Some interesting rock samples from Papua Mining PLC’s (LON:PML) Mount Visi site sparked a buying spree late in the day.
Decent amounts of copper, molybdenum, zinc and silver were all unearthed thought not yet in sufficient quantities to constitute an exploration target.
Shares rose 20% to 1.21p.
Proxama PLC (LON:PROX) was another strong riser as it bagged another payment card deal in South Africa.
No name for the customer but the deal is worth up to a maximum of nearly £700,000 over five years with half of that accruing in year one. Shares rose 15% to 0.43p.
Angus Energy Plc (LON:ANGS) received a cool response to its taking a stake in the Holmwood project onshore in the UK.
Holmwood will be host to the next well to test the Kimmeridge limestones in the UK’s Weald basin – following on the group’s apparent success at the nearby Brockham well.
To acquire the stake in Holmwood, Angus agreed to pay 25% of the costs of the upcoming well (up to a gross cost of £3.2mln) and will cover 12.5% of the costs above that cap.
Shares fell 10% to 12.5p.
1pm ...Baron Oil buoyed by Peru progress
Baron Oil PLC’s plans to drill the Cuy-Z34-13-1X exploration well in Peru have been accepted by PeruPetro, the appropriate government agency.
Uruguayan based Union Oil and Gas Group (UOGG) is the operator, with Baron having a a 20% carried interest in the Z-34 offshore block.
The licence remains in suspension through the Force Majeure clause of the Production Sharing Contract (PSC).
Malcolm Butler, Baron’s chief executive, said: “Getting PeruPetro to accept this as a viable programme is a significant step forward.
However, the well cannot be drilled until UOGG has brought in a partner with the financial and technical strength to actually operate in this challenging environment.”
Shares rose 20% to 0.45p.
Velocys PLC’s (LON:VLS) new video of the gas-to-liquids (GTL) plant in Oklahoma City it is involved in must have some interesting sections as it put 15% on the share price today.
Newsflow has been good recently, with a deal with gasification specialist ThermoChem Recovery International Inc (TRI) agreed at the end of January.
Shares rose 15% to 83.2p.
Gem Diamonds Ltd took a knock (LON:GEMD) as it reported the large special diamonds for which its Letšeng mine is renowned proved elusive during 2016 and that adversely affected revenues and cash flows during the year.
Shares fell 8% to 113.7p.
10.00am...Water Intelligence spurts higher on US insurance deal
Water Intelligence PLC (LON:WATR) spurted higher as it unveiled a contract with a US insurance to spot leaks early to reduce possible ingress damage.
The two companies have already worked together, with a pilot scheme in 2016 carrying out 1500 jobs worth about US$500,000.
These supplemented other local insurance jobs, but Water Intelligence reckons it is now at stage where it can co-ordinate nationally and will begin reporting a business to business channel.
Patrick DeSouza, executive chairman, said: commented: "A business to business approach will leverage our existing national footprint and reduce administrative costs for our insurance company partners.
“We look to a significant increase going forward in the amount of insurance work acquired for our corporate and franchise locations."
Shares rose 15% to 132p.
Aminex plc (LON:AEX) and Solo Oil PLC (LON:SOLO) both benefited from a good drill result at the Ntorya-2 appraisal in Tanzania.
“The reservoir is both thick and high quality,” said Jay Bhattacherjee, Aminex’s chief executive.
The well was drilled to a depth of 2,750 metres and encountered 51 metres of gross gas bearing reservoir, with net pay interpreted to be between 25 and 30 metres.
Aminex, which has a 75% stake, saw its shares price rise 13% to 3.15p, while Solo, that owns the rest, climbed 15% to 0.52p.
Sticking with oil, marginal field specialist NU-Oil & Gas PLC (LON:NUOG) slumped 21% to 0.515p as it raised £2.05mln through a deep discount placing at 0.5p.
Nigel Burton, chief executive, added: “These funds are expected to be sufficient to enable the Company to secure its first project using the low cost solutions devised and delivered by MFDevCo and the MFD Consortium."