Caspian Sunrise PLC (AIM:CASP), the Kazakhstan-based oil and gas company, has seen its shares gush higher after a positive update.
The latest well on its MJF Structure at the BNG contract area has started production and increased overall output levels to around 2,300 barrels of oil per day.
Further wells are set to be drilled on the site.
Meanwhile in South Yelemes, documentation required for an upgrade has been approved, and the move will be granted once the minister signs, allowing existing wells to be reopened.
The company added that current relatively high oil price had transformed its financial position compared to 2020.
A debt conversion plan continues to be under discussion with the necessary regulatory bodies.
Chairman "We continue to make good progress developing the proven shallow structures at the BNG contract area, which with the continuing relatively strong international oil price is providing the funding to allow the completion of the deep well programme required under the BNG work programme.
"Production volumes from the shallow structures are expected to increase in the near future as the export licence is received for the shallow South Yelemes structure and we continue to redrill existing wells using the horizontal techniques that are proving so successful."
Caspian shares have climbed 17.86% to 4.13p.
12.10pm: Parsley Box falls again on cash raising plans
Shares in Parsley Box Group PLC (AIM:MEAL) are off the menu for investors.
The company, which supplies ready meals to older people and joined the market in March at 200p, is down 13.95% today at 37p after it said it intended to raise further funding in the first quarter of next year.
The company has suffered from stock issues, and news that full year revenues were likely to be marginally more than a £25m forecast made in September, representing modest year on year growth, has done little to improve sentiment. Nor has the appointement of ex-John Lewis Partnership man Simon Russell as managing director
Russ Mould, AJ Bell investment director, said: “The worst performing IPO of 2021 is going from bad to worse. Parsley Box is getting ready to go cap in hand to investors to ask for more money to help get the business back on track.
“The share price has fallen again because the market has taken the view that a troubled company will only be able to raise more money if new shares are issued at a big discount.
“Parsley Box has been a real flop since listing, with the shares now down 81% since its March IPO thanks to two horrific trading updates.
“First it said that sales growth had been hit by the end of lockdowns, with consumers having more freedom where to shop and eat. Then it suffered from supply chain problems hitting stock availability.
“The company’s key problem is that it doesn’t have a unique selling proposition. It provides meals for old people that can stay on the shelf for a long time without having to be put in the fridge or freezer. Fray Bentos has already cornered that market and there is plenty of competition from supermarkets for individual meals that are either frozen or chilled.
“Companies like Cook and Wiltshire Farm Foods are thriving from selling posh ready meals to the older generation, so Parsley Box is left fighting for space in what is already a well-served industry.”
11.22am: Location Sciences Group leaps after disposal news
Location Sciences Group PLC (LSE:LSAI, OTC:PXAMF) has been lifted by the sale of some of its businesses to boost its cash reserves.
The company, a global location verification provider to the digital advertising industry, is selling its insights dashboard and four contracts to Digital Envoy, Inc. a leading US IP intelligence company.
It will receive US$575,000 once the deal is completed and an additional US$125,000 within 3 months of the closing date subject to certain post-closing warranties and covenants milestones being satisfied.
For the year to 31 December 2020, the assets being sold contributed revenues of £193,132, representing 18% of the company's total revenues and a loss before tax of £215,174.
The sale follows a review which concluded that the company needed to reduce its operating costs and bolster its cash reserves.
Following the disposal the company said it would continue to review its strategic options.
Its shares have soared 27.69% to 0.42p on the news.
10.01am: genedrive jumps by a fifth after it files for UK approval for its COVID-19 test kit
Another COVID-19 test development, another share price rise.
genedrive PLC (AIM:GDR), the molecular diagnostics company, has filed for approval to sell its COV19-ID kit in the United Kingdom under the new Coronavirus Test Device Approvals regulations.
