Oil and gas company Deltic Energy (LON: DEL) says that Shell has secured a drilling rig for the Pensacola exploration well. Deltic has a 30% interest and is fully funded for its share of spending. The rig is currently drilling a well for Shell nearby. Drilling of Pensacola, which is north west of the Breagh gas field in the North Sea, will commence in the second half of September. It is estimated to contain P50 prospective resources of 309bcf with a 55% geological chance of success. The share price has risen 20.2% to 2.8p.
A positive trading update from footwear retailer Shoe Zone (LON: SHOE) has led to a 30% upgrade by Zeus Capital. Revenues are in line with forecasts, while savings on rents and reducing freight costs has helped to improve margins and the pre-tax profit forecast has been raised from £6.5m to £8.5m. The forecast dividend has also been increased by 30% to 6.8p a share. There has been no dividend for the past two years. Shoe Zone is expected to have cash of £15.3m at the end of 2022. Further growth will come from store rationalisation and greater online sales. The share price has risen 9.7% to 170pp.
Medical devices company Circassia Group (LON: CIR) says that BeyondAir Inc gaining FDA approval for its LungFit device for the treatment of hypoxic respiratory failure in neonates using nitric oxide generated from ambient air means it has triggered milestone payments totalling $10.5m. Circassia will receive $2.5m within 60 days of approval, $3.5m within 60 days of the first anniversary and $4.5m within 60 days of the second anniversary. After this there will be a royalty of 5% of net sales up to a maximum of $6m. Circassia had £12.6m net cash at the end of 2021. The share price has risen 9.6% to 36.05p.
Shares in Inspirit Energy Holdings (LON: INSP) continue to improve following Monday’s announcement of progress with the company’s waste heat recovery system, where waste heat exhaust is converted to energy. The share price has risen a further 21.4% to 0.0625p. That is double the share price last week.
Windar Photonics (WPHO) will not be able to publish its 2021 results by the end of the end of June and trading in the shares will be suspended. Revenues halved in 2021 because of further delays to a contract, which may not go ahead. Covid restrictions have hampered progress. The 2022 order book is worth €4m. The share price has more slumped 43.9% to 8p.