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Proactive news snapshot: Solo Oil, Alba Mineral Resources, Premier African Minerals, Cadence Minerals …

Published: 15:45 27 Jun 2018 BST

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Shares in the partners involved in the much-hyped Horse Hill discovery in the south-east England got a boost on Wednesday from news the long-awaited next phase of flow testing has begun, with all of the equipment needed to carry out the 150-day long-term campaign at the HH-1 well now on site. Among them, Alba Mineral Resources PLC (LON:ALBA), which owns an 11.8% interest, saw its shares add nearly 4% at 0.26p, while Solo Oil PLC (LON:SOLO), owner of a 9.8% stake, rose 2.3% at 2.25p in early afternoon trading.

Cadence Minerals Plc (LON:KDNC) has signed a conditional heads of terms agreement to acquire up to a 30%  stake in Zulu Lithium Mauritius Limited (Mauco), a wholly-owned subsidiary of Premier African Minerals Ltd (LON:PREM). Under the agreement, Cadence will invest up to US$5.1mln in Mauco, the parent company of Zulu Lithium (Private) Ltd, which owns the Zulu Lithium Project.

Shares in Bango plc (LON:BGO) shot up on Wednesday morning after it launched mobile operator billing integration for Amazon in the UK. The mobile commerce company has expanded the use of its billing integration technology to enable customers to sign-up for Amazon Prime Video in the UK through a leading mobile operator.

Vast Resources PLC (LON:VAST) has raised £1.25mln through a share placing to help fund the development of its operations in Romania and Zimbabwe. The AIM-listed miner issued 238.1mln new shares at a price of 5.25p each – not far below Tuesday’s closing price of 5.4p.

Summit Therapeutics PLC (LON:SUMM NASDAQ:SMMT) said that its PhaseOut DMD has not met its primary or secondary endpoints after 48 weeks of treatment of ezutromid in patients with Duchenne muscular dystrophy (DMD). The AIM-listed pharmaceuticals group said that because of the outcome, it is discontinuing its development of ezutromid and as a result, will be implementing cost reduction measures.

Tavistock Investments PLC (LON:TAVI) saw its shares leap up in early morning trading Wednesday after reporting a jump in its underlying earnings for the full-year and a maiden pre-tax profit.

i3 Energy PLC (LON:I3E) has granted a period of exclusivity to an unnamed company for a potential farm-in deal for both the Liberator and Liberator West blocks in the UK North Sea.

W Resources PLC (LON:WRES) has announced that development work is “advancing well and remains on schedule and on budget” at its flagship La Parrilla tungsten project in Spain.

Rainbow Rare Earths Ltd (LON:RBW) has announced that Phase 1 drilling results at its maiden drilling campaign at Kiyenzi target at Gakara project in Burundi has confirmed the presence of multiple intersections of high grade rare earth elements (REE).

Shares in 88 Energy PLC (LON:88E) dipped on Wednesday morning as the oil explorer said it was still struggling to recover stimulation fluids from the Icewine#2 well in Alaska as fast as it would like. On Friday, the AIM-quoted firm said the rate of recovery had slowed due to the optimisation of nitrogen lift operations – an intervention method designed to accelerate the rate of recovery.

Coinsilium Group Limited (AQSE:COIN) said its advisory client, FANTOM Foundation, has raised US$39.8mln following a successful token sale.

FairFX Group Plc (LON:FFX) has launched a new global current account aimed at small businesses. The AIM-listed international payments and e-banking group said its Fair Everywhere account would allow customers to manage all day-to-day business banking and international money transfers in one place with balances in sterling, euros and US dollars.

Last year was another year of significant technological development for Advanced Oncotherapy PLC (LON:AVO) that saw the installation of the company's first proton-based LIGHT radiotherapy system.

Highlands Natural Resources Plc (LON:HNR) said it has been testing a new bottom-hole-assembly (BHA) drilling technique at its Grizzly, Ouray and Thunder wells at the East Denver shale oil and gas project which has led to a revision in its drilling timetable.

Block Energy Plc (LON:BLOE) has announced the acquisition of an additional 20% interest in the ‘highly prospective’ West Rustavi licence in Georgia, increasing its working interest to 25%. The oil and gas company said West Rustavi licence has proven reserves and multiple gas discoveries have already been made in the Lower Eocence and Upper Cretaceous within the licence.

The terms of US oil firm Diversified Gas & Oil plc’s (LON:DGOC) deal to pick up more assets in the Appalachian Basin have been finalised. The company said it expects the agreement to be signed shortly.

Shanta Gold Limited (LON:SHG), the East Africa-focused gold producer, developer and explorer, said that over 75% of the holders of its unsecured subordinated convertible loan notes due April 2019 have voted in favour of a planned buy-back. The group added that, following the passing of the written resolutions, a subsidiary of the company will proceed to buy-back approximately 33.33% of the notes currently held by third parties (around US$5mln) in April 2019 at par value.

Amur Minerals Corporation (LON:AMC) said 2017 was  a ‘highly significant year,’ with field season resulting in 50% expansion of the Kun Manie project in Russia, making it one of the largest greenfield nickel projects globally.

Metal Tiger (LON:MTR), the natural resources investing company said it has received notice of exercise of 8,670,000 share options priced at 2p each from former directors and the company has agreed to issue 8,670,000 shares.

Capital Networks has issued a research note on Rose Petroleum PLC (LON:ROSE), with analyst Ed Stacey saying he expects to see drill permits and a financing partner both announced during the third quarter. He concluded: “Once these milestones are in place, we believe that the share price could begin to more fully reflect the value of the Paradox Basin holding.”

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