Africa-focused oil and gas company Afentra (LON: AET) has returned from suspension following the publication of the admission document covering the proposed acquisition of interests in the producing Block 3/05 and the exploration Block 23 in Angola from Sonangol. The initial cost is $80.5m, with up to $50m of contingent consideration for the Block 23 interest. The acquisition cost is equivalent to $3.60/barrel – based on proved and probable reserves. In the first half of 2022, the net production from Block 3/05 was 4,700 barrels per day and it could generate $36m of cash a year at an oil price of $75/barrel. Trading in the shares had been suspended since 8 October. The share price jumped 66% to 24.25p.
Customer engagement technology provider Pelatro (LON: PTRO) has won a contract with a Middle East telecoms company with an initial value of $1m paid over three years. This means that Pelatro has visible revenues of $8m for 2022 compared with forecast revenues of $9m. The share price rose 7.95% to 23.75p.
At its AGM semiconductor designer CML Microsystems (LON: CML) revealed that trading is ahead of the same period last year. New products are set to be released later this year, but they won’t make a significant contribution until next year. A planning application has been filed for the development of excess land at the 28-acre headquarters in Essex. The share price is 4.22% higher at 420p.
Palm oil and cashews producer Dekel Agri-Vision (LON: DKL) reported a 47% decline in oil palm fruit production in July and crude palm oil production was 46% lower. Production in August is also expected to be poor. This means that Dekel Agri-Vision is not able to take full advantage of high palm oil prices. The cashew project should still start generating cash in the fourth quarter. The shares are the worst performers on the day with a 11.8% decline to 3p.
A proposed $10m (£5.8m) placing 0.5189p a share by 88 Energy Ltd (LON: 88E) knocked the share price. Although it has recovered from its low it is still down 8% to 0.575p. A further £2.8m could be raised if there is demand. The cash will help to fund preparations for drilling of a well at Icewine in 2023 and finance new ventures. A maiden, independently certified prospective resource estimate of 1.03 billion barrels of oil (unrisked) has been announced for Icewine East, where 88 Energy Ltd has a 75% working interest.
Digital media company Digitalbox (LON: DBOX) reported a strong first half with revenues 40% higher at £1.9m and an increase in net cash to £2.4m. This is before the completion of the acquisition of the assets of TVGuide.co.uk. However, management is concerned about advertising levels in the second half. Digitalbox can still achieve full year expectations, though. The share price has fallen 2.08% to 11.75p, having been lower earlier on in the day.
