Back in May 2017, the shares were priced at more than a tenner but had fallen to 198p at Friday’s close; they recovered 11.1% to 220p today after the company said its business had stabilised in the year to 31 March 2019 after a difficult period the year before.
Underlying pre-tax profits for the year are expected to be roughly 80% higher, year-on-year.
1.35pm: Energean reveals significant new discovery at Karish North
Energean Oil and Gas PLC (LON:ENOG) shares rose on Monday as the firm announced a significant gas discovery in the Karish North exploration well.
The well was designed to potentially extend the Karish field development project.
The shares were up 8.5% at 846p, a little way below Peel Hunt’s new target price of 900p, up from its previous target price of 850p.
12.30pm: Kier hardy after new CEO kicks off strategic review
The review will consider ways of further simplifying Kier to create a more focused group, and also review the allocation of capital resources across the group and consider additional steps to improve cash generation and reduce leverage.
The conclusions of the review will be announced in July.
Shares in Kier were up 7% at 372.4p.
11.30am: Spectra slides after showing the money to top brass
Spectra Systems Corporation (LON:SPSY), a specialist in machine-readable high speed banknote authentication, should be good at keeping an eye on money.
The share price reaction to its updated employment agreement with its chief executive, Dr Nabil Lawandy, and two other senior executives, suggests the market thinks it has been overly generous.
The shares fell 4% to 131.5p, wiping £2.6mln off the stock market value of the company.
10.30am: Mayan Energy slides as it publishes oil flow data from reworked wells
The Austin Field wells in Texas have been brought on production following the rework programme. The cumulative mean production over the last 12 days of the reworked wells is currently 66 barrels of oil per day (bopd) – a figure that evidently left the market unimpressed, as the shares plunged 9.7% to 0.14p.
The operator, Attis, said the oil: water ratios are improving and it is expecting a further 10% increase to daily production.
9.45am: Ascent is flying high and Emmerson is blooming
The shares shot up 30% to 0.65p after the permit was confirmed as fully valid and that no further appeals against the permit are now possible.
"I am delighted that the IPPC Permit has been granted and we can continue to progress our plans to develop the Petišovci project to its significant potential,” said Colin Hutchinson, the chief executive officer of Ascent.
Emmerson Plc (LON:EML) was blooming after announcing heads of agreement have been signed with an unnamed global fertiliser group that wants to take 800,000 tonnes of K60 muriate of potash a year over a five-year period from Emmerson’s Khemisset potash project in Morocco.
The heads of agreement set out a commitment for both Emmerson and the counterparty to work towards a long-term sales agreement for 100% of Khemisset's production, focusing on the Brazilian, African and North West European markets.
Emmerson’s shares were up 13% at 4.35p.
Proactive news headlines:
Summit Therapeutics PLC (NASDAQ:SMMT) (LON:SUMM) has trumpeted the early success of a pre-clinical antibiotic that may help overcome drug resistance to a potentially deadly infection. It presented data at a leading healthcare conference that showed its treatment, DDS-04, had successfully tackled bacteria called Enterobacteriaceae in animals with urinary tract infections.
Virtual reality (VR) specialist Immotion Group PLC (LON:IMM) is to install aquatic immersive experiences at two major aquariums in the US. The AIM-quoted company will install a range of VR cinematic motion pods on a revenue-share basis at Odysea Aquarium, in Scottsdale, Arizona, and The Maritime Aquarium, in Norwalk, Connecticut.
Savannah Resources PLC (LON:SAV) is to take 100% control of its flagship asset, the Mina do Barroso Lithium project in Portugal. The 25% that Savannah doesn’t already own is to be acquired from minority shareholders in an all-share transaction valued at approximately US$11.9mln.
Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz told investors there’s “still plenty to play for” at the Verbier project, as the rig moves off following an unsuccessful appraisal well. The well failed to upgrade Verbier’s resource base, the discovery is now believed to host closer to 25mln barrels rather than 130mln, and the company today confirmed it was drilled under budget.
Securing approval in the US for iclaprim remains the top priority for Motif Bio PLC (LON:MTFB), the company said in its full-year results statement but stressed it is only part of a broader plan for iclaprim's long term success.
Kalahari Metals Limited, in which Metal Tiger PLC (LON:MTR) holds a 50% stake, has received notification that the environmental management plan for its Okavango copper project has been reviewed and approved by the Botswana Department of Environmental Affairs.
Rambler Metals and Mining PLC (LON:RMM) said, under its recent fundraising, it received valid acceptances in respect of 37,490,043 open offer shares giving it total proceeds of £524,860.58. The company added that, to date, it has raised total gross proceeds from the subscription and open offer of approximately £9mln via the issuance of 637,271,940 shares.
LoopUp Group PLC (LON:LOOP), the premium remote meetings company, has appointed Keith Taylor as an independent non-executive director, with immediate effect, and said he will become a member of the audit, remuneration and nominations committees. The group noted that Taylor has nearly 30 years' experience in senior roles across the finance industry, having worked for Barclays for over 20 years, most recently as a managing director within the Corporate & Investment Banking division.
88 Energy Limited (LON:88R) (ASX:88E) is pleased to confirm that the Company's latest corporate presentation, which was presented at its AGM held earlier today, is now available on the company website. www.88energy.com.