Falcon Oil & Gas (LON: FOG) has announced a 30-day initial gas flow rate from the Shenndoah South 2H ST1 well was 7.2MMscf/day over 1,671 metres, which is the highest level in the Beetaloo area. Three more wells will be drilled this year and stimulate four wells. Falcon has decided not to provide funds for the three new wells, which will help to conserve cash. Commercial production should start in the middle of 2026. Cavendish estimates that Falcon’s share of the joint venture could be worth 10.2p/share. The share price jumped 40.2% 9.25p.
Mathematical modelling and data science company Physiomics (LON: PYC) has won two new contracts with UK biopharmaceutical company. They have a combined value of £111,000. Jesse Thissen has been appointed head of biometrics. The share price rose 8.7% to 0.5p.
Computer vision technology developer Seeing Machines (LON: SEE) has signed an agreement to supply Guardian backup-driver monitoring systems to a North American self-driving car company. This is worth $1.2m. The systems will be used during the development phase and bridges the gap between human control and fully automated vehicles. The share price improved 4.32% to 2.295p.
Gemfields (LON: GEM) generated revenues of $31.7m from the latest mixed ruby auction. The recent rights issue raised $30m and that will provide working capital and finance a second processing plant at MRM, which will increase production. Demand for fine rubies appears to be strong, according to management. The share price increased 3.57% to 4.35p.
FALLERS
Sunda Energy (LON: SNDA) has postponed the Chuditch-2 offshore well appraisal until the first half of 2026. This is because the mandated Timor-Leste logistics provider did not comply with safety standards. This means that the farm-in agreement with TIMOR GAP will not go ahead, so Sunda Energy will retain a 60% stake, and it will cover 80% of cost obligations. A production sharing contract renewal application has been submitted, and this should be granted this week. Hannam & Partners believes that Sunda Energy has enough cash for its current requirements. The estimated NAV is 0.2p/share. The share price slumped 36% to 0.024p.
Vast Resources (LON: VAST) is raising £2.71m at 0.35p/share. This cash will be used for the primary beneficiation of the diamond parcels that have recently been released to the company. This will add to their value. The cash will also finance technical work on current projects. The share price is 19.2% lower at 2.1p.
Oil and gas producer Caspian Sunrise (LON: CASP) is still waiting for regulatory approval for the $88m sale of the BNG contract area’s shallow MJF and Sout Yelemes structures. So far, $15.7m has been paid. Publication of 2024 accounts will be delayed until it is clear whether the disposal or go ahead or not. This means that trading in the shares will be suspended on 1 July. Although the Kazkh authorities have still not confirmed the renewal of one of the two licences on Block 8 the acquisition is still progressing. The share price slipped 16.9% to 0.37p.
Thor Energy (LON: THR) says that the South Australian Department for Energy and Mining has offered to grant three gas storage exploration licences. The original application was made in August 2024. The initial term expires on 1 July 2026 with a right for a renewal term until 2030. The licences are north of Adelaide. The share price fell 6.86% to 0.475p.