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Proactive news snapshot: 88 Energy, Allergy Therapeutics, VR Education …

Published: 15:30 06 Mar 2019 GMT

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88 Energy Ltd (LON:88E) has told investors that on Monday 3 March the Winx-1 exploration well reached its total depth of 6,800 feet. It added that all the well’s pre-drill targets were intersected by the well and multiple potential pay zones were identified, including a zone within the Nanushuk primary target.

Allergy Therapeutics PLC (LON:AGY) enjoyed another six months of revenue and market share growth as it ended 2018 with plenty of money in the bank ahead of what will be a busy year for the drug developer.

VR Education Holdings Plc (LON:VRE) said it is targeting the release of two new “showcase” experiences in 2019 in what it said would be “a busy year” for the group.

Victoria Oil & Gas PLC (LON:VOG) has revealed that executive chairman Kevin Foo is signing off his tenure at the head of the company with a £12.6mln equity-based funding that promises a “new beginning” for the Cameroon gas firm. Foo will retire as a director and executive chairman upon completion of the fundraise.

BATM Advanced Communications Limited (LON:BVC) shares jumped in early deals Wednesday on the back of bullish 2019 forecasts that predicted earnings (EBITDA) and revenue growth would be “ahead of market expectations”.

Photonstar LED Group PLC (LON:PSL), which is seeking shareholder approval to become a cash shell, said it has already met with a number of promising potential acquisitions and has raised cash through a placing and a director’s subscription to enable due diligence on its targets.

Oriole Resources PLC (LON:ORR) said a trench programme at one of its Cameroon gold assets had returned what it described as “very encouraging” results. At the Bibemi project, geologists found orogenic-style gold mineralisation, which is formed when the earth’s crust folds.

African Battery Metals PLC (LON:ABM) has already received offers of new projects but will focus first on its existing portfolio, said executive director Paul Johnson. ABM, which was refinanced in January, owns copper, nickel and cobalt assets in the DRC, Cameroon and Ivory Coast.

Red Rock Resources PLC (LON:RRR) has signed the final documents making its cobalt/copper joint venture in the Democratic Republic of Congo fully effective with the initial focus on the old Musonoi superpit. Under the joint venture, Red Rock Resources Congo owns 50.1% of VUP Musonoi Mining.

Rambler Metals & Mining PLC (LON:RMM) shares surged in early trading Wednesday after it appointed Sanjay Swarup, the former finance boss of Canadian exploration firm Mandalay Resources, as its new chief financial officer (CFO). The junior miner said the appointment would be effective immediately with the former CFO Tim Slater assisting in the transition before leaving to pursue other interests. 

Salt Lake Potash Ltd (LON:SO4) (ASX:SO4) has started constructing the first evaporation ponds at its Lake Way Sulphate of Potash (SOP) Project near Wiluna in Western Australia. The first phase will enable de-watering of the Lake Way Williamson Pit that contains the highest-grade brine resource in Australia.

Ariana Resources updates resource and reserve; realises long-term strategy

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated...

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