Andalas Energy and Power Plc (LON:ADL) surged higher after it signed an agreement to jointly develop gas-fired power facilities in Indonesia.
The agreement is with Indonesia’s state-owned construction and engineering company and covers gas-fired power facilities across the country, including those developed from gas supplied by Pertamina, Indonesia’s state-owned energy company.
“Our relationship with Pertamina is creating a new gas-to-power business in Indonesia. The agreement is complementary to this business but importantly enables Andalas to pursue other gas-to-power projects that it has identified with non-Pertamina gas fields,” explained David Whitby, the chief executive of Andalas.
Shares in Andalas were up 22% at 0.1p.
Moving on to the African continent, Kennedy Ventures PLC (LON:KENV) had some good news concerning African Tantalum, in which it has a stake.
Aftan, as its close friends calls it, has signed a multi-year supply agreement with a global North American leading tantalum consumer and end user of Kennedy’s tantalum ore.
Kennedy’s shares climbed 14% to 10.375p.
Mayan Energy Ltd (LON:MYN) lost one-eighth of its value after it confirmed it had entered into a US$2mln farm-out of a 50% working interest in its Zinc Ranch and Mathis lease in Osage County, Oklahoma.
The company now owns equal shares in these assets with Longview Oil & Gas.
Mayan will receive US$50,000 in cash upfront from Longview, which has also committed to pay for a US$2mln work programme on the assets.
Proxama dips despite National Rail Enquiries app success
Yo-yo stock Proxama PLC (LON:PROX) was on the down-swing this morning, despite news of another contract win.
It’s not as big a win as its North American contract renewal announced last week but nevertheless it seems perverse the shares should slide on good news.
The proximity marketing – make that a mobile location data specialist following its recent “pivot” - specialist saw its shares tumble 4.4% to 0.0373p after it signed an agreement with the Rail Delivery Group to embed Proxama technology into the National Rail Enquiries app.
Proxama’s wizardry will generate “anonymised” consumer data that it will “monetise” through the sale of “premium” audience and attribution products and services.
A quick translation for those of you unfamiliar with the terms in speech marks in the above paragraph: that means the company will take users’ personal data without identifying who they are, and make money from it by selling it.
Gaming Realms PLC (LON:GMR) has launched Slingo Rainbow Riches, a unique spin on the current Slingo formats.
No, I don’t know what the Slingo format is, but I detect from the use of the term “a unique spin” that this is a fruit machine game, or as they used to call them in my youth, “one arm bandits”.
“It is a unique game that will take the market by storm and adds to the portfolio of Slingo games already enjoyed by millions," claimed Patrick Southon, chief executive officer of Gaming Realms.
The shares fell 7.7% in the morning session – the equivalent of two lemons and a lime.
Oh well, you can’t win ’em all;
Last week, investment group Grand Group Investment PLC (LON:GIPO) saw its shares go on a good run on hopes that the company might not be able to find any decent companies in China in which to invest, and would instead return some dosh to shareholders.
The shares plunged after the company issued a statement telling shareholders hoping for a return of cash not to hold their breath, and the shares were on the slide again today after the chairman, James Newman, quit the board.
One of the company’s executive directors, Yang Xiao, will act as interim chairman.
Picture brightens considerably at Image Scan
Image Scan Holdings PLC (LON:IGE), which supplies X-ray technology to the security and industrial markets, has seen rapid growth in its order book.
The shares shot up 24% as the company said results for the current financial year (to the end of September) should exceed expectations.
The company revealed recent order intakes has exceeded £2.5mln. To put that into perspective, the firm took orders worth £4.3mln in the whole of 2016.
New orders for industrial X-ray products have been received from the car making industry and orders for cabinet, conveyor and portable X-ray products have been received from security customers.
Customers for these new systems are in Europe, the Middle East and Asia and include several first-time users of Image Scan X-ray inspection systems.
Who saw that coming?
Even after today’s rise the shares are down year-to-date; mind you, push the start date of the comparison back to a year, and the shares are up 148% over the last 12 months.
KEFI Minerals PLC (LON:KEFI) prised the Tulu Kapi gold mine asset away from Nyota Minerals back in 2015, and a quick search of stock market announcements reveals that exploration work on the project was taking place as long ago as 2008, so it is about time someone put their foot on the accelerator.
That acceleration might now be about to happen after Kefi agreed a finance package to develop the asset.
Infrastructure specialist Oryx is to put up US$135mln in new debt through a lease and payback arrangement that will also see it become the processing plant operator.
READ KEFI Minerals tees up US$135mln finance package to build Tulu Kapi mine in Ethiopia
Shares in KEFI surged 22% to 5.25p on the news.
The name change from Ten Alps seems to have done the trick for Zinc Media Group PLC (LON:ZIN).
Shares in the media group were up 15% at 0.993p as it returned to profitability after a long spell of operating in the red.
Chances are, it wasn’t all down to the name change … that just happened to coincide with an a restructuring of the business that included an exit from most of its publishing businesses … what journalists call “kitchen sinking” or, in this case, “zincing”.
The directors believe that the group's profitability will increase substantially during the current financial year.
Carillion watch
Shares surge 13% as government throwns troubled engineering firm (LON:CLLN) a bone
Proactive News Headlines:
OptiBiotix Health plc (LON:OPTI) has signed a supply deal covering New Zealand and Australia with Pharmabiota. It is the first deal for OptiBiotix's LPldl cholesterol-lowering technology outside of Europe.
Portfolio analytics software provider StatPro Group PLC (LON:SOG) traded in line with expectations in the first half of the year. Interims out on 2 August.
Anglo Asian Mining Plc (LON:AAZ) increased second quarter production at the Gedabek mine in Azerbaijan, and is now targeting between 64,000 and 72,000 ounces of gold equivalent for the full year.
Fund manager APQ Global Limited (LON:APQ) kept its risk exposure ‘moderate’ in the latest quarter due to volatility in emerging markets, its area of focus.
Amur Minerals Corporation (LON:AMC) has revealed that independent estimates for its Kun-Manie nickel sulphide mine in Russia show that production costs are likely to come in around US$1.78 per pound. The current nickel price is US$4.00, so margins look in good shape at this stage, although work needs to be done factoring in smelting charges before a definitive number can be plugged into models.
Metal Tiger PLC (LON:MTR) told investors it expects to release a resource upgrade in August for its T3 exploration project in the Kalahari copper belt in Botswana. In a project update from its Botswana joint venture with MOD Resources, where it has a 30% stake (plus a 4.86% shareholding in MOD), the company confirmed that all sample assays have now been received from previous infill and extensional drilling.
Eurasia Mining plc (LON:EUA) has been granted a discovery certificate for the 1.9mln ounces of palladium equivalent at its Monchetundra project in Russia. The granting of the certificate follows swiftly on from the application, announced on 15 June 2017.
NQ Minerals PLC (AQSE:NQMI) plans to list on Aim in due course and has appointed Beaumont Cornish as advisor.