Touchstone Exploration Inc (LON:TXP, TSX:TXP) shares rose 6.8% to 16p after saying initial drilling results from a gas well in Trinidad and Tobago represent “significant potential growth” for the company.
Coho-1, on the Ortoire onshore exploration block, encountered 105 feet of net pay over four unique sand packages.
It was drilled to a total depth of 8,560 feet in less than a month and will now be evaluated for commercial production.
“Although Coho-1 targeted the smallest prospect in our Ortoire exploration inventory, the initial drilling results represent significant potential growth for the company,” said chief executive Paul Baay.
The advertising technology group said it entered due diligence discussions with a potential buyer for its 90% stake in Team Internet as well as the 10% stake in the business held by Rainmaker Investments GmbH.
Matomy announced in August that it received several offers from potential buyers for its stake after talks for the shares to be bought by Rainmaker collapsed.
2.20pm: Luceco shares light up as it swings to first-half profit
The company made a pre-tax profit of £5.3mln in the six months to the end of June, compared to a loss of £4.1mln a year ago, after making operational improvements.
Revenue rose 10.1% to £82.7mln or 8.1% on a like-for-like basis as UK retail sales orders recovered after a weak year-ago period.
“I am pleased to report a good first-half performance that reflects the operational improvements implemented across the group over the last 12 months,” said chief executive John Horby.
“I expect these actions to sustain profit growth into the second half despite slower revenue growth as we face tougher comparatives.”
He said the group continues to trade well and has started the second half ahead of expectations but it remains conscious of the risks to the wider UK economy posed by a potentially disruptive Brexit.
Luceco maintained its guidance for the full year.
11.30am: Filta shares sizzle higher as first-half revenue and profit jumps
Adjusted pre-tax profit rose 14% to £1.3mln and revenue surged 86% to £12.2mln in the six months to the end of June, boosted by the acquisition of grease management firm Watbio.
“Following the acquisition of Watbio, Filta has become one of the leading providers of FOG Services in the UK, making us well-placed to capitalise on recent changes to hygiene regulation,” the group said.
“This, in conjunction with the underlying growth in our other business areas, gives us confidence in the outlook for the remainder of the year and beyond.”
Diaceutics PLC (LON:DXRX) shares decreased 1.1% to 91.5p after pharmaceuticals data analytics firm reported a wider loss for the first half – its first set of results since its initial public offering (IPO).
The group, which floated on the London Stock Exchange in March, posted a loss before tax of £2mln for the six months to the end of June, compared to a loss of £1.2mln a year ago. The increased losses mainly reflected IPO costs of £1.4mln.
Revenue, however, rose 34% to £4.4mln as the number of clients increased 35% to 20.
10.00am: Oilex shares jump as it resolves dispute over Cambay field
Oilex Ltd (LON:OEX) shares jumped 84.6% to 0.24p after saying it has agreed to resolve a dispute with India’s state-owned Gujarat State Petroleum Corporation (GSPC) over the Cambay field in the country.
The State Government of Gujarat and the GSPC board of directors’ have previously approved the sale of the GSPC’s Indian exploration and production assets. Oilex and GSPC have now agreed to include GSPC’s 55% participating interest in Cambay PSC in this sale process.
Oilex has withdrawn an event of default for the Cambay field joint operating agreement and GSPC will terminate arbitration proceedings lodged with the Singapore International Arbitration Centre and remove the stay order granted in the High Court of Gujarat.
Mercantile Ports & Logistics Ltd. (LON:MPC) shares rose 12.2% to 1.6p after saying it has won a contract with a joint venture between Tata Group and Daewoo Engineering & Construction Co.
Daewoo-Tata JV will use Mercantile’s Karanja Terminal as its port, logistics and engineering base to execute work streams for the construction of India’s longest sea bridge, the Mumbai Trans Harbour Link.
The UK port and logistics firm said the contract is expected to generate revenue of more than £5.5mln over a 40-month period from April 2020.
9.00am: Petro Matad and Hurricane Energy shares advance
The company said oil and gas shows were recorded at 2803 metres and the gross reservoir interval in Heron-1 appears to be “very similar” to the productive reservoirs found in oil wells immediately to the north in Block XIX.
Shares rose 13% to 8.6p in morning trading.
Hurricane Energy shares rose 4.2% to 44.8p after confirming that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands.
The group said a drill stem test on the well produced oil to surface, resulting in a flare. The well was shut-in on Sunday to enable a planned pressure build-up test.
ABCAM PLC (LON:ABC) shares fell 8.7% to 1,132p after the life science e-commerce firm posted a 18.4% drop in pre-tax profit for the year.
The company said pre-tax profit declined to £56.4mln in the year to the end of June from £69.1mln a year ago, hit by impairment charge of £12.8mln associated with the transition of operations to its cloud-based ERP system.
The cloud video platform maker made an earnings (EBITDA) loss of £1mln for the six months to the end of June, compared to a loss of £965,000 a year ago, due to higher costs.
Proactive news headlines
Hurricane Energy PLC (LON:HUR) has confirmed that it has struck oil at its Lincoln Crestal well off the west coast of the Shetland Islands.
Touchstone Exploration Inc (LON:TXP, TSX:TXP) appears to have exceeded expectations with the results from a gas well in Trinidad and Tobago. Coho-1, on the Ortoire onshore exploration block, encountered 105 feet of net pay over four unique sand packages.
Telit Communications PLCN (LON:TCM) swung to a profit in its latest half-year thanks to a boost from the sale of its automotive business.
Mosman Oil and Gas Limited (LON:MSMN) shares climbed on Monday after the firm said the Stanley-3 well in Texas had been completed.
Bluejay Mining PLC (LON:JAY) shares fluttered higher on Monday after the group confirmed the shipping of an ilmenite bulk sample from its Dundas project in Greenland.
Mkango Resources Ltd (LON:MKA, TSX-V:MKA) has appointed experienced Africa hand Senet as the lead engineer and project manager for its Songwe rare earths project in Malawi.
Norman Broadbent Group PLC (LON:NBB) has agreed a £2mln working capital facility with Bibby Financial Services as it looks to grow the business.
AFC Energy PLC (LON:AFC) has appointed former Rolls-Royce Holding PLC (LON:RR) director Dr Gerry Agnew to its board. Agnew, who spent 19 years at Rolls-Royce in various roles, will join AFC Energy as a non-executive director.
One of Red Rock Resources PLC‘s (LON:RRR) investments is worth more than the AIM-listed company’s entire market value, it noted on Monday. Red Rock owns an 0.86% stake in Aussie-listed Jupiter Mines, which in turn has a 49.9% holding in Tshipi é Ntle Manganese Mining, operator of the South African mine that is planning to soon pay out a A$59mln.