latest drill campaign intercepted a 7.55 metre section grading 10.2 grams per tonne. 

Condor said this indicated an extension to high grade gold mineralisation 100 metres outside the planned pit shell and next to underground resource.

Elsewhere, Kibo Mining (LON:KIBO) cited a number of positives in 2014, as it swung to a profit last year and expects plenty of newsflow ahead. 

 

The Tanzania-focused firm has renamed its Rukwa coal to power project Mbeya and the group is now "well on the way" to completing a definitive feasibility study with joint development partner SEPCO, it said. 

Meanwhile, Bushveld Minerals (LON:BMN) has agreed a new £2.6mln loan deal with Darwin Strategic to support the potential buy-out of Lemur Resources.

The company also today lodged its ‘bidders statement’ in Australia for the proposed transaction.

EMED Mining (LON:EMED) outlined plans to raise a substantial portion of the funds required to build the Rio Tinto copper operation in Spain.

It hopes bring in just shy of £65mln via a share subscription, placing and open offer of stock.

Finally, OptiBiotix Health (LON:OPTI) has come a long way in a short time, it noted in its first results statement as a listed company.

“In a short space of time we have built operational capability, progressed our development programmes, built on our IP [intellectual property] portfolio, and created multiple product and partnering opportunities,” noted Stephen O'Hara, chief executive officer of OptiBiotix.

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Fri, 29 May 2015 16:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107556/proactive-news-summary-including-nostra-terra-falcon-oil-gas-condor-gold-and-galantas-gold-107556.html
US stocks lower on GDP data; Nike shares knocked by Fifa probe http://www.proactiveinvestors.co.uk/companies/news/107552/us-stocks-lower-on-gdp-data-nike-shares-knocked-by-fifa-probe-107552.html The US crackdown on alleged corruption at Fifa appears to have snagged Nike in its net.

The sportswear giant isn’t named in the lengthy indictment into bribery at football’s governing body.

However, a 161-page Justice Department dossier mentions a “major US sportswear company” was involved in bribes when it signed a sponsorship deal with the Brazilian national soccer federation in 1996.

That matches up with Nike’s clothes, shoes and equipment deal with the team that year.

Nike shares have suffered this week as a result and now trade at just over US$100 each.

Joshua Mahony, analyst at IG Group, reckons there could be significant implications for the company’s reputation should such allegations prove true.

That said, he remains bullish on the stock over the long term, mainly due to the loyalty of Nike customers.

Nike stopped sponsoring American cyclist Lance Armstrong in 2012 after he was banned for doping.

Away from the FIFA furore, US equity indices opened lower with the Dow Jones, Nasdaq and S&P 500 all in the red.

Data showed America’s economy contracted in the first quarter for the second straight year.

Gross domestic product — the value of everything a nation produces — shrank by 0.7% annual rate from January to March.

 “Negative growth may be shocking on first glance, but let’s be clear - the US is a million miles from recession,” said Nancy Curtin, chief investment officer at Close Brothers Asset Management.

Fears of a Greek default also kept US stocks on the back foot with European share gauges struggling. 

Dow Jones was down 60 points early on to 18,063 and on course for its biggest drop in six weeks.

Both the Nasdaq and S&P lost 0.3 on the open.

Facebook, Apple, Google and Nike were all lower as Wall Street Trading began. 


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Fri, 29 May 2015 15:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107552/us-stocks-lower-on-gdp-data-nike-shares-knocked-by-fifa-probe-107552.html
OIL – Brent ending the week on the front foot, traders wait for OPEC http://www.proactiveinvestors.co.uk/companies/news/107546/oil-brent-ending-the-week-on-the-front-foot-traders-wait-for-opec-107546.html Oil prices were on the front foot on Friday, though look set to be lower for the week.

A stronger US dollar has been something of a dampener for the most part of the week, as it makes crude more expensive for international buyers.

Concerns over the high levels of supply remained a drag on the market also, and few expect OPEC to turn off any taps following next week’s meeting.

In America, crude inventory stats were mixed with the earlier API figures, which showed an increase, were followed by Department of Energy stats that that revealed a 2.8mln barrel drop in the surplus.

Brent crude futures were up more than 1% at US$63.25 in London on Friday afternoon, while West Texas Intermediary was also higher trading at around US$58.20.

