The shares slumped 23% to 0.12p after it posted a loss of US$528,000 in the six months ended 31 October 2019.
The cash-strapped oil exploration said that two of its current directors continue to defer receipt of their pay, which means the company owes US$473,000 in back-pay. It has a net cash balance of US$42,000.
2.30pm: Try this when shopping at Dixons
Dixons Carphone PLC (LON:DC.) shares were tripped up on Tuesday afternoon after the FTSE 250-listed retailer issued a correction to its earlier trading update.
Group revenues for the 10 weeks to 4 January had fallen 2%, in actual fact, rather than rising by that amount as the company had originally said.
The shares were one of the best performers among FTSE 350 stocks but dipped into the red after the correction was issued, only to surge back to 146.8p, up 3.1% on the day.
2.15pm: Dotdigital reports strong first half
Mailing list software developer dotdigital Group PLC (LON:DOTD) climbed 5.7% to 112p after it reported a strong performance in the first half of fiscal 2020.
Organic revenue from continuing operations in the six months to the end of December was up by around 15% to £23.1mln from £20.1mln in the same period of 2018.
The company said growth was largely driven by strong direct sales to new and existing customers.
1.30pm: Proactis jumps as management plans to give product demos at the AGM
Members of the senior management team will roll up the shirt sleeves and give the demos, Proactis said.
The annual general meeting (AGM) will take place in London on 29 January.
12.30pm: Bluerock gets the carat, not the stick
BlueRock Diamonds PLC (LON:BRD) said it booked revenue of £4.1mln for the 2019 full year, up by 190%, sending the shares 9.4% higher to 122p.
During the second half of 2019, the company also turned a profit for the first time.
The success was based on the sale of 12,675 carats from the Kareevlei mine in South Africa, up 118% on the previous year.
11.30am: Entertainment AI enjoys a strong fourth quarter
Recently floated technology and media platform operator Entertainment AI PLC (LON:EAI) streamed 5.1% higher to 41.5p after a year-end trading update.
The group, which floated on Aim at the end of September, said it continued its strong performance in the fourth quarter of 2019.
“Global market demand is strong and expected to only accelerate with smart mobile devices and increasing demand from audiences and brands for consuming short form video and realising e-commerce opportunities,” said Patrick DeSouza, the chairman of Entertainment AI.
10.30am: Sureserve in demand after it makes a strong start to the year
Sureserve Group PLC (LON:SUR), the compliance and energy services group, rose 5.8% to 45p on the back of full-year results.
Profit before tax from continuing operations shot up 174% to £5.3mln from £1.9mln the year before.
“Trading this current financial year has started strongly and, with circa 72% of FY20 revenue covered by the £333.2mln order book, we look forward to continuing our strong progress and updating shareholders accordingly,” said Bob Holt, the chairman of Sureserve.
9.30am: LPA Group an early bright spot as it wins lighting gig for new train carriages
The company has been chosen to provide a smart LED lighting system for a prestigious European-wide Inter City rolling stock project and has bagged a further contract award for electro-mechanical assemblies, for the UK rail sector.
The good news offset an admission from LPA that trading in the year to the end of September 2019 had, as expected, been “very challenging” although management was quick to highlight that a record order entry of £27mln was achieved in the financial year and market expectations should at least be met.
The company placed 7.89mln at 694p a pop and has conditionally placed a further 9.4mln shares at the same price.
Assuming the conditional placing of shares completes, the company will have raised £120mln through the issue of new shares.
Proactive news headlines:
Learning Technologies Group PLC (LON:LTG) expects underlying earnings for the year just ended will be comfortably ahead of market expectations. Adjusted earnings before interest and tax (EBIT) are expected to be at least £41.0mln for 2019, up from £26.0mln in 2018.
BlueRock Diamonds PLC (LON:BRD) booked revenue of £4.1mln for the 2019 full year, up by 190%. During the second half of 2019, the company also turned a profit for the first time. The success was based on the sale of 12,675 carats from the Kareevlei mine in South Africa, up 118% on the previous year.
