Oil and gas producer Wentworth Resources (LON: WEN) is hopeful that the 32.5p/share bid by Maurel & Prom could go ahead by 21 December. That could prove optimistic. The bidder is in talks with the Tanzanian authorities to gain the approvals required to complete the acquisition. The share price moved back up 25.8% to 30.5p.
Ilika (LON: IKA) says that its Goliath electric vehicle battery has reached lithium-ion energy density parity with existing pouch cells. This justifies the investment in a full pilot facility. Goliath is safer, charges faster and lasts longer. The share price jumped 22.6% to 51.5p.
Marketing research provider System1 Group (LON: SYS1) bounced back by one-fifth to 210p after reporting a 27% increase in interim revenues to £13.3m, even though consultancy revenues fell. There was strong growth in the US and overall margins are improving. There was a fivefold increase in pre-tax profit to £1m. Canaccord Genuity has increased its full year pre-tax profit forecast from £3m to £3.2m.
Fuels developer Quadrise (LON: QED) has announced further test results for its bioSMAR, which show significant advantages over diesel. bioMSAR blends with up to 40% crude sugar oil cut emissions by more than 30% and improves energy efficiency by up to 7%. Other formulations containing waste-based methyl-esters reduces CO2 emissions by more than 45%. The tests were performed on a 40kw Cummins engine at Aquafuel Research’s site. Tests on a larger engine are planned. The share price improved a further 19.8% to 51.5p, which is more than double the level one week ago.
FALLERS
Gunsynd (LON: GUN) announced a fundraising yesterday evening. The investment company raised £210,000 at 0.2p/share. This will provide additional cash for investments and fund the running of the company. The share price fell 18% to 0.205p.
Tintra (LON: TNT) has sent out the circular to gain shareholder approval for cancelling the AIM quotation. Allenby has resigned as nominated adviser and broker and trading in the shares was suspended at 11am. The quotation will end on 6 January if a new nominated adviser is not appointed, which is unlikely. The share price slipped a further 13.3% to 32.5p before trading was suspended.
Scirocco Energy (LON: SCIR) says that it expects to receive a second payment of £108,000 for its stake in Corallian Energy following its sale to Shell. Another payment is due following development approvals of the core oil and gas project being received from Shell from the North Sea authorities. Even so, the share price dipped 8.33% to 0.275p.
Tidal energy company SIMEC Atlantis Energy (LON: SAE) is selling freehold land in Uskmouth to FPC Electric for £9.8m. That will bring in much needed cash. The site will be used for the first battery energy storage system at the Uskmouth Sustainable Energy Park. Payments will be in tranches between 2024 and 2025. Further battery storage projects are being developed. There is progress with the MeyGen tidal energy project. The Abundance bonds are being extended to 2029, subject to a bondholder vote. The share price declined 7.69% to 1.2p.
