Lekoil Limited (LON:LEK) has told investors it is nearing commercial production from the Otakikpo field, in Nigeria, and has agreed a refinancing.
The independent oil firm highlighted that the Otakikpo-002 has now been completed, and the drilling rig is now moving to the Otakikpo-003 location.
Early stage logs from Sound Energy’s (LON:SOU) first well at Tendrara, onshore Morocco, have indicated gas bearing levels and it is readying to drill a second well.
The preliminary petrophysical analysis showed a total net pay of 28m in the TAGI reservoir, which Sound said was ahead of its initial expectations.
Elsewhere, Armadale Capital PLC (LON:ACP) has recorded high graphite grades at Liandu in south east Tanzania from a smattering of rock chip samples.
Armadale is carrying out due diligence ahead of acquiring the project and expects a binding agreement to be signed shortly.
Coloured gems specialist Gemfields PLC (LON:GEM) notched up record revenues in its recent auction of rough rubies held in Singapore.
The auction generated record total revenues of US$44.3 million at an average realised price of US$29.21 per carat.
Futura Medical PLC (LON:FUM) has signed a five-year licensing agreement with a Zagreb-based firm that will see its CSD500 condoms distributed in seven territories in south-east Europe.
The deal with Milsing is the company’s second in seven days.
In other news, test work at Bushveld Minerals Ltd’s (AIM:BMN) Groenfontein tin deposit in Limpopo Province, South Africa revealed some promising results.
Tests showed expected recovery using gravity concentration of over 70%, for grind sizes of -1 mm. The group now anticipates a final concentrate grade of 74.59% of tin oxide.
FairFX Group Plc (LON:FFX) has signed a cross-promotion deal with Holiday Extras.
The latter will add low-cost foreign exchange transactions to its roster of services that includes airport hotels, travel insurance and parking.
And finally, Cuban specialist investment company Leni Gas Cuba Limited (ISDX:CUBA) has acquired a 10% interest in The Cuba Mountain Coffee Company Ltd (CMC) for £27,300.
CMC is an English company founded in 2013 to globally promote a single-origin gourmet coffee from Cuba's famous Guantanamo region, both as green beans and also via CMC's own bespoke coffee brand, "Alma de Cuba".