Genel ticks up on Taq Taq reserves update

A look at the day's major movers, including Nu-Oil, Serabi, Zambeef, Cobra Resources, The Panoply, Ebiquity, Ilika, Debenhams and Mporium

Oil well in Kurdistan
This revision does not take into account the recent positive results from the TT-32 well

Genel Energy PLC (LON:GENL) shares received a lift from the completion of the oil reserves estimate at the Taq Taq field in Kurdistan.

Field performance in 2018, and notably the success of the TT-29w well drilled on the northern flank of the field, has led to an upwards technical revision of reserves, resulting in a 62% reserves replacement at the 1P (proved reserves) level.

READ Genel Energy shares rise on new Taq Taq well success​

Genel expects to announce competent person's reports for other assets in the portfolio prior to the announcement of full-year results on 20 March 2019.

Genel's shares were up 3.3% at 185.4p.

2.30pm: Nu-Oil hails involvement of Siemens in its marginal gas fields recovery initiative

Marginal Field Development Company, Nu-Oil and Gas Plc's (LON:NUOG)'s joint venture, has entered into a collaboration agreement with Siemens' Dresser-Rand business.

Nu-Oil said Siemens is the the second company to join MFDevCo's gas-to-wire initiative, which forms a part of MFDevCo's overall strategy to maximise the recovery and value of resources within fields currently considered stranded or marginal.

Shares in Nu-Oil were up 8% at 0.67p in afternoon trading.

1.30pm: Serabi announces fatality at its Palito gold mine

A worker has been crushed to death at Serabi Gold PLC's (LON:SRB) Palito Gold Mine in Brazil.

The company said it is investigating the cause of the accident, has notified the relevant authorities and is providing all necessary assistance for the enquiries into this incident. Production in the area of the incident has been suspended until such time as the outcome of the enquiries has been reached.

Shares in Serabi were down 4% at 36.5p.

12.45pm: CFO quites Zambeef Products

The market “had a cow” over the resignation of Craig Harris, the chief financial officer of Zambeef Products PLC (LON:ZAM).

The shares of the food producer fell 4.2% to 10.3p after the company said Harris would leave the company with immediate effect.


11.55am: Cobra directors granted options

News from Cobra Resources PLC (LON:COBR) since it floated in November has been sparse so investors seized on today's news of directors being granted options.

The shares floated at 1.5p a share and the newly granted options are also exercisable at the same price.

Shares in the company, which was formed to make acquisitions of tenements and projects in the natural resources sector but which has thus far not got its cheque book out, were trading at 1.05p around noon, up 0.2p.

11.15am: The Panoply hits the deck as acquisition spree continues

Data analytics and machine learning outfit The Panoply Holdings Plc (LON:TPX) has bought GreenShoot Labs, a specialist in applied artificial intelligence and conversational interfaces.

The acquisition terms include no initial consideration and additional consideration only payable if GreenShoot Labs achieves positive underlying earnings (EBITDA) during the earn-out period.

“Over a short period of time the team there have proven themselves a player to be reckoned with in their field, implementing projects for several blue-chip brands and garnering national acclaim with their AI football coach,” said Neil Gandhi, the chief executive officer of The Panoply.

The Panoply's shares were down 5% at 95p following the announcement.

10.45am: Slimmed down Ebiquity bashed after it warns on profits

Ebiquity PLC (LON:EBQ) shares dropped in early trading Tuesday after the firm forecast flat profits from its continuing business in the new financial year.

The marketing and media consultancy said trading had been in line with expectations in 2018.

The shares were off 8.2% at 56p.

READ Ebiquity slides as it warns on flat profits for continuing business in 2019


10.00am: Ilika on a charge after technological breakthrough

Solid state battery pioneer Ilika PLC (LON:IKA) was on a charge Tuesday after it announced a technological breakthrough.

The company said had increased by a factor of three the volumetric energy density of its mm-scale Stereax solid-state batteries by introducing wafer-thinning technology into its manufacturing workflow to yield ultra-thin cells.

The shares were up 2.5p at 30.5p.

9.15am: Debenhams sticks it to the short-sellers; Mporium hails impact of deal with Allay

Department store Debenhams PLC (LON:DEB) was the top riser early doors as it gave an update on refinancing discussions.

The shares were up 31% at 4.106p after the retailer agreed an additional 12-month senior secured credit facility with certain of its current revolving credit facility (RCF) lenders and noteholders, together with the waiver and amendment of certain RCF covenants.

The company has entered an agreement in principle with Li & Fung, the world's leading supply chain solutions partner for consumer brands and retailers, to develop a strategic sourcing partnership.

