88 Energy Limited (LON:88E, ASX:88E) is on track to test its latest Alaska well late next month or early July after successfully cementing in place the production liner. Icewine-2, which has targeted the potentially prolific HRZ shale, will begin the stimulation phase of the programme in the third week of June.
Savannah Resources Plc (LON:SAV) has published a scoping study for its Mutamba mineral sands project in Mozambique which shows that revenues could be upwards of US$4bn over a 30 year mine life.
SDX Energy Inc. (LON:SDX, CVE:SDX) was another on the move upwards, with shares advancing more than 6% to 60.3p in early deals. The rise came after SDX hailed the “highly positive” test of its SD-1X well on the South Disouq licence, Egypt, which flowed a better-than-expected 25.8mln standard cubic feet (scf) of dry gas.
On top of the encouraging results, chief executive Paul Welch sounded pretty confident that there might be some pleasant surprises a bit deeper down the well.
“Not only do we have this excellent result in the upper Abu Madi section, we also remain very upbeat about the oil potential in the deeper Cretaceous horizon, where a working petroleum system was also discovered.”
Shipyard group Amedeo Resources PLC (LON:AMED) has completed the Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig, though the rig has yet to be delivered as the purchaser, Explorer 1, is in the process of securing financing and employment for the rig.
Losses in 2016 decreased to US$1.89mln (2015: loss of US$2.61mln) while Amedeo has bought a 2.5% stake in Ganjine Kani,a copper mining company close to the city of Mashhad in Iran.
Empyrean Energy PLC (LON:EME) has decided against increasing its stake in West Natuna Exploration in Indonesia and will keep its holding at 10%.
A strong performance by its “real money” online operations was spoiled by a slide in revenues at Stride Gaming PLC’s (LON:STR) social gaming activities. Adjusted underlying earnings rose 20%, but largely due to a £10.2mln write-down in the value of its social gaming assets it made a reported pre-tax loss of £10.3mln.
Magnolia Petroleum PLC (LON:MAGP) is to take part in a six well drilling programme to be undertaken by US giant Marathon.
Xtract Resources PLC (LON:XTR) is to consolidate its shares on a 1:200 share basis.
Excavation work at Advanced Oncotherapy PLC’s (LON:AVO) flagship Harley Street site is progressing well and on time. The proton therapy systems developer said work has been completed on multiple stages of site work and demolition. Groundworks and piling will start shortly.
Silence Therapeutics PLC (LON:SLN) has received what’s called a notice of allowance for an additional US patent over part of its ground-breaking RNA technology, the precursor to being formally granted the patent. The protection means it may have claims over clinical trials of treatments deploying the Silence know-how in hypercholesterolemia (high levels of cholesterol on the blood), haemophilia and acute hepatic porphyrias (an enzyme deficiency in the liver).
Sula Iron & Gold PLC (LON:SULA) is to restart drilling at its Ferensola gold project in Sierra Leone after striking a US$700,000 deal with a drilling contractor
Secure Property Development and Investment PLC (LON:SPDI has received more than €100,000 net of VAT for the provision of asset management services in Romania.
Excavation work at Advanced Oncotherapy PLC’s (LON:AVO) flagship Harley Street site is progressing well and on time.
The delayed strategic investment in Vast Resources PLC (LON:VAST) by SSCG Africa (SSA) has been given the go-ahead by the Reserve Bank of Zimbabwe (RBZ). The cash injection by SSA was announced at the end of January and was dependent, among other things, on official approval by the RBZ of the assignment of 49.99% of Vast’s loan account with Canape. This approval has now been received.
Growth in its products division helped Horizon Discovery Group PLC (LON:HZD) lift revenues by 19% in the year just ended and forecast a 25% improvement this year. The specialist in gene editing posted 2016 sales of £24.1mln (£20.2mln), but expects 2017 to see revenues rise to at least £30-35mln.