Plexus Holdings PLC (AIM:POS), an AIM-quoted oil and gas engineering services business, is “on the road to recovery”, Ian Mcnally, a research director at brokerage Cavendish Financial, said on Wednesday.
The owner of the proprietary POS-GRIP friction-grip method of wellhead engineering reported its preliminary full-year results for the year ended 30 June 2023 on Wednesday.
Quadrise PLC (AIM:QED) has made impressive progress recently in all areas, according to broker Shore Capital, though it sees the shipping and alternative fuel areas as having the most upside.
The group’s proprietary bioMSAR and MSAR fuels for marine and industrial usage have the ability to significantly reduce both fuel costs and emissions, said the broker.
Mosman Oil and Gas Ltd (AIM:MSMN) has updated on its operations whilst announcing a £250,000 equity raise.
The North America-focused, London-listed small-cap said it sold 2 billion new shares priced at 0.0125p, raised by broker CMC Markets.
Plexus Holdings PLC (AIM:POS) reported a smaller annual loss and said it expects to return to profits this year as the drive to reduce leaks and other emissions from the oil and gas industry is opening a new chapter in its story.
The AIM-quoted engineering firm, known for its POS-GRIP wellhead technology, reported revenue of £1.5 million for the 12 months to 30 June 2023, compared to the prior year's £2.3 million.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has reported a near doubling of quarterly oil and natural gas revenue, which reached US$13.9 million, up from US$7.6 million recorded in the same period a year ago.
Net income for its third quarter increased to US$7.1 million versus US$2.04 million a year ago, whilst Arrow reported earnings (adjusted EBITDA) of US$9.8 million compared to US$4.6 million.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has announced the successful close of its A$9.9 million equity raise, which it described as oversubscribed.
Domestic and international institutional and sophisticated investors bought new shares priced at 0.45 cents per share (equivalent to 0.23p) in the placing, it said.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has launched a A$9.9 million (£5.3 million) placing with the proceeds earmarked to support its ambitions in Alaska and Namibia.
The new shares are to be sold at 0.45 Australian cents, which is an 18.20% discount from yesterday’s closing price on the Australian Securities Exchange.
ATOME Energy PLC (AIM:ATOM) said it is no longer pursuing a hydrogen mobility project in Paraguay and has terminated an agreement with Clean Power Hydrogen PLC (AIM:CPH2) for an electrolyser.
Instead, it is now prioritising the development of the Villeta project, which will produce green fertiliser, and advancing plans for the larger Yguazu project, both in Paraguay.