The shares were up 9.4% at 2.90p after the oil & gas production company said it had successfully renegotiated the US$1,500,000 convertible loan facility (the "Facility") announced back in September.
The company has agreed with the consortium of lenders that the terms of the facility shall be amended to include the possibility of optional redemptions to be made by the company.
Additionally, the duration of the loan has been extended to 31 May 2020.
2.45pm: Gunsynd sells its stake in UKOG
Gunsynd PLC (LON:GUN) has disposed of 31.17mln shares in UK Oil and Gas PLC (LON:UKOG) at an average price of 1.405p per share.
Shares in UKOG were down 2% at 1.23p in afternoon trading while Gunsynd's shares were up 13.6%.
Gunsynd raised £437,966 through the share sale; it now holds no shares in UKOG.
2.00pm: IDE Group on the comeback trail
IDE Group Holdings PLC (LON:IDE), the information technology services provider, expects to report a sharply reduced loss for 2018.
The company has made severe reductions in its cost base, as a result of which it expects a much-improved trading performance in 2019.
Several of the group's material customers renewed their contracts with IDE towards the end of 2018 - some on a multi-year basis; these contracts have a total contract value of around £3.6 million, IDE revealed.
Shares in IDE were up 14.8% at 1.55p.
1.15pm: Xaar warns of a bit of red ink
The company warned that it expects to increase inventory and debtors provisions by £7mln when it publishes its prelims o 21 March.
The previously reported delays in the ramping-up of new product volumes in China have resulted in an unfavourable working capital ageing profile, and as a result, provisions are being taken in line with standard accounting practice, the company said.
“The integration issues experienced leading to the delays are now behind us and sell-through is expected to increase. Furthermore, the minimum volume commitments from our supplier have now been met,” Xaar added but that did not stop the share price from falling 5.8% to 126.8p.
12.30pm: Message board tittle-tattle lights a fire under PhotonStar's share price
There was talk of PhotonStar - due to be renamed Bould Investments when/if it becomes a cash shell - turning into a "20-bagger".
11.45am: Ascent fails to live up to its name after Slovenian setback
The shares fell – descended, if you prefer – 7.7% to 0.30p as the company said the Slovenian Environment Agency ordered an environmental impact assessment be undertaken in respect of the project to re-stimulate the currently producing Pg-10 and Pg-11A wells.
Ascent plans to appeal against the decision.
The company also issued a strategic and production update. The new strategy includes a commitment to “robustly defend shareholder interests where the company has been unfairly treated during the environmental permitting process”.
11.00am: Investors turn bearing on Northern Bear after innocuous-looking update
Since it published its interim results in November, the company has traded well, with the performance in the first 10 months of the current fiscal year ahead of management's expectations.
While the final two months of the financial year is a key trading period for the group, the Board's current expectation is that operating profit (prior to the impact of non-cash amortisation and transaction costs) will be broadly in line with the prior year.
The shares have been on a decent run this year, rising from 71.7p to 75.5p at Friday's close but all of those gains and more were wiped out this morning with the shares slumping 13.2% to 65.5p.
10.150am: Driver Group shifts sharply into reverse after profit warning
Three months ago the company reinstated its dividend after an “excellent” year; today, the shares shed around a quarter of their value as the company warned of a slowing in the speed of client conversion, in particular in the Middle East and south-east Asian markets as a consequence of local market conditions.
The board's judgement is that the shortfall is unlikely to be recovered in the second half of the fiscal year, as a result of which it is now forecasting full-year underlying profits before taxation will be down slightly year-on-year at about £3.5mln.
According to the financial data aggregator, Factset, analysts were expecting a pre-tax profit of £4.36mln in the year to the end of September.
9.30am: Everything is swell for Reabold in California
Everything is swell at the Monroe Swell field in California, in which Reabold Resources PLC has a 50% stake.
Reabold's shares surged 17.4% to 0.675p after the company reported a successful drilling result and oil discovery at the Burnett 2A well in the Monroe Swell field.
Halliburton wireline logging has confirmed the presence of pay estimated in excess of 60 metres, which was ahead of pre-drill expectations.
In a similar vein, investors piled into the stock of Egdon Resources Plc (LON:EDR) and IGas Energy Plc (LON:IGAS after the latter provided an update on the SR-01 well at Springs Road in North Nottinghamshire, in which Egdon has a 14.5% interest.
Igas, which has a 32% stake in the field, said it has encountered a hydrocarbon-bearing shale sequence of more than 250 metres, including the upper and lower Bowland Shale. Significant gas indications were observed throughout the shale section and additionally within sands in the Millstone Grit sequence.
Egdon shares were up 14.8% and Igas shares were up 13.9%.
Proactive news headlines:
IGas Energy Plc (LON:IGAS) has confirmed a sequence of hydrocarbon bearing shale over some 250 metres in the SR-01 well, at Springs Road in North Nottinghamshire. Significant gas indications were observed, the company said.
Shanta Gold Ltd. (LON:SHG) has intersected ore at the underground Ilunga mine, part of the wider New Luika gold mining complex. The intersection comes three months ahead of schedule, and occurred as predicted by the company’s geological model.
United Oil & Gas PLC (LON:UOG) has expanded its asset portfolio, adding a frontier exploration project in West Africa. The company has inked an option deal which will allow it to acquire a 20% stake in the Bénin Onshore Block B.
Nektan PLC (LON:NKTN) has signed up the betting partner of Manchester United to its B2B E-lite platform. Mo Play, which launched last August by Addison Global, is also the betting partner of Watford FC, another premier league team.
Silence Therapeutics PLC (LON:SLN) bosses are looking forward to what should be an “exciting” nine months or so for the drug developer. The company, which makes drugs that can ‘silence’ faulty genes, expects to begin its first-ever in-human trial in the second half of 2019 as it puts its SLN124 blood disorder treatment through its paces.
Berkeley Energia Ltd (LON:BKY) has received a number of favourable assessments from various regulatory bodies in regard to permitting at its Salamanca uranium mine in Spain. These include two assessments from the Nuclear Safety Council.
Europa Metals Limited (LON:EUZ), the lead-zinc explorer, said the full independent scoping study of its wholly owned Toral project has been completed. The study puts a net present value (NPV) on the project, which is located in the Castilla y León region of Northwest Spain, of US$110mln using a discount rate of 8%.
Gold explorer Oriole Resources PLC (LON:ORR) is to receive US$0.5mln from its Turkish partner, Andolu. The pay-out was triggered after Andolu defined a JORC-compliant resource estimate of 348,150 ounces gold and 2.83mln ounces of silver at the Karaağaç project in Turkey.
Recent exploration work undertaken by Kalahari Metals, a company 34%-owned by Metal Tiger PLC (LON:MTR), on the Kitlanya joint venture project has satisfied the first earn in condition and will allow it to take a 25% stake.
WideCells Group PLC (LON:WDC) announced on Friday that it received a further notice from the European High Growth Opportunities Securitization Fund in respect of the exercise by the investor of its conversion rights under the Convertible Bonds for the principal amount of £80,000, together with a penalty payment of £120,000, resulting in the issue to it of 80,000,000 new ordinary shares in WideCells.
Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, said it will be providing an Investor Update at the London South East Oil & Gas Investor Evening which takes place at 6:15 p.m. on Tuesday 12 March 2019 at the Brewers Hall, Aldermanbury Square, London Wall, EC2V 7HR.