The AIM-listed energy firm said in return for the interest it would issue 9.6mln shares for the initial stake, with another 9.6mln if its decided to increase its stake to 49%, with another right to increase its holding to 100%.
The Bunga Mawar field, in which the project is based, has been assessed by the operator to contain 2C contingent resources of 0.22mln barrels of oil, with best prospective resources of 2.09mln barrels of oil.
Elsewhere, Anglo Asian Mining Plc (LON:AAZ) rose 6.4% to 45.2p after clearing a regulatory hurdle which will allow the gold, copper and silver miner to start paying a dividend.
At June’s annual general meeting, chief executive Reza Vaziri said the board was considering paying a maiden dividend.
To do this though, it needed to cancel its share premium account to create distributable reserves.
Shareholders agreed to this at the AGM but a court also had to give its approval, which Anglo Asian has now received.
Another miner, Galantas Gold Corp (CVE:GAL, LON:GAL), also saw its shares rise 5% to 5.2p as it announced assays of 12.8 grams per tonne (g/t) gold from the Kearney vein at its Omagh gold mine.
In a statement revealing details of the recent channel sample and grab sample results taken during the underground development of the Kearney vein, Galantas also revealed 33.1 g/t silver.
A grab sample, also taken on the Kearney vein, assayed at 9.8 g/t gold and 30.1 g/t silver.
The channel sample was taken as close to 90 degrees across the vein as was practical, given some interference by ground support, Galantas said.
1.00pm: Standard Chartered slides on report it may face additional fines for Iran sanctions breaches
Shares in FTSE 100 bank Standard Chartered (LON:STAN) slid 1.3% to 643.5p in lunchtime trading after a Bloomberg report said the firm could face an additional fine for breaching sanctions of Iran.
The report said that an investigation by US authorities had found evidence suggesting that the bank’s Iranian business had been more extensive than it originally admitted in a previous investigation.
The group has already paid out US$667mln in relation to its Iranian operations, but the US regulators may decide to impose an even larger fine by the end of the year.
In the risers, Union Jack Oil PLC (LON:UJO) jumped 10.8% to 0.1p after saying it expects to complete site works in September for the planned Biscathorpe-2 conventional well where drilling will follow in October or November.
The company told investors that tenders for all materials, services and a drilling rig are being updated to the anticipated timeline.
In the statement, the company emphasised that planning and environment agency permits are in place, and, the project doesn’t involve fracking for shale gas or shale oil.
The three non-execs joining are finance and investor relations experts. Susan Muir has spent thirty-years in mining capital markets including most recently as investor relations vice president at gold miner Barrick. Sandra Du Toit is currently executive vice president with Standard Bank in South Africa, while Shaun Treacy is chief investment officer for private equity firm Arete Capital having worked at numerous investment banks.
11.00am: Surgical Innovations Group surges as CELLIS product range receives new CE mark
The AIM-listed medical tech manufacturer it had also entered an extended agreement with its UK distribution business, Elemental Healthcare Limited, to grant exclusive UK distribution rights to Elemental for the CELLIS product range for a period of three years.
The oil services and engineering reported some US$2.78bn of revenue for the six months ended June 30, versus US$3.12bn in the comparative period of 2017, though profitability measures arguably improved.
Focussing on its business performance, Petrofac claimed a US$190mln profit though as a result of some US$207mln of impairments and exceptional items the company actually reported a net loss of US$17mln.
In the fallers, IQE plc (LON:IQE), which provides silicon wafers to the semiconductor industry, was down 0.9% to 103p after its underlying profit before tax took a step back in the first half of 2018.
Adjusted profit before tax declined 28.6% to £7.6mln from £9.7mln the year before on revenue that rose 4.0% to £73.4mln from £7-.6mln, despite strong currency headwinds.
On a constant currency basis, sales growth was achieved in all three of IQE’s primary markets with the Wireless division up 11%, Photonics up 30% and InfraRed up 11% compared with the first half of last year.
9.00am: Toople shares rocket after major contract win
The firm said the contract would last for an initial period of three years and was expected to deliver at least £3.5mln in additional revenue over the period.
Toople also said that during the initial months of the contract, the wholesale partner would migrate its current hosted telephony estate over to Toople's proprietary platform, as well as white labelling Toople's broadband propositions and marketing them to existing and new customers.
Meanwhile, Sinclair Pharma PLC (LON:SPH) shares jumped 24.6% to 25p after it announced after the close on Tuesday that it has agreed to a potential 32p per share cash offer from a unit of China's Huadong Medicine Co.
The proposed offer, which would value the AIM-listed maker of skin lifting, collagen stimulation treatments and dermal fillers at roughly £161.2mln, comes after three deadline extensions for Huadong to make a bid.
Sinclair shares closed trading at 20.05p each on Tuesday, with the potential bid offering a 61.6% premium to that price.
