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Proactive news summary: 88 Energy, Amara Mining, NetScientific and more...

Quartix ahead of expectations, Sound Energy knocks €0.5mln off the cost of its project in Italy and good news for 88 Energy.
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Round-up of news highlights from the world of Proactive...

Healthcare tech investor NetScientific (LON:NSCI) is to partner with a leading US hospital group to launch a software platform to improve cancer care.

Its operating subsidiary Wanda has inked a collaborative deal with Dignity Health to launch OncoVerse, which allows clinicians to work together to establish the most effective treatment plan and helps to reduce admin costs.

In other news, vehicle tracking systems provider Quartix's (LON:QTX) full-year results came in slightly ahead of market expectations.

Profit before tax increased by 19% to £6mln from £5mln the year before and revenue jumped 28% to £19.7mln from £15.3mln.

In commodities, West African gold specialists Amara Mining (LON:AMA) and Perseus Mining (ASX:PRU) have agreed to combine in a merger of not-quite equals, which will see Amara shareholders speaking for 35.1% of the enlarged company on a pro-forma basis.

Elsewhere, Cuba-focused investment company Leni Gas Cuba (LON:CUBA) has become the single largest shareholder in Australia-listed Cuban oil explorer MEO Australia, with a 15.8% stake.

Alecto Minerals (LON:ALO) said its previously announced joint venture with mining major Randgold Resources (LON:RRS) had been completed.

All conditions for exploring and developing Alecto's 137 sq km Kossanto West Gold project in western Mali have now been satisfied.

Meanwhile, sales and profits soared at Victoria Oil & Gas (LON:VOG) as production from its Logaba gas field on Cameroon continued to ramp up.

The average amount of gas sold climbed to 8.85 million cubic feet per day from 3.91mln as two new gas-fired power stations came online and new industrial users signed up.

Ortac Resources (LON:OTC) has invested in a private mining firm, exposing it to a near term cash generating gold producing operation in the DRC, the company told investors.

The firm has subscribed for 625,000 shares in a placing by CASA Mining for US$62,500, giving it an 11.99% stake in the company.

Additionally, Ormonde (LON:ORM) has reported a hiccough in building at its Barruecopardo tungsten mine in Spain after an objection was made to its compulsory land purchase plans.

The tungsten group said 96% of its 'option to purchase' agreements have been exercised, but a third party appeal to one part of the process would mean a delay in its completion.

The low copper price has convinced Stratex (LON:STI) not to invest further funds into the Muratdere gold copper site in Turkey, it said on Monday.

The firm had been required to invest around US$1.28mln into partner Lodos to maintain its 30% interest to the end of 2016. As it is the firm's stake is now reduced to 14.87%.

Over at Hummingbird Resources (LON:HUM), a further reworking of the economics of its Yanfolila gold project in Mali has increased the project’s value by a quarter.

Upgraded designs for the open pit mine and new metallurgy and technical data added 7% or 44,000 ounces of gold to reserves. It takes the total to 709,800 ounces.

Sound Energy (LON:SOU) has knocked €0.5mln off the cost of drilling its Badile prospect in Italy.

Sound has signed a memorandum of understanding with Pergemina for the 3000 HP EMSCO C3 No.29 rig, which is already in the country. A further €1mln (23%) of the service charges will also be satisfied through new shares.

And finally… 88 Energy (LON:88E) shares advanced after its latest update from the Icewine shale well gave further indications that were better than pre-drill expectations.

Analysis indicates Icewine’s HRZ shale zone has ‘tier 1 liquids-rich hydrocarbon concentration’ and that the project presents ‘world class resource prize potential’.


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