2:45pm: Prospex holds higher, KEFI & Andalas drop
Prospex Oil and Gas PLC (LON:PXOG) shares were up 26% changing hands at 58p each, at around 2:30pm, as investors continued to welcome this morning’s news of exploration success in Romania - where a new potentially commercial gas discovery has been found in the Bainet-1 well.
KEFI Minerals plc (LON:KEFI), down 15% trading at 3.49p, on Monday told investors it has made considerable progress towards finalising the US$140mln infrastructure financing, and it gave details of the arrangement’s structure.
Andalas Energy and Power Plc (LON:ADL), down 14% at 0.0375p, announced a £500,000 equity funding and updated investors on its gas operations in Indonesia.
12:45pm: EQTEC Plc and Universe Group plc in the doldrums
EQTEC Plc (LON:EQT) shares were down almost 40% on the morning that the waste gasification specialist released results for the year ended June 30, and updated on a proposed reverse takeover deal.
Marketing firm Universe Group plc (LON:UNG) dropped after it told investors that it has not been able to close a small number of high value contracts, and it is unlikely to happen in time for the group to meet expectations for the year.
Aviva Plc (LON:AV) rose more than 1% on reports that the insurer is planning a £1bn share buyback plan. Chief executive Mark Wilson is expected to reveal the plan at an investor day this week, The Sunday Times reported.
10:00am: Prospex Oil and Gas soars on new Romania gas discovery
Prospex Oil and Gas Plc (LON:PXOG) rocketed around 40% after unearthing a ‘commercial’ gas discovery in the Bainet exploration well onshore Romania.
Newmark Security PLC (LON:NWT) was another notable riser, gaining 4.75% to 1.1p, after the group’s Grosvenor Technology unit landed a new contract with a ‘leading European workforce management provider’.
Elsewhere, National Grid Plc (LON:NG. shares rose in Monday’s early deals after Credit Suisse signalled it’s time to stop selling – the investment bank moved its rating to ‘neutral’ this morning – and the utility group gained nearly 1% to trade at 874.8p by around 9:20am.
Pawnbroker and money exchanger Ramsdens Holdings PLC (LON:RFX) gained 2.77% to around 189p as it was upgraded by Liberum Capital – the broker also supported Big Yellow Group Plc (LON:BYG) which was up 1% in early deals.
Shares in Cerillion PLC (LON:CER) - the IT business that’s vowels apart from the troubled builder – were rising by around 3% to 123p after it reported better earnings, an increase in customers and substantially more software revenue.
Proactive news headlines:
Newmark Security PLC (LON:NWT) said its Grosvenor Technology arm has landed a contract worth €3mln over five years. The unnamed customer will fund €190,000 of development work that will be booked in the current financial year.
KEFI Minerals plc (LON:KEFI) is now targeting the start of construction at its Tulu Kapi gold mine in Ethiopia for next year with final commissioning at the end of 2019. A US$135mln debt finance package with infrastructure firm Oryx was agreed in July, which left KEFI to find the final US$24mln through equity funding.
Highlands Natural Resources Plc (LON:HNR) has reported on six months, highlighting a number of milestones, such as the successful drilling at the East Denver project and the ‘transformational’ financings that preceded the programme. The Powell and Wildhorse wells at East Denver are yielding a combined production rate of 1,333 barrels oil equivalent per day, and HNR said volumes continue to rise.
Curzon Energy Plc (LON:CZN) has inked a rig contract for its planned five-well workover programme at the Coos Bay coal bed methane project. Paul Graham Drilling and Services has been hired for the work which aims to enhance the wholly owned project, spanning some 45,000 acres in the State of Oregon.
Aircraft leasing group Avation PLC (LON:AVAP) has delivered a new ATR 72-600 plane to Mandarin Airlines. It is the first such delivery made to Mandarin – a subsidiary of Taiwan’s flag carrier, China Airlines. As part of a deal initially agreed back in July, two other ATR 72-600s will be delivered to Mandarin before the end of the year.
Rambler Metals and Mining PLC (CVE:RAB)(LON:RMM) has hit 102 meters of 1.65% copper, including 35.8 metres of 2.59% copper, in drilling down-dip of the existing resource at its Ming mine in Canada. The diamond drill hole was drilled from surface to a depth of 1,686 meters.
Chaarat Gold Holdings Ltd has had (LON:CGH) backing for its gold project in the Kyrgyz Republic reaffirmed by the leader of the largest party in the country’s parliament. Martin Andersson, Charaat’s chairman and who has just visited Kyrgyzstan, added that legislation had recently been enacted to enable companies to sign a stabilisation agreement with the government.
Stratex International plc (LON:STI) has confirmed the appointment of mining industry veteran Bob Foster as its new interim chief executive. The appointment had previously been announced on a provisional basis following an extraordinary general meeting which led to the ousting of the previous chief, Marcus Engelbrecht.