Orcadian Energy (LON: ORCA) has revealed a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this spending through an additional 30% share of project revenues until the cost is covered. The share price jumped 42.9% to 12.5p.
Parkmead Group (LON: PMG) is selling its subsidiary that holds its UK offshore oil licences. Serica Energy (LON: SQZ) is paying an initial £5m in cash with a further £9m in cash over the next three years and up to £120m of contingent consideration. The contingent consideration relates to the potential Skerryvore and Fynn Beauty. Parkmead is also released from the obligation to spend £16m on drilling a well at Skerryvore. The Netherlands gas licences, and onshore UK renewable energy development assets are being retained. The Parkmead share price is 34.5% higher at 19.5p, while Serica Energy is up 3.65% to 136.2p.
Better news this week for Helix Exploration (LON: HEX). It has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025. The share price recovered 12.1% to 18.5p.
Sunda Energy (LON: SNDA) has signed a memorandum of understanding with the Timor-Leste government for the potential development of the Chuditch production sharing contract. This could accelerate the development. Commitments are subject to appraisal drilling and documentation. The share price increased 15.4% to 0.075p.
FALLERS
Industrial monitoring and maintenance systems supplier Tan Delta Systems (LON: TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m. The share price slumped 29.8% to 16.5p.
United Oil and Gas (LON: UOG) has raised £700,000 at 0.1p/share. This provides cash to pay creditors and progress the Jamican farmout. The share price declined 16.7% to 0.1p.
Trading in Artemis Resources (LON: ARV) shares has been suspended on the ASX. It is raising cash to fund gold projects. Trading should recommence on ASX on 16 December. The AIM share price slipped 14.3% to 0.45p.
Reabold Resources (LON: RBD) has bought a further 20.4% of Rathlin Energy for £700,000, taking its stake to 79.8%. Rathlin is operator and owns two-thirds of the PEDL183 licence on the West Newton gas development, onshore east Yorkshire. Reabold Resources directly owns 16.67% of the licence. This is the largest undeveloped onshore gas field in the UK. Based on the full development plan the NPV10 is $179m net to Reabold Resources. The share price fell 9.52% to 0.0475p.
Wound healing technology developer AOTI Inc (LON: AOTI) has been awarded a five-year contract extension by the US department of Veterans Affairs. This is for Topical Wound Oxygen (TWO2®) therapy and NEXA NPWT products. The share price slipped 8.59% to 117p.
Ex-dividends
Celebrus Technologies (LON: CLBS) is paying an interim dividend of 0.95p/share and the share price is unchanged at 296.5p.
Coral Products (LON: CRU) is paying a final dividend of 0.25p/share and the share price dipped 0.125p to 7.625p.
DSW Capital (LON: DSW) is paying an interim dividend of 1p/share and the share price increased 2.5p to 70p.
Northamber (LON: NAR) is paying a final dividend of 0.3p/share and the share price is unchanged at 28p.
Oxford Metrics (LON: OMG) is paying a final dividend of 3.25p/share and the share price slid 2.3p to 57.2p.
Polar Capital (LON: POLR) is paying an interim dividend of 14p/share and the share price fell 12.5p to 529.5p.
Redcentric (LON: RCN) is paying an interim dividend of 1.2p/share and the share price slipped 3.5p to 116.5p.
Vertu Motors (LON: VTU) is paying an interim dividend of 0.9p/share and the share price rose 0.6p to 63.1p.
Vianet (LON: VNET) is paying an interim dividend of 0.3p/share and the share price is 1p higher at 108.5p.