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Attis surges after increasing production levels

A look at the day's major movers, including GCM, Alexander Mining, Jubilee Metals, McBride, Sosandar and Tekcapital

onshore oil rig
"It has been a transformational 100-day period for the company"

The AGM statement from Attis Oil and Gas Ltd (LON:AOGL) hit the right spot, sending the shares 8.3% higher to 0.13p.

The company, formerly known as Northcote Energy, provided a 100-day production summary on operations across its three oil and gas fields: Austin, Zink Ranch and Fort Worth.

“From a standing start of less than three barrels of oil net at the beginning of April, we can report total production net to Attis for the period was 4,663 barrels of oil and 27.21 MMCF [millions of cubic feet] of gas totalling 9,354 barrels of oil equivalent. The average net daily production rate was 93.54 barrels of oil equivalent ("BOE") with the highest net daily production in the last 30 days being 104.39 BOE demonstrating the consistency of current production,” the company’s chairman, Paolo Amoruso, said in his annual general meeting statement.

1.30pm: Alphabetti spaghetti boost for GCM

In an explosion of initialisms, GCM has announced an MOU with NFC and PowerChina, sending the shares 17% higher to 24.5p.

GCM Resources PLC (LON:GCM) said the memorandum of understanding (MOU) with China Nonferrous Metal Industry's Foreign Engineering and Construction Co (NFC) and also Power Construction Corporation of China provides for the formation of strategic partnership to jointly develop the Phulbari Coal and Power Project in north-west Bangladesh.

"The MOU with China Nonferrous Metal and PowerChina to develop the proposed coal mine is an important milestone in the Project's development. Our strategy is to become an impact project for the people of Bangladesh, providing low cost and sustainable electricity in the country, by combining the company's coal mine proposal with mine mouth power plants generating 6,000MW,” said Datuk Michael Tang PJN, the executive chairman of GCM.

12.30pm: Alexander Mining tops the risers

Shares in Alexander Mining PLC (LON:AXM) were the top risers in London, soaring 29% to 0.045p on positive news relating to its AmmLeach technology.

Aussie firm Accudo Metals is currently working to deploy the licences it holds for Alexander's AmmLeach patented technology across more than one project in Australia.

Accudo has a licence entitlement for up to five mining projects in Australia to use the leaching technologies, subject to securing commercial terms with the project owners.

11.30am: Jubilee Metals ready to start programme of equipment upgrades

Jubilee Metals Group PLC (LON:JLP) shares were up 6.5% at 3.3p after an upbeat project update.

The company said it is ready to completed the acquisition of the Sable Zinc Kabwe refinery in Zambia.

It highlighted that its team is now ready to start a programme of equipment upgrades at the site to process lead, zinc and vanadium.

10.30am: McBride shares shelved after profit warning

White label products specialist McBride plc (LON:MCB) was 8.9% lower at 70.3p after a profit warning.

The company said profits for the 12-month period just ended will be “broadly in line” with market expectations; a company rarely, if ever, uses the term “broadly in line” when results are expected to be above expectations.

The company added that trading in the second half of the financial year, especially in the April-June quarter, was marginally weaker than expected. Worse still, current sales activity levels are weaker than expected and the company now expects earnings this year to be slightly lower year-on-year.

9.30am: Sosandar rises after placing shares at a premium; Tekcapital dips after placing them at a discount

Sosandar PLC (LON:SOS), the online women's fashion brand, rose 14% to 16.5p in early trade on Thursday after it placed shares at a premium.

The company raised £7mln through a conditional institutional placing at 15p a share, a halfpenny above last night’s mid-market close.

The funds raised will be used to accelerate the company’s growth.

Tekcapital PLC (LON:TEK) was also on the fund-raising trail, provisionally garnering £750,000 from a placing of shares at 8p a pop.

The shares fell 27% to 8.25p on news of the heavily discounted placing.

The UK intellectual property investment group said the proceeds from the share issue would strengthen its balance sheet and boost its working capital.

