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Aferian decline continues and Prospex Energy Selva progress

Oil and gas company Prospex Energy (LON: PXEN) says current gross production of the PM-1 facility at the Selva Field – 37% interest – is 2.8mmcf/day. This is generating free cash flow of more than £6,000/day. The operator is Po Valley Energy. The Italian government has become more positive about oil and gas exploration. The permitting process for additional wells is progressing. The share price improved 7.91% to 7.5p.

Paul Crompton has been appointed as executive director of RTC Group (LON: RTC). He has been managing director of subsidiary Gannymede since 2013. The share price increased 2.56% to 100p.

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Mosman Oil & Gas (LON: MSMN) farm-in partner Greenvale Energy has submitted a seismic environmental management plan for the EP 145 helium project in the Amadeus Basin in Central Australia, where Mosman owns 25%. Seismic data acquisition should begin in August. This will identify drilling locations. The prospective resource estimate is 440bcf of total gas, including 26,4bcf of helium and 26.4bcf of hydrogen. The share price is 7.5% higher at 0.0215p.

Sound Energy (LON: SOU) has mobilised the Star Valley rig 101 to the Tendrara production concession for work on gas wells TE-6 and TE-7 to prepare for long-term gas production. It should arrive in the first week of June. The share price rose 6.34% to 0.9985p.

FALLERS

Video streaming technology provider Aferian (LON: AFRN) reported a 21% decline in annual recurring revenues to $14.7m at the end of November 2023. Total 2022-23 revenues fell from $91.1m to $47.8m, although software sales improved, and Aferian moved from profit to loss. Underlying cash flow fell from $8.9m to $3.2m. Net debt was $6.1m at the end of 2023. Cost savings are being made. Chief executive Donald McGarva will leave in October. The share price dived 18% to 5.125p.

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Nostra Terra Oil & Gas (LON: NTOG) reported a decline in revenues from $4.02m to $2.82m, although there was no well impairment charge this year, so the loss was reduced from $546,000 to $472,000. Net debt was $4.4m at the end of 2023. Matt Lofgran has stepped down as chief executive and Paul Welch has stepped up to the role. The share price dipped 13% to 0.1p and it has fallen by one-quarter this week.

Online building materials retailer CMO Group (LON: CMO) reported a 14% drop in revenues to £71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of £175,000 to a loss of £2.33m. Net debt was £600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%. The share price is 6.82% to 20.5p.

Reabold Resources (LON: RBD) made an underlying loss of £2.8m in 2023. Net cash used in operations was £2.2m. Net cash was £8.2m at the end of April. The company estimates of £12m of capital investment for a single well on the West Newton field in the North Sea, where Reabold has a 56% economic interest directly and indirectly. Funding will need to be arranged for the drilling. The share price declined 6.25% to 0.075p.

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