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Fri, 29 May 2015 14:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107546/oil-brent-ending-the-week-on-the-front-foot-traders-wait-for-opec-107546.html
Gold makes modest gain on Greece and China concerns http://www.proactiveinvestors.co.uk/companies/news/107545/gold-makes-modest-gain-on-greece-and-china-concerns-107545.html Gold ticked up modestly today as a sell-off in Chinese equities and slowing developments in Greece limited its gains.

Chinese stocks continued to be sold off overnight, falling as much as 3.5%, after plunging 7% a day earlier.

The reason for the sell-off has yet to be determined but analysts suggested tighter lending requirements from brokers may have been the cause.

Meanwhile, economic leaders at the G7 meeting took time to vent their frustrations with the lingering issue of Greek debt as Greece’s creditors hinted that the country is a long way from finding funding.

Talks on a possible third bailout can only restart if “substantial” differences between Greece and its creditors are resolved, European Union economics commissioner Pierre Moscovici said.

Earlier this week, Greek ministers said they were optimistic of a deal by the weekend, but it seems this is now unlikely.

All this uncertainty meant gold made a small recovery after a week of heavy losses.

Gold was almost US$2 higher at US$1,190 an ounce.

Meanwhile, silver nudged 0.2% higher to US$16.72 while platinum lost US$1 to US$1,115. 

Major Movers

Fresnillo up 2.3% to 758p

Rio Tinto down 0.5% to 2,869p

Anglo American down 1% to 1,024p.

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Fri, 29 May 2015 14:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107545/gold-makes-modest-gain-on-greece-and-china-concerns-107545.html
Risers & Fallers: Anglo American, Infinis Energy, Ophir, Paypoint, Rio Tinto, Synergy Healthcare http://www.proactiveinvestors.co.uk/companies/news/107530/risers-fallers-anglo-american-infinis-energy-ophir-paypoint-rio-tinto-synergy-healthcare-107530.html Below are some of the main news-driven share price changes among FTSE 350 stocks at 12.15pm.

RISERS

Infinis Energy (LON:INFI), up 4.7%. After sharp gains yesterday morning following the release of full-year results, the stock faded badly in the afternoon session, but it is back on the rise today.

Ophir Energy (LON:OPHR), up 4.1%. Barclays has upgraded the energy firm to 'overweight' from 'equal weight', while the price target has been raised to 225p from 200p.

Paypoint (LON:PAY), up 3.3%. JP Morgan Cazenove has responded to yesterday's trading update by pushing up the target price to 985p from 950p.

FALLERS

Synergy Health (LON:SYR), down 1.7%. The US Federal Trade Commission (FTC) has informed Synergy that tit intends to block its merger with US firm STERIS.

Anglo American (LON:AAL), down 0.8%. JP Morgan Cazenove has lopped 30p off its previous 980p price target, while Liberum Capital has reduced its price target from 900p to 850p.

Rio Tinto (LON:RIO), down 0.4%. Liberum Capital has reiterated its 'sell' recommendation for the miner and cut its price target to 2,500p from 2,600p.

Below are some of the news-driven share price changes at 9.15am.

RISERS

Formation Group (LON:FRM), up 25.0%.The property development and project management company said it is trading in line with management expectations at the halfway point, while the order book is bulging. The company said it has received £1.27mln of the £6.23mln due from JV Finance Ventures.

Nostra Terra Oil & Gas (LON:NTOG), up 15.2%.The company appears to have shrugged off the worst of the crude decline, as the junior US producer and investor reported a 49% increase in revenue for 2014. 

Volvere (LON:VLE), up 9.2%. The growth and turnaround investment company has seen a sharp turnaround in its own fortunes, with half-year profit before tax up to £1.65mln from £510,000 the year before.

LOSERS

Sefton Resources (LON:SER), down 22.0%. Jim Ellerton, a former executive chairman of Sefton, has lodged a complaint against the company and two of its directors, plus a former director, in the District Court of Denver, Colorado, claiming unspecified damages in connection with his resignation from the board.

Immunodiagnostic Systems Holdings (LON:IDH), down 12.3%. The diagnostic testing kit firm lowered revenue guidance for the current fiscal year. Market consensus is for sales of £47.46mln, but the company said a number somewhere in the range of £39mln to £42mln is likely to be nearer the mark.

Premier Veterinary Group (LON:PVG), down 10.1%. The former Ark Therapeutics made a half-year loss after tax of £0.4mln, though this was an improvement on the previous year's interim loss of £0.9mln.

