Urals Energy PLC (LON:UEN) rose 28% to 6.1p on plans for its operations in Russia.
The group is preparing plans for Kolguyev Island, its two companies in Komi (BVN Oil and RK-Oil) and for the South Dagi licence area on Sakhalin Island.
These development plans, once approved, will involve a considerable step up in the company's drilling programme.
“At the end of the fourth quarter 2016 the company continued to trade at a discount (in terms of reserves and production) to its quoted FSU peers, and had the lowest valuation for its 2P reserves amongst its quoted FSU peers,” said the group.
Vela Technologies PLC (LON:VELA) has raised C$170,000 fom the sale of 63,300 common shares in BTL Group at prices between C$2.50 per share and C$2.99 per share and with an average price of C$2.69 per share. Shares rose 18% to 0.194p.
Acacia Mining PLC (LON:ACA) fell 12% to 406p as investors continued to react cautiously to the ban on copper/gold concentrate exports announced last week by the Tanzanian government.
13.30pm...Thor Mining soars ahead of Nevada exploration news
It’s a markets curio that shares listed in Australia suspended from trading pending an announcement can still be dealt on AIM.
Thor Mining PLC (LON:THR) was one such example today. The dual-listed miner halted dealing on the ASX due to an imminent update on exploration at the Pilot Mountain Project in Nevada.
Draw your own conclusions as to what it might say, but the shares rose 28% to 1.12p, which suggests more than a few investors were betting its good news.
Trading services group Arcontech PLC (LON:ARC), was another handy riser as profits nudged higher in the half year to December.
Recurring revenues rose by 21% to £2.3mln and results for the full year will be ahead of current market expectations said the chairman.
Electronic Data Processing PLC (LON:EDP) fell as it revealed a potential buyer had pulled out and its pension scheme deficit had risen to £3.38mln from £2.27mln.
Another possible buyer has made an approach, but if this also falls through EDP will consider returning some cash to its shareholders.
Shares fell 12% to 65.4p
9.30am....Independent Resources becomes Echo as Sound Energy team move in
Independent Resources Group PLC (LON:IRG) rocketed 700% to 0.52p as the team behind Sound Energy PLC took three board seats and a 29.9% stake.
An open offer will raise up to £1.5mln, while small cap specialist Greenberry will invest£650,000 in new shares at 0.065p and provide a £1mln loan.
A name change reflects the change of ownership, with Echo Energy PLC (not a million miles from Sound) to be the what the company is called going forward. .
“We see the current environment as one of genuine opportunity for growth focused exploration and production companies.
“The changes announced today establish the initial platform from which the company will grow very significantly, in terms of hydrocarbon, human and financial resources,” said James Parsons, the new non-executive chairman.
Bowleven PLC (LON:BLVN) and Victoria Oil & Gas plc (LON:VOG) have agreed a farm-out deal for the former’s Bomono gas asset that gives it access to the local market of Douala in Cameroon.
A complex tie-up will see VOG subsidiary take an 80% stake in the Bomono production sharing contract (PSC), with Bowleven keeping the remainder and continuing as operator.
Gas from Bomono will be sold to VOG minus a tolling fee for use of the pipeline.
Shares in VOG rose 11% to 67.3p.
Futura Medical LC ((LON:FUM) rose 16% to 58.15p as market research group Ipsos predicted it may be able to generate over US$600mln in revenues from an OTC version of its erectile dysfunction treatment.
The 400 men surveyed said the MED2002 gel worked much faster than current treatments such as Viagra and Cialis and as a result they might be prepared to pay more for it.
Proactive news headlines
Amryt Pharma PLC (LON:AMYT) said it will begin phase III clinical trial on a drug for people a rare skin disorder following the completion of discussions with the US Food & Drug Administration and European Medicines Agency over the design of the study. Shares rose 8% to 19.7p.
88 Energy Ltd (LON:88E) unveils oversubscribed A$17mln share placing, ahead of hotly anticipated Icewine-2 drilling programme in Alaska (due to start in Q2).
LGO Energy PLC (LON:LGO) has started drilling its first well of a new programme in Trinidad, marking a significant milestone in the company's recovery.
Union Jack Oil PLC (LON:UJO) has agreed to acquire more of two key assets, the undeveloped Wressle field and the Broughton North exploration project. It now has 15% in both, up from 11.67%.
AFC Energy plc (LON:AFC) is to sell a hydrogen fuel cell system to Powerhouse Energy PLC (LON:PHE) as the two firms ramp up plans for gasification collaboration.
Atlantis Resources PLC (LON:ARL) has received full accreditation for Phase 1A of the MeyGen tidal power project from regulator Ofgem under the Renewables Obligations (Scotland) Order.