Trinity Exploration & Production PLC (LON:TRIN) shares rose 3.2% to 17.3p in late-afternoon trading after it spud the first well at its programme in Trinidad.
The AIM-listed firm said the well was part of a six infill well programme that would be added to two existing wells, with the aim of maintaining double-digit year-on-year production growth going forward.
Meanwhile, HSS Hire Group PLC (LON:HSS) saw its shares jump 11.7% to 31p after the equipment hire firm saw its first-half losses narrow helped by a cost reduction programme, with Numis Securities prompted to upgrade its rating for the stock.
The FTSE Fledgling-listed firm reported a pre-tax loss of £7.1mln for the 26 weeks to June 30, down from a £30.1mln loss a year earlier, as revenue rose by 5.8% to £169.8mln, up from £160.5mln.
HSS Hire said the rise in revenue was driven by improved trading across both its Rental and Services segments.
In the fallers, troubled insurance group Watchstone PLC (LON:WTG) saw its shares slide 1.4% to 98p after it slumped deeper into the red as its young driver-focused ingenie business continued to suffer from changes to the Ogden rate.
This sets the amount of compensation paid to people affected by accidents and changes recently have meant lower motor premiums, especially in the young driver market.
Ingenie’s revenues slumped to £4.8mln from £7.7mln in the half year to June, while group turnover dropped to £19.7mln from £22.9mln.
Losses were £3.5mln compared to break-even a year earlier.
1.00pm: Cluff Natural Resources rises on award of North Sea licences
Cluff Natural Resources PLC (LON:CLNR) saw its shares rise 4.8% to 2.1p in lunchtime trading after it was formally awarded six licenses covering 10 full and part blocks in the North Sea.
The AIM-listed natural resources investor said it had been awarded four licenses in the Southern North Sea (SNS) and two in the Central North Sea (CNS), with the SNS licenses containing estimated combined unrisked P50 prospective resources of around 1.9 trillion cubic feet of gas net to the company.
Meanwhile, Reabold Resources Plc (LON:RBD) jumped 5.7% to 0.9p after it reported a new oil discovery at the Venturini-Ginochio 3 (VG3) well, in the West Brentwood license area, California.
The project operator informed Reabold that the well was drilled down to a target depth of 4,600 feet, and, encountered significant oil and gas shows, 60 feet of pay which was in line with pre-drill expectations.
Drilled up-dip of a past producing well on the West Brentwood field the new well will be completed for production.
Elsewhere, Solo Oil PLC (LON:SOLO) was up 2.2% at 2.2p after it agreed to cash out of the Horse Hill discovery whilst an extended well-testing programme is ongoing.
It has struck a deal with UK Oil & Gas Investments PLC (LON:UKOG), which will see Solo receive £4.5mln of cash and 234mln UKOG shares (4.2% of the company).
For UKOG, the transaction increases its stake in the Horse Hill discovery to 46.73% (as it will hold 71.9% of the HHDL vehicle which owns 65% of the underlying asset).
11.00am: Crawshaw shares butchered following dismal trading update
Crawshaw Group PLC (LON:CRAW) shares crashed 49.1% to 3.1p in late-morning trading after the butchery firm issued a disappointing trading update ahead of its interim results.
The group said that due to a challenging trading environment for its high street stores, it expected sales for the full-year to be flat with an underlying operating loss of around £3mln.
Crawshaw added that in the half-year period like-for-like sales were down 13.2% and stood at £21.6mln compared to £22.1mln in the first half of 2017.
In the risers, Challenger Acquisitions Limited (LON:CHAL) saw its shares jump 27% to 0.3p following news that the firm has cancelled £544,556 in convertible loan notes and will record a gain on the transaction and the related interest savings.
The group said it had executed a Convertible Note Purchase Agreement with two existing and independent convertible note holders.
Prior to signing the agreement, the firm said, its last remaining holder of the original 6 May 2015 convertible notes held £639,556 of convertible notes and had received 12% interest up to 31 December 2016.
Meanwhile, IP Group Plc (LON:IPO) shares nudged up 1% to 130p after its portfolio company Genomics signed a three-year collaboration agreement with US giant Vertex Pharmaceuticals Inc (NASDAQ:VRTX).
Vertex, which is listed on Nasdaq and has a market cap of US$47bn, has also taken part in Genomics’ latest £25mln funding round, alongside IP Group, Woodford Investment Management, Invesco Perpetual and others.
The cash will be used to fund further expansion, build its database and “pursue opportunities”.
9.00am: SCISYS on the up as it expects “marked improvement” in upcoming interims
SCISYS PLC (LON:SSY) saw its shares jump 7.2% to 186p in early morning trading after saying in a trading update that its interim results would show a “marked improvement” on those from the previous year.