Copper lift for Asiamet
Elsewhere, Asiamet Resources Limited (LON:ARS) rose 1.1% to 8.9p after announcing that it successfully intersected strong copper mineralisation at a depth well beyond the 2014 resource envelope at the easterly extensions of the Beutong West Porphyry (BWP) in Indonesia.
In a statement, the AIM-listed miner said drill hole BEU1350-02 intersected 118.0 metres at 0.71% CuEq (0.60% Copper, 0.05g/t gold and 255ppm molybdenum) to the bottom of hole from 632.0m within a broader interval of 398.0 metres at 0.46% CuEq (0.39% Copper, 0.04g/t gold) from 352.0 metres.
The group added that strong copper mineralisation remains open to depth with the final four metres of the hole assaying high-grade mineralisation at 1.00% CuEq (0.82% copper, 0.03g/t gold and 75ppm molybdenum).
Among the fallers, newspaper publisher Johnston Press plc (LON:JPR) saw its shares fall 11.7% to 4.5p after it posted an 8.2% drop in first-half revenue as digital advertising sales were hurt by changes to Google’s online search algorithm and Facebook’s news feed.
Total adjusted revenue fell to £93mln in the six months to June 30 from £103.3mln a year earlier with online advertising sales down 7.4% and print advertising sales down 17.7%.
Adjusted earnings (EBITDA) declined 3.7% to £19.0mln from £19.7mln last year.
However, the group swung to a pre-tax profit of £6.2bn from a loss of £10.2mln, largely due to a strong performance at the i newspaper.
Proactive news headlines:
Strategic Minerals Plc (LON:SML) has received approval from the South Australian government following two submissions relating to a program for environment protection and rehabilitation at the Leigh Creek copper project. The approvals cover the Mountain of Light processing facility, as well as the Paltridge North and Lynda deposits.
Xtract Resources PLC (LON:XTR) has updated on its hard rock collaboration agreement with Omnia Mining Ltd at Xtract’s Manica mining concession in Mozambique. The AIM-listed miner said that to date 12 potential mining sites had been identified within 15 kilometres of Omnia’s plant, with eight of the potential mining sites already within the existing license areas.
Galantas Gold Corp (CVE:GAL, LON:GAL) has announced assays of 12.8 grams per tonne (g/t) gold from the Kearney vein at its Omagh gold mine.
Seeing Machines Limited’s (LON:SEE) Guardian driver monitoring system (DMS) has covered a total of over 1bn kilometres since its launch in 2016.
Touchstone Exploration Inc (LON:TXP, TSE:TXP) told investors that it expects no impact to its crude sales as a result of proposed changes at Petrotrin (Petroleum Company of Trinidad and Tobago Limited). In October, it is planned that Petrotrin will phase out refinery operations in Trinidad and instead will export crude into the international oil market.
Cradle Arc Plc (LON:CRA) has cut its 2018 production guidance for its 60%-owned Mowana Copper Mine in Botswana after some operational setbacks during the third-quarter, but expects to ramp-up to full steady state production during the fourth quarter. The African focused base and precious metals exploration and production company also announced the proposed appointment of Roy Pitchford, as its non-executive chairman.
Aminex plc (LON:AEX) has announced it has kicked off remediation work for the Kiliwani North well. The work, to tackle rising pressure in the well, will initially see the company repair a faulty valve which will allow gas to flow, and will also enable the evaluation of operational parameters of both the reservoir and gas processing facility. Big Pic in August.
88 Energy Ltd (LON:88E) has signed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska. The Winx-1 well will target the Nanushuk play fairway where 3D seismic studies defined an oil prospect which has a prospective resource of 400mln barrels of oil (MMbbls).
Rare earths project developer Mkango Resources Ltd (LON:MKA) has re-jigged its board with the appointment of three new non-executive directors while two are stepping down. The three non-execs joining are finance and investor relations experts.
Asiamet Resources Limited (LON:ARS) said it has successfully intersected strong copper mineralisation at a depth well beyond the 2014 resource envelope at the easterly extensions of the Beutong West Porphyry (BWP) in Indonesia.
Canadian copper miner Rambler Metal & Mining PLC (LON:RMM) saw an improved second quarter as copper and gold grades improved and more ore was processed. Revenues rose by 31% to US$8.1mln in the three months to June, while losses were reduced to US$4.5mln from US$6.1mln.
Anglo Asian Mining Plc (LON:AAZ) has cleared a regulatory hurdle which will allow the gold, copper and silver miner to start paying a dividend. At June’s annual general meeting, chief executive Reza Vaziri said the board was considering paying a maiden dividend.
IronRidge Resources Limited (LON:IRR) announced that it will be attending the Africa Down Under Conference in Perth, Australia, which takes place between 29 August 2018 and 31 August 2018 at The Pan Pacific Perth Hotel, 207 Adelaide Terrace, Perth, WA 6000. The company has also uploaded its updated corporate presentation to the Investor Relations section of its website.