Deltic Energy (LON: DELT) says gas has been encountered at the Pensacola well in the North Sea, where it has a 30% stake. Well testing by joint venture partner Shell will take 30 days. A potential discovery at the Pensacola prospect could be worth a multiple of the current share price, especially if it is the start of a new gas province. That is why it jumped 41.8% to 2.8p.
Trading is ahead of expectations at Cornerstone FS (LON: CSFS) and 2022 revenues were £4.8m – more than double the 2021 figure. Direct sales increased from 56% to 78%, helping gross margins increase from 52% to 61%. The share price improved by 18.4% to 7.25p, which is the highest it has been for two months.
Cornish Metals Inc (LON: CUSN) has made a new discovery of high-grade tin mineralisation in the Wide Formation target on the southern edge of the South Crofty licence area. There were eight holes drilled and one intersected 2.77 metres at an average grade of 0.99% tin. This will help to expand the resource on the licence. The share price is 6.25% higher at 6.25p.
Kibo Mining (LON: KIBO) has appointed Beaumont Cornish as nominated adviser and trading has recommenced in the shares. The repayment date of the bridging loan facility of £1.1m has been extended to 28 April. The provider of the loan has been allowed to trade Mast Energy Development (LON: MAST) shares held by Kibo Mining up to the value of £250,000 to offset against the loan. The Kibo Mining share price initially rose to 0.14p, but it is currently unchanged at 0.125p.
Customer engagement software provider Pelatro (LON: PTRO) shares fell sharply yesterday afternoon after it revealed that delayed contracts will reduce 2022 revenues. Dowgate has reduced its 2022 revenues forecast by $2.4m to $5.8m, which means that there will be a loss of $2.6m. One licence contract is being changed to a managed services contract and revenues from another contract will be taken in 2023. Pelatro may withdraw from another contract and that would mean a $300,000 provision. Yesterday, the share price fell from 12.25p to 9p and it has fallen another 13.9% to 7.75p.
Steppe Cement Ltd (LON: STCM) increased 2022 revenues by 11%, even though cement volumes were slightly lower. Kazakhstan cement demand was flat at 11.6 million tonnes and Steppe Cement market share improved to 14.5% as exports reduced. Extreme weather and logistics problems have hampered trading in recent weeks. The share price slumped by 12.4% to 42.5p.
Physiomics (LON: PYC) is losing some of its gains from earlier in the week. It has signed a further contract with Cancer Research UK to provide mathematical modelling for a clinical trial of a candidate for the treatment of blood cancers developed by Aleta Biotherapeutics. The project will be completed in the first quarter of 2023. The share price declined by 7.53% to 4.3p.
The Frontier Developments (LON: FDEV) share price continues to fall by 5.34% to 479p following the profit warning on Monday.