The bespoke software supplier added that its order book had remained strong at historically "high levels” of around £100mln with potential further contract wins in the pipeline.
In the FTSE 250, Hunting Plc (LON:HTG) share leapt up 12% to 849.5p after it swung to a profit in its half-year results as strong activity in US shale basins and offshore sentiment improvements boosted its revenues.
The supplier to the oil & gas industry reported a pre-tax profit from operations of US$38mln for the period, up from a US$25.5mln loss the same time last year, while revenues jumped to US$442.8mln from US$318.1mln previously.
The company also declared an interim dividend of US$0.04 per share, up from nothing in the same period last year as gross margins also expanded to 31% from 22%.
On the AIM, shares in Metminco Limited (LON:MNC) rose 34.3% to 0.4p as it confirmed a mineralised porphyry system at the Tesorito gold prospect in Colombia.
Results from drilling indicate a significant near surface porphyry which is located only 800 metres from the gold reserves and resources at Metminco’s Miraflores deposit.
Moreover, the company sees a second possible porphyry some 2 kilometres south of Tesorito, at the Chuscal location, and, here, it is advancing negotiations with AngloGold Ashanti.
Meanwhile, an increase in contractor demand boosted tech recruiter Harvey Nash PLC’s (LON:HVN) first half revenues as well as its shares which were up 1.5% at 133p.
Billings in the half year to July rose 25% to £527mln, while gross profit or sales were 11% higher at £51.7mln.
There were increases in contract recruitment, managed services and IT outsourcing whilst permanent recruitment was broadly flat, said Nash.
This change in mix is reflected in the relatively smaller increase in gross profit in the period, it added.
Proactive news headlines:
Solo Oil PLC (LON:SOLO) has agreed to cash out of the Horse Hill discovery whilst an extended well testing programme is ongoing. It has struck a deal with UK Oil & Gas Investments PLC (LON:UKOG) which will see Solo receive £4.5mln of cash and 234mln UKOG shares - 4.2% of the company.
Metminco Limited (LON:MNC) has confirmed a mineralised porphyry system at the Tesorito gold prospect in Colombia. Results from drilling indicate a significant near surface porphyry which is located only 800 metres from the gold reserves and resources at Metminco’s Miraflores deposit.
Challenger Acquisitions Limited (LON:CHAL) saw its shares jump on Wednesday following news that the firm has cancelled £544,556 in convertible loan notes and will record a gain on the transaction and the related interest savings. The group said it had executed a Convertible Note Purchase Agreement with two existing and independent convertible note holders.
African Battery Metals PLC (LON:ABM) has decided to discontinue its activities in Sierra Leone after a review of its assets following the acquisition of two new nickel and cobalt projects in Cameroon and Cote d'Ivoire.
Symphony Environmental Technologies plc (LON:SYM) has reported increased revenues for the first half of the year as its d2p range of products began to contribute to its balance sheet.
The chief executive of OptiBiotix Health plc (LON:OPTI) has hailed the past six months as an “exciting period of growth” for the life sciences group.
An increase in contractor demand boosted tech recruiter Harvey Nash PLC’s (LON:HVN) first half revenues. Billings in the half year to July rose 25% to £527mln, while gross profit or sales were 11% higher at £51.7mln.
Event-driven marketing specialist Mporium Group PLC (LON:MPM) saw revenues increase by one-tenth year-on-year in the first half of 2018.
The first half saw income investors’ favourite Chesnara Plc (LON:CSN) generate more than sufficient cash to fund its dividend strategy.
IXICO Plc (LON:IXI) has expanded its contract with a biopharmaceutical company, taking the total value to €1.3mln.
i3 Energy Plc (LON:I3E) has contracted Gardline Limited for a survey over the Liberator field ahead of a development programme. The survey sets out to cover the areas of two planned production wells, which are pencilled in for the Phase I development, in addition to the planned export pipeline route and possible drill location for the Liberator West appraisal well.
Cadence Minerals Plc’s (LON:KDNC) investee company Auroch Minerals has significantly expanded its footprint across the Arden and Bonaventura projects in South Australia. Big Pic in February.
Base Resources Limited (LON:BSE) (ASX:BSE) has said the latest company presentation, which was presented today at the Africa Down Under Conference in Perth, Western Australia, is available from the company’s website. www.baseresources.com.au
LIVE Company Group PLC (LON:LVCG) announced late yesterday that Simon Bennett has resigned as a non-executive director of the company, with immediate effect, in order to pursue other opportunities. The group said it is currently in advanced discussions over the appointment of two additional independent non-executive directors, and a further announcement in this regard will be made in due course.