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Fri, 29 May 2015 12:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107530/risers-fallers-anglo-american-infinis-energy-ophir-paypoint-rio-tinto-synergy-healthcare-107530.html
Most followed - ABF, Goldman, Greece, Porta Communications and Falcon Oil & Gas http://www.proactiveinvestors.co.uk/companies/news/107540/most-followed-abf-goldman-greece-porta-communications-and-falcon-oil-gas-107540.html Associated British Foods (LON:ABF) was top riser on Footsie Friday, after Goldman Sachs, the heavyweight investment bank, gave its target price on the stock an almighty push.

ABF is thought to be refocusing its business more towards the Primark brand as other areas, in particular the sugar sector, continue to struggle. 

It is taking its Primark brand to the USA with a September launch of a new store in Boston which Goldman says could be a catalyst for investor interest. 

Goldman expects the company to add £720mln to its earnings from its US Primark business by 2020.

The story was gaininbg web traction today, as was the continiung debt wrangling over Greece. It's the EU story that simply won't go away.

Talks are reportedly now reaching "ultimatum" stage as people are pulling cash out of the country's financial systems.

The International Monetary Fund warned yeserday that Athens would not receive any partial disbursement of funds until it signs up to a "comprehensive" package of reforms.

Also piquing web browser interest was news that UK data centre group Telecity has been bought by US rival Equinix in a £2.35bn deal.

In small caps, shares in Motif Bio (LON:MTFB) surged over 13% following news yesterday that it has now received official meeting minutes from the US Food and Drugs Administration (FDA) confirming its approval for Phase III clinical development for Iclaprim.

Falcon Oil & Gas’s (LON:FOG) shares nudged 1.3% higher as its hotly anticipated Australian shale exploration programme has now kicked off.

The company, which has a 30% stake in 4.6mln acres within the Northern Territory, today revealed that operations have begun at the first well location.

It is expected that the Kalala S-1 exploration well will now spud before the end of June, and the drilling will last between 35 and 50 days.

Porta Communications (LON:PTCM) has been much in the news of late and it revealed today that non- exec chairman Bob Morton had bought £135,000 worth of company shares.

The transaction was yesterday and he bought 2mln shares at 6.75p per share through Hawk Investments Holdings, which is beneficially owned by he and his wife.

Porta shares added over 3% on the day.

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Fri, 29 May 2015 12:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107540/most-followed-abf-goldman-greece-porta-communications-and-falcon-oil-gas-107540.html
FTSE 100 outperforms European markets; Telecity goes stateside http://www.proactiveinvestors.co.uk/companies/news/107539/ftse-100-outperforms-european-markets-telecity-goes-stateside-107539.html Data centre company Telecity (LON:TCY) is heading to Silicon Valley instead of Amsterdam after it agreed to be taken over by US rival Equinix for £2.35bn.

The California–based company has seemingly won over the Telecity board, which had previously been in favour of a £3bn all-share merger with Dutch firm Interxion.

Telecity's board is recommending acceptance of a 572.5p cash plus shares offer worth around 1,145p per share.

The deal means Telecity’s intention to merge with Dutch firm Interxion is dead in the water, but could there be a new, last-minute, bidder? Broker Numis doesn’t think so.

“We do not expect a counter bid; we think EQIX probably has the deepest pockets and greatest synergies of any potential bidder” it said.

Shares in Telecity eased 4p to 1,088p today.

In other news, the FTSE 100 was 16 points higher at lunch to 7,057 on a relatively flat day for equities.

Still, it fared better than its European cousins, with the French CAC easing 20 points to 5,116 and the German DAX falling 37 points to 11,640.

Concern persists for Greece as its claim that a deal would be completed by the weekend is rapidly running out of time. 

Talks on a possible third bailout can only restart if “substantial” differences between Greece and its creditors are resolved, European Union economics commissioner Pierre Moscovici said.

Meanwhile, David Cameron is in talks with Angela Merkel to negotiate revised terms on the UK’s pact with the EU.

In equities, shares in Primark owner Associated British Foods (LON:ABF) were on the rise today after heavyweight broker Goldman Sachs released a bullish statement on the company.

It is taking its Primark brand to the states with a September launch of a new store in Boston which Goldman says could be worth £720mln to its earnings by 2020. Shares climbed 2.4% to 3,021p.

Meanwhile, miners were hit by panic selling in the Chinese markets.China stocks continued to be sold off overnight - falling as much as 3.5 per cent after plunging 7 per cent a day earlier.

