Shares in Pantheon Resources PLC advanced 7.3% to 139.50p after independent consultants brought in to assess the potential of its Theta West acreage in Alaska said the company has uncovered a "world-class" oil discovery.
The respected US outfit Baker Hughes Advanced Hydrocarbon Stratigraphy (AHS) was charged with compiling a volatile analysis service report based on data collated after a successful appraisal well was sunk early this year.
Experts reckon there is a continuous column of oil-bearing cuttings of at least 1,360 feet that is host to a light crude in the order of 37-39 degrees API. The AHS report concludes there are "abundant good quality reservoirs" with an "ultimate, non-permeable seal" at 7,070 feet.
2.20pm: Halfords Group reverses as Panmure Gordon cuts its rating to 'hold' from 'buy'
Halfords Group PLC saw its shares reverse by 16.2% to 128.50p after the cycling and motor parts retailer had its rating cut to 'hold' from 'buy' by Panmure Gordon.
The City broker also halved its target price for Halfords to 150p from 300p.
But On the Beach Group PLC shares added 10.1% to 126.40p following news it's founder and chief executive officer Simon Cooper on Friday acquired 1.5 million shares via Hawksford Trustees Jersey Ltd at 129.54p each, worth just under £2.0 mln.
Cooper is now interested in 9.4 million shares, a 5.6% stake in the holidays firm.
1.20pm: BT Group edges higher as UK government will not block Altice from increasing its stake to 18%
Among big cap movers on Tuesday, shares in BT Group PLC edged 0.3% higher in a falling market to 156.80p following news that the UK government will not block French firm Altice from increasing its stake in the UK telecoms giant to 18%.
Altice is owned by French-Israeli billionaire and telecoms magnate Patrick Drahi, who also owns Israeli cable television company HOT and has built stakes in multiple American and British telecoms companies. The French group increased its stake in BT to 18% in December 2021.
But Wood Group PLC shed 3.2% 145.25p after reporting a fall in operating profit from continuing operations and before exceptional items to US$41mln from US$45mln in the six months to June 30, 2022. Revenue from continuing operations was flat with growth in Operations (+18%) and Consulting (+2%) offset by the expected decline in Projects (-15%).
11.10am: Alba Mineral Resources higher as it agrees to take full ownership of the Clogau gold project in Wales
Alba Mineral Resources PLC saw its shares jump 15.3% to 0.185p in late morning trading after the firm revealed it has agreed to take 100% ownership of the Clogau gold project in Wales by buying an outstanding 10% stake.
The company said it will pay the vendor £400,000 via the issue of 200 million of its shares at 0.2p each, a 25% premium to Tuesday's closing price. Alba also said it has agreed to buy back a 3% net smelter return royalty owned by the vendor, reducing its royalty obligations to 1%.
"It is a measure of our confidence in the long-term prospects for the Clogau gold project that we have taken the opportunity to move to 100% ownership of the project," said Alba executive chair George Frangeskides in a statement.
The company also said it has made "good progress" in support of its plan to dewater Llechfraith Shaft at the Clogau ine.
10.55am: Southern Energy gains as it releases strong Q2/H1 financial and operating results
Southern Energy Corp shares gained 3.3% in London trading to 62.50p as the multiple-listed Canada-based energy firm released strong financial and operating results for the three and six months ended June 30, 2022.
Notably, the company reported $3.6 million of adjusted funds flow from operations in Q2 2022 reflecting the success of an initial three well appraisal program at its Gwinville in Mississippi, USA, and an increase of 490% from the same period in 2021.
In the results statement, Ian Atkinson, president and CEO of Southern, commented: "The success of these first three wells at Gwinville have already increased our corporate production by over 100%. We are truly excited by our ability to begin a long-term development drilling program to unlock shareholder value due to the significant reserves, production and cashflow growth in Gwinville and our other assets. Cashflow generated from this development will support our fundamental strategy of both organic and inorganic growth of natural gas weighted assets in the Gulf Coast area of the United States."
10.15am: RM sheds nearly a third of its value as it posts a 42% drop in first-half adjusted operating profit
RM PLC had lost nearly a third of its value by midmorning, with its shares down 32.5% to 66.8p after the education resource and technology provider reported a 42% drop in its adjusted operating profit to £3.6mln for the six months ended May 31, 2022.
The company put the operating profit plunge put down to a "required turnaround" in its RM Technology division, impacts associated with its IT implementation programme, and increased freight costs in RM Resources.
Statutory losses after tax totalled £5.9mln, swinging from a £2mln profit a year ago, due to lower operating profits and higher expensed investment programme costs of £7.7mln, up from £3.4mln. It did post a 4% improvement in first-half revenue to £100.3mln, driven by growth in RM Resources and the return of UK school exams in RM Assessment.
RM's board said the implementation of its new IT platform was proving "more challenging than anticipated", leading to extended timelines and increased project costs.
9.20am: Power Metal rises as preparations for diamond drill programme at the Molopo Farms Complex project advance
Shares in Power Metal Resources PLC rose 8.3% to 1.625p in early trading on Tuesday after the firm said preparations for a diamond drill programme at the Molopo Farms Complex project in Botswana are advancing and a start date will be announced shortly.
Last week, the company said an electromagnetic survey at Molopo Farms, which has the potential to be a large-scale nickel-platinum group element project, confirmed one of the drill holes (K1-6) had penetrated the edge of a newly identified magnetic conductor.
The company said the expedited diamond drill programme will target the core of the new conductor, immediately south of K1-6, with multiple drillholes planned of varying positions to maximise the discovery potential of the programme.