At the end of last month (May), 496 barrels of oil was collected and sold from the project, which it acquired a 50% stake in back in April.
The company said it still plans to increase production and cash flow at Strawn, with the free cash flow continuing to be re-invested back into the project.
The next phase at Strawn is to implement a workover programme which is scheduled to start next week.
There are some 27 wells on the leases and each has been or is currently being reviewed with a strong emphasis on production increases, Mosman added.
Finance deal boosts proton beam therapy group Advanced Onco
This brings the total financing from Blackfinch to £6.5mln, following on from two prior agreements announced back in March and April of this year.
IFrameUnlike those two other arrangements, this loan is secured against known cash receivables and will be paid back once AVO receives those monies.
The company also appointed Ed Lee to the position of chief operating officer with immediate effect.
Shares rose 17% to 18.5p.
North Midland picks up Frankley water works contract
North Midland Construction PLC (LON:NMD) has been awarded a £100mln contract to upgrade the Frankley Water Treatment Works near Birmingham for Severn Trent Water, sending its shares climbing.
The Birmingham Resilience Project will start next quarter and run for three years.
North Midland added that results in 2017 will be ahead of management expectations due to the contract, though revenues will be shared with its partner Barhale.
John Homer, chief executive, said: "This is a fantastic flagship project to be awarded with one of our key customers and is a testament to the specialist capabilities that our group have developed".
North Midland picked up the contract after the original preferred bidders Interserve and Kier walked away in April after failing to agree a price for the job.
Shares rose 16% to 367p.
Upbeat AGM lifts Chariot Oil & Gas
A bullish AGM statement stoked buying interest in Africa-focused oil explorer Chariot Oil & Gas Ltd (LON:CHAR).
Boss Larry Bottomley told investors that the explorer is continuing to screen new ‘value-accretive’ opportunities and looking at potential new projects, the focus for the remainder of this year is on the building and maturing of the group’s offshore portfolio.
“Key to this process are the group’s ongoing farm-out processes – whereby it is seeking to partner with other explorers which will carry future drilling costs.”
Shares rose 10% to 16.03p.
Monitise and Kalibrate on the end of bids as M&A pace steps up
It’s a far cry from 2014, when Monitise shares briefly traded above 80p, but the company has been on its uppers recently and slashing costs to cope with lower than expected revenues.
“Recognising the growth challenges we continue to face, we believe that Fiserv's all-cash offer provides shareholders with certainty of value at a level in excess of the risk adjusted prospects of the Monitise Group on a standalone basis,” said Lee Cameron, Monitise’s chief executive.
Kalibrate agrees private equity bid
Kalibrate, too, has had its problems with orders coming through slower than expected in places such as Mexico.
The petrol station forecourt software and services group is now set to be taken private after investment group Hanover Equity Fund LP lodged a £29mln cash offer.
That works out at 85.5p a share – a 50% premium compared to the closing price of 57p on 1 June, the day before the initial approach was made.
The Kalibrate board intends to unanimously accept the offer and are telling shareholders to follow suit.
Hanover already has agreement from 40% of Kalibrate’s shareholders. Shares rose 46% to 83.3p.
Byotrol soars on sanitizer approval in US
The formulation has been under development at Byotrol for over seven years and Byotrol says it offers unique performance characteristics to US consumers and businesses, with nothing elses in the market that can match its germ-killing performance it said.
As well as domestic households, the product has also been approved for use as a surface sanitizer in hospital environments. Shares rose 29% to 5.66p.
Proactive news headlines ...
The company today said that the sundry application for execution of the main stimulation work at Icewine-2 has been approved by the Alaska Oil and Gas Conservation Commission (AOGCC).
“Shares in Graphene NanoChem plc (LON:GRPH) surged higher on Tuesday Morning after the nanotechnology specialist’s new polymers division successfully completed a paid pilot project for a global Tier 1 company in Malaysia. The project saw Graphene provide its enhanced building materials solution as part of a warehouse conversion and building modification assignment for the customer.
Hummingbird Resources (LON:HUM) has increased its stake in the under construction Yanfolila gold project in Mali to 80% with the exercise of an option over a further 5% of the equity. The AIM-listed junior is buying out La Petite Mine d'Or’s interest for US$1mln, plus paying a further US$1mln to acquire its 1% royalty. Both considerations will be paid in shares.
Shares in Advanced Oncotherapy PLC (LON:AVO) edged higher this morning after the proton therapy specialist secured a new £1.5mln, one-year loan with Blackfinch Investment. This brings the total financing from Blackfinch to £6.5mln, following on from two prior agreements announced back in March and April of this year.
Ariana Resources plc (LON:AAU) has completed its resource-focused target assessments for the Tavsan gold project on the 50%-owned Red Rabbit joint venture with Proccea Construction. Extensive new geochemical target areas have been identified, demonstrating clear potential for resource growth.
APQ Global Limited (LON:APQ), the emerging markets investment group has announced that it is currently considering a further capital raise. In a brief statement, the AIM-listed firm said it “is exploring options for the capital raise which may be implemented through the issue of a convertible debt instrument or such other form of equity or debt as may be appropriate.”
Shanta Gold Limited (LON:SHG) turned in revenues of over US$107 mln during the year to December 2016 on production of 87,713 ounces of gold from its New Luika gold mine in Tanzania, up from the US$95.7 mln posted for 2015 on production of just under 82,000 ounces. The average realised gold price was higher and earnings rose significantly, from US$31.9 in 2015 to US$50.2 mln this time round, while cash generated from operations rose to US$50.1 mln from US$31.8 mln).
Ceres Power Holdings Plc (LON:CWR) has told investors it expects total income for the current financial year, ending June 30, will have more than doubled from last year. The company said revenue and other operating income are ahead of expectations, and it expects full year total income to approach £4mln, compared to £1.67mln in the preceding twelve month period.
Tethyan Resources PLC (LON:TETH) has signed an access agreement with the Municipality of Raska for the use of roads in Southern Serbia. The company has also received regulatory approval for all drilling pads required for the 2017 drilling campaign on the Company's Suva Ruda copper-gold project. Exploration work at Suva Ruda is already underway, with three drill holes completed and mapping and soil sampling progressing.
Life sciences group Abzena plc (LON:ABZA) saw its full-year revenue jump by almost 90%, with underlying losses reduced as it prepares for “significant growth”. In results for the year to March 31 2017, the AIM-listed firm saw its revenue increase by 89% to £18.7mln, up from £9.9mln a year earlier, with underlying revenue growth at 41%.
Concepta PLC (LON:CPT) has received its first sales order for its myLotus fertility products. The order – from HuanZhong Biotech, Concepta’s partner in China – is worth £225,000 (RMB 1.95mln). Once Concepta has fulfilled the order, HZ Biotech will distribute the myLotus products in China.
Eland Oil & Gas PLC (LON:ELA) is closing in on a new drill programme at the Opuama field to grow production, with the signing of a new rig contract. The company’s Nigerian associate Elcrest Exploration and Production has inked a contract with OES Energy Services securing a rig for a planned sidetrack of the Opuama-7 well, which is part of the OML40 asset.