Shares in Lekoil Limited (LON:LEK) climbed 9.3% to 5.3p after it acquired a participating interest in OPL276, onshore in the eastern Niger Delta basin.
The agreed acquisition, from Newcross Petroleum Limited, is for a total staged consideration of US$5mln, which is payable subject to various milestone.
Newcross has previously identified ten prospects and seven leads in the area covered by the licence.
2.30pm: Peppa Pig owner Entertainment One snapped up by Hasbro in £3.3bn deal
The FTSE 250 owner of the Peppa Pig brand accepted the cash offer of 560p per share, a 26.3% premium on its Thursday close price of 443p.
Shares in Entertainment One were up 33% at 589p.
1.30pm: Jersey Oil and Gas PLC boosted by North Sea licensing award
The oil explorer has been given a 100% working interest and operatorship of an additional block (Block 21/2a) in the Oil & Gas Authority's 31st Supplementary Offshore Licensing Round.
The additional Greater Buchan Area acreage in Block 21/2a includes the Glenn oil discovery and adds a further 14 million barrels of oil equivalent discovered mean recoverable resources.
12.35pm: Show of support boosts Norman Broadbent
Garraway, a boutique asset manager, put more than 3mln shares up for sale.
It had previously had a 7% stake in the City executive search firm.
11.30am: Holders Technology tumbles as it warns on challenges facing its PCB business
The company, which supplies speciality laminates and materials for printed circuit board (PCB) manufacturers, saw revenues in the six months to the end of May dip to £6.03mln from £6.18mln the year before.
Profit before tax fell to £20,000 from £65,000, with the company warning that its PCB business continues to face challenges due to unfavourable market conditions.
10.30am: Adept4 soars on proposed reversed takeover
The company, responding to the recent movement in its share price, has provisionally agreed to acquire the share capital of CloudCoCo Limited.
The company is proposing to offer 218mln Adep4 shares for CloudCoCo, which would represent 49% of the company’s issued share capital, thus making it a reverse takeover under AIM’s rules.
9.30am: ADM Energy plunges as Sheikh Ahmed Bin Dalmook Al Maktoum resigns from the board
Keeping a brave face on things, Osamede Oskomina, the chief executive officer of ADM, said the departure would have no material impact on the implementation of our business plan.
“We are grateful for his financial support which has helped the company get to this exciting juncture. We have recently raised further investment funds which will assist us in exploring a number of opportunities. Production at our Aje investment remains stable such that we expect to be advised of a further lifting of oil shortly and performance remains in-line with our expectations,” Oskomina said.
The company is lobbing out up to 38.5mln shares at 14p a throw to some new investors and some existing ones.
Some of the money has been earmarked to acquire 313,500 shares in Cataleya Energy at US$10 each, giving it a 5.4% stake in the Canadian company.
Proactive news headlines
88 Energy Ltd (LON:88E, ASX: 88E) has provided investors with a new breakdown of its conventional prospect inventory in Alaska, in the wake of yesterday’s news that it is farming-out a 60% in Project Icewine’s Area A.
Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) told investors that its next exploration well in Guyana will spud in the coming days.
Alternative fuels specialist Quadrise Fuels International PLC (LON:QUAD) has unveiled plans to raise up to £3.5mln that will allow it to build on the “considerable” commercial momentum generated so far this year.
BATM Advanced Communications Ltd (LON:BVC) will become a constituent of Tel-Aviv Stock Exchange indices TA-125, TA-90, TA-SME150, TA-Rimon, TA Global-BlueTech, TA-Technology, TA Tech - Elite and TA-AllShare on 5 September.