The oiler installed groundwater monitoring boreholes, “an important step” in the progress to production, expected to reach 150 barrels of oil per day.
The AIM-listed firm estimates a break-even oil price of US$17.62 per barrel.
The play and entertainment giant will provide licensing opportunities for Slingo, Gaming Realms’ game that combines elements of slots and bingo.
“We are extremely pleased to, once again, be working closely with Hasbro on what will be a key strategic partnership in the expansion of our Slingo brand,” said executive chairman Michael Buckley.
2pm: PHSC down on lower full-year revenues due to pandemic
The provider of health, safety, hygiene and environmental consultancy services said it was due to lower sales in the security division, exposed to the struggling retail sector.
The firm said it is too early to quantify the damage brought by the coronavirus pandemic but it is confident in its balance sheet strength.
In the oil sector, Mosman Oil And Gas gave back 19% to 0.12p after announcing output at the Stanley field in Texas is 20% lower than the rate seen in the second half of 2019.
The AIM-listed firm expects a hit from oil price volatility, so it created on-lease temporary oil storage to continue production while mitigating adverse near-term pricing.
The stock skyrocketed 166% on Monday following news of a farm-out deal for an exploration permit in Australia’s Northern Territory.
11.45am: AorTech lifted by research and development progress
The company, which owns medical device businesses creating a biostable polymer Elast-Eon, said that the benefits of buying RUA Medical Devices are estimated to outweigh short-term issues caused by the pandemic.
The AIM-listed firm added it is “well-positioned” to restart supply to meet customer orders.
The alcoholic beverages producer said it benefits from consumer stockpiling and exposure to the off-trade channel (such as shops and supermarkets), which represent 85% of revenue.
Demand is expected to remain strong.
10.15am: Lamprell lower as oil sector crisis makes future uncertain
The Dubai-based firm said that it will be forced to implement “significant” cost-cutting and restructuring measures to keep afloat if it does not complete a major contract and refinancing within the next 12 months.
The company has a US$6.2bn bid pipeline but expects delays to new contract awards.
The average selling price fell to £98,000 from £160,000, pushing revenue down 60% to £78.6mln with the reported loss before tax swelling to £118.9mln from £17.3mln.
The luxury car producer said production of its new SUV is on course for the summer.
9.10am: estate agents on the rise after UK housing market allowed to resume
Estate agents were on the rise early on Wednesday after the UK government announced new guidelines for the re-opening of the housing market as the coronavirus lockdown begins to ease.
Since the UK implemented a lockdown in March, people could only move if “reasonably necessary” but property viewings were halted and estate agents’ offices were shuttered.
Housing minister Robert Jenrick has now said these operations are allowed to resume, although virtual viewings are encouraged “where possible”. Jenrick said the new measures will unblock 450,000 transactions put on hold during the coronavirus outbreak.
Proactive news headlines:
Gaming Realms PLC (LON:GMR) announced it has signed an agency agreement with Hasbro Inc (NASDAQ:HAS) for the play and entertainment firm to negotiate licensing opportunities for its Slingo brand. The AIM-listed company said the deal will enable Hasbro to provide licensing opportunities for new and existing territories in certain digital gaming categories outside the online real money gaming and lottery segments. Gaming Realms added that it selected Hasbro to supplement its licensing business based on its status as a top 6 global licensor as well as its “long and successful track record of licensing well-known game brands into a wide range of digital game and gambling categories with major digital gaming companies including Electronic Arts, Ubisoft, Scopely and Scientific Games”.
Union Jack Oil PLC (LON:UJO) chairman David Bramhill has told investors that excellent progress is being made bringing the Wressle oil field in North Lincolnshire to development. It comes as the project’s operator confirmed the completion of four groundwater monitoring boreholes on the Wressle site, which are required under the project’s approvals, and a three-month period of monitoring and analysis will now take place. “Excellent progress is being made in respect of the development process at Wressle leading to ‘first oil’, expected during H2 2020,” Bramhill said in a statement.
Ariana Resources PLC (LON:AAU) said it has completed its initial earn-in work for Venus Minerals Ltd, a firm focused on copper-gold projects on the island of Cyprus. AIM-listed Ariana said it had spent €920,000 in the initial earn-in, giving it a holding in Venus of 9.24%, adding that it is committed to funding a minimum of a further €180,000 before October, at which time it will own a 12% stake. The company will earn-in up to 50% of Venus once it has committed a total of €3mln, with a further €1.9mln required to be spent between October 2020 and October 2022. Ariana also said that new licence applications for the New Sha Deposit, part of the Venus portfolio, have been submitted, adding that exploration results to date across the portfolio are “highly encouraging” including the discovery of a new zone of outcropping mineralisation at the Mariner project.
Kavango Resources PLC (LON:KAV) chief executive Michael Foster said he expects his team to make significant progress validating the thesis that its Botswana target is host to a “world-class” copper, nickel and platinum group deposit. His comments were made as the mine developer outlined a comprehensive early-stage exploration plan for the Kalahari Suture Zone, or KSZ for short. The idea of the programme is to identify “high-potential drill targets” in so-called underground traps – and in doing so increase the chances of future drilling success.