The move follows news that expanded product validation requirements have now been completed
Chief executive David Budd said: "CTDA performance data builds on the data already generated for CE certification, and demonstrates that the product meets the expanded UK requirements for Point-of-Care COVID-19 molecular tests. The next milestone is approval by the Department of Health and Social Care; however, no assured timeline is provided on how long the review under CTDA regulations will take, given a current backlog in their reviews. We have confidence in our data and the application is another positive step that allows us now to progress UK focused commercial discussions."
The company's kit is a rapid molecular diagnostic test that delivers positive results as quickly as 7.5 minutes and negative results at 17 minutes.
Its shares are up 21.38% or 7.75p at 44p.
9.28am: Syncona sells portfolio company Gyroscope to Novartis for £1.1bn
Syncona Limited (LSE:SYNC) has seen its shares jump after selling one of its portfolio companies to Novartis for up to £1.1bn.
Syncona co-founded the business, Gyroscope, in 2016 and has seen it grow into a global leader in ocular gene therapies.
The deal is expected to result in cash proceeds of £334mln for Syncona's holding in Gyroscope, representing a £180mln uplift (27p per share) to the previous valuation, a 3.0 multiple on Syncona's original cost of £113mln and an internal rate of return of 55%.
The sale could potentially generate a further £255mln of proceeds for Syncona, through future milestone payments, which if received would take total proceeds to £589mln, a 5.2 multiple on original cost. Syncona is also positioned to benefit from any future commercialisation of Gyroscope's lead programme via a low single digit royalty on future sales revenue.
The proceeds will given Syncona the capital to expand its portfolio and fund its companies to capitalise on their opportunities.
Chris Hollowood, chief investment officer of Syncona Investment Management Limited, said: "In five and a half years, enabled by collaborations with four leading UK universities, we have taken Gyroscope from a concept to a potential treatment for geographic atrophy secondary to AMD, a leading cause of blindness with no approved therapies...
"On closing this will mark the third sale of a portfolio company over the last three years, generating total potential proceeds, assuming full receipt of milestones from the sale of Gyroscope, of up to £1.2bn, an aggregate 5.8 multiple of cost."
Syncona shares have climbed 8.25% or 16.5p to 216.5p.
8.35am: Avacta in demand as its lateral flow test receives CE mark for self testing
Avacta Group PLC (AIM:AVCT) has seen a healthy rise after its lateral flow test received a CE mark for self testing in the UK and EU.
The company, which specialises in cancer therapies and diagnostics, has developed the AffiD SARS-CoV-2 antigen lateral flow test in partnership with Medusa Healthcare. Medusa is a medical diagnostics business recently set up by Richard Hughes and Mahmud Kamani, both founder shareholders of Boohoo.com.
Avacta has an exclusive arrangement with Medusa to commercialise the consumer self-test product globally, under the brand name "MeduFlow".
Dr Alastair Smith, chief executive officer of Avacta Group, said: "This is an extremely important step forwards in the commercialisation of the AffiDX antigen test. As the pandemic progresses, the global antigen testing market is moving away from professional use antigen tests with increasing adoption of self-test products.
"The AffiDX test is the first UK-developed SARS-CoV-2 antigen test that has received a CE mark for self-testing which, coupled with the fact that it is based on innovative UK technology and is manufactured in the UK are important selling points for customers in the UK, EU and elsewhere.
"Our partners at Medusa have rapidly obtained regulatory approval, and we look forward to working closely with them to provide consumers with reliable, high quality tests that address this substantial market."
Avacta shares have added 18.98% or 20.1p to 126p.
Also heading higher is D4t4 Solutions PLC (AIM:D4T4, OTC:DFORF) after it unveiled new contract wins which will boost current year revenues.
The data solutions business said the customers included a US-based global top ten financial services company and a Europe-based global top ten banking firm.
The contract wins add over £3mln a year to its recurring revenue as well as over £9mln to the current year's revenues.
So it is confident of meeting expectations for the full year.
Its shares are up 10.53% or 30p at 315p.