Anglo American (LON:AAL) led the fallers on the FTSE 100 today as it is heavily influenced by Chinese data. Shares eased 1% to 1,024p.

In small caps, Minco (LON:MIO) was the big riser after it swung to a profit in the first half of the year. 

A foreign exchange gain of US$665,000 helped the company record a profit of US$482,000 compared to a loss of US$271,000 for the same period in 2014. Shares jumped 40% to 1.9p.

Conversely, Sefton Resources (LON:SER) dropped 27% to 0.18p after Jim Ellerton, a former executive chairman lodged a complaint against the company claiming unspecified damages in connection with his resignation from the board.


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Fri, 29 May 2015 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107539/ftse-100-outperforms-european-markets-telecity-goes-stateside-107539.html
FTSE 100 flat as all eyes turn to Greece http://www.proactiveinvestors.co.uk/companies/news/107526/ftse-100-flat-as-all-eyes-turn-to-greece-107526.html London’s blue chip stocks opened very flat this morning following a disappointing overnight session on Wall Street.

The Dow Jones average shed 37 points at 18,126 and the broader-based S&P 500 eased three points to 2,121; the NASDAQ Composite fell nine points to 5,098.

There is little out on the corporate front today all eyes were focussed squarely on the situation in Greece. 

Economic leaders at the G7 meeting took time to vent their frustrations with the lingering issue as Greece’s creditors hinted that the country is a long way from finding funding.

Earlier this week, Greek ministers said they were optimistic of a deal by the weekend, but it seems this is now unlikely.

In the UK, the FTSE 100 was 14 points lower to 7,026 as it made a languid start to the day.

Associated British Foods (LON:ABF) was the big winner today after an upgrade from Goldman Sachs. 

The US financial giant had a change of heart and swapped its ‘sell’ rating for a ‘buy’ one. Shares jumped 3% to 3,041p.

Brokers had a big influence on the index this morning, with engineer Weir Group (LON:WEIR) also higher, 2% to 2,020p, after a 300p target price hike from Credit Suisse.

Meanwhile, equipment rental group Ashtead (LON:AHT) sat at the bottom of the index after US rival United Rentals said activity in May had been “soft”. Shares slipped 1.8% to 1,141p.

Away from the index, data centre company Telecity (LON:TCY) has agreed to be taken over by US rival Equinix for £2.35bn. Despite being worth 1,145p per share, Telecity slipped 5p to 1,085p in early deals.

In the world of small caps, Nostra Terra Oil & Gas (LON:NTOG) reported a 49% increase in revenue for 2014. Shares climbed almost 8% to 0.17p.

Elsewhere, Wearable device specialist CloudTag (LON:CTAG) said £850,000 of debt has been converted into equity. Shares slipped 7% to 3.25p.

Also on the decline was TomCo Energy (LON:TOM) after it revealed it is slimming-down its business and is looking at merger and acquisition options. Shares eased 8% to 0.16p.

 

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Fri, 29 May 2015 08:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107526/ftse-100-flat-as-all-eyes-turn-to-greece-107526.html
FTSE 100 to stick in neutral after mixed signals overnight http://www.proactiveinvestors.co.uk/companies/news/107515/ftse-100-to-stick-in-neutral-after-mixed-signals-overnight-107515.html UK stocks are set to open little changed on what should be a quiet day on the corporate news front.

Spread betting quotes suggest that yesterday's stalemate will continue, with the FTSE 100 index tipped to open on or just below last night's close of 7,041, after a weak showing last night from US stocks.

The Dow Jones average shed 37 points at 18,126 and the broader-based S&P 500 eased three points to 2,121; the NASDAQ Composite fell nine points to 5,098.

Asian markets have made a better first of things this morning, with the Nikkei 225 in Japan up 55 at 20,606 and the Hang Seng in Hong Kong 52 points to the good at 27,507.

With little corporate news scheduled for today, focus is likely to remain on Greece and its interminable debt renegotiations.

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Fri, 29 May 2015 06:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107515/ftse-100-to-stick-in-neutral-after-mixed-signals-overnight-107515.html
FTSE 100 spins its wheels as market waits on Greece http://www.proactiveinvestors.co.uk/companies/news/107500/ftse-100-spins-its-wheels-as-market-waits-on-greece-107500.html The top-share index trod water today as the market waits for events to unfold concerning the Greek debt renegotiations.

The FTSE 100 index rose eight points to 7,041, with sporting goods chain Sports Direct International (LON:SPD) leading the way, after it shot up as it said results will be ahead of market expectations.