Brunner Investment Trust PLC (LON:BUT) has announced a change of portfolio manager and plans to at least maintain its dividend in this financial year. Lucy Macdonald has stepped down with Matthew Tillett, who has worked closely on Brunner for a number of years, now to take on the lead management role supported by global equity managers Jeremy Kent and Marcus Morris-Eyton. In a statement, Brunner added that Morris-Eyton is a long-standing member of the European Growth team of Allianz Global Investors (AGI), the trust’s investment manager. Carolan Dobson, Brunner’s chairman, said: “The Brunner Investment Trust is in a good place. The discount has narrowed significantly over the last few years and we have steadily increased the proportion of our shares held by wealth managers and platforms which now stands at around 40%.” She added: “Prudent management of the company’s revenue account has left the company in the strong position of having 28.6p of revenue reserves per share compared to last year’s dividend of 19.98p and the Board expects to at least maintain this level of dividend in this financial year.”
Anglo Asian Mining PLC (LON:AAZ) has reported record revenues in 2019 and maintained its production forecasts for 2020 despite the coronavirus pandemic. For the year ended December 31, 2019, the Azerbaijan-focused miner reported a pre-tax profit of US$30.1mln, up 19% on the prior year, while revenues increased 2% to a record level of US$92.1mln. The company also declared a final dividend of US$0.045 per share, giving a total dividend for 2019 of US$0.08 compared to US$0.07 in 2018.
Canadian Overseas Petroleum Limited (LON:COPL) (CSE:XOP) has told investors that its board has authorised management to strike deals to issue shares to its non-secured creditors. It was agreed on May 12 and it will allow accounts receivable to be converted into shares at the same price as agreed in the separate agreement in the recent Yorkville-Riverfort equity placing agreement. The company, in its financial results statement, noted that at the end of the year it was experiencing liquidity issues which have extended into the current period exacerbated by the coronavirus (COVID-19) pandemic.
BlueRock Diamonds PLC (LON:BRD) said it has put the “important building blocks” in place to grow the miner following the restart of production at the Kareevlei operation in South Africa earlier this week. The company said it had negotiated a finance facility that will support sales of rough-cut stones. A new partnership, meanwhile, will see the precious gems sold in Antwerp, the world centre for the industry, rather than locally. BlueRock also outlined plans to keep its mining costs down, while operating the open-cast site within the new work regulations. It also updated on its financial position, stating it has around £1.2mln in cash and liquid assets.
Mosman Oil And Gas Ltd (LON:MSMN) has told investors that production continues at the Stanley field in Texas, albeit with output currently around 20% lower than the rate seen in the second half of 2019. The company, in an update, noted the challenges presented by the coronavirus (COVID-19) pandemic and market conditions. It said though that it believes its current cost structure will allow the company to remain profitable, even if oil prices are down to ‘the mid-teens’.
Metal Tiger PLC (LON:MTR) noted that further to its announcement of April 28, investee company Cobre Limited (ASX:CBE) has now revealed that it has completed the acquisition of the remaining 20% of shares in Toucan Gold Pty Ltd, which is now 100% owned by Cobre. As previously announced, Metal Tiger has conditionally agreed to invest a further A$310,000, at Cobre’s IPO price of A$0.20 per share, which will result in the issue of 1,550,000 new Cobre shares to the AIM-listed investor in natural resource opportunities, subject to Cobre shareholder approval, which will maintain its interest in Cobre at 19.99%. Michael McNeilly, Metal Tiger’s chief executive officer commented: “This is an important step in the further development of the Perrinvale Copper Project. With complete control over the asset, Cobre can now progress the project in a manner of its own choosing at a pace which will prove exciting for shareholders.”
Panther Metals PLC (LON:PALM) has announced that it will hold its annual general meeting (AGM) at 9.00am on June 4, 2020. As the group expects significant restrictions on personal movement to still be in place due to the coronavirus (COVID-19) pandemic, the AGM will be an electronic meeting only. All voting at the resolutions will be conducted on a poll which means that shareholders should submit votes by proxy (by post, email or online voting) as soon as possible and all questions which shareholders wish to raise should be submitted in advance to firstname.lastname@example.org.
Midatech Pharma PLC (LON:MTPH) (LON:MTP), a drug delivery technology company focused on improving the bio-delivery and bio-distribution of medicines has announced that China Medical System Holdings Ltd (CMS), its concert parties and the Company have mutually agreed to amend the relationship agreement entered into on January 29, 2019 Midatech and the CMS Concert Party have agreed to amend the agreement to remove CMS’ rights to appoint a director and observer to the board of Midatech. In addition, in the event that a vote at a general meeting or election is required, the CMS Concert Party has agreed to vote their ordinary shares in the same manner and proportion as all other ordinary shares are voted by shareholders. The company said it remains in an “Offer Period” as defined in the Takeover Code in relation to the previously announced Formal Sale Process that is underway as part of its strategic review.
Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON), the clinical-stage biopharmaceutical company, has announced Toni Hänninen, its chief financial officer acquired 3,500 ordinary shares in Faron at a price of €4.3255 per share on May 12, 2020. Following these purchases, it added, Hänninen holds 50,297 ordinary shares in the company.