Argo Blockchain appoints co-founder as CEO

A look at the day's major movers, including Oracle Power, Caspian Sunrise, Vast Resources, Richland Resources, Tullow Oil and Lekoil.

Tullow Oil PLC -

Argo Blockchain PLC (LON:ARB) climbed 10% to 6.15p after it appointed Peter Wall, one of its co-founders, as its new chief executive.

The cryptocurrency miner also said that one of its non-executive directors, Gil Penchina, had stepped down from the board and been succeeded by Ian Macleod, the former corporate secretary of Canadian social networking services firm Teligence.

Argo has also received another 3,616 Bitmain Antminer T17 crypto mining machines which are currently being installed and expected to become operational next Friday.

1.15pm: Oracle Power surges as non-executive director exercises warrants

Oracle Power PLC (LON:ORCP) rose 11% to 1.225p after a non-executive director, Andreas Migge, exercised some warrants.

Migge exercised warrants to subscribe for 4.4mln shares at a price of 0.50p per share.

The exercise of these warrants amounts to a cash subscription of about £22,000.

12.20pm: Capian Sunrise on the up

Caspian Sunrise PLC (LON:CASP) soared 22% to 9.5p after it said it is flowing oil from Deep Well A5 at the BNG project in Kazakhstan.

Deep Well A5 was previously completed, extensively cleaned and more than 63 metres of reservoir was perforated. The company detailed that the well has now flowed without artificial stimulation for 4 days, without interruption. Over that period the volumes of produced oil increased, it added.

At the most recent measure, production reached 1,500 barrels of oil per day and Caspian Sunrise said that further increases in volumes are expected.

11.30am: Vast Resources rises after funding update

Shares in Vast Resources PLC (LON:VAST) hardened 4.1% to 0.255p after a funding update.

The company said it has submitted a drawdown request for the first tranche issuance to Atlas Capital Markets Limited in accordance with the terms and conditions of the bond issuance deed.

10.30am: Richland Resources becomes cash shell after sale of the Capricorn sapphire project

Richland Resources Ltd (LON:RLD) rose 21% to 0.175p as it completed the disposal to Fura Gems of its wholly-owned subsidiary Richland Corporate Ltd.

Richland Corporate is the holder of the Capricorn Sapphire Project.

With the receipt of US$1.25mln (roughly £952,125), Richland has become a cash shell. Around US$800,000 of the money was used to pay off Richland's secured convertible loan facility.

9.30am: Tullow off to poor start to 2020

2019 was a terrible year for Tullow Oil PLC (LON:TLW) and with the shares down 6.9% at 59.56p this morning, 2020 is looking no better.

The share price reacted to the drilling result on the Carapa-1 exploration well, offshore Guyana. The company encountered about four metres of net oil pay based on preliminary interpretation and said the drilling had extended the prolific Cretaceous oil play into the group's Guyana acreage.

The net pay was lower than pre-drill forecasts, however, and the well will now be plugged and abandoned.

Elsewhere in the oil sector, Lekoil Limited (LON:LEK) shot up 23% to 5.7p after it secured funding for some appraisal drilling.

The company has entered into a binding loan agreement with the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, to borrow US$184.0mln to fund the appraisal drilling and initial development programme activities.

The annual interest rate payable on amounts drawn under the facility is 3.72%, with an upfront fee of 2.75% of the amount drawn under the facility.

Proactive news headlines:

EQTEC PLC (LON:EQT) said it has signed the legal documentation to allow the financial close of the proposed construction and operation of the North Folk 2W biomass project in California. In a statement, the AIM-listed firm said it co-operated closely with partner Phoenix Biomass Energy, which is also a shareholder in North Fork Community Project (NFCP), the project's manager, to achieve the milestone.

i3 Energy PLC (LON:i3E) told investors it is preparing for a new appraisal campaign for the Serenity and Liberator fields, with work set to start in mid-2020. The aim will be to further delineate the two fields which are estimated to host more than 600mln barrels of in-place crude oil.

Argo Blockchain Plc (LON:ARB) has appointed Peter Wall, one of its co-founders and current vice president of operations, as its new chief executive with immediate effect. The cryptocurrency miner also said that one of its non-executive directors, Gil Penchina, had stepped down from the board on 1 January and been succeeded by Ian Macleod, the former corporate secretary of Canadian social networking services firm Teligence.

Oracle Power PLC (LON:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan, said it has received a notice from Andreas Migge, a non-executive director of the company, that, on 31 December 2019, he exercised certain pre-existing warrants to subscribe for 4,400,000 ordinary shares at a price of 0.50p each. The group said the exercise of these warrants amounts to a cash subscription of approximately £22,000.

Vast Resources (LON:VAST), the AIM-listed mining company, said that, further to its announcement of 18 December 2019 regarding the funding update, the company has submitted a drawdown request for the first tranche issuance to Atlas Capital Markets.

Tally Ltd is planning to launch a new version of its banking phone app at the end of January less than a year after its debut in June 2019. The company, which offers customers the chance to buy currency backed by physical gold, said the second version of the app will see a new design as well as improvements to customer experience.

G3 Exploration Limited (LON:G3E) said, as expected, liquidators have been appointed to assist with the China-focused gas group’s restructuring. The joint provisional liquidators (JPLs) have been appointed by the Grand Court of the Cayman Islands to preserve and protect the company’s assets and identify any opportunities that may exist to restructure or refinance the company.

Metal Tiger PLC (LON:MTR), the AIM-listed investor in strategic natural resource opportunities announced that, under its share buyback programme, the company’s broker, Arden Partners has purchased 850,000 of its shares at a volume-weighted average price per share of 1.375p.

Diversified Gas & Oil PLC (LON:DGO), the US-based owner and operator of natural gas, natural gas liquids, oil wells and midstream assets, said that, in accordance with the terms of its share buyback programme announced on 30 April 2019, it has purchased 246,049 ordinary shares in the market at a volume-weighted average price of 107.887p per share through broker Stifel Nicolaus Europe. The shares acquired will, in due course, be cancelled.

Nektan PLC (LON:NKTN), the fast-growing, award-winning international gaming technology platform and services provider, confirmed that it has not been able to publish its audited annual report and accounts for the year ended 30 June 2019 by 31 December 2019, as required AIM Rules for Companies and therefore dealings in its ordinary shares will therefore be temporarily suspended from trading with effect from 7.30 am on 2 January 2020, until such time as the Accounts have been duly published which the group expects will be during January 2020.  Notwithstanding the temporary suspension of share trading, the company will continue to make announcements as and when required.

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