Gasification technology company Eqtec (LON: EQT) is selling its market development centre in France to Idex for €750,000 – with €750,000 prior to commissioning. Engineering and licensing revenues of €15m will be generated from the project by 2025. Eqtec also retains a 5% free carry in the project. Eqtec could move into profit in 2024. The share price improved 34% to 0.1775p.
Deltic Energy (LON: DELT) has reported an increased recoverable resource of 99mmboe for Pensacola oil and gas prospect, where it has a 30% working interest. Canaccord Genuity has increased its gross unrisked Pensacola NPV10 value from $450m to $840m. Deltic Energy is likely to farm-down its working interest from 30% to 20% and that would fully finance two wells. Canaccord Genuity has raised its target price from 205p to 240p. The share price increased 28.3% to 29.5p.
Legal services provider RBG Holdings (LON: RBGP) is selling its non-core litigation finance provider LionFish to Blackmead Infrastructure for up to £3.07m. The initial payment is £1.07m with the rest dependent on the cases taken on. This represents a book loss of £980,000. Four cases are retained, and they have a book value of £2.23m. The share price recovered 14.8% to 31p.
Thor Explorations Ltd (LON: THX) produced 23,100 ounces of gold in the second quarter, which was higher than expected. Full year production guidance range is 85,000-95,000 ounces of gold. Capital investment should raise recoveries next year. Exploration continues in order to extend the mine life from four years. The share price rose 13.9% to 20.5p.
Fiinu (LON: BANK) has not been able to raise the cash it requires to reapply for a banking licence. Fiinu has completed the development of the Plugin Overdraft. Costs will be reduced in the company’s subsidiaries. There was cash of £4.3m at the end of June 2023. This is enough to scale down the operations and meet financial obligations. Fiinu will try to secure the finance it requires but it may end up selling the underlying business. The share price dived 72.1% to 1.85p
Steppe Cement (LON: STCM) sold less cement and the price fell. Inflation is running at 15%. The Kazakhstan cement market declined by 5.6% in the first half of 2023 and the company’s sales fell by 11%. Prices were reduced to gain market share. A dividend of 2p-3p/share is still planned by November. The share price declined 17.3% to 31p.
IOG (LON: IOG) has stabilised gas production from the Blythe H2 well and there should be a big improvement in second half revenues of the North Sea oil and gas producer. Bondholder discussions continue. Year end cash could be down to £1m. The focus will be on high-permeability conventional gas opportunities rather than tight gas projects. The share price fell 14.8% to 3.05p.
Chain and transmission equipment Renold (LON: RNO) reported better than expected 2022-23 results after a strong fourth quarter and this year’s forecast was upgraded. In the year to March 2023, revenues improved from £195.2m to £247.1m, while underlying pre-tax profit jumped from £11.5m to £18.6m. a higher tax charge held back earnings growth. This year’s profit forecast has been raised from £14.6m to £16.1m to reflect some destocking as supply chains get back to normal. Debt has been refinanced. The share price dipped 4.48% to 28.8p.
