3.45pm: President Energy has record Argentina sales
President Energy PLC (LON:PPC) was a big riser in late afternoon trading, adding 7.3%, or 0.3p at 7.0p after the oil and gas firm said that June was a "record month" for oil sales from its Puesto Guardian Concession in Argentina.
The AIM-listed group said revenue in June was in excess of US$1.2mln after taking into account tax credits and deducting the payment of royalties, but before operating expenditure.
In addition, the group said it continues to benefit from its newly expanded Louisiana production assets, which contribute around US%200,000 per month of free cash flow.
Elsewhere with resource minnows, Empyrean Energy PLC (LON:EME) leapt 11.4%, or 1.0p higher to 9.75p after the group said it has been advised by the operator of its Duyung production sharing contract joint venture, Conrad Petroleum, that Mako South-1 well testing operations have been successfully completed.
The oil and gas development company said Conrad reported the well performance was "exceptional", with the drilling operations carried out on time, on budget, and with no safety incidents.
Empyrean owns 10% of West Natuna Exploration Ltd, a holding company which owns the Duyung production sharing contract, while Conrad owns the remaining 90%.
1.15pm: Delivery milestones lift Simigon
Simigon Ltd (LON:SIM) was a good gainer in lunchtime trading, up 7.5%, or 1.5p at 21.5p after the developer of learning, training and simulation technologies said it has completed all systems delivery milestones related to a US$6.7mln SIMbox contract it won in June.
The AIM-listed firm said the collaboration with the customer from the contract had led to "a more advanced training system being developed", and that the experience gained from the programme would be useful in marketing its SIMbox training product to other potential customers.
Meanwhile, IXICO Plc (LON:IXI) jumped 10%, or 3p higher to 32p after the medical devices firm said its TrialTracker technology will be used in a phase II clinical trial of a treatment for people with mild cognitive impairment caused by Alzheimer's disease.
The digital platform will be used to collate both positron emission tomography (PET) and MRI scans from centres across Europe.
And shares in Coal of Africa Limited (LON:CZA) added 0.5%, or 0.02p at 3.00p as the mining firm announced it has settled a dispute with Rio Tinto PLC's (LON:RIO) Minerals Development unit, bringing to an end a long standing legacy issue.
The obligations arose from Coal of Africa unit MbeuYashu Proprietary Limited's acquired interest in Chapudi Coal Proprietary Limited and Kwezi Mining Exploration Proprietary Limited.
9.45am: Drilling contract boosts Petro Matad
Petro Matad Limited (LON:MATD) enjoyed a brief sojourn at the top of the London Stock Exchange’s greasy pole on Wednesday morning, after it revealed a comprehensive drilling contract with the Mongolian arm of Sinopec has been signed.
The Mongolian oil explorer’s shares shot up 13.6% to 9.375p after it revealed initial drilling targets for the 2017 drilling campaign have been selected, only for the share price to move back down to last night’s closing value of 8.25p.
The company said the first exploration well will be located on the Irves (Snow Leopard) prospect in the Taats Basin of Block V and will spud in September 2017.
Petro Matad yielded its top position to Nektan PLC (LON:MKTN), the business-to-business gaming solutions provider, which rose 29% to 22.5p following a quarterly trading update.
Net gaming revenue in the three months to the end of June was £4.2mln, more than double the £2.0mln seen in the corresponding period of 2016.
"We continue to make progress across our three divisions. I am especially encouraged by the progress of the European managed casino network which is benefiting from the hard work of our team, our casino partners and the strong technical foundation of our proprietary platform, Evolve. Revenues have grown by 130% over the last year, whilst our cost base has reduced, providing a more financially efficient platform from which to grow,” said Gary Shaw, the interim chief executive officer of Nektan.
Proactive news headlines:
FairFX Group Plc (LON:FFX) has achieved its first interim net profit since floating in August 2014, with a first half performance that was ahead of expectations.
Alecto Minerals PLC (LON:ALO) is to lose its AIM listing after the prolonged suspension of its shares due to the proposed acquisition of the Mowana copper mine in Botswana. Shares in Alecto have been suspended since 21 December 2016 while it completes the admission document for the deal, which has been structured as reverse takeover.
Sula Iron & Gold PLC (LON:SULA) expects the first result from its key phase 3 drilling at its Ferensola gold project by the end of the month.
Company incubator Frontier IP Group Plc (LON:FIPP) has taken a 20% stake in MolEndoTech Limited – a spinout from Plymouth University. MolEndoTech was set up to develop and commercialise the work of Simon Jackson, the Professor of Environment and Human Health at the south coast university.
SDX Energy Inc (LON:SDX CVE:SDX) has confirmed the size of the new South Disouq gas discovery, in line with its expectations, with an independent consultant assigning just over 47bn cubic feet of contingent resources.
FairFX Group Plc (LON:FFX) has achieved its first interim net profit since floating in August 2014. The low-cost multi-currency payments specialist’s trading statement covering the first half of 2017 revealed the profit performance was ahead of management’s expectations.
Sound Energy PLC (LON:SOU) has found a success to report just days after disappointing exploration results put a dent in its valuation, revealing on Wednesday that gas production is on the horizon at the Sidi Moktar project in Morocco. In a statement, Sound told investors that the re-entry into Sidi Moktar’s Koba-1 well has been successful – the well was re-entered, perforated and gas has been flared at surface.
IXICO Plc (LON:IXI) said its TrialTracker technology will be used in a phase II clinical trial of a treatment for people with mild cognitive impairment caused by Alzheimer's disease.The digital platform will be used collate both positron emission tomography (PET) and MRI scans from centres across Europe.