Edenville soars as trial coal ming gets underway
Mayan Energy knocked by well problem in Louisiana
Savills moves up as it increases full-year guidance for 2016
Edenville Energy PLC (LON:EDL) had the burners on as it started trial coal production at Rukwa in Tanzania and forecast commercial production would begin this quarter.
Shares shot up 78% to 0.78p on the news. Rufus Short, chief executive, said today’s development indicates its confidence there is a long-term market for the coal from Rukwa. .
Life and pensions group STM Group Plc’s decision in October to drop establishment fees to build the recurring revenue base has seemingly paid off.
Some 50% more policies were written in the second half of the year compared to the first half, which will start to feed through into recurring revenue in 2017.
Shares rose 20% to 45.76p.
Mongolia- based oiler Petro Matad (LON:MATD) motored higher forcing it to put out a statement saying it doesn’t understand why.
Investors enthusiasm waned a little after the RNS but the shares still jumped 18% to 10.87p.
White goods retailer AO World PLC (LON:AO.) was among the fallers on a poor reception to its third quarter trading update.
Fairly modest was Shore Capital’s summation of its growth and other investors seemingly agreed as the shares tanked 12.6% to 161.1p.
Litigation fears in Zimbabwe knocked nickel and gold miner ASA Resource Group PLC (LON:ASA).
A group of investors, Zindico, has served a claim in the Zimbabwe High Court over the Freda Rebecca gold mine and related to the country’s indigenisation laws.
ASA is seeking legal advice over the matter. Shares dropped 10% to 1.64p.
11.15am...Savills makes a move as it ups full-year guidance
Savills PLC (LON:SVS) shares made a move upwards on Thursday morning after the estate agent hailed its performance at the end of the year.
The group said it completed a “significant” number of transactions in the run up to and over the holiday season, while it was also benefitting from the fall in sterling.
As a result, Savills is now upping its guidance for the year to 31 December 2016 and expects full year results for the period to come in “meaningfully ahead” of previous forecasts.
It did temper the 2016 upgrade by noting that its expectations for this current year remain unchanged given the “back drop of heightened uncertainty over global economic prospects”.
That caveat didn’t dissuade investors though, with the share price climbing 8% to 744p.
By contrast, Red Rock Resources Plc (LON:RRR) was dragged lower because of what’s going on at Mayan Energy, the operator at Shoats Creek in Louisiana in which Red Rock has an interest (see below).
Shares were down more than 11% with Red Rock chairman Andrew Bell bemoaning the “disappointingly slow progress” being made at the project.
9.30am...Mayan Energy tumbles as first well gets blocked
Oil and gas group Mayan Energy (LON:MYN) slumped 21% to 0.122p as its development effort at Shoats Creek in Louisiana got off to a difficult start.
Its first well, Lutcher Moore 14, has now become blocked, meaning remedial work – including going to the well, pulling tubing and packer to isolate the water with a cast iron steel plug - will be required.
Mayan has a 70% working interest and 52.78% net revenue interest in LM14.
Greatland Gold PLC (LON:GGP) headed today’s risers as it identified two large zones of gold mineralisation from shallow drilling at the Ernest Giles project in Western Australia.
Ernest Giles is 1,000 sq km in size and may contain may contain similar multiple million ounce gold deposits to those discovered in other large greenstone belts in Western Australia said chief executive Callum Baxter.
Shares rose 20% to 0.21p.
BOS GLOBAL HOLDINGS Ltd (LON:BOS) ticked up 13% to 9.07p following its return from suspension yesterday.
Today’s news was not earth shattering, a drawdown on a £1.39mln convertible note agreement, but it is excitement over the potential for its BOS360 Work Patterns software that helps businesses run more efficiently that is pushing the shares higher.
They rose 13% to 9.07p.