Magnolia Petroleum flows higher as it offloads 19 wells for US$400,000

A look at some of the main news-driven risers and fallers in London

Magnolia shares have added a third to their value this week

Magnolia Petroleum PLC (LON:MAGP) shares jumped 23.35% this afternoon after the US-focused oil and gas company announced divestment of 19 new wells in North Dakota and Oklahoma.

The company has agreed to farm-out its interest in six Marathon Oil-operated wells targeting the Bakken and Three Forks Sanish formations in North Dakota for an upfront cash consideration of US$150,000.

It has divested its interest in 13 Sympson wells, acquired in fourth quarter of 2015 for an upfront cash consideration of US$261,000. These wells are now only being drilled  by Continental Resources in Oklahoma.

Magnolia said the divestment will assist the group in realigning its forthcoming well investments into core counties in which Western Energy Development LLC (WED) can invest.

12.45pm....Tissue Regenix under pressure

Tissue Regenix Group PLC (LON:TRX) shares tumbled as it announced a £40mln fundraising to support its US$30mln acqusition of Texas-based rival, Cellright Technologies.

Woodford Asset Management took up almost 35% of the new shares issued, Invesco 31% and  Perpetual 12.5% alongside a number of Tissue’s directors.

Antony Odell, Tissue’s chief executive, said CellRight has a synergistic regenerative technology focused on bone that will complement its own dCELL soft tissue platform.

Shares fell 8.8% to 11.40p.

9.45am: Midwich Group rallies

There’s been a few of these in London this week and audio visual specialist Midwich Group PLC LON:MIDW) is the latest to upgrade its full-year guidance after a solid first half.

The group told investors it had traded well in the first six months of the year, with top line growth across all of its geographies and an extra kicker from the weaker sterling. Gross margins have also remained steady despite the rise in revenues.

Midwich acquired Spanish group Earpro back in March which it said has made a “very positive start” ahead of expectations.

“As a result of this strong first half performance and on the basis of current indications of positive sales momentum into the second half, the board anticipates reporting results for the full year comfortably ahead of its previous expectations.”

Shares soared by 13.5% to 378p.

Learning Technologies on the front foot

E-learning business Learning Technologies Group PLC (LON:LTG) also flew out of the blocks early doors after it reported record first half revenues in a trading update this morning.

The AIM-quoted group said it expects total sales for the six months to June 30 to be not less than £20.8mln, well ahead of the £12.8mln it registered for the same period last year.

It also leaves Learning Tech well on track to hit its annual turnover target of £50mln with the traditionally stronger second half to come.

Chairman Andrew Brode said momentum within the group is strong and the board is confident over the second half and beyond.

He added that NetDimensions and all of the other recent acquisitions had been integrated to plan and accompanied by strong underlying organic growth. Shares jumped 7% to 48.6p.

Acacia slumps on first half revenue drop

Elsewhere in London, FTSE 250-listed Acacia Mining PLC (LON:ACA) was under the cosh as the government ban on the exports of copper and gold concentrate hit first half revenues.

Shares dropped by 7.5% to 259p after the miner saw revenues slump by 22% to US$392mln in the six months ended 30 June as the company sold less gold. Underlying earnings also fell by 13% to US$161.4mln.

On top of that, Acacia also decided to suspend its dividend as it has been unable to export gold and copper concentrates due to a ban imposed on the miner since 3 March as the government claims Acacia owes royalties on undeclared shipments.

Proactive news headlines...

Rainbow Rare Earths Ltd (LON:RBW) has hosted an inauguration ceremony for the Gakara Project. Speeches were delivered by His Excellency Mr Pierre Nkurunziza, President of the Republic of Burundi, Burundi's Minister for Mines and Energy, Come Manirakiza, and Rainbow's chief executive, Martin Eales.

Scotgold Resources Limited (LON:SGZ)  is to seek permission to consolidate its hsares on a 100-into-one basis.

Metal Tiger Plc (LON:MTR) has given details of nineteen potential exploration targets that have been identified in the T3 Dome area, of its Kalahari copper belt in Botswana. 

Sound Energy PLC (LON:SOU) has outlined its plans for the newly defined Anoual and Matarka exploration areas in the vicinity of its successful Tendrara gas project in eastern Morocco.

Deltex Medical Group plc (LON:DEMG) reported 7% revenue growth for half year, ended June 30, up to £2.9mln boosted as the “improving trends” seen last year continued into the present year.

Tissue Regenix PLC (LON:TRX) has splashed out US$30mln on Texas-based rival, Cellright Technologies,to catapult it to the front of  the growing US market for regenerative medicine and bone grafts. Antony Odell, Tissue’s chief executive, said CellRight has a synergistic regenerative technology focused on bone that will complement its own dCELL soft tissue platform. 

WideCells Group PLC’s (LON:WDC) stem cell insurance platform Cellplan has now gone live in the UK. The online facility initially will be for customers of tissue bank Biovault, but in the upcoming weeks WideCells intends to make CellPlan available to families that have stored stem cells in other facilities that meet the appropriate standards.

Gfinity Plc’s (LON:GFIN) recently-launched Elite Series is set to get worldwide exposure after the AIM-quoted firm signed a contract with Eleven Sports to broadcast the esports tournament across its various TV channels.

Specialist recruiter Empresaria Group plc (LON:EMR) has told investors it enjoyed a record first half of the year, buoyed by increased hiring activity in its home UK market. For the six months to 30 June, net fee income soared by 26% compared to the same period last year, which Empresaria said puts it on track to meet current full-year expectations.

Organic growth is combining well with acquisitions said Learning Technologies Group PLC (LON:LTG), which is seeing record revenues following its takeover of Netdimensions in March. The e-learning group has an annual turnover target of £50mln and seems well on track to hit that soon as first half sales rose to 63% to £20.8mln with the traditionally stronger second half to come.

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