Good news from Peru has seen shares in PetroTal Corporation gush higher.
The company has completed its BN-8H well in the Bretana oil field in the country, bringing total production from the site to a record 15,400 barrels of oil a day.
The cost of the well, the fourth horizontal one in the field, came in 3% under budget at US$11.8mln.
Manuel Pablo Zuniga-Pflucker, president and chief executive officer, said: "The initial flow rates from well 8H are very exciting and echo the profile of the prolific 5H horizontal well....
"It is also rewarding that we have now achieved a new record field production level of 15,400 bopd. The flush production seen from 8H is being monetized into some of the highest Brent oil price markets we have seen all year, providing a significant cash flow impact. Over the next few weeks, we expect to commence drilling the next horizontal well in our 2021 campaign."
PetroTal is up 10% or 1.85p at 20.35p.
2.21pm: Journeo moves ahead after UK airport shuttle service deal
Journeo PLC (AIM:JNEO) has seen its shares accelerate after news of a contract win at a major UK international airport.
The information systems and transport technical services group, has signed a contract with Transdev Airport Services to provide real-time information systems and on-vehicle hardware for public and staff shuttle services at the airport.
The total value, including software and support services over the five-year term is expected to be £2.5mln. Delivery of the first tranche of new vehicles is expected to start in the first quarter of 2022, with around £1mln of Journeo's equipment, software and services being commissioned during 2022.
The company's systems include new android-based interactive driver terminals, CCTV, Wi-Fi and passenger counting systems.
Journeo chief executive Russ Singleton said: "This is the third UK airport, following on from Gatwick and Stansted, where our products, software and real time information management are being deployed to improve the passenger travel experience as part of a drive to enhance airport mobility".
The shares are up 10.2% or 12.5p to 135p.
12.07pm: Oracle Power begins drilling at Australian gold project
Oracle Power PLC (AIM:ORCP) has gained ground after a positive update from its Western Australian gold project.
The company said drilling had begun at the Northern Zone Gold Project, located 25km east of Kalgoorlie .
Chief executive Naheed Memon said: "It is fantastic to start Oracle's maiden Australian drill programme at Northern Zone, and a big step forward with respect to our Western Australian gold strategy. The drill programme will take about two weeks to complete and I look forward to the results of this maiden drill programme six-eight weeks from the end of drilling as we will be assaying samples in Queensland, to expedite results."
The company's shares have climbed 8.96% to 0.36p.
11.30am: Hornby shares fall as it warns of possible supply issues for Christmas
Shares in Hornby PLC (LSE:HRN) have come off the rails as it warned supply problems could be an issue for the key Christmas period.
The maker of model trains and Scalextric sales sales between April and August had been lower than the previous year but in line with its budgets.
It said trading patterns had begun to return to pre-pandemic levels.
But in a statement for its annual meeting it added: "As is usually the case in our industry; the outcome for the full year is subject to the sales rate over the key Christmas trading period. Our outstanding order book is very strong and substantially higher than a year ago, however timing is everything when it comes to Christmas and we are mindful of the potential supply disruption at the ports continuing."
Its shares have fallen 5.5p or 12.36% to 39p.
10.35am: Anpario shares fall as increased costs hit profit margins
Anpario PLC (LSE:ANP), which specialises in natural sustainable animal feed additives, has reported a rise in profits but seen its shares drop.
It said half year pretax profits rose 12% to £2.7mln, with revenues dipping from £16.2mln to £16mln.
The company also said the second half had got off to a good start.
But its shares are down 6.87% or 45p at 610p after a fall in margins.
Chief executive Richard Edwards said: "Gross margins fell from 52.5% to 50.5%, for which there were several contributing factors including currency movements. There has been a significant increase in logistics costs and even though most of these costs are borne by our customers it does impact the gross margin calculation. There has also been some significant raw material price inflation, which we are passing on through sales price increases and from which we expect to benefit in the second half of the year.
