3.30pm: Renalytix AI get payment remittance code for its lead product
Renalytix AI PLC (LON:RENX), a developer of artificial intelligence-enabled clinical diagnostics for kidney disease, advanced 7.8% to 323.4p on the back of regulatory progress.
The American Medical Association has granted a CPT proprietary laboratory analyses code for Renalytix's lead product, KidneyIntelX.
The new code - a key component for reimbursement from private medical insurance and Medicare - is scheduled to become effective on 1 October 2019.
2.30am: Upland top ranking (almost) after formal signing of permit documents for the Saouaf licence
The signing of the permit documents allows Upland to actively market participation in the Saouaf licence to companies looking to farm into the project, which is onshore in northern Tunisia.
Up until now, the company had to sit and wait for companies to get in touch if they wished to farm into the project; happily, many companies have already done so.
1.30pm: Mosman Oil & Gas sells off loss-making Strawn oilfield
Mosman Oil & Gas Ltd (LON:MSMN) shares rose 9% to 0.29p after the company offloaded the Strawn oilfield in the USA.
The AIM-listed producer, which owns stakes in a number of larger projects in the US and Australia, sold the 50% stake in the Strawn production facilities and lease for US$75,000 (AU$108,500) to Eagle Natural Resources LLC.
Strawn was acquired in spring 2017 for US$75,000 (roughly AU$108,500) and in the six months to 31 December contributed a net loss of just over AU$7,000.
12.30pm: Market expresses relief as delayed results from Malvern contain no skeletons in the closet
The learning and skills development partner had worried the market by announcing first thing on Friday that it had hoped to release the results for 2018 the day before but any concerns that the delay had been caused by something fishy in the results were laid to rest.
The company reported adjusted underlying earnings (EBITDA) of £180.000 – admittedly after a positive adjustment of £506,653 for one-off costs relating to Malaysia and Singapore – one revenue that rose 85% to £7.6mln from £4.1mln the year before.
11.45am: Lekoil gushes as Otakikpo JV signs MOU with Schlumberger and major oiler
Shares in Lekoil Limited (LON:LEK) gushed 38% higher to 5.16p after it announced significant progress in Nigeria.
Its joint venture (JV) with investment vehicle Green Energy International has signed a memorandum of understanding (MOU) for the development of the Otakikpo project in Nigeria.
The West Africa-focused oiler said the MOU had been signed with Schlumberger Limited (NYSE:SLB), the world’s largest oilfield services company, and another firm identified as the subsidiary of a “major international oil company” which has operated in Nigeria for more than 50 years.
11.00am: AA caught in the Woodford fall-out
Woodford’s stake in the roadside assistance firm has been reined back to 6.93% from 11.9%.
The move comes after fund manager Neil Woodford, at the start of last month, suspended redemptions from the £3.7bn Woodford Equity Income fund due to a rise in requests, prompting the fund to divest a number of stakes in companies.
10.15am: Romania mania dissipates for Prospex after Bainet-2 well proves to be a duster
Prospex Oil and Gas PLC (LON:PXOG) plunged 24% to 0.14p after the mania went out of Romania and its Bainet-2 well.
The well, which is in the EIV-1 Suceava Concession in north-east Romania, is to be plugged and abandoned.
Prospex's wholly-owned subsidiary, PXOG Massey Limited, holds a 50% non-operated interest in the 984 square kilometres concession.
9.30am: Frontier Smart blind-sided by increased offer from Science Group
Science Group, a consultancy providing science-based product development, advisory and regulatory services, said it was also standing in the market looking to buy 10mln Frontier shares at the offer price.
The directors of Frontier, a digital radio and Internet of Things technology specialist, have previously been in discussions with Science Group about a possible takeover at 30p a share but the two sides were unable to reach agreement; Science Group has now gone straight to the Frontier shareholders with its proposal.
Science group increases the offer for FST to 35p ????, while welcome I only recently bought in at 33p so not even 7% profits ????— Battlebus (@battlebus141) July 1, 2019
Can’t win them all ✅https://t.co/ThLYVm1PaK
Specialist media outfit Future PLC (LSE: FUTR) saw its shares harden 8.2% to 1,048p after it said full year results would be ahead of expectations.