The second biggest riser in the first half hour of trading was Mporium Group PLC (LON:MPM), the firm that has clever technology that allows digital advertising companies to react speedily to what's trending in the global village.

Mporium said it has billed revenues in excess of £1.0 million for each of the past two weeks, which considering its revenues for the first half of 2018 totalled £1.2mln represents an astounding acceleration in top-line growth.

The growth has been driven by the signing of an agreement with claims management group, Allay, announced on 25 January.

Allay has appointed Mporium as an exclusive supplier of customer acquisition and lead generation via digital platforms for breaches of consumer regulation.

The shares were up 1.1p at 6p, less than a penny below the level they were at a year ago. 

Proactive news headlines:

Kodal Minerals PLC (LON:KOD) has received the final assay results from drilling completed at the Bougouni lithium project in Southern Mali. Highlights from the Sogola-Baoule prospect on Bougouni include 31 metres at 1.33% lithium oxide (Li2O), 27 metres at 1.06% Li2O, and 30 metres at 1.06% Li2O.

Remote meetings technology specialist LoopUp Group PLC (LON:LOOP) said profitability in 2018 was “comfortably ahead” of consensus expectations.

Iofina plc (LON:IOF) has gained a bit of wiggle room on the financing side by extending the expiration dates of its convertible loan notes and bank facility.

Echo Energy Plc (LON:ECHO) told investors it has completed the stimulation programme for the EMS-1001 well at the Fracción C licence, onshore Argentina. Initial results indicate that the EMS-1001 location is not commercial, and, no further testing is planned.

Redx Pharma Plc’s (LON:REDX) chief executive Lisa Anson said she was “encouraged” by pre-clinical data from a fibrosis drug set to enter human trials next year. Three independent studies assessed the potential efficacy of the company’s lead ROCK2 compound in animal models of lung, kidney and liver fibrosis.

Ariana Resources PLC (LON:AAU) is set to receive £3.79mln from its Turkish subsidiary Galata, following the repayment of loans made to the jointly owned operator of its Turkish gold mine, Zenit.

Bezant Resources PLC (LON:BZT) has revealed the results of an independent study assessing alternative options for the development of the Mankayan copper-gold project on Luzon in the Philippines.

Tlou Energy Ltd (LON:TLOU) told investors it has completed its first development pod for the Lesedi coal bed methane project, advancing the project closer to production. The company, in a stock market statement, said that the Lesedi 3A and Lesedi 3B lateral wells both intersected with the vertical well Lesedi 3P, to complete the development pod.

Frontier IP Group Plc (LON:FIPP) has unveiled its third Portuguese spin out, Insignals Neurotech.

Cabot Energy PLC (LON:CAB) has conditionally raised £2.08mln with a share sale to existing major shareholders, High Power Petroleum and City Financial Investment Company. It intends to raise a further £770,000 through an additional share sale to other qualifying shareholders. Big Pic in August.

Red Rock Resources PLC (LON:RRR) is set to receive a substantial dividend payment from Jupiter Mines LTD (ASX:JMS), in which it holds just over 18.5mln shares.

Connemara Mining Company PLC (LON:CON) is proposing to change the name of the company to ‘Arkle Resources PLC’.  The firm says its board believes that the change of name, while reflecting the company's heritage as an Irish-based exploration company established to focus on zinc assets, will better reflect its diversified position in both gold and zinc exploration and resource development.

Greencoat UK Wind PLC (LON:UKW), the leading listed renewable infrastructure fund, invested in operating UK wind farms, said it intends to accelerate the closure of the placing it announced on 1 February 2019 following material investor demand. The group said the book-building process will close no later than 4:30pm London time on 12 February 2019.

Eight Peaks Group PLC (LON:8PG) has appointed Alexander David Securities as the company's broker with immediate effect.

Afarak Group PLC (LON:AFRK) announced that it has completed three transfers totalling 500,000 ordinary shares from treasury to its CEO, Guy Konsbruck, The group said the shares form a part of the CEOs service contract.

Personal Group PLC (LON:PHG), a leading provider of employee services in the UK, said its first dividend for 2019 of 5.825p per share will be paid on 29 March 2019 to members on the register on 22 February 2019. It added that the dividend, the first of four expected to be announced this year, represents a 1.3% increase over the equivalent period last year.

BlueRock Diamonds PLC (LON:BRD), the AIM-listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, said that a new corporate presentation can be viewed on the company's website.

ECR Minerals PLC (LON:ECR), the precious metals exploration and development company, announced that Hallgarten & Company have produced an Initiation of Coverage report on the group which is available on the company’s website.

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