EnergyPathways (LON: EPP) has signed a non-binding memorandum of understanding with a clean energy fund, which would be a cornerstone investor in an equity funding at higher than the current share price. This will provide cash for the development of the MESH energy storage project. A FTSE 100 constituent is interested in long-term storage capacity. The final concept engineering report has been submitted and a decision on the application for a gas storage licence is expected soon. The MESH project could be operational by the end of 2027. The share price jumped 40.2%
Celsius Resources Ltd (LON: CLA) affiliate Makilala Mining Company has signed a binding term sheet with Maharlika Investment Corporation outlining terms of a bridge loan facility of up to $76.4m. This will fund the Maalinao-Caigutan-Biyog copper gold project in the Philippines. This cash will finance the updated feasibility study and front-end engineering design, plus some development activities. There is a requirement for additional equity funding to bring the mine into production. The share price recovered by one-fifth to 0.6p.
US focused oil and gas explorer and producer Nostra Terra Oil & Gas (LON: NTOG) says current oil production is averaging 130 barrels/day. The workover programme at Pine Mills has nearly doubled production at this asset in Texas. The company is generating cash from operations. The share price rose 8.06% to 0.0335p.
Corcel (LON: CRCL) says the El-1 well at the Irai gas field in Brazil has been tested at a rate of 120 barrels of oil equivalent/day. This is better than forecast. Corcel will workover a second well and decide whether to take up the option of a 20% stake in Irai. This would require spending $2.95m on development work over two years. There is right of first refusal over the other 80%. The share price increased 5.41% to 0.195p.
FALLERS
Oil and gas company Synergia Energy (LON: SYN) is raising £750,000 at 0.03p/share. This will provide working capital as income from the 50% working interest in the Cambay gas and condensate field builds up. The share price declined 16.4% to 0.0305p.
Cancer treatments developer ValiRx (LON: VAL) has ended its collaboration with Imperial College London. The evaluation project for drug candidates from the Dual Kinase series did not produce sufficiently good results to continue to invest cash in it. The share price slipped 12% to 0.55p, which is a new all-time low.
Real-time financial data software provider Arcontech (LON: ARC) grew interim revenues by 4% to £1.5m, although profit was slightly lower due to investment in additional staff and one-off costs. Cavendish still expects full year pre-tax profit to be £800,000, down from £1.1m. Net cash should reach £7.6m and the dividend could be edged up to 3.9p/share, which would be 1.5 times covered by forecast earnings. There could be scope for special dividends or share buybacks or even acquisitions. The share price decreased 8.8% to 98.5p, the lowest level since September.
Antibody profiling company Oncimmune (LON: ONC) shares continue their decline as it says that it is in talks to raise cash ahead of the current money running out in April. Alvarez & Marsal has been appointed to target potential partners and investors. The share price fell 9.27% to 2.25p an all-tine low.