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Nostra Terra doubles as it secures hedging facility with BP

"I am particularly pleased to confirm funds released through the hedging facility will not carry any geographical restrictions. This means we will be able to deploy capital across our entire portfolio," said CEO, Matt Lofgran

Nostra Terra
The next step is to confirm borrowing terms with a second senior facility provider.

Oil exploration and development, as we know, is a “hit or bust” affair, and this afternoon demonstrated the binary nature of the sector.

Nostra Terra Oil & Gas Company PLC (LON:NTOG) more than doubled in share price as it secured a hedging facility with BP PLC (LON:BP.).

The company which has a portfolio of assets in the USA and Egypt, said it intends to use the hedging facility in conjunction with a senior debt facility to fund the development of its assets.

The hedging facility can be used for price protection, enabling Nostra Terra to access greater working capital in a non-dilutive manner, the company said.

“This is a significant endorsement of both Nostra Terra's strategy and asset portfolio,” said Matt Lofgran, chief executive of NTOG.

Sector peer Nighthawk Energy PLC (LON:HAWK), the US-focused oil development and production company, is still losing money.

Results for the first half of the year at least indicated the losses are narrowing – to US$2.81mln from US$£3.05mln the year before.

Perhaps of more concerns was this note from the auditors.

“The group's cash flow forecasts indicate that its ability to meet its liabilities as they fall due for next 12 months is dependent upon securing alternative funding.

“These conditions indicate the existence of a material uncertainty which may cast significant doubt as to the group's ability to continue as a going concern.”

The shares were down 24% at 0.4p in late afternoon trading.

Mobilityone weighed down by psecond half prospects for its operations in Malaysia and the Philippines

Another day, another plunge for Intelligent Energy Holdings PLC (LON:IEH), the cash-strapped energy technology group.

Since its trading update on Friday the shares have fallen from 8p on Thursday’s close to 2.2p last night and now 1.73p, down 21.4% on the day.

As the company put it in its trading update, “given the slower than expected development of the market and the group's financial structure, the group faces an uncertain outlook.”

There is no suggestion that Mobilityone Limited (LON:MBO) is in danger of going belly-up, but its fall (25%) on Tuesday Morning rivalled that of Intelligent Energy.

The e-commerce infrastructure payment solutions and platform provider’s shares plunged after the group said its international remittance services in Malaysia and the operations in the Philippines for the provision of an e-payment solution are not expected to make a significant contribution to the group in the second half of 2017.

Cenkos benefits from Eddie Stobart Logistics flotation and other IPOs

Small and mid-caps specialist Cenkos Securities PLC (LON:CNKS) found itself in the spotlight after its half-year results.

The stockbroker’s revenue in the first half of the year soared to £29.2mln from £15.3mln the year before, feeding through to a 156% increase in profit before tax to £4.2mln.

Revenue was boosted by Cenkos’s work on the flotation of Eddie Stobart Logistics PLC and a general improvement in market conditions.

“We are well placed to benefit from improvements in market conditions and have made a very good start to the second half of the year. There is institutional demand to fund high quality companies and ideas and since the period end we have been engaged in a number of significant fund raisings. Our current pipeline of transactions is encouraging,” said Anthony Hotson, chief executive officer of Cenkos.

Wishbone Gold PLC (LON:WSBN) perked up, rising 10% to 0.718p, after research house Align initiated coverage with a target price of 1.97p.

From gold to zinc … but not to another mining company.

Zinc Media Group PLC (LON:ZIN), the telly and multimedia content producer, moved into profit in the year to 30 June 2017.

Adjusted underlying earnings (EBITDA) were positive at £0.44mln, compared to a loss of £0.43mln the year before.

This was despite a fall in group revenues from continuing operations to £19.76mln from £22.62mln.

“Whilst the TV business tends to be second half weighted, due to the quieter summer months in this sector, it has started this year with a strong order book, and the division has a high level of production activity scheduled during the first half of the year. Given this trend, we anticipate that H1 2018 will produce strong results, which will follow through into the second half,” the group said.

Shares rose 5.4% to 0.98p.

Victoria Oil & Gas buoyed by flow test results from Logbaba

The odd champagne cork might have been flying in Victoria Oil & Gas PLC’s (LON:VOG) offices after the latest update from Cameroon.

The group announced successful flow tests and first production gas from the Logbaba La-107 well, sending the shares 13% higher to 71.44p.

The well reached its target depth of 3,180 metres (m), the base of the Logbaba Formation, and encountered a total of 58m of net gas bearing sands in the Upper and Lower Logbaba Formations.

VOG’s chief executive officer Ahmet Dik said the flow tests exceeded the company’s expectations.

“We can now move to finalise long term gas supply contracts with high volume customers. Our next task is the safe and successful completion of the La-108 side track and to capture as much as the 100m of sands in that well as possible. These wells have been difficult and expensive to drill and the La-107 success is a credit to our operations and drilling teams," Dik said.