Oriole Resources PLC (LON:ORR) has successfully applied for the extension of its licence over the Dalafin gold project in Senegal. The licence for the area, now renamed Senala, will be governed by the new Senegalese Mining Code and will secure the tenure of the licence for up to a further 10 years (plus up to two years special extension), subject to meeting the criteria at each renewal period.
Anglo African Oil & Gas PLC (LON:AAOG) confirmed that it has now entered into the recently agreed ‘put and call’ option agreement to potentially sell its residual 20% stake in its Congo subsidiary, which holds a 56% interest in the Tilapia field. The call option sets out sale terms whereby Zenith will pay £1mln for the 20% stake in the business, should Tilapia production never exceed 2,000 barrels of oil per day over 30 consecutive days before 15 January 2021.
Corero Network Security PLC (LON:CNS) has delivered a record second half in its latest financial year as its recurring revenue level continued to rise. In an update for the year ended 31 December, the security software group reported revenues for the last six months of the year had risen 10% on 2018, while order intake in the period increased 36% to US$8mln.
Integumen PLC (LON:SKIN) told investors its revenues had grown 366% to push through the £1mln barrier last year as it announced a deal with a firm that will “assist commercial enterprises in China”. Subsidiary Labskin has signed a memorandum of understanding with Innocare Group.
Premier African Minerals Limited (LON:PREM) has had its RHA Tungsten mine in Zimbabwe connected to the national grid with sufficient power to start processing tailings at the site. The junior holds a 49% interest in RHA and is the operator.
Caledonia Mining Corporation PLC (LON:CMCL) has increased its ownership in the Blanket gold mine in Zimbabwe to 64% through the acquisition of an additional 15% stake from Fremiro Investments. The original MOU was signed in November 2018, but it has taken until now for regulatory approvals to come through.
IronRidge Resources Ltd (LON:IRR) has produced battery-grade lithium in conversion trials conducted on coarse spodumene concentrate samples taken from the company’s Ewoyaa lithium project in Ghana. Lithium carbonate at a grade of 99.92% Li2CO3 was produced, which exceeds most published specifications for battery-grade quality.
Pembridge Resources PLC (LON:PERE) is to appoint an operator for Minto Explorations Ltd, the company which runs the producing Minto mine in the Yukon. This will allow Pembridge to focus on complementary activities, including evaluating new investment opportunities.
Base Resources Ltd (LON:BSE) has confirmed the existence of further high-grade mineral sands mineralisation at the Toliara project in Madagascar, following a 29,753 metre programme of aircore drilling. A preliminary mineralogical assessment of two high grade lower sand unit intercepts shows ilmenite, rutile and zircon makeup approximately 50% of the heavy minerals and are in similar proportions to those reported in the existing reserves estimate. The ilmenite, rutile and zircon minerals appear to be of saleable quality.
Avacta Group PLC (LON:AVCT), the developer of Affimer biotherapeutics and reagents, has announced the appointment of Paul Fry as a non-executive director with effect from 3 February 2020. Fry is currently chief financial officer of Vectura Group PLC, an industry-leading inhaled drug delivery specialist, and prior to his current position, he was chief financial officer of Immunocore Limited, a leading biotech company focused on the development of a new class of immunotherapeutic drugs based on proprietary T-cell receptor technology.
Avation PLC (LON:AVAP), the commercial passenger aircraft leasing company, said it has won the highly-coveted Aviation 100 European Editor’s Deal of the Year for Innovation 2019 award for the lease of three new ATR 72-600 aircraft to Braathens Regional Airways AB financed by the first-ever Green Loan for commercial aircraft. Avation executive chairman Jeff Chatfield commented: “We are delighted to be recognised with this award for Innovation as we align ourselves with airlines such as Braathens to deliver aircraft with low carbon emissions and fuel consumption, helping to support the goal of reducing the environmental impact of air travel.”