Having shot up on Friday from 26.8p to 31p, shares in Highlands Natural Resources Plc (LON:HNR) pulled back to 28.81p today.
The company released a statement in the wake of Friday’s sharp rise and confirmed that the Colorado Oil and Gas Conservation Commission last week approved the company's permits for a surface location as well as the company's first four applications to drill in the East Denver project in Colorado
READ Highlands Natural Resources confirms Colorado permit approval
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It’s not been a great day for the Highlands, with Highland Gold Mining Limited (LON:HGM) down 4.6% at 175.25p after the company issued results for 2016.
Profit before tax rose to US$66.2mln from US$13.9mln.
9.23 ... It's all about the minerals
Strategic Minerals Plc (LON:SML) was wanted early doors after pulling a switcheroo on an iron ore supply contract at its Cobre asset in New Mexico.
The shares were up 18.5% at 1.57p as the company revealed it has replaced a proposed contract for iron ore from its Cobre facility with a new improved deal.
The new contract is for 4,000 tonnes per month.
"The impact of the contract on the company is not to be underestimated as it is likely to materially boost the expected profitability of the Cobre operation in 2017," said John Peters, managing director of Strategic Minerals.
Elsewhere in the minerals sector, Bacanora Minerals PLC (LON:BCN, CVE:BCN) climbed more than 9% to 90.75p as it signed an off-take deal with Hanwa.
Japan-based Hanwa is one of the larger traders of battery chemicals in the Asian region, with reported net sales of more than ¥1,500 billion in 2016.
Under the terms of the agreement, Hanwa will take a 10% equity investment in Bacanora. This will raise around £10.2mln via the placement of just over 12mln shares at 82.5p.
Sound Energy PLC (LON:SOU) is making headway in Italy where its drilling programme at Badile, near Milan, has reached its third casing point at a measured depth of 2,614 metres.
The Morocco and Italy focused gas specialist’s next stop is the fourth casing point at 3,490 metres. The well will go down to a total depth of 4,445 metres.
Shares in Sound were off 6.5% in early deals.
Proactive news summary
Akers Biosciences Inc. (NASDAQ:AKER, LON:AKR) said it has identified a potentially large opportunity for its heparin test in Puerto Rico that aligns closely with its commercial strategy in the US.
It has found a specialist outsourced sales group that will target the 64 hospitals on the island.
Collagen Solutions PLC (LON:COS) has unveiled some “promising” data for its collagen-based wound healing spray adhesive.
The AIM-listed firm presented a poster at the recent Society for Biomaterials (SFB) annual meeting in Minneapolis which highlighted the new data.
Continued operational progress at its Ayenouan project in Côte d'Ivoire as well as higher palm oil prices helped Dekeloil Public Ltd (LON:DKL) to a record quarter in the first three months of 2017.
The palm oil producer generated revenues of €9.7mln in the quarter to 31 March, an increase of almost 37% compared to the same period in 2016.
In a quarterly update Magnolia Petroleum PLC (LON:MAGP) has told investors it is seeing a significant increase in proposals for new wells.
Hague and London Oil Plc (LON:HNL) has announced a deal to acquire production licences offshore Netherlands that will deliver 2,900 barrels oil equivalent production per day.
The property fund manager and investor First Property Group PLC (LON: FPO) expects its full-year trading and pre-tax profits to be in line with market expectations prior to a profit on the sale of a Romanian property announced at the end of March.
Platinum and chrome miner Tharisa PLC (LON:THS) has reported another quarter of “steady production” and said it remains on track to meet production guidance for the current financial year as prices for the metal jumped.