Oil and gas producer Caspian Sunrise (LON: CASP) is paying its first dividend of 0.0444p a share and promises monthly payouts. The dividend will be based on 35%-40% of free cash flows or a minimum of £1m. Production is currently 2,400 barrels/day. The oil is being sold locally, but an international trading subsidiary is being set up to sell internationally at higher prices. The share price jumped 36% to 3.4p.
Tlou Energy (LON: TLOU) has raised £1.1m at 2p a share from a strategic investor, controlled by Dr Ian Campbell and taking his stake to 8.69%. The cash will be used to develop the Lesedi power project that will connect to the Botswana grid. The share price rose 14.8% to 1.55p.
Thor Mining (LON: THR) says initial drilling results for Kelly’s Ridge, which is part of the Ragged Range project in Western Australia, with one hole returning a 4-metre downhole interval grading of 12.2g/t gold. This is at a deeper point than historical mining. The share price is 10.5% ahead at 0.525p.
Enwell Energy (LON: ENW) is on the wrong end of a court decision relating to an exploration licence in Ukraine. JV Boryslav Oil Company claimed that irregular procedures were followed in the grant of the licence. Enwell Energy will appeal. The shares have slumped 10.9% to 23.2p.
Longboat Energy (LON: LBE) and Yourgene Health (LON: YGEN) both continue to decline after yesterday’s disappointing statements. North Sea oil and gas company Longboat Energy said results from drilling at Oswig in the northern North Sea were at the lower end of expectations. Longboat Energy has a 20% stake in Oswig. The share price has fallen a further 8.77% to 26p, having been 47.5p two days ago. Yourgene Healthmargins are under pressure, which means that the full year loss will be higher than previously expected. The share price slipped another 3.85% to 3.125p, down from 3.75p two days ago.
