Jersey Oil & Gas (LON: JOG) has received approval for the Greater Buchan Area farm-out to NEO Energyfrom the regulator and the deal should be completed by the end of the month. An extension has been granted to the Buchan licence to enable a field development plan to be compiled. The share price is 3.9% higher at 200p.
RUA Life Sciences (LON: RUA), which has developed Elast-Eon biostable polyurethane medical device technology, increased revenues by one-third to £2.18m – £1.63m from contract manufacturing and biomaterials generated £550,000. R&D spending increased from £887,000 to £1.07m. The full year loss could be £2.4m. There was cash of £1.48m at the end of March 2023. The vascular business is getting ready to commence an FDA approved clinical study for vascular grafts. The structural heart business has been assessing the performance of polymeric heart valve leaflets. The share price moved 3.75% ahead to 41.5p.
Embedded computing technology supplier Concurrent Technologies (LON: CNC) has secured a new distributor agreement with SoC-e, which will enable the AIM company to offer SoC-e’s Relyum advanced networking solutions. The share price rose 2.96% to 69.5p.
Serabi Gold (LON: SRB) says underground exploration at the Palito project is extending the G3 vein and at depth beyond a fault zone. There should be an updated resource estimate in the third quarter of 2023. The share price increased 2.8% to 27.5p.
More bad news for oil and gas company IOG (LON: IOG), which says that the Blythe H2 well in the North Sea is producing gas at a constrained rate. There could be a mechanical blockage. The well could be brought onstream this month. The volatility of the gas market and the declining price has increased pressure on the company. Management is seeking pre-emptive waivers of potential covenant breaches. The company’s bond matures in September and that will need to be refinanced. The share price slumped 41% to 3.95p, which is a new low.
In-content advertising company Mirriad Advertising (LON: MIRI) lost £15.6m in 2022 as revenues fell by one-quarter to £1.5m. Management is hopeful that trading could improve in the second half of 2023. The share price declined 17.8% to 3.125p. The recent placing was at 3p.
Late last evening, Jadestone Energy (LON: JSE) announced an $85m funding package. This includes a $52.6m gross, $50m net, placing at 45p a share and a $30m standby working capital facility from Tyrus Capital. There is also an open offer to raise up to $8.3m at the placing price. The cash will be invested in oil and gas asset development. The share price slipped 14.8% to 41.75p.
Last Friday, Eco Buildings Group (LON: ECOB) was readmitted to AIM following the reverse takeover of Eco Buildings by Fox Marble. The business supplies prefabricated modular housing, initially in the Balkans. As part of the deal there was £2.7m raised at 55p a share. The share price has fallen below the deal price and today it fell a further 13.3% to 32.5p.
Evgen Pharma (LON: EVG) made a higher 2022-23 loss than expected. It was £5m instead of the forecast £4.1m. Net cash was £5m at the end of March 2023. Evgen says it has enough cash until next year. There are potential milestone payments that could add to the cash. The share price is 7.59% lower at 3.65p.
