SDX Energy Plc (LON:SDX) shares shot up 21% to 23.16p after reporting a 9% rise in first-half production following successful drilling at the Meseda field and increased gas sales in Morocco.
Production rose to 3,539 barrels of oil per day (boe/d) in the six months to the end of June from 3,234 boe/d a year ago.
Revenue rose 4% to US$25mln as higher production offset a decline in prices to US$57 per boe from US$62 boe last year.
Revenue rose to £31.1mln in six months to 30 June from £19.1mln a year ago and pre-tax profit more than doubled to £41.2mln from £18.6mln
Growth was led by record royalty revenue of £22.7mln from the Kestrel underground coal mine in Queensland, Australia.
1.00pm: Rockhopper rises as farm-down process on Sea Lion launches
The company said the post-FEED (front-end engineering design) optimisation process has substantially de-risked the project from a technical, cost and schedule perspective.
The key service and supply contracts are nearing final agreement in preparation for execution should the project be sanctioned.
11.30am: Tekcapital in confident mood after revaluing its portfolio
The shares were up 12% at 7.6p on the news.
The intellectual property (IP) group that specialises in commercialising university technology, said in its half-year statement that net assets increased by 27% to US$20.53mln at the end of May from US$16.13mln at the end of November, benefiting from a revaluation of its portfolio assets.
10.30am: Arcontech enjoys a bumper year
The shares were up 12% at 177p as the company cranked up pre-tax profit to £1.06mln in the year to the end of June, from £575,632 the year before.
“Our pipeline of prospects remains positive, albeit, as we have consistently noted, the outlook needs to be tempered by the traditionally long and complex sales cycles that are a feature of our business," said Richard Last, the chairman of the company.
* Or blue, if you are a traditionalist who remembers the TOPIC screens
9.30am: NMC in rude health as companies vie to buy a 40% stake
The shares were up 26% at 2,447p on reports that two groups, one of them backed by China’s Fosun – the company baling out Thomas Cook Group PLC (LON:TCG) – have made rival offers to buy a 40% stake in the FTSE 100 company.
The stake up for grabs is jointly owned by Khalifa Butti Bin Omeir, the chairman of investment firm KBBO Group; businessman Saeed Bin Butti Al Qebaisi and Infinite Investment, an investment vehicle that has connections with both men.
Bears get a mauling at NMC Health https://t.co/AIgPHqIAjt— Ben Harrington (@bharringtonw11) August 22, 2019
Shares in SimiGon Limited (LON:SIM) trundled 14% higher to 9p after it won a contract with the US Air Force.
The military simulations specialist has been awarded what’s called a blanket purchase agreement for the supply of virtual and mixed reality systems.
The agreement has a contract ceiling of US$6mln over two years; SimiGon was one of four contractors mentioned in the blanket purchase agreement.
Proactive news headlines
88 Energy Limited (LON:88E) will retain a 30% working interest in Area A of the conventional Project Icewine acreage after clinching a farm-out agreement. Premier Oil PLC (LON:PMO) has signed a sale and purchase agreement with 88 Energy and Burgundy Xploration LLC to farm-in for a 60% interest in Area A, which is in the proven Alaska North Slope basin.
Symphony Environmental Technologies PLC’s (LON:SYM) shares were higher on Thursday as its partner firm, Grupo Bimbo, announced the progress of its biodegradable packaging programme using Symphony’s d2w plastic technology.
Tlou Energy Limited (LON:TLOU) told investors that the Lesedi 3 and Lesedi 4 production pods have now both achieved sustained gas flow rates.
IronRidge Resources Limited (LON:IRR) has held a meeting with Volkswagen to present its lithium project in Ghana to the German car company.
SDX Energy Plc (LON:SDX) reported a 9% rise in first-half production following successful drilling at the Meseda field and increased gas sales in Morocco.
Capital Drilling Limited (LON:CAPD), which leases drilling rigs to mining companies, said the recent upsurge in the gold price is good news for the company.
i3 Energy PLC (LON:I3E) said the drilling had begun on its Liberator Field, off the coast of Aberdeen.
Medical technology company IXICO PLC (LON:IXI) has made two top-level changes. Chief financial officer Grant Nash, appointed to the role in April, joins the board with immediate effect. Tim Sharpington, the company’s senior independent director for the last six years, will step down at the end of the current financial year.