Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) pleased the market today with shares up 7.08% to 136.25p after it announced that it has successfully drilled a 5,300ft lateral section in the Alkaid-2 well.
Reservoir quality in the lateral section was reported to be good, although no quantification of this was given.
Analysts at Peel Hunt said “The key data to help de-risk the commerciality of Pantheon’s large discovered in place oil volumes is still to come, in the Alkaid-2 flow test initial rate and decline rate.”
“While helpful, we would like to see some degree of quantification of the improvement in reservoir quality, specifically the average porosity and Permeability in the lateral section, and how this compares to pre-drill expectations (on which the estimated flow rate is based)” the broker added.
Zytronic (AIM:ZYT) tumbles after warning
Zytronic (AIM:ZYT) warned today that order levels in the second half had been lower than expected due to continued global economic disruptions, the availability and cost of both raw materials and electronic components.
The touch sensors manufacturer said as a result revenues for the full year are likely to be in the region of 5% higher than the £11.7mln reported for 2021 although it still expects profits to be ahead year on year.
The Group said it anticipates maintaining a healthy cash balance at the year-end of approximately £6.0mln adding “management remains confident in the positioning, ongoing recovery, and longer-term growth prospects for the group.”
Shares tumbled 8.77% on the news.
Immotion pleases shareholders
Immotion Group PLC (AIM:IMMO), the UK-based immersive entertainment group, gave an upbeat update on trading today sending shares up by 9.23%.
The group said revenue at the group's core Location Based Entertainment business had almost doubled in the first half of 2022 to £4.4mln from £2.3mln in 2021, with trading in the division very strong in the key summer period.
Martin Higginson, CEO of Immotion, commented: "The first six months of the year have shown solid year-on-year improvement and, with July exceeding all previous revenue numbers, the summer trading period is looking very encouraging.”
Aeorema surges on raised guidaance
Shares in Aeorema Comms PLC surged 15% after the AIM-listed live events agency raised full year revenue and pre-tax profits guidance.
The group said it now expects to report full year 2022 revenues of £12.2mln, ahead of previous guidance of £11.8mln and pre-tax profits of no less than £0.8mln, £0.1mln higher than previously estimated.
Aeorema said results were lifted by “the sheer scale of work in the final weeks of the financial year primarily at Cannes Lions.”
The group also announced it had opened a new office in Amsterdam.
Steve Quah, chief executive officer of Aeorema, commented: “new business opportunities in mainland Europe and particularly in the Netherlands are growing quickly and as a result we are delighted to have opened a new office in Amsterdam.”