PipeHawk boosted by second contract win this month

A look at the day's major movers, including Lansdowne Oil, Finsbury Food, JXK, Veltyco and Oilex

Veltyco Group plc - Veltyco soars after cash infusion

The second contract win this month boosted the share price of PipeHawk PLC (LON:PIP) by 12% to 4.75p.

Its subsidiary, QM Systems, has been selected by a car seats and electrical systems supplier to deliver a new manufacturing facility for the manufacture of premium car seats.

The contract is valued at more than £600,000 and is due for delivery in the first quarter of 2020.

12.30pm: Lansdowne top of the morning risers

Lansdowne Oil & Gas PLC (LON:LOGP) hardened 5.7% to 1.4p after it completed the site survey of the Barryroe project off the Irish coast.

The Barryroe site survey comprised a seabed debris clearance and an environmental baseline and habitat assessment survey over proposed well locations A & B in the Barryroe field within the standard exploration licence 1/11 area.

The site survey over proposed well locations C & D in the Barryroe field can now be carried out as part of a separate campaign, Lansdowne said.

11.30am: Tasty update from Finsbury Food

Finsbury Food Group PLC (LON:FIF) rose nicely to 71p from 65.5p overnight after a set of full-year results that were far from half-baked.

The baking ingredients group hiked its dividend and said it expects the strong sales growth it achieved in the second half of its last financial to continue into the coming 12 months.

"In what has been a continued challenging market environment, our sales growth and increased dividend demonstrates our ability to navigate more challenging times and our continued confidence in the prospects of the group,” said chief executive John Duffy.

10.30am: Market welcomes appointment of new directors at JKX

JKX Oil & Gas Plc (LON:JKX) shares surged 6.4% to 31.6p after a board shake-up.

Charles Valceschini, Tony Alves and Rashid Javanshir have been appointed as independent non-executive directors with immediate effect.

Valceschini, an oil and gas industry veteran, also becomes chairman of the board and Alves, formerly an executive director of and chief financial officer of Volga Gas, the senior independent director.

9.30am: Veltyco soars after cash infusion

Veltyco Group PLC (LON:VLTY), the online marketing and operating company for the gaming industry, saw its shares soar 61% to 5.15p following a cash injection.

An existing investor has stumped up €300,000 (£270,000) to subscribe for convertible loan notes that carry a 10% coupon and a term of three years.

The funds raised will be used for general working purposes.

Oilex Limited (LON:AEX) advanced 11% to 0.195p after it said it was considering taking stakes in exploration licences in the East Irish Sea.

The dual-listed energy firm has entered into an exclusivity agreement with Koru Energy for a potential acquisition of up to a 50% relevant interest in the Knox and Lowry, and Whitbeck gas discoveries.

The discoveries are a series of shallow-water gas accumulations that were discovered between 1992 and 2009 and have been successfully drill-stem tested to confirm volumes that Oilex and Koru would seek to bring into production, should the acquisition complete.

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