The company explained that TLP-101 had been producing around 30 barrels of oil per day before the TLP-103 programme got underway but production had to be paused due to the proximity of the gas flare to drilling apparatus.
LP-101 has now be restarted, following the relocation of the flare, and, over an initial two-week test phase it has flowed at a rate of 55 barrels of oil per day.
Shares in Anglo African were up 16% at 14.25p.
12.30pm: Rockhopper knocked off its perch
The company reported ‘good progress’ with the Sea Lion project in the Falklands while noting that existing letters of intent with contractors for the project have been extended by up to twelve months.
READ Rockhopper says it has made ‘good progress’ in Falklands but project milestones are coming from Egypt
The company said it expects to spend roughly US$4mln on drilling in the first quarter of 2019.
Meanwhile, the company continues to experience an improving payment situation in Egypt. As at the end of 2018, Rockhopper's Egyptian General Petroleum Corporation receivable balance was about US$1.5mln.
Rockhopper shares fell 3.7% after it said the sale of its stake in the Civita assets will no longer proceed.
It had previously agreed to sell Civita to Cabot Energy but the transaction failed to satisfy all conditions, including receipt of requisite regulatory approvals in Italy; Rockhopper will, therefore, retain the asset and will continue to receive the cash flows it generates. The field produces around 130 barrels of oil equivalent per day.
Also in relation to Italy, the company’s international arbitration proceedings over the Ombrina Mare field are scheduled to reach hearings in early February.
10.30am: Matomy Media off to a much-nneded start to 2019
The company’s share price woes last year were largely down to a messy and complicated dispute with its bondholders.
Today, the company announced the publication of its “Sources and Expected Uses of Funds Statement (Solo, excluding Team Internet) for 2019”, a publication title as unwieldy as some of Harry Potter author JK Rowling’s worst efforts.
While the publication will not prove as popular with hoi polloi as a Harry Potter novel (not least because it has not yet been uploaded to the company’s website), it has certainly cast a spell on the share price, which was up 14.7% at 8.60p.
The company has secured its first multi-cloud contract with one of the largest mobile network operators (MNO) in the world. It is not saying who that MNO is but it did reveal the contract is valued at about US$565,000.
The client will deploy WANdisco’s patented Big Data and Cloud product, WANdisco Fusion for Multi-Cloud, to enable continuous replication of data across multiple Amazon cloud environments and locations.
9.00am: Metals Exploration welcomes new CEO; Sunrise rises on test results
Darren Bowden, who has 25 years of experience in the mining industry, is the new person in the Metals Exploration hot-seat.
He joins the AIM-listed company from Colombian gold company, Minesa SAS, which is part of the Mubadala Development Company.
Bowden was Minesa’s chief executive officer and oversaw the design, development and licensing of Minesa’s flagship underground Soto Norte project in the province of Santander in north-central Colombia.
Shares in Metal Exploration, which on the last day of 2018 plunged to 0.326p from 0.515p the day before after the company said it had failed to meet the deadline for consolidating four short-term shareholder loans, shot up to 0.85p from last night’s close of 0.4p.
Another minerals extraction firm on the up in early deals was Sunrise Resources Plc (LON:SRES), which climbed 23% to 0.135p on the back of positive results from the testing of perlite samples at its NewPerl project in Nevada.
The company said expandability testing indicates that the majority of October's reconnaissance samples are suitable for the production of horticultural grade perlite – a form of volcanic glass that is often used in horticulture to prevent soil compaction and allow more air around the roots of plants.
Other Proactive news headlines:
Mobile advertising group Taptica International Ltd (LON:TAP) has entered into preliminary discussions with an unnamed potential acquisition target. No further details were given in the brief statement but Taptica said it will make another announcement “in due course”.
Physiomics Plc (LON:PYC) said it was excited to be striking up new relationships in the world of oncology after inking a strategic collaboration. It is joining a network of advisors brought together by Medicines Discovery Catapult (MDC), which is charged with supporting innovation in the drugs sector.
Anglo African Oil & Gas PLC (LON:AAOG) told investors that it has now reinstated production from the TLP-101 well at the Tilapia field, meanwhile operations on the new TLP-103 well continue. The company explained that TLP-101 had been producing around 30 barrels of oil per day before the TLP-103 programme got underway, but, production had to be paused due to the proximity of the gas flare to drilling apparatus.
Bango plc (LON:BGO), the mobile commerce company, announced that on 1 January 2019 Nancy Cruickshank joined the board as an Independent non-executive director, to guide and support the expected rapid growth of Bango as it starts to exploit its data monetization technology and relationships. The group also confirmed that Carolyn Rand has now been appointed to the board as permanent chief financial officer, effective from 1 January 2019.
Avation PLC (LON:AVAP) has exercised an option to acquire new aircraft from manufacturer ATR, with deliveries scheduled between 2020 and 2022. The passenger aircraft leasing firm said the eight ATR 72-600 planes would extend its order book and firm delivery horizon, with business growth in regional turboprops now continuing out to 2022.
Cradle Arc PLC (LON:CRA), the African focused base and precious metals exploration and production company, announces that non-executive director Roger Williams will be retiring from the board with effect from 31 January 2019, to focus on an executive role at another company.
Redx Pharma Plc (LON:REDX) announced that Lisa Anson, its chief executive officer and Dr Andrew Saunders, its chief medical officer will be presenting at Biotech Showcase in San Francisco, which runs from 7 - 9 January 2019. Redx's presentation will take place at 3pm PST on Tuesday 8 January 2019 at the Hilton, Union Square in San Francisco, California, Track: Yosemite A (Ballroom Level).
Asiamet Resources Limited (LON:ARS) said yesterday that Optiva Securities, holder of 3,475,652 broker warrants exercisable at C$0.05 until expiry on 23 December 2018 delivered notice of exercise on 18 December 2018 and the company has now received C$173,783 as a result of the exercise.