Genel Energy PLC shares rise on production update

A look at some of the UK market's winning and losing shares during Tuesday's trading session

oil rig
Production at a Genel venture has "ramped up"

Genel Energy PLC (LON:GENL) gained 4.8% to 241.55p on the main market following an update about the O&G explorer’s venture in the Kurdistan region of Iraq.

Genel’s partner and operator, DNO ASA, said production at the Peshkabir field “has ramped up to 50,000 bopd, meeting the end-2018 target ahead of schedule and below budget.” 

At the same time, shares of Transense Technologies PLC (LON:TRT) slid 14% to 38p, as investors speculated that a fundraising could be on the cards for the sensors maker.

The AIM-quoted company posted a rise in revenue to £2.05mln in the 12 months ended June 30, and narrowed pre-tax loss. The results were “solid” but increased demand for Transense’s iTrack II tyre pressure monitoring system “could lead to the company needing to fill a hole in its finances,” said finnCap analyst David Buxton.

Rockfire Resources PLC (LON:ROCK) pushed up 11% to 0.15p as the metals explorer said it discovered “high quality” historical data for its Copperhead project in Australia.

The data “identifies a very strong Induced Polarisation IP Chargeable anomaly” at the site in Queensland, said AIM-quoted Rockfire. "The discovery of this old data saves an enormous amount of money and time for the company and provides excellent geophysical data,” said Rockfire’s Chief Exeuctive David Price in a statement. "This historical IP data extends the target zone by at least a further 500m along strike towards the northwest."

Bacanora Lithium PLC (LON:BCN) shares picked up 5.8% to 32.52p after the company boosted the resource base at its 50%-owned Zinnwald lithium project in southeastern Germany.

The AIM-quoted company said the measured and indicated resource now stands at 124,974 tonnes of contained lithium, a 30% increase.

Share price losers included Mayan Energy Ltd. (LON:MYN), which tumbled 20% to 0.22p as the company put on hold development work at its project in Texas.

Mayan said the move is taking place whilst new management launches a review. “During this period of transition, we are going to review our assets in order to allocate our financial resources in a disciplined manner to the project portfolio that we believe will maximise the company's returns,” said Mayan’s new chairman Paolo Amoruso in a statement.

Serica Energy PLC (LON:SQZ) leapt 31% to 101p as the company said access to the Rhum field operations was secured for another year.

The US Office of Foreign Assets Control granted to Serica a conditional license for the asset, a move that will allow the AIM-quoted North Sea oiler to complete its transaction with BP PLC (LON:BP). The Rhum operations were hit by US sanctions on Iran. The project is located in UK waters, but relies on certain American-owned services providers, whilst at the same time the field is part-owned by a division of Iran’s state oil firm.

Meanwhile, Greggs PLC (LON:GRG) shares heated up 7% to 1,090p as the bakery chain posted a 7.3% rise in total sales in the third quarter.

The FTSE 250 company said like-for-like sales at company-managed shops rose 3.2%. Greggs said its new focaccia-style pizzas were popular over the summer months, as was the company’s drinks range.

But losing shares included those of MySale Group PLC (LON:MYSL). They dropped 18% to 40p after the online retailer said Chief Financial Officer Andrew Dingle has resigned as the company reported a wider annual loss.

Dingle stepped down from the board with immediate effect and will leave the group at the end of October after a handover process. In the year to 30 June 2018, MySale’s reported loss before tax grew to A$1.7mln from A$1.6mln.

Proactive news headlines

OptiBiotix Health PLC (LON:OPTI) has signed a manufacturing and supply agreement with a US-based probiotic maker for its LPLDL probiotic strain.

Minds + Machines Group Limited (LON:MMX), the top-level domain registry company, has entered into a previously flagged strategic marketing partnership with imToken, the Ethereum cryptocurrency wallet provider.

Savannah Resources PLC (LON:SAV) has commenced payment of the second tranche of consideration for the company's portfolio of Portuguese projects, which includes the flagship Mina do Barroso lithium project. 

Bacanora Lithium PLC (LON:BCN) has boosted the resource base at its 50%-owned Zinnwald lithium project in south-eastern Germany. The measured and indicated resource now stands at 124,974 tonnes of contained lithium, a 30% increase. 

Fuel cell technology specialist Ceres Power Holdings PLC (LON:CWR) has seen its order book balloon to almost £30mln following a series of tie-ups with global industrial giants. 

Anglo African Oil & Gas PLC (LON:AAOG) told investors it has spudded the new TLP-103C well at the Tilapia field, in the Republic of the Congo.

Metminco Limited (LON:MNC) said Lanstead Capital L.P.has reduced its voting power from 8.51% to 6.85% as a result of dilution due to the recent allotment and issue of 135 million ordinary shares by the company as part of a placement announced on October 4.  

Scotgold Resources Ltd (LON:SGZ) has raised £750,000 by way of a direct subscription for 2,727,274 new ordinary shares.

Nektan PLC (LON:NKTN) has named Lucy Buckley as chief executive officer, taking over from founder Gary Shaw who served as interim CEO of the gambling and software services company. 

Wolf Minerals LTD (ASX:WLF)(LON:WLFE) is continuing discussions with what it calls its “key financial stakeholders” and expects to conclude those discussions this week. 

Tekcapital PLC (LON:TEK) has appointed Dr Mireya McKee as business development manager. She brings more than 17 years of research, technology transfer and innovation management experience, including as a senior consultant in technology transfer for Oxford University Innovation.  

Kibo Energy PLC (LON:KIBO) told investors that it has completed its acquisition of a 60% interest in Mast Energy Developments (MED), a privately owned UK flexible power firm.

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