Xtract Resources PLC (LON:XTR) climbed 23% to 0.19p as it settled the outstanding US$1.75mln debt owed to Auroch over the Manica gold project
A new US$1mln loan agreement backed by a royalty and convertible share issue are the basis for the settlement.
Colin Bird, Xtract’s chairman said: “This represents another step forward for the Manica Project and brings certainty where previously unresolved issues remained between Xtract and Auroch. I look forward to delivering the DFS [definitive feasibility study] before month end".
CyanConnode PLC (LON:CYAN) has picked its first smart metering contract from a utility in Bangladesh.
The US$5.4 million purchase order is for the supply of CyanConnode's Advanced Metering Infrastructure solution for a network of 150,000 smartmeters.
Shares rose 5.7% to 0.21p.
Wishbone Gold PLC (LON:WSBN) slipped 23% to 0.635p as it made some cautious comments over the Indian gold market.
The gold shipment group said volumes were good but changes to India’s import rules had adversely affected margins. Shares fell 23% to 0.64p.
12.30pm...Victoria Oil & Gas share price surge continues
Victoria Oil & Gas plc (LON:VOG) has been on a tear since its last update from Cameroon reported record gas sales in January.
Shares were up a further 14.5% today to 60.7p, making it a gain of 80% in a little under a week.
House broker Shore Capital has a punchy 170p target price for the gas group, which it reiterated after the 3 February statement.
Victoria supplies Cameroon’s second city Douala from the Logbaba field and has a 75% stake in another potentially even larger gas field nearby.
Holiday giant Thomas Cook PLC (LON:TCG) was a heavy faller as the tour giant introduced a note of caution into an otherwise solid trading update.
Chief executive Peter Fankhauser, said: “Bookings to Greece are currently up by over 40%, while demand for destinations such as Cyprus, Bulgaria, Portugal and Croatia is also strong. These positive trends are making up for continued weak demand for Turkey.”
But he added: “We remain cautious about the rest of the year, given the uncertain political and economic outlook.” Shares fell 7.6% to 85.1p.
Baron Oil PLC’s (LON:BOIL) transfer of a 30% interest in Block Z-34 Production in Peru to Union Oil & Gas Group has finally been ratified.
Completion will take place within 10 days and US$2mln paid to Baron Oil’s Peru subsidiary, on which it will pay 30% tax.
Shares rose 29% to 0.485p.
9.30am...HVIVO's cold cure underwhelms in latest trial
Bad news for winter sniffles sufferers as hVIVO's PLC’s (LON:HVO) common cold and flu treatment hit a snag.
A phase IIa study being carried out by associate PrEPBiopharm failed to meet its primary endpoints of meaningful statistical improvement over a placebo in trials for healthy patients and asthma sufferers.
The drug, PrEP-001, is designed to boost the body's immune system to prevent respiratory tract viral infections.
Kym Denny, hVIVO’s chief executive, said: "While PrEP-CS-002 and PrEP-CS-003 did not meet their primary endpoints, these exploratory studies provide valuable insights for PrEP-001 and build on the profile of the drug following the previously reported positive proof of concept trials in flu and the common cold.
“We are encouraged by signs of a potential treatment effect in the asthma responder subgroup for this complex respiratory disease where multiple phenotypes are recognised but not fully understood.”
Shares fell 14% to 200p.
Copper explorer Asiamet PLC (LON:ARS) hit the right notes with a drilling update from its BKM prospect in Indonesia.
Drilling from the northern section confirmed continuous mineralisation up to 125m in true thickness over an east-west strike length of 400m. Shares rose 9% to 4.25InnovaDermap.
The rollercoaster ride that is Skinny Tan maker InnovaDerma PLC (LON:IDP) swung upwards today on a bullish half-year trading update.
The product combines cellulite reduction properties with a fake tan and business is booming.
January saw the highest monthly revenue yet.
Originating in Australia, it is sold in Superdrug stores here in the UK and the chemist chain has increased the amount of shelf space allocated to Skinny Tan by four-fold, InnovaDerma said today.
More products and brands are planned for 2017 and the share price jumped 23% to 154.9p