Sector peer Eco (Atlantic) Oil and Gas Ltd (LON:ECO) was also doing well, after signing an option agreement on its Orinduik Block, offshore Guyana, with Total E&P Activités Pétrolières, a wholly owned subsidiary of French oil giant Total SA.

The shares shot up 9% to 18.75p on the news. 

Other Proactive news headlines:

Highlands Natural Resources PLC (LON:HNR) told investors it has kicked off a fracking programme, covering two wells - named Wildhorse and Powell - at the East Denver project in Colorado. The company highlighted that the start of the programme represents a further acceleration in its campaign at the East Denver project, ahead of the previously anticipated timeline.

Ferrum Crescent Limited (LON:FCR) has announced that its executive chairman, Justin Tooth has resigned with immediate effect, to pursue his other business interests, with the firm not intending to appoint a new full-time CEO in order to reduce costs. The AIM-listed lead-zinc exploration firm said, however, Grant Button, currently a non-executive director of the group and its company secretary, residing in Australia, will assume the role of non-executive chairman, also with immediate effect.

Westminster Group PLC (LON:WSG) has raised £750,000, before expenses, via an over-subscribed placing of 7.5mln new ordinary shares at 10p each, undertaken by broker Beaufort Securities Limited. The AIM-listed supplier of managed services and technology based security solutions said the cash raised will be used to “support the development of the company, with a particular focus on preparation for the anticipated Middle East project opportunity in its Managed Services division”.

Tethyan Resources PLC (LON:TETH) said today it has completed substantial geophysical surveys at the Suva Ruda and Gokcanica Projects located in Serbia, with interpretation of the data expected to be completed and announced in October.

Marketing and media analytics consultancy Ebiquity PLC (LON:EBQ) continues to achieve the milestones outlined in its five-year growth acceleration plan. Despite weaker performance in the US, results for the first half of 2017 were broadly in line with expectations.

Top level internet domains specialist Minds + Machines Group Limited (LON:MMX) is on course to deliver its maiden year of profitability as an operating business.

Christopher Wilks, chief financial officer at Signum Technology, has been appointed to the board of Kromek Group PLC (LON:KMK) as a non-executive director.

ImmuPharma PLC (LON:IMM) has started preparations for a new drug application of its lupus treatment Lupuzor with its Phase III trial now over half way through. The AIM-listed group said the decision to start to manufacture commercial batches of Lupuzor was taken in anticipation of the trial's successful outcome and in consultation with its regulatory advisors.

Haydale Graphene Industries PLC (LON:HAYD) has made its first sales in China through its partnership with shareholder Everpower. The sales are for a range of silicon carbide fibres (SiC)and 3D printing material and combined will generate about £160,000 in revenues.

Niche lender S & U PLC (LON:SUS) has reported another strong half year for its car finance arm Advantage and expects demand to remain strong despite Bank of England's fears a credit bubble might be forming. Anthony Coombs, chairman, said: "In contrast to the reported hiatus in both the used car market and in economic growth generally, S&U continues to experience robust and good quality demand and our current trading is in line with our expectations.

Amedeo Resources PLC (LON:AMED) is digging in and waiting for an upturn in metals and the oil rig markets. “Despite the current difficulties in both the marine vessels market and the commodity markets, Amedeo is well resourced and remains focused on long term strategy of building a vertically integrated business in the resource and energy and related infrastructure sectors,” it said in its interim statement.

The boss of Instem PLC (LON:INS), a leading provider of IT solutions to life sciences firms, has said the company is “undoubtedly better positioned for profitable growth than ever before”.

Fast-expanding digital communications group Next Fifteen Communications PLC (LON:NFC) has hailed the performance of its recent acquisitions as it notched up another half of double-digit revenue growth.

Cancer-focused biotech ValiRx PLC (LON:VAL) has told investors it made “considerable progress” across both its clinical and pre-clinical drug portfolio in the first half of the year. Its lung cancer candidate, VAL401, finished the recruitment phase of its Phase II trial back in June and the study remains on track to be completed by the end of this year.

Sula Iron & Gold PLC (LON:SULA) has hit more high gold grades in drilling in Sierra Leone. The company will now conduct analysis on the results. Separately, directors will forgo salaries for the foreseeable future.

Galantas Gold Corporation (LON:GAL) will find out the results of the judicial review into its underground mining operations at Omagh in Northern Ireland in a judgement to be given on 29th September. The company already has consent to mine and has been continuing with work.

Eurasia Mining PLC (LON:EUA) has released interims showing the company's cash position to be £450,000 as at June 30. The feasibility study at the 1.9mln ounce PGM Montechundra project is nearly complete, with work at the West Kytlim alluvial project also making progress.

Nigeria oil producer Eland Oil & Gas PLC (LON:ELA) reported net production of 5,275 barrels per day in the first half of its financial year. Production resumed at the OML 40 asset back in January, using a single well, after the company adopted a shipping export route rather than problematic pipeline operations.

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