Asiamet (LON:ARS) said it was 'very pleased' with a 43% rise in copper resources at the BKM project in Indonesia, where following an extensive round of drilling the size of the project is now seen as 887mln pounds, or 402,000 tonnes of contained copper.
Metminco (LON:MNC) shares soared as it hired an advisor to assist is partnering process for the Los Calatos copper mine development, in southern Peru. William Howe, Metminco managing director, says the recent completion of the mining study has “significantly expanded” the spectrum of potential funding partners.
A strong riser in the market was Trinity Exploration (LON:TRIN), which doubled at one point, as it unveiled a deal to sell in onshore assets in Trinidad for US$20.8mln. It is enough money to repay the group’s debts and continue with the offshore elements of the business.
Sound Energy (LON:SOU) revealed it is to collaborate with giant oilfield services group Schlumberger to work both on its Tendrara licence in Morocco and elsewhere in Europe and Africa.
A memorandum of understanding has been signed by the two companies to work together, with the first project to be Tendrara, where Sound is readying to drill its first well having picked up 55% of the licence in June.
SacOil (LON:SAC) shares gained more than 6% after revealing exploration deadlines for its 12.5% owned venture in the Democratic Republic of Congo (DRC).
The Total led project, for Block III, has been given an extra two years by the DRC Ministry of Hydrocarbons. As a result the current exploration period is now extended to January 26 2018 from January 27 2016.
Horse Hill operator UK Oil & Gas (LON:UKOG) is to push ahead with development of the ‘Gatwick Gusher’ and expects to conduct a flow test within the next few months. The test will be a key milestone for the controversial project and be specifically designed to test the Kimmeridge limestones along with the Portland sandstone.
Also, a new study from Nutech estimated some 15.7bn barrels may be present within the Kimmeridge clay-based Jurassic and limestone tight formations deep under the Basin. That equates to a p50 (50% probability) oil in place number of 3.9bn barrels attributable to UKOG.
Oilex (LON:OEX, ASX:OEX) said the work-over campaign at its Cambay project in India has commenced.
Independent Oil and Gas (LON:IOG) has completed a small, but important fund raising. It has brought in £150,000 via the issue shares at 7p.
Elsewhere, Evgen Pharma (LON:EVG) raced to a premium price on its AIM debut on Wednesday, reaching a high of 45p per share at one point. The Liverpool based company which is advancing key clinical studies, including one for a possible treatment of breast cancer and one for a type of stroke, began trading on AIM today.
VinaCapital (LON:VOF) told investors its Vietnam Opportunity Fund would migrate onto the main market of the London Stock Exchange from AIM on November 20.
Commercial aircraft leasing company Avation (LON:AVAP) has bought 2.8mln of its own shares, around 5% of its share capital. Avation now has over 3mln shares in treasury as a result of this transaction, which Richard Wolanski, Finance Director, said “is a positive signal from the company”.
Ergomed (LON:ERGO) partner Synta Pharmaceuticals has terminated its Phase III study of Ganetespib, a treatment for lung cancer. It retains a minority interest in the drug after backing the earlier Phase II lung cancer study, but will not invest or participate in four other ongoing studies for the compound.
TechFinancials (LON:TECH) advanced nearly 25% on Wednesday after revealing a tie-up with a Hong Kong based binary options group. With the new arrangement with Optionfortune Trade Ltd, the AIM quoted company marks its first significant expansion into the Asia Pacific region, it said.
Photo-Me (LON:PHTM) remains confident in its full-year prospects, despite unhelpful exchange rates, after a solid start to the new financial year.
The company, best known for its photo booths but now also branching out into laundry machines placed in convenient locations, said that turnover in the first four months of the year was up 4.4% year-on-year in constant currency terms, while FX-adjusted profits before tax were more than 10% ahead of last year.
Globo (LON:GBO) has postponed a high yield debt issue, citing tough market conditions.
The mobile organiser software group wanted the money to fund acquisitions, but said it will now lower its sights on the size of deal it was after. The company reiterated that its current cash position and income covers its operating expenses and certain acquisition opportunities.
Graphite miner StratMin Global Resources (LON:STGR) expects two further instalment payments worth a combined £140,000 to come through this week from Bass Metals. In September, Australia-listed group Bass agreed to buy 25% of Stratmin’s Loharano mine in Madagascar for £2mln with payment due by end November.
Ortac Resources (LON:OTC) has raised £400,000 through a placing to fund its development projects in Zambia and Eritrea. The group issued 800mln new shares at a price of 0.05p.
Mariana Resources (LON:MARL) has confirmed the completion of a £1.77mln equity funding to support ongoing operations at the Hot Maden project. The company is issuing 88.25mln new shares priced at 2p each, and the subscribers will also receive share warrants which can be exercised at 3p per share in the next eighteen months.
Glen Parsons, Mariana chief executive, described the funding as “strategically important” as it allows the group to maintain its 30% stake in Hot Maden.