Sirius Petroleum PLC (SRSP.LN) rocketed almost 50% as it confirmed talks with BP PLC (LON:BP.) over funding to support a drilling programme on the Ororo Field in Nigeria.
Reports at the weekend suggested BP would lend Sirius between £5mlm and £10mln as part of an offtake deal. Ororo, offshore Nigeria, is Sirius’s main oil producing asset.
Resource boost lights fire under Great Western Mining
Great Western Mining Corporation PLC (LON:GWMO) doubled as it unveiled a sizeable resource increase at its M2 copper-gold prospect in Mineral County, Nevada, US.
A review and remodelling by WT Cohan & Associates of reverse circulation drilling conducted by GWM in 2013 and 2014 highlighted the scope to double or triple the open pittable resource down dip, towards the Sharktooth Peak, and along the strike of the resource's controlling geological characteristics.
In addition, WTC has provided an independent estimate of the Exploration Target beneath the M2 Sharktooth Peak, which was identified by reconnaissance and outcrop mapping, surface sampling and two discovery drill holes in 2014.
This indicated contained metal of between 2m – 871,000 tonnes. Shares rose 208% to 1.2p.
Avocet Mining faces uncertain future as Inata mine struggles
Investors ignored the results in today’s update from Avocet Mining PLC (ON:AVC) and went down the page to the viability report.
It did not make happy reading for owners of the Inata mine in Burkina Faso.
“The cash costs at Inata during 2016 and into 2017 have ranged between US$900 and US$1,100 per ounce, therefore a modest fall in gold prices from current levels would result in margins becoming extremely tight, which would make the servicing of the mine's debts and creditors challenging.
“The Inata gold mine at 21 April 2017 had approximately US$28 =mln in trade creditors and a further US$26mln in bank and other debt facilities.
“Many of the balances owing to suppliers are overdue and the mine has faced a number of demands to bring balances within credit limits as well as a number of interruptions to essential supplies.
A standstill agreement was agreed with creditors accounting for 70% of its debts in May, granting it two months grace to negotiate a more permanent solution.
The directors said they could not provide a meaningful assurance over the viability of the company beyond the current year, though it has recently received US$4mln for the sale of 40% of the Tri-K project in Guinea.
Shares fell 11% to 42.8p.
Northern Bear beats forecasts
Northern Bear Plc (LON:NTBR) galloped ahead as the building services group beat both market and its own forecasts in the year to March just ended.
Roofing is the star performer, along with “careful contract selection and management” and an expanding customer base.
Shares rose 13.4% to 64.1p.
Rockhopper exec flies off to Echo Energy Plc
Sound Energy mark 2 or Echo Energy Plc (LON:ECHO) has hired Rockhopper Exploration Plc 's (LON:RKH) chief operating officer Fiona MacAuley as its new chief executive.
MacAuley was in charge of Rockhopper’s Sea Lion project, which saw multiple discoveries in the waters of the South Atlantic.
She will leave Rockhopper in early July to take up the Echo role.
Echo, the AIM-quoted oil and gas reboot being steered by Sound Energy boss James Parsons, is focussing on opportunities in South America and MacAuley is the latest significant new appointment for the group.
Shares rose 12% to 17.49p.
Greatland Gold joins the cobalt rush with Pilbara acquisition
Greatland Gold plc (LON:GGP) has made application for licences covering a large cobalt exploration property in the Pilbara Region of northern Western Australia.
This ground covers a total of 130 square kilometres, in an area that Greatland considers to be highly prospective for cobalt, and has dubbed the Panorama project.
Very little exploration work on the project has been carried out since.
Cobalt, like lithium, is seen as essential raw material for the batteries to be used in renewable energy storage and electric cars.
Shares rose 12% to 0.76p.
Investors look beyond MITIE's woes
Mitie Group PLC (LON:MTO) climbed 10% to as investors a sea of write-downs and looked to improving pipeline and steady order book.
For the year ending March 31, the FTSE 250 firm posted an operating loss of £42.9mln, a turnaround from a £107.6mln profit a year earlier, but the shares rose to 24.8p to 271.6p, the best so far in a troubled year for the maintenance and services group.
Proactive news headlines....
US revenues at Eckoh PLC (LON:ECK) now represent one third of the group's turnover, the company revealed as it unveiled an increased in adjusted underlying earnings (EBITDA) to £5.8mln for the year to the end of March from £5.4mln the year before.
Kromek Group PLC’s (LON:KMK) next generation standalone radiation detector, D3S-ID, was successfully deployed by the European Commission’s Counter Terrorism Unit of Directorate General for Home Affairs in Brussels on President Trump's recent visit, the company revea;ed.
Porta Communications PLC (LON:PTCM), the international communications and marketing group, formally implemented the revolving credit facility with Clydesdale Bank, details of which were disclosed last Thursday.
Sound Energy PLC (LON:SOU) has kicked off a new programme at the Sidi Moktar project in Morocco, where it is re-entering the Koba-1 well.
Europa Oil & Gas (Holdings) Plc (LON:EOG) has confirmed that it has raised £1.3mln through the issue of new shares via open offer.
As well as its stem cells services and insurance arms, WideCells Group PLC (LON:WDC) is intent on educating the masses about this potentially transformational technology through its WideAcademy division.
Adam Parker, a co-founder of Majedie Asset Management has been appointed to the board of Berkeley Energia PLC (LON:BKY) as a non-executive director. Parker joins the Company after a three decade career in institutional fund management in the City of London. During that time he co-founded Majedie Asset Management, which today has assets under management of approximately £14 billion.
IronRidge Resources Limited (LON:IRR) is poised to take full control of Tekton Minerals, which has a number of potentially high grade gold targets in Chad. The fast growing junior acquired an option for a 58% stake last year for US$3.5mln, since when its holding has risen to 64%. This latest deal covers all but 10% of the shares outstanding and will see IronRidge issues shares to Tekton’s shareholders, which includes two of IronRidge's directors, Nicholas Mather and Vincent Mascolo.
Mytrah Energy Ltd (LON:MYT) reported a jump in full year profit as the company increased its power generation capacity with the construction of further wind turbines.Shares gained 5.45% to 26.62p in morning trading as the group reported underlying pre-tax profit rose to US$4.6mln in the year to 31 December 2016 from US$2.15mln a year earlier. Revenue jumped to US$362.23mln from US$74.72mln, driven by 72% growth in power generation capacity.