The UK's leading sports retailer said underlying earnings for the year just ended totalled £380mln, in line with forecasts, while underlying pre-tax profits and earnings per share (EPS) were ahead of expectations.

Broker Liberum said it does not plan to move the goal posts in terms of its forecast of £300mln pre-tax profits and EPS of 37.6p, which it says is “comfortably ahead of the current consensus of £288mln and 36p”.

Sports Direct was at the top of the FTSE 100 table today, climbing 4.2% to 686p, while B&Q owner Kingfisher (LON:KGF) found itself close behind. Shares advanced 2.2% to 37p as the home improvement retailer’s like-for-like sales figures improved.

Former Footsie stalwart Tate & Lyle (LON:TATE) warned that profits are likely to be flat this year, as it reported an 80% drop in pre-tax profit for 2014. The mid-cap sweetener firm’s shares dropped 2.4% to 585p.

At the other end of the FTSE 250 hit parade was Paypoint (LON:PAY), which is proposing to sell its mobile and online businesses. Shares jumped 8.2% to 950p.

Among the small caps, NetScientific (LON:NSCI) was the market’s best performer, surging 54.4% to 191.5p. Its portfolio company, PDS Biotechnology Corp., has announced positive preliminary data showing that its lead cancer immunotherapy treatment, PDS0101, has generated strong T-cell responses in pre-cervical cancer.

Publisher and events manager Vitesse Media (LON:VIS) was wanted after it said full-year results are expected to show a sharp uplift on previous years’ performance. The shares climbed 19% to 3.125p.

Irish precious metals miner Connemara Mining (LON:CON) announced encouraging initial results from its prospecting programme at its Inishowen gold licences. Shares leapt 15.4% to 1.875p.

Conversely, Marimedia (LON:MARI), was the biggest faller today after the company said it has decided to run down its legacy display advertising business. Shares dived 40.4% to 70p.

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Thu, 28 May 2015 17:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107500/ftse-100-spins-its-wheels-as-market-waits-on-greece-107500.html
Proactive news summary: Anglo Asian Mining, Actual Experience, Arian Silver, Camco, Clinigen, ECR... http://www.proactiveinvestors.co.uk/companies/news/107499/proactive-news-summary-anglo-asian-mining-actual-experience-arian-silver-camco-clinigen-ecr-107499.html There was a lot mining news today in the world of the small caps.

Starting with diamond firm Golden Saint Resources (LON:GSR), it found a 9.65 carat clear white diamond at its Tongo site to add to its growing collection.

In other diamond news, Mariana Resources (LON:MARL) said it intends to keep its focus on the Hot Maden project in north east Turkey, where a 10,000 metre drill programme is delivering promising high grade results.

Meanwhile, Stellar Diamonds (LON:STEL) said it was delighted with its latest auction of stones from Baoule in Guinea, which brought in sales of US$505,000.

To gold, and Azerbaijan-focused Anglo Asian Mining (LON:AAZ) hailed a strong performance in 2014, which saw record gold production.

ECR Minerals (LON:ECR) said it expects to receive full assay results from its recent drill programme at the Itogon gold project, in the Philippines, in June.

Elsewhere, Shanta Gold (LON:SHG) received regulatory approval for the previously announced US$40mln loan facilities with Investec.

Sector peer Arian Silver's (LON:AGQ; CVE:AGQ) first quarter saw it start commissioning of its new processing plant in Mexico and produce its first silver-lead concentrates.

In other mining-related news, a report by the corporate governance specialist ISS is urging investors in Mwana Africa (LON:MWA) vote against resolutions put down by dissident shareholders proposing an overhaul of the board.

Ortac Resources (LON:OTC) said its exploration partner Andiamo is about to kick off a 1,000m drill programme on the Haykota licence in Eritrea.

Away from miners, newly-listed Stride Gaming (LON:STR) revealed it made a 173% rise in revenues and a move decisively into the black in the first half.

In oil news, Falcon Oil & Gas (LON:FOG) said the start-up of a three-well drill programme in Australia’s Beetaloo shale basin is on track for mid-2015.

Premier Oil (LON:PMO) has declared the Isobel Deep exploration as the latest new Falklands oil discovery. Falkland Oil & Gas (LON:FOGL) and Rockhopper Exploration (LON:RKH) are partners in the well with 40% and 24% respectively, while operator Premier has 36%.