The strong performance has been underpinned by good audience growth within the Media division and the continued strong underlying performance of the recent acquisitions, it explained.
Meanwhile, the chief financial officer, Penny Ladkin-Brand is to step down from the board and take on a new role as chief strategy officer. Future is looking for a new bean-counter and expects to have someone in place by the end of the year.
Proactive news headlines:
Mosman Oil & Gas Ltd (LON:MSMN) has parted ways with the first oil field it operated in the USA as it is no longer deemed a material asset.
Highlands Natural Resources PLC (LON:HNR) is to start selling its cannabidiol (CBD) products in the UK in July - the same time as it begins US sales. The oil and gas company, which expanded into cannabis in March, said the first product lines to be sold in the UK will be CBD tinctures available in natural, peppermint, melon and blood orange flavours at strengths of 500mg or 1,000mg.
Sativa Group PLC (LON:SATI) opened its first cannabidiol (CBD) wellness retail outlet in Bath at the weekend and initial trading was ahead of expectations. The Goodbody Wellness store was launched on Friday evening by Crispin Blunt, MP for Reigate and co-chair of the All Party Parliamentary Group for Drug Policy Reform.
Scancell Holdings PLC (LON:SCLP) has provided a half-year update on progress for its various clinical studies. The company will begin recruiting patients with advanced melanoma for UK Phase 2 clinical trials of its SCIB1 novel cancer immunotherapy in the coming weeks, following regulatory approval in April.
Coinsilium Group Limited (LON:COIN) is confident it is entering a “highly productive period” amid growing awareness of cryptocurrency and blockchain technology and a recovery in the digital asset markets.
Block Energy PLC (LON:BLOE) has negotiated a substantial oil storage leasing agreement that will enable it to re-start production from its West Rustavi field in Georgia. Paul Haywood, Block’s executive, said the agreement gives it access to 90,000 barrels of storage capacity just 30km away at state oil group GOGC's main facility near Sartichala.
Hurricane Energy PLC (LON:HUR) is to move onto the next well in its drill programme after deciding to plug and abandon the Warwick Deep well, located off the west coast of the Shetland Islands.
Premier African Minerals Ltd (LON:PREM) closed out 2018 with just US$16,000 in cash. During the period the company raised net proceeds of US$1.715mln, but found its ability to proceed with key projects in Zimbabwe stymied by ongoing political confusion there. Overall losses rang in at nearly US$7.8mln.
IronRidge Resources Ltd (LON:IRR) has completed detailed face mapping and sampling within 145 primary hard-rock artisanal mining pits at the Zaranou gold license in Côte d'Ivoire. The company also updated on other exploration activities across its portfolio of projects in Côte d'Ivoire.
Bacanora Lithium PLC (LON:BCN) has signed the investment and offtake agreement with Gangfeng Lithium that was first announced in May. Ganfeng is the world's largest lithium metals producer in terms of production capacity and the world's third largest lithium compounds producer.
Alliance Pharma PLC (LON:APH), the international healthcare group, announces that John Dawson, its founder and former CEO, has decided to step down as a non-executive director from the company’s board, with effect from 30 June 2019, after 23 years of service.
Personal Group Holdings PLC (LON:PGH), a technology-enabled employee services provider in the UK, has announced the appointment of Maria Darby-Walker as a non-executive director with effect from 28 June 2019. The group noted that Darby-Walker has a wealth of marketing, brand and communications experience working with the boards of major blue-chip companies such as Rio Tinto, Rolls-Royce, Cadbury and Barclays.
Kavango Resources PLC (LON:KAV), the exploration group targeting the discovery of world class mineral deposits in Botswana, announced that it has appointed Turner Pope Investments to act as joint broker to the company with immediate effect.
Thor Mining PLC (LON:THR) (ASX:THR) announced that it is to issue 4,687,500 new ordinary shares in the company at a deemed share price of 0.80p per share in lieu of marketing and communications services valued at £37,500.