The firm made a profit before tax of US$43.4mln in the first six months of the year, compared to a loss of £602.9mln last year when it was hit by impairments and a disastrous investment in Indian copper miner Vedanta Resources.
Cairn upgraded its full-year production guidance to 21,000 to 23,000 barrels of oil equivalent per day after net production beat expectations.
Lansdowne Oil & Gas plc (LON:LOGP) shares decreased 12% to 1.1p after saying the partners of the Barryroe oil project are still yet to receive a US$9.0mln loan promised by Chinese investors APEC Energy Enterprises.
The backstop date for receipt of the loan has been extended to September 30. APEC had initially agreed to provide the loan to by 14 June but since then the backstop date has been extended several times.
1.00pm: Bluebird Merchant Ventures shares up as it secures permit to develop Gubong mine
It marks the first permit to be issued for a gold development project in the country since Ivanhoe Mines in the 1990s.
The group noted that the elevated gold price “highlights just how much more attractive it is to reopen old mines compared to exploring for and developing new mines”.
Shares rose nearly 12% to 2.65p.
Litigation Capital Management Limited (LON:LIT) was on the back foot with shares down 9.5% to 78p after reporting a 15% decrease in profit for the year.
The Australian-based litigation financing services provider, delisted from the Australian Securities Exchange and listed on AIM in December 2018, said pre-tax profit fell to A$10.1mln in the year to 30 June from A$11.9mln last year, blaming tough comparatives. Revenue rose 17% to A$34.71mln.
11.20am: Tiziana Life Sciences shares surge on encouraging trial results
The company said clinical data showed that nasally administered Foralumab, a fully human anti-CD3 monoclonal antibody (mAb), was well-tolerated at all doses.
“Importantly, the treatment showed significant positive effects on the biomarkers for activation of mucosal immunity, which is capable of inducing site-targeted immunomodulation to elicit anti-inflammatory effects,” it said.
i3 Energy PLC (LON:I3E)shares dropped 39.5% to 33.75p after saying the 13/23c-9 pilot well at its Liberator Field in the UK’s North Sea was plugged and abandoned.
The group said preliminary petrophysical information obtained from drilling indicates that the targeted upper Captain sand has not been penetrated and is pinched out at the 13/23c-9 location. “The lower Captain sand is present in the well and is below the estimated oil water contact as expected,” it said.
9.40am: Arena Events shares tank as it swings to first-half loss
The company, which helps organise events such as the RHS Chelsea Flower Show, the PGA Championships and the Royal Windsor Show, said it made an operating loss of £800,000 in the six months to the end of June, compared to a profit of £300,000 due to higher costs.
Adjusted earnings (EBITDA) fell to £3.2mln from £3.5mln.
The group took a £1.5mln hit related to its settlement with the US Department of Justice over an investigation into its US subsidiary, Arena Americas.
It had cash outflows of £1.6mln compared to inflows of £4.2mln last year, mainly due to a change of date for the US PGA event.
Revenue still rose 27% to £70.1mln despite one-off and biennial events last year that did not occur this year.
Underlying profit dropped to £2.5mln in the six months ended 30 June from £7.6mln a year ago and revenue declined to £23.0mln from £26.1mln.
Bovis expects to pay Galliford £675mln in shares based on its closing share price on Monday plus £300mln in cash, taking the total potential bid to £1.1bn.
Galliford rejected an all-share approach from Bovis in May that was thought to value the company at £1.05bn including debt.
Pipehawk PLC (LON:PIP) shares gained 26% to 5.25p after saying its automation engineering services subsidiary QM Systems has won a £600,000 contract to develop a new automotive product.
BWI Group supplies automotive products to vehicle manufacturers and the independent aftermarket.
Proactive news headlines
Futura Medical PLC (LON:FUM) has agreed a joint venture with cannabis firm CBDerma Technology Limited to develop a skin-friendly cannabidiol (CBD) formulation. The joint venture will explore combining CBD with Futura’s DermaSys drug delivery system for the treatment of such symptoms as pain relief.
Savannah Resources PLC (LON:SAV) has been conditionally awarded new mining concessions for the Mutamba project in Mozambique. The project is described as “one of the most significant undeveloped heavy mineral sands deposits in the world” and the new concessions span some 280 square kilometres.
Solo Oil PLC (LON:SOLO) told investors that it has exited its Nigerian marginal fields venture. The company has agreed to sell its 20% interest in Burj Petroleum Africa which previously applied for undeveloped Nigerian assets back in 2014. The stake is being sold for a nominal £1 to another shareholder in Burj.
ReNeuron Group PLC (AIM: RENE) said it remained in negotiations with potential partners for all of its key programmes. The company was providing an update on progress ahead of its annual meeting on Tuesday.