Building products supplier Alumasc (LON: ALU) is selling the poorly performing solar shading manufacturer and installer Levolux to Talrus Ltd, which is owned by Rcapital, for £1. Despite shedding a loss maker, the Alumasc share price fell 2.93% to 132.5p. Levolux has around £1.4m in cash and that is part of the disposal. There is deferred consideration of £1m which will be paid out of the proceeds of a disposal of the Levolux business. The impairment charge for Levolux will be £14.9m, while the £2m operating loss will be reported as a discontinued activity. The figures for the year to June 2022 will be reported on 6 September.
Oil and gas company i3Energy (LON: I3E) produced an average of 19,502 barrels of oil equivalent / day, which is more than double last year but there have been delays in bringing additional wells into production. Net operating income guidance has been cut from $241m to $200m for 2022 and the capital budget is $97m. The newer wells should boost production in the current quarter and there will be news concerning initial production from the new wells. Even though, production is currently slightly lower than forecast WH Ireland is maintaining its full year forecast at 21,077 barrels of oil equivalent / day. The company expects to peak at more than 24,000 barrels of oil equivalent / day. The share price fell 4.93% to 26.525p.
Independent Oil and Gas (LON: IOG) shares continue to decline after the disappointing interim results. The share price fell a further 8.2% to 28p.
Replacement windows company SafeStyle UK (LON: SFE) is delaying the capital markets day from 7 September to after the interims are released on 22 September. Management blames market uncertainty and the potential effect on the medium-term vision for the business. The share price slipped 4% to 36.5p.
Union Jack Oil (LON: UJO) says that the 40%-owned Wressle project has generated revenues of $9m for the company since re-commencement of production in August 2021. This has enabled the company to be cash flow positive with £9.46m of cash in the bank. Union Jack Oil shares increased by 4.07% to 32p. Egdon Resources (LON: EDR) holds 30% of Wressle and the share price jumped 13.6% to 6.7p. Europa OIL & Gas (LON: EOG) holds the other 30% and the share price is 4.31% higher at 3.025p.
Shares in Angus Energy (LON: ANGS) continue to rise following yesterday’s news that it has produced well head gas at its extraction and processing facility at Saltfleetby. The latest rise of 12.5% to 1.8p means that the share price is two-fifths higher than at the beginning of the week.
Westminster Security Group (LON: WSG) has won a contract to provide a mass entry screening system to an unnamed iconic building in the UK. This will be in line with new legislation and enable the screening of a large number of people without causing delays and long queues. The contract is worth more than £100,000 and should be completed in a few weeks. The share price is 6.38% ahead at 1.25p.