2pm...I3E Energy
I3E Energy PLC (LON:I3E) shares surged after the oil and gas company updated investors on progress in the Liberator field in the UK North Sea.
The company said a reserve report, prepared by AGR TRACS International Limited, saw a material upgrade in volumes at the field. The volumes were reclassified from contingent resources to reserves justified for development.
“Given Liberator's proximity to available infrastructure and development readiness, I am delighted that the Liberator Field has been classified as reserves with a corresponding pre-tax value ascribed in the reserve report of US$328mln,” said Iain Campbell, i3's reservoir manager.
The group added that it has recieved a non-binding indicative proposal from an existing investor to support its fundraising initiatives and up to US$13mln of the Company's proposed work commitments for its 30th Licensing Round bid.
Shares jumped 50.84% to 33.75p.
I3E plans to develop the Liberator field through two horizontal producers in Phase I, targeting the main and northwest culminations of the area, subject to approval. A future Phase II plan is being considered and may include further development wells.
12pm...Cronin goes radioactive as investors give thumbs-up to latest acquisition
Cronin Group PLC (LON:CRON) investors gave the thumbs up to the chemical developer’s latest acquisition.
Shares surged 14.3% to 2p following Cronin’s all-share purchase of scientific hardware and software developer OpenIOLabs. Based on Thursday’s closing price that would value the company at around £3.5mln.
Cronin is issuing 25mln new shares upfront, followed by up to a further 22mln shares for Cambridge-based OpenIOLabs which recorded a loss after tax of £601,283 on sales of £77,694 last year.
As part of the deal, OpenIOLabs’ chairman David Cleevely – who was awarded a CBE for services to innovation and technology in 2013 – will join the Cronin board as a non-executive director.
10.15am...Croma Security Solutions shares jump as it reports full year profit and revenue growth
Croma Security Solutions PLC (LON:CSSG) shares jumped after reporting an increase in full year profit and revenue as demand for its security services grows following recent terror attacks.
In the year to 30 June, revenue rose 16% to £22.1mln, as sales growth in the manned guarding division Croma Vigilant offset a decline in its locksmith unit.
Pre-tax profit rose to £357,000 from £177,000 last year.
Shares were up 19.77% to 51.50p.
Kodal Minerals PLC (LON:KOD) shares shot higher after saying it has received the final £330,968 payment from Singapore-based Suay Chin International Pte Ltd as part of a subscription agreement.
The company will in turn issue 87,096,953 new ordinary shares to Suay Chin at a price of 0.38p per share.
Shares increased 19.75% to 0.24p.
Lonmin PLC (LON:LMI) is on the back foot after the platinum producer warned that the publication of its full year results will be delayed as an operational review to address uncertainties continues.
Shares fell 17.27% to 86.25p.
Lonmin said the operational review, announced in August at the time of its interim results, requires management's "undivided attention" and has continued as a going concern due to material uncertainty over existing debt facilities in a "weak economic and pricing environment".
“The objective of the operational review is to achieve a properly funded viable business plan based on potential disposal proceeds, new debt capital and the continuing support of existing lenders which may include obtaining their consents and waivers of any future potential covenant breaches and disposals under the operational review as required by the facilities agreements," said Lonmin.
Aura Energy Limited (LON:AURA) shares fell 7.27% to 1.275p as it announced the completion of a US$1.1mln working capital raising.
The company said it closed a private placement to “sophisticated investors” in Australia and the United Kingdom.
Proactive news headlines:
High street pawnbroker H&T GROUP PLC (LON:HAT) expects full-year results to come in ahead of forecasts after telling investors the “strong trading performance” seen in the first half has been maintained.
Silence Therapeutics PLC’s (LON:SLN) bid to protect a “fundamental” chemical modification it says is integral to the emerging science of RNA interference (RNAi) took a fresh turn. One of the companies in its cross-hairs, the US giant Alnylam Pharmaceuticals Inc (NASDAQ:ALNY), has responded robustly to legal action initiated by Silence.
Premier African Minerals Limited (LON:PREM) was in demand on Friday morning after the mining and exploration group gave a bullish update on Casa Mining, in which it holds a 4.5% stake. Casa is currently carrying out a 5,000 metre (m) drill programme at its Akyanga gold deposit in Democratic Republic of Congo as it looks to increase and upgrade the existing mineral resource estimate.
Ortac Resources Ltd (LON:OTC) has revealed significant drill results from the Akyanga gold deposit in the Democratic Republic of Congo. The company reported a 24.75 metre intersection at a grade of 8.04 grams per tonne, including 5 metres at a grade of 22.63 grams per tonne - which represent the ‘highest ever’ grade and thickness at the Akyanga Deposit.
Berkeley Energia Limited (LON:BKY) said it has issued and allotted 22,222 fully paid ordinary shares and it has applied for the shares to be admitted to London’s junior market AIM. The shares have been issued to a key consultant as part of their service fees.
Union Jack Oil PLC (LON:UJO) said G.P (Jersey) Limited has raised its stake in the company to 6.03% from 5.43%.