Mongolia-focused oil and gas producer Petro Matad (LON: MATD) has signed an oil sales agreement with PetroChina for Block XX output. First revenues from Heron-1 will be in May and this will cover production from October 2024. This will provide more than $1m for further development, plus ongoing monthly payments. Shore estimates that Petro Matad has a fair value of 6.8p/share. The share price increased 26.6% to 2.025p.
European Metals Holdings (LON: EMH) says that the Czech panel has approved a CZK800m ($36m) grant to the 49%-owned Cinovec lithium deposit in the Czech Republic from the EU Just Transition Fund. This is dependent on the Environmental Impact Assessment being published by the end of 2025 and the Czech authorities, approval of the EIA by June 2026. The grant could fast-track elements of the project. The share price improved 23.8% to 13p.
Professional and valuation services company Christie Group (LON: CTG) reported 2024 pre-tax profit of £1m, which was triple the forecast. The professional services business sold more businesses, and the stocktaking business reduced its loss. The total dividend of 2.25p/share is also higher than forecast. A further pre-tax profit improvement to £1.8m is forecast for 2025. The share price rose 17.7% to 100p.
Autoimmune disease and cancer treatments developer Sareum (LON: SAR) and it has conducted preclinical studies to evaluate the TYK2/JAK1 compounds in central nervous system indications. This involves six compounds from the Sareum Kinase Inhibitor Library (SKIL) platform being assessed on whether they cross the blood-brain barrier. These all show meaningful penetration, and this supports the potential for the TYK2/JAK1 chemistry. SRA737 is a clinical stage oral, selective Checkpoint kinase 1 inhibitor targeting cancer cell replication and DNA repair mechanisms. Sareum has received the dataset from its former partner and the programme’s potential will be reviewed. The development of the SDC-1801 and SDC-1802 programmes is continuing. The share price is 9.38% to 17.5p.
FALLERS
Artemis Resources (LON: ARV) says laboratory results from the drilling campaign around Carlow Castle. Three of the five holes show significant gold intersections. This will help to expand the existing 704,000 ounces gold equivalent resource. Zeus has a set a fair value of 4.3p/share. The share price declined 27% to 0.365p.
Smart meter communications technology developer CyanConnode (LON: CYAN) has not achieved the anticipated jump in revenues in the year to March 2025. Elections in India delayed shipments and there has been resistance from consumers about prepaid smart metering. The orders remain the same, but CyanConnode is reassessing expectations of the roll out. Cash was £5.8m at the end of March 2025, following receipt of a £5m loan. The share price dipped 22.3% to 7.85p.
Bleepa medical communications technology developer Feedback (LON: FDBK) continues to suffer from delays in decision-making at the NHS. The company was focusing on the Elective Recovery Fund, which is no longer in the NHS budget. The focus is reducing wating lists so Bleepa is still in a good position to gain contracts. Panmure Liberum has slashed its forecast 2024-25 revenues from £1.6m to £880,000 and the 2025-26 revenues from £4.14m to £2.84m. The loss for this year is expected to be £4.25m and it will be similar next year. On that basis, net cash would be down to £1.35m at the end of May 2026 and the company would move into net debt within 12 months. The share price slid 21.4% to 13.75p.
Shares in software training services provider Northcoders (LON: CODE) continue to decline after it revealed that the 18-month Department for Education contract, worth £10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business, but it creates uncertainty. A pre-tax profit of £700,000 is currently forecast for 2025. Management believes this can be achieved even with the loss of the overall training contract. The share price slipped a further 18.6% to 50.5p.
Oil and gas producer Empyrean Energy (LON: EME) is raising £600,000 at 0.09p/share and a retail offer could raise up to £150,000. The retail offer will close at 4pm on 30 April. The cash will fund the testing of the potential oil zone in the Wilson River-1 well. The share price fell 18.6% to 0.0875p.