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
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
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
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.
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.