"The pandemic continues to limit the amount of international travel and marketing events taking place across the industry, although our local sales teams are visiting customers where possible. As such these cost savings and our foreign exchange hedging measures have translated into a 12% improvement in profit before tax."
On the outlook, he added: "We are mindful that challenges remain, not least the COVID-19 pandemic which is impacting some of our geographic markets, but also raw material price inflation and global shipping issues. We have taken early action to mitigate some of the impact and backed by the quality and ability of our employees worldwide, we are confident of delivering our growth plans."
9.41am: Science in Sports proves a winner after trading recovers
Science in Sport PLC (AIM:SIS) has seen its shares hit a winning streak after a positive update.
The company, which makes nutrition products for professional athletes and fitness enthusiasts, said half year revenues rose 24% to £29.3mln as business recovered from the pandemic.
Both its brands - PhD Nutrition for the amateurs and SiS for elite athletes and professional sports teams including 150 football clubs - contributed to the increase, with sales up 15% and 34% respectively.
It recorded underlying earnings of £0.6mln after one-off Brexit-related costs of around £0.7mln, compared to a loss of £0.2mln for the same period last year.
Chief executive Stephen Moon said: "Trading over the first half of the financial year recovered well, gaining momentum as coronavirus pandemic restrictions lifted. The group returned to over 20% revenue growth, overcoming Brexit supply chain disruptions...
"The second half has started strongly for us, and we are continuing to manage successfully input cost pressure. While uncertainties remain, we expect to exceed revenue targets for the year, and continue to be very optimistic about growth prospects over the medium and long-term."
Its shares are up 4% or 3.1p to 0.6p.
8.39am: Sabien Technology soars after agreement to make fuel from plastics
Anything that rids the world of unwanted plastic is to be welcomed, and investors have certainly given the thumbs up to a new deal by Sabien Technology Group PLC (AIM:SNT) to help do just that.
The company, which specialises in the heating, cooling, and transportation sectors, has agreed to act as the exclusive UK sales agent for City Oil Field Incorporated of South Korea, which makes fuel out of end-of-life plastics.
Here's the technical bit: "This process involves the catalytic degradation of waste plastics and vinyl materials via a wave energy application utilising specifically designed ceramic ball catalysts. This enables the required degradation to occur at low temperatures (200°C to 270°C), producing a heavy oil. A further refinement process, which also makes use of the ceramic ball technology, leads to production of a highly refined, ultra-pure fuel product (i.e. a fuel from waste)."
The fuel produced has several uses and in South Korea it can replace off-the-shelf diesel in industrial machinery.
The agreement runs for a year initially but Sabien said a longer-term relationship was anticipated, and future sales targets had been agreed in outline. Sabien also has non-exclusive rights in other territories outside the UK.
Sabien said it expected this deal to be a precursor to a greater involvement in the waste-to-energy sector, particularly in the UK. Sabien said it would look to work with partners to develop recycling facilities in the UK and the US, utilising COF's technology, working closely with both the waste industry and customers for industrial fuel oil. The agreement is consistent with and supportive of the UK Government's plans to reduce plastic waste exports for recycling and the use of landfill in the UK.
News of the deal has boosted Sabien's share price by 18.86% or 3.49p to 21.77p.
Also heading higher is Pharos Energy PLC.
The oil and gas group is up 8.95% or 1.7p at 20.7p after moving from a first half loss of US$268.3mln - which included a huge impairment charge - to a US$6.4mln profit.
Drilling in Vietnam is well underway, and the company also announced the the farm-out and sale of a 55% working interest in its El Fayum and North Beni Suef concessions in Egypt to IPR Energy AG, a group which has 40 years of experience in the country.
Pharos chief executive Ed Story said: "The farm-out, while instantly boosting our balance sheet, will allow the entry of a partner who has committed to carry Pharos on a capital programme on these Egyptian assets, which will in turn lead to increased production, helping to fulfil the full potential of the concessions...
"The signing of the Egyptian farm-out and the infill development programme in Vietnam means that the medium term outlook for the company is a return to free cash flow and ultimately to distributions to shareholders."