Premier Oil PLC (LON:PMO), down 4.9% to 67.53p, moved to reassure investors about its ongoing process to complete its debt restructuring.
At the start of this month the group unveiled the long awaited refinancing.
This afternoon in a statement addressing ‘recent share price weakness’ the oiler said that private lenders are – as per previously guided timeline – going through a formal credit committee approval process to ‘lock up’ terms and good progress is being made.
The company added that it is also finalising the agreement with convertible bond holders and significant bondholders are expected to ‘lock up’ shortly.
Operationally, Premier said its performance remains strong, with production ahead of guidance above 79,000 barrels oil equivalent per day.
A further update on the refinancing is expected in ‘the next few days’, Premier told investors.
The Myanmar-focused mobile app developer Mysquar Ltd (LON:MYSQ) has been busy over the past few months releasing several mobile games, including ChakraNinja which is based on the popular Japanese comic character Naruto.
A lot of its apps work on the “freemium” model, which is to say that they are perfectly playable as a free game, but if users want to get their hands on the real cool stuff, they can opt to pay for extras.
As well as games, MySQUAR has ventured into the mobile payments market while it also released an internet-based telephone app, CallHome, at the end of 2016.
13:00 .. Baron Oil gets sign off for Peru farm-out
Baron Oil PLC (LON:BOIL) rose 19% to 0.48p as it finally got the sign-off for the farm out to Union Oil & Gas of (UOGG) Block Z-34 in Peru.
Approval from the Central Bank of Peru means UOGG is now liable to pay US$2mln on which there will be Peruvian tax at 32%.
Atlantis Resources PLC (LON:ARL) has start to export power to the grid from a tidal wave turbine installed at MeyGen on Monday.
Four of the high tech generators are now installed at MeyGen generating 6Mw of power and Atlantis is moving onto the next phase f the development work. Shares rose 8% to 54.6p.
Retail software group has wasted little time rebooting its finances after its major contract with Discount Tire.
The shares surged earlier in the week on news of the multi-million dollar contract, but today the company said it is mulling an equity raise alongside a debt restructuring to bolster its working capital position.
“Revenues for the second half of the 2017 financial year are now therefore expected to be considerably higher than in the first half and not less than $2m (H1 2017: $1m actual).”
Shares fell 8% to 4.49p.
9am ... EU Supply boosted by EU grant
While it may not have the most propitious name in the current political backdrop, e-procurement group EU Supply PLC (LON: EUSP) is still picking up funding from Europe.
A €120,000 grant from the European Union to develop additional features for its CTM(TM) platform was enough to stick 15% on its share price at 15.5p.
Cambridge Cognition Holdings PLC (LON:COG) has teamed up with Japanese pharma gaint Takeda Pharmaceutical to pilot the use of an Apple Watch app that monitors patients with major depression disorder.
Cognition Kit Limited, a joint venture between Cambridge Cognition and Ctrl Group Ltd, has partnered with Takeda’s US subsidiary to test the use of the app.
A study will be conducted on the app, involving 30 participants aged 18 to 65 who have been prescribed antidepressants for clinical diagnosis of mild to moderate depression. Shares rose 10% to 85p.
Health and fitness-focused wearable technology specialist CloudTag Inc (LON:CTAG) has raised £975,000 through a share subscription. The company issued 26mln shares at 3.75p each. After expenses have been deducted, CloudTag will receive £916,500.
The company is readying its flagship product, the Onitor Track device, for commercial launch but in the meantime it signalled it would need to conduct further fund-raising exercises in the short term. Shares dropped 33% to 3.24p.
Proactive news headlines
Advanced Oncotherapy PLC (LON:AVO) edged higher in early deals after telling investors it had drawn the first £1.3mln from its new financing facility with Bracknor, while it also updated on progress at its new Harley Street site. Shares were flat at 56.6p.
Rare Earth Minerals plc (LON:REM) posted some modest gains this morning after Macarthur Minerals (CVE:MMS, in which Rare Earth holds a 16.56% stake) raised A$1.4mln in an oversubscribed subscription for its Australian subsidiary. Shares eased 2.6% to 0.54p.
Junior miner Savannah Resources Plc (LON;SAV) is bullish on both copper and ilmenite prices for 2017. The junior hopes to start copper production in Oman later this year if permits come through. Shares were little changed at 5.68p.
Atlantis Resources PLC (LON:ARL) has already exported power to the grid from the tidal wave turbine installed at MeyGen on Monday. Four of the high tech generators are now installed and Atlantis is moving onto the next phase f the development work. Shares rose 7% to 54p.
Sound Energy PLC (LON:SOU) said that it had drilled down to the first casing point at its latest well on the Tendara licence in Morocco.
TE-8 has so far been sunk to a depth of 461 metres and a 13-3/8 inch casing is being set in cement in the Upper Lias formation. The second casing point is at 2,070 metres. Shares were 89p, unchanged.
PowerHouse Energy PLC (LON:PHE) said it will site its gasification unit in the north-west when it arrives here in the UK next month. The University of Chester’s Thornton Science Park will be host to the breakthrough technology. Shares rose 2.5% to 1.03p.