Newly-listed Katoro Gold PLC (LON:KAT) shined during its first day of trading on the junior market.
The Tanzania-focused gold explorer saw its shares jump 20%, with investors seemingly keen to get on board with the company from the get-go.
Katoro owns the Imweru and Lubando deposits in the country with a combined resource of just under 755,000 ounces of the precious metal.
The plan is to get the former into production in the next 18 months at an initial 50,000 ounces a year, ramping up to double that figure over time.
Mosman Oil And Gas Limited (LON:MSMN) also soared on Tuesday after it agreed to acquire to acquire a 10% interest in the Arkoma Stacked Pay Project in Okfuskee County, Oklahoma for US$500,000.
The vendor, Inland Oil & Gas Corporation, estimates the gross reserves and resources of the area to be 8.48 Mmboe based on 3D seismic data.
Wells drilled to date have demonstrated multiple reservoir horizons (stacked pay) and Mosman has conducted initial technical due diligence and commissioned an independent reserves and resource report to verify the estimates.
Mosman has also agreed two options with Inland to acquire a further 45% of the project in tranches of 20% and then 25% at a total cost of US$1.425mln. Shares jumped 17% to 1.1p.
BOS GLOBAL HOLDINGS (LON:BOS) was another making a move upwards today.
Shares in the office productivity software developer jumped 10% after it completed the acquisition of a 40% interest in Call Design Pty Ltd. BOS is paying £280,000 plus 5.04mln BOS shares for the stake.
Call Design is primarily focused on call centre services, and has an established blue-chip client base, including all four of Australia’s major banks.
BOS recently said the acquisition of the stake opens up the possibility of cross-selling opportunities to both companies.
1.35pm...1Spatial blames “poor teamwork” as it swings to a big loss
Shares in 1Spatial PLC (LON:SPA) crashed after the software and solutions group blamed “poor teamwork” and a slowdown in sales as it swung to a massive loss last year.
For the 12 months to the end of January, 1Spatial – which collects, stores and interprets location-specific data – posted a loss before tax of £18.3mln, compared to a small profit a year earlier.
To put that loss into context, the company’s current market cap (£23mln) isn’t much bigger than the pre-tax figure. Shares slumped 15% to 3.1p.
On a more positive note, Andalas Energy and Power Plc (LON:ADL) leapt 24% higher as a stock suspension was lifted after the Indonesian-focused energy company completed a cash raising.
Andalas raised £600,000 at a big premium to its share price prior to the trading halt, with several directors putting up some of their own cash.
The AIM-listed group said it had conditionally raised the amount via a placing of 600mln ordinary shares at a price of 0.1p per share, a 29% premium to the price when the stock was suspended on May 9
FTSE 250-listed home repairs group Homeserve PLC (LON:HSV) is the biggest riser in London among the bigger firms.
It’s up 12% to 787p – its highest level for almost seven years – after it saw revenues more than double to £785mln in the year to the end of March, with pre-tax profits up rising 19% to £98.3mln.
The growth was mainly due to a “transformational year” across the pond said bosses, where it now services 50mln homes.
9.45am...King-sized boost for Regal Petroleum after encouraging initial testing results
Regal Petroleum PLC (LON:RPT) flowed higher in early trading after it published some encouraging initial testing results from its MEX-GOL gas and condensate field in Ukraine.
The explorer originally had a few issues when it first drilled well MEX-109 last year, but during initial testing the well produced at a rate of roughly 778 barrels of oil equivalent per day.
Regal will now hook up the well to the gas processing facility and get production testing underway. Shares soared by 32% to 4.2p.
A bullish statement from EG Solutions plc (LON:EGS) ahead of its AGM today saw its shares jump 15% to 75p – their highest price for almost two years.
The back office workforce optimisation software specialist said the strong trading in the second half 2016 had continued into this year.
In fact, revenues for the current financial year are already ahead of those generated throughout the whole of last year, despite being less than six months in.
Specialist castings and engineering group Chamberlin PLC (LON:CMH) went the other way after its final results were met with disappointment from investors.
The company saw losses widen to £973,000 in the 12 months to end March, from £261,000 a year earlier, while net debt more than doubled to £6.8mln.
Chairman Keith Butler-Wheelhouse said the group had made “important strategic and operational progress over the year” but the markets didn’t agree; shares were down 28% to 128p.
Proactive news headlines ...
Sound Energy PLC (LON:SOU) is preparing to assess the untapped potential of two wells at Sidi Moktar – its second licence in Morocco. Work on the previously-drilled Koba-1 and Kamar-1 is expected to kick-off by the end of the month.
Mosman Oil And Gas Limited (LON:MSMN) is to acquire a 10% interest in the Arkoma Stacked Pay Project in Okfuskee County, Oklahoma for US$500,000. The vendor is Inland Oil & Gas Corporation, which estimates the gross reserves and resources of the area to be 8.48 Mmboe based on 3D seismic.
Base Resources Limited (LON:BSE) is to ramp up production at its Kwale mineral sands project in Kenya to offset declining grades. The plan will save US$60mln in fixed costs and also reduce average operating costs, the miner said.
IronRidge Resources Limited (AIM:IRR) has reported some stellar lithium grades from “first-pass” exploration of its Cape Coast Project in Ghana. Trenching work uncovered 100 metres grading 1.57% lithium oxide (Li2O), including 40 metres at 1.93% Li2O, and 15 metres at 2.18% Li2O. Whole-rock bulk surface rock-chip sampling results returned grades above 2.4% Li2O.
Shanta Gold Limited (LON:SHG) has produced first stope ore from its new underground operation at the New Luika gold mine in Tanzania. The underground ore is being sourced from a long-hole open stope between the 900 - 880 metre levels in the Bauhinia Creek orebody.
Security systems firm Newmark Security PLC (LON:NWT) is eyeing an increase in recurring revenue through a partnership with US-based UniKey Technologies. The two companies have agreed to collaborate on the development of the US company’s access control technology and the creation of new products using the technology.
Companies-backer Amphion Innovations Plc (LON:AMP) is to draw down an additional US$1.5mln from its loan facility, bringing the total amount drawn down up to US$6.15mln.
Office productivity software developer BOS GLOBAL HOLDINGS (LON:BOS) has completed its acquisition of a 40% equity interest in Call Design Pty for £280,000 plus 5mln BOS shares.
Greatland Gold plc (LON:GGP) said its drilling campaign at its Bromus project in southern Western Australia has extended the strike. The company drilled two holes, testing downhole electromagnetic (EM) targets, and intersected silver, zinc and other elements consistent with volcanogenic massive sulphide (VMS) style systems.
Virtual queuing and ticketing group accesso Technology Group PLC (LON:ACSO) has landed a significant new contract in Mexico for its accesso Siriusware product. The contract is with Experiencias Xcaret, which has a network of seven popular experiences, parks, and attractions in Mexico.