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Proactive news snapshot: Sound Energy, Anglo African Oil & Gas PLC, Nektan …

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Sound Energy PLC (LON:SOU) has announced positive initial results from the TE-10 well at the Tendrara project in eastern Morocco. The AIM company said intermediate wireline logs had indicated the presence of gas-bearing sands in the TAGI.

Anglo African Oil & Gas PLC (LON:AAOG) has struck oil at its Tilapia licence in the Republic of Congo. The oil and gas developer said the TLP-103C well intersected the Mengo horizon on Christmas Eve (Monday) and that hydrocarbons were encountered.

Nektan PLC (LON:NKTN) shares zipped higher on Thursday morning after the gaming software group posted a sharp rise in annual revenue as well as unveiling plans to raise £3.5mln and restructure its debt. The company, which provides technology to the likes of BetVictor, said it had received support for a £1.5mln equity placing which would see it sell shares at 15p – some 5% higher than Monday’s closing price.

A subsidiary of FTSE 100 tech firm Halma PLC (LON:HLMA) has started the commercial roll-out of SirenBW – a rapid water testing kit which uses a technology developed by Frontier IP Group PLC’s (LON:FIPP) investee company, Molendotech. Frontier IP holds a 14.1% stake in Molendotech, a spinout from the University of Plymouth.

Telit Communications PLC (LON:TCM) has confirmed that the timetable for the US$105mln acquisition of its automotive division by TUS International Limited remains that the transaction is expected to complete by 31 January 2019. In a statement, the global enabler of the Internet of Things (IoT) said that TUS shareholder approval is expected to be obtained on 29 January 2019.

Avation PLC (LON:AVAP) said it has completed the sale of one two-year old Airbus A321 aircraft to an Asian buyer as announced on the 3 October 2018 Jeff Chatfield, Avation’s executive chairman, commented: "We sold this aircraft for risk management, credit rating and portfolio diversification reasons.  The sale was conducted in line with market conditions, at a price around current market value (CMV), albeit that Avation's book value for the aircraft is materially lower than CMV."

Mobile payments group Bango PLC (LON:BGO) expects end user spend to more than double in 2018, continuing a four-year trend of more than 100% growth. Total end user spend in 2017 was £271mln, but the AIM company is guiding for that figure to be more than £550mln this time around.


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