Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) shares climbed 8.8% to 62.0p after the onshore oil producer told residents around the Coho gas facility and pipeline it is set to start commissioning operations.
The group submitted a notice to residents surrounding the site in Trinidad and Tobago saying it will begin its pre-commissioning and commissioning operations.
The notification is required at least five days before the operations began, according to the Coho Certification of Environmental Clearance.
Pre-commissioning consists of testing all electronics, alarms and operating systems in the facility, as well as checking the flare and emergency shutdown systems and purging air using inert nitrogen gas.
Once done, commissioning will commence, with the introduction of natural gas from the Coho-1 well into the facility and pipeline in a step rate manner that will bring the system onstream to the central block natural gas facility.
Production will start following the completion of this.
12.19pm: Oracle gets green hydrogen project boost
Oracle Power PLC (AIM:ORCP) shares jumped 11% to 0.32p as it received notice a letter of intent will be issued by local authorities in Pakistan regarding the construction of a 1,200 megawatt (MW) green hydrogen power project.
Oracle’s joint venture company, Oracle Energy Limited, is looking to develop a hybrid solar and wind project in the Sindh Province.
The letter was received from the Directorate of Alternative Energy of the Government of Sindh confirming that it will issue a letter of intent regarding the 1,200MW project, subject to the provision of a US$600,000 performance guarantee by Oracle Energy.
The letter of intent is expected to provide that the developer of the project can produce green hydrogen from a 400MW capacity electrolyser facility, renewable power for business-to-business usage, for possible sale to utilities and for other uses.
10.48am: Avast soars on likely takeover
Avast PLC skyrocketed 43% to 682.8p after the UK Competition and Markets Authority (CMA) provisionally cleared NortonLifeLock Inc’s £6bn purchase of the company following a phase two investigation.
The watchdog concluded the merger “is not expected to give rise to a substantial lessening of competition in the UK.”
Kirstin Baker, CMA chair, said: “After gathering further information from the companies involved and other industry players, we are currently satisfied that this deal won’t worsen the options available to consumers.”
The UK’s antitrust watchdog said it will welcome responses to its provisional findings from interested parties by 24 August. The final report is due in September.
9.31am: Hiscox tumbles after posting first-half loss
Hiscox saw its shares tumble 8.3% in early trading after the Lloyd’s of London insurer posted a pre-tax loss of US$107mln in the first half of the year hit by a decline in the value of its investment portfolio.
The group reported an investment loss of US$214mln against a profit of US$62mlm in the first half of 2021 due to interest rates rising sharply, credit spreads widening and equity markets selling off.
Aki Hussain, Group Chief Executive Officer, Hiscox Ltd (LSE:HSX), commented:
“Whilst macro-economic and geo-political concerns are affecting the global economic outlook, our strategy and diverse portfolio of businesses continues to create opportunity, and we are well positioned to generate high quality growth and earnings.”