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Proactive news snapshot: Europa Oil & Gas, discoverIE Group, Sound Energy …

A glance at some of the day's highlights from the Proactive Investors newswire

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Europa Oil & Gas (Holdings) PLC (LON:EOG) has a major upgrade to its prospective resources in the South Porcupine Basin, Atlantic Ireland, following the analysis of new 3D seismic data. The inventory for the Frontier Exploration Licence 3/13 increases by 93% to 2.9bn potential barrels of oil equivalent.

discoverIE Group PLC (LON:DSCV) saw profits more than treble last year as the customised electronics supplier and manufacturer reaped the rewards of its efficiency and cost reduction programme.

Sound Energy PLC (LON:SOU) has launched a farm-out process for the Sidi Moktar onshore gas project, in central Morocco, which is believed to have multi-TCF (trillion cubic feet) exploration potential. The AIM-quoted explorer currently owns 75% of the project alongside the Moroccan state petroleum company (ONHYM) with the other 25%.

Global project management and technical consultancy WYG PLC (LON:WYG) said a strengthening order book provides a sound basis for current year expectations and medium-term confidence.

KEFI Minerals plc (LON:KEFI) saw its shares jump nearly 10% higher on Tuesday after the firm said it was pleased to note that the Ethiopian Parliament today lifted the official State of Emergency in the country, two months ahead of schedule. 

Summit Therapeutics PLC (LON:SUMM, NASDAQ:SMMT) chief executive Glyn Edwards believes the company’s phase II drug could be the new standard of care for children with Duchenne muscular dystrophy, a fatal muscle-wasting disease that affects boys.

Wishbone Gold PLC (LON:WSBN) has said full production at its Honduras processing plant, anticipated to have commenced in May, has been delayed pending receipt of the appropriate permits for processing larger amounts of gold ore.

FairFX Group Plc (LON:FFX) has hailed “continued strong growth” in the first part of 2018 as it issued a statement to be read at its annual general meeting on Tuesday. Chairman of the AIM-listed international payments provider, John Pearson, said in the statement that the acquisitions of CardOne and City Forex earlier in the year had been “transformational” for the company and had enabled the company to broaden its growth opportunities.

Widecells Group PLC (LON:WDC) said trading had been strong as it published its full-year results. The stem cell specialist said following the release its figures, it was working with the Financial Conduct Authority to have its share suspension lifted.

88 Energy Ltd (LON:88E, AS:88E) told investors that analysis of the fracture system in the Icewine-2 well suggests there’s been no degradation during the winter shut in period. As result, no remedial work will be needed prior to the restart of the well programme. The company added that it remains on-track to resume well testing operations next week, on June 11.

Cash shell Kin Group Plc (LON:KIN) is back in business, having agreed to invest £400,000 in software company, bidstack, a company with technology that places tailored advertising in real-time into computer games.

Custodian REIT PLC (LON:CREI) has reported a 34% increase in profit and raised its 2019 target dividend as the company released its annual results for the year ended 31 March 2018. The UK commercial and real estate investment company said its profit after tax jumped 34% to £528.9mln from £418.5mln a year ago, while portfolio value rose to £528.9mln from £418.5mln.

OPG Power Ventures PLC (LON:OPG) has reported a record production year in 2018 as well as tariff increases for the coming year.

Southend Airport owner Stobart Group Limited (LON:STOB) has received a nomination for a new chairman from former chief executive Andrew Tinkler and Woodford Investment Management.

Arc Minerals Ltd (LON:ARCM) has increased its ownership of Zamsort Limited, following the acquisition of a 6% interest from Terra Metals Limited. The acquisition of the additional stake in Zamsort is on the same commercial terms as Arc’s acquisition of a 35% stake in a deal announced on 15 May 2018.

Metminco Ltd (LON:MNC) has commenced diamond exploration drilling on its Tesorito gold prospect in the Quinchia district, Colombia. The 1,500 metre diamond drilling program is designed to confirm and expand the gold mineral system previously intersected in drilling by a previous operator.

African Battery Metals PLC (LON:ABM) has now completed two auger programmes at its 53 square kilometre Kisinka permit in the Katanga Province of the Democratic Republic of Congo. The company has now made over a second US$50,000 payment to give it 70% of the property, although work on potential dealflow elsewhere has meant it has opted to defer a further payment to the same vendor due on another property.

ECR Minerals PLC (LON:ECR) has completed a diamond drilling programme across the Bung Bong and Monte Christo gold prospects in Central Victoria, Australia. “All five holes at Bung Bong and the two holes at Monte Christo fulfilled their intended purpose, which was to test the structural architecture of the target areas and guide further drilling, if warranted,” said Craig Brown, ECR chief executive.

Premier African Minerals Limited (LON:PREM) has entered into a loan agreement with a company owned by a trust of which George Roach is a beneficiary, for a gross value of US$300,000. The loan is non-interest bearing and has a maturity of 60 days. It will provide additional general working capital while the company looks to conclude negotiations currently underway in Zimbabwe in respect of both the Zulu lithium project and the RHA tungsten project.

Acquisitive Keywords Studios PLC (LON:KWS) said it has completed the new €105mln revolving credit facility it flagged in its results statement in April.

Baker Steel Resources Trust Limited said its unaudited net asset value (NAV) per share at 31 May 2018 was 56.4p. The firm added that, since 30 April 2018, its NAV per share has increased by 0.4% primarily due to the increase in the exchange rate of the US dollar in which a majority of the companies in the portfolio are denominated.

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