Proactive news headlines:

Allergy Therapeutics PLC (LON:AGY) has re-confirmed that its earnings will be ahead of market expectations as it continues to make market share gains. In a comprehensive update on trading, it said net revenue for the year is expected to be £73.7mln, up 8% on last year, while cash at the end of June was £27.4mln.

Europa Metals Ltd (LON:EUZ) has completed a second drill hole at its Toral lead-zinc-silver project in Spain and begun to drill a third.

The University of Kansas Medical Center has placed an order for another of Polarean Imaging PLC’s (LON:POLX) 9820 Xenon Polariser system.

Benchmark Holdings PLC (LON:BMK) has made a breakthrough discovery in increasing genetic resistance to a common infection that affects tilapia fish.

Coinsilium Group Limited (LON:COIN) has signed a strategic advisory agreement to promote adoption of the RSK Smart Contract Network in Singapore and Southeast Asia.

KRM22 PLC (LON:KRM) has signed a partnership with quantitative solutions provider Quant Foundry to integrate risk models into its Enterprise Risk Cockpit (ERC), while also announcing a trading update for its first half.

BigDish PLC (LON:DISH) has launched its discount dining app in Brighton with a number of restaurants. The AIM-listed company expects the number of restaurants using the platform in the city “will increase quickly” and for Brighton to be a “significant location” for the company.

OptiBiotix Health PLC (LON:OPTI) is close to completing the processes required to meet US regulatory compliance standards for the manufacture of its LPLDL strain, it announced in a commercial and scientific update.

Tremor International Ltd (LON:TRMR) has launched its Connected TV (CTV) advertising offering in what it says is an “important milestone” for the group.

Bosses at cell-based therapeutics specialist ReNeuron Group have described the past 12 months as “transformational”. The highlight of the Neil Woodford-backed company’s year came in February, when it reported positive initial data from the mid-stage study of its retinitis pigmentosa treatment..

Berkeley Energia Ltd (LON:BKY) has revealed that Paul Atherley has resigned from his position as chief executive as the developer of the Salamanca uranium mine will set up its headquarters in Madrid. Atherley, who has been chief executive since June 2015, intends to concentrate on his other investments in the resource sector.

Ariana Resources PLC (LON:AAU) has highlighted ‘positive’ drill results from the Salinbas gold project in the ‘hot gold corridor’ in Turkey. Drilling encountered ‘Salinbas-type’ mineralisation in several holes, in an area between the known Salinbas deposit and the Ardala porphyry system.

Jubilee Metals Group PLC (LON:JLP), in a broader project update, told investors it is ready to completed the acquisition of the Sable Zinc Kabwe refinery in Zambia. It highlighted that its team is now ready to start a programme of equipment upgrades at the site to process lead, zinc and vanadium.

Active Energy Group PLC (LON:AEG) has appointed an experienced US-based engineering and consulting firm to install the reactors at its industrial site in Lumberton.

MaxCyte Inc. (LON:MXCT) (LON:MXCS), the global cell-based therapies and life sciences company, said it is today hosted a Capital Markets Day for institutional investors and analysts in London. The group noted that its chief executive officer, Doug Doerfler, will host the event with other members of MaxCyte's  commercial, medical and financial leadership team and leading key opinion leaders from the fields of cell and gene therapy and immuno-oncology.

IXICO PLC (LON:IXI), the data analytics company delivering insights in neuroscience,  said it has received notification that on 5 July 2019 and 9 July 2019 its chairman, Charles Spicer acquired 140,421 ordinary shares in the company at an average price of 28.485p. The group said, following these purchases, Spicer is interested in 333,196 ordinary shares, representing 0.71% of the company’s enlarged issued share capital.

Further to its announcement of 8 July 2019, BATM Advanced Communications Limited (LON:BVC), a leading provider of real-time technologies for networking solutions and medical laboratory systems, confirm that the sroup's shares commenced trading on its Secondary Listing on the Tel Aviv Stock Exchange today. Based on its current market capitalisation, BATM said it expects to become a constituent of the TA-90 index at the next applicable assessment date.

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