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Caspian Sunrise in the gloom as June output sinks

A look at the day's major movers, including Lookers, Angus Energy, Faron Pharma, Pantheon Resources, Dev Clever and CyanConnode

Offshore rig
Caspian is looking to use technology it has not used before to deal with the issues present at both Deep Well A6 and Deep Well 801

The sun set on the shares of Caspian Sunrise PLC (LON:CASP) on Friday, with the stock 8.2% lower at 11.02p following an operational update.

The company outlined a number of operational issues with the wells in the BNG contract area.

It also revealed that for the month of June total production from BNG was 38,571 barrels, down from 42,434 barrels in May.

The daily average production was 1,286 barrels of oil per day (bopd), down from 1,396 bopd in May.

1.30pm: Profit warning sends Lookers careering off the road

Car seller Lookers PLC (LON:LOOK) moved sharply into reverse by 16% to 39p after pushing down its profit expectations for the full year.

The group said that while the year had started “satisfactorily” with positive first-quarter trading, its second-quarter had proved “increasingly more challenging” due to a decline in new UK car registrations, weaker demand and margin pressure in the used car market.

As a result, Lookers said it expected its underlying pre-tax profit for the first half to be around £32mln compared to £43mln a year ago.

12.30pm: Angus Energy down in the dumps after investors' conference call

Publication of a summary of the questions and answers at a recent conference call left shares in Angus Energy PLC (LON:ANGS) 12% lower at 1.23p.

A particularly large number of questions were raised and included many directed at the recent works at Brockham and requests for information about forthcoming applications for planning consents at Balcombe.

READ Brockham Well Test Results and Balcombe Update

The full conference call is available as a recording on the company's website and the transcript will be published there as soon as it becomes available, Angus said.

11.30am: Faron lifted by results from early-stage cancer trial

Faron Pharmaceuticals Oy (LON:FARN) shares shot 17% higher to 136.53p on news of the firm’s early-stage cancer clinical trial.

Faron has outlined plans to expand the phase I/II MATINS study of its Clevegen treatment in patients with CLEVER-1 positive cancer types.

“On the basis of Clevegen's current safety profile and potential in patients who have exhausted by all other treatment options, the company believes it may seek initial regulatory approval supported by data from the expanding MATINS trial by 2022,” Faron told investors.

10.30am: Pantheon encouraged by developments in Alaska

Pantheon Resources PLC (LON:PANR) rose 5.4% to 19.98p after making some encouraging noises about its Alkaid discovery in Alaska.

Pre-application meetings with state and federal agencies for the pilot production testing of the Alkaid discovery have now taken place, with positive and supportive feedback received. No permitting issues have been identified, Pantheon said.

The project could come online as early as next summer, although much depends on the timing of a farm-out arrangement.

9.30am: Orders roll in at Dev Clever and CycanConnode

Dev Clever Holdings PLC (LON:DEV) shot up 10% to 3.9p after announcing its second commercial partnership of the week.

The developer of consumer engagement schemes has agreed a three-year commercial partnership with Valassis, a leading voucher, coupon and cashback service provider.

The commercial partnership agreement enables Dev Clever's gamification platform "Engage" and its suite of software-as-a-service-based gamification products to be offered to Valassis brand and retail customers by their brand sales teams as part of their digital product offer.

Also raking in the orders this week has been CycanConnode Holdings PLC (LON:CYAN), the smart meter company.

CyanConnode’s shares were up 7.4% at 6.5p after the company received an order for legacy CyanConnode hardware and software from an existing customer.

The customer is a Nordic utility company. The order is worth €489,000; the company expects to half the revenue this year for this follow-on order and the other half nest year.

Earlier this week, CycanConnode announced follow-on orders from India and the UK.

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