Meanwhile, Lansdowne Oil & Gas (LON:LOGP) said continuing with the current strategy and company structure remains a viable option; though an on-going strategic review will ensure that all opportunities have been considered.

In pharma news, Motif Bio (LON:MTFB) has received official meeting minutes from the US Food and Drugs Administration (FDA) confirming its approval for Phase III clinical development for Iclaprim.

OptiBiotix Health (LON:OPTI), which is developing ingredients to tackle obesity, cholesterol and diabetes, has filed three new patents protecting its technology as it develops its proprietary OptiBiotic platform.

Chief executive Stephen O'Hara told Proactive the new patents received concerning its OptiBiotic platform strengthened the firm's position and potential value.

Elsewhere, Clinigen Group (LON:CLIN) has been appointed the specialist partner to manage the global access programme for a breakthrough treatment for non-small cell lung cancer.

In other news, mobile video security specialist SerVision (LON:SEV) has received an order from Israel's largest bus company for 75 of its units, it said, as it also updated on its agreement in Kazakhstan.

Speaking of orders, attraction ticketing specialist Galasys (LON:GLS) has secured additional Chinese contracts worth £280,000, with the Dalian Wanda Group.

Conversely, Camco (LON:CCE) sold off a tranche of its Californian carbon credit portfolio for US$1.74mln in cash up-front, with a potential further payment of US$0.5mln by the end of this year.

In earnings news, marketing and communications group Porta (LON:PTCM) posted its first ever annual profit as it comfortably outperformed the sector last year.

Finally, data analytics specialist Actual Experience (LON:ACT) has unveiled plans to raise £16mln to boost the sales and technical teams as well as funding its working capital needs for the ‘foreseeable future’.

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Thu, 28 May 2015 16:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107499/proactive-news-summary-anglo-asian-mining-actual-experience-arian-silver-camco-clinigen-ecr-107499.html
OIL - Stronger dollar and ample supply sees crude lower http://www.proactiveinvestors.co.uk/companies/news/107498/oil-stronger-dollar-and-ample-supply-sees-crude-lower-107498.html Oil prices were on the back foot again on Thursday as the US dollar strengthened, making crude more expensive, and as the market remains well supplied.

In London trading Brent crude was down 0.6% changing hands at US$61.70, while West Texas Intermediary futures were more than 1% lower.

Wednesday’s figures from the American Petroleum Institute revealed a weekly increase in the oil surplus, after three weeks’ of decline. 

Traders now await the more closely followed Department of Energy inventory report to see whether there’s a repeat of the 1.3mln increase seen in the API stats.

It adds to the bear case that crude markets are simply too well supplied to justify the recent rally in both Brent and US prices.

Next week’s OPEC meeting will bring nothing but more of the same, according to analysts at Swiss bank UBS.

OPEC is scheduled to meet in Vienna on Friday June 5 and UBS analyst John Rigby reckons that the producer’s cartel will continue to defend its share of a clearly oversupplied crude market, rather than attempt to support prices with by reducing output.

“While OPEC again is facing continued oversupply, lower oil prices do appear to be having the intended effect of reducing investment by non-OPEC producers,” he said in a note.

“Thus, we see no reason for the GCC (Gulf Cooperation Council) members to shift their position and hence no change from OPEC.”

Excluding any unplanned outages Rigby expects OPEC will maintain ‘robust’ production levels, and he says this would imply crude prices are currently towards to top end of expectations, until the physical market really begins to tighten.

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Thu, 28 May 2015 15:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107498/oil-stronger-dollar-and-ample-supply-sees-crude-lower-107498.html
Pan Asia Metals raising US$1.5M to advance drill-ready projects in Thailand http://www.proactiveinvestors.co.uk/companies/stocktube/8165 Paul Lock, managing director of Pan Asia Metals (PAM) stopped by the Proactive Investors studio in London to chat through their exciting drill-ready projects - one Tungsten and the other Lithium - in southern Thailand.

PAM is working together with Medea Natural Resources in their pre-IPO capital raise.

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Fri, 29 Sep 2017 10:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8165
Balkan Zinc's Montenegro mine a 'standout project', says managing director Tim Daffern http://www.proactiveinvestors.co.uk/companies/stocktube/6795 Tim Daffern, managing director of Balkan Zinc, walks Proactive Investors through the company's main asset in Montenegro - The 'Monty' mine.

''What underpins this standout project is we don't have to build any infrastructure - it's all there ready to go'', Daffern says.

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Thu, 26 Jan 2017 08:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6795