Quadrise (LON: QED) has signed a site licence and supply agreement with Valkor Technologies for the use of Quadrise’s MSAR and bioMSAR emulsion technology at the Valkor heavy oil asset in Utah. The previous agreement in 2022 involved searching for a project site and this is a continuation and broadening of that agreement. Both companies will have to commit resources to developing the project. The agreement lasts ten years. The share price has been strong over the past week and it rose a further 21.6% to 1.5475p.
The FDA has granted marketing authorisation for the Futura Medical (LON: FUM) erectile dysfunction treatment MED3000. It can be sold over the counter without a prescription. It takes ten minutes to take effect, which is faster than rival treatments. A US commercial partner is required. The treatment is branded as Eroxon in Europe and the roll out has already commenced in the UK and Belgium. Lombard Odier has exercised 10.9 million warrants at 40p each, bringing in nearly £4.4m in cash. The share price jumped 21.2% to 52p.
Rurelec (LON: RUR) has completed the disposal of its Argentinian assets and a special dividend of 0.2p a share will be paid on 14 July. The main asset remaining are power turbines, which the company is trying to sell. They may be ring fenced to make it easier for the company to attract a reverse takeover deal. The share price is 15% ahead at 0.575p.
Tungsten West (LON: TUN) has signed a deal with Oxford Sigma to explore options for using tungsten for fusion energy development. Tungsten is used in fusion energy reactors and Tungsten will be able to supply demand when it commences production at Hemerdon in Devon. The share price increased 7.69% to 3.5p.
Myanmar Investments International (LON: MIL) says that its NAV has fallen by two-thirds to 23 cents a share in the 12 months to March 2023. The company is in the process of selling its investment in Myanmar Finance International as part of an orderly winding down. Management is preparing a proposal to cancel the AIM quotation. The share price fell 17.7% to 7 cents.
Ovoca Bio (LON: OVB) says staffing issues have delayed the phase II dose ranging study assessing Orenetide as a treatment for women with hypoactive sexual desire disorder. The finalised results are expected in August. The share price slumped 14.5% to 6.625p.
There are concerns that the 32.5p a share cash bid for oil and gas producer Wentworth Resources (LON: WEN) by Maurel & Prom will not go ahead because of potential opposition from the Tanzania authorities. This was announced after the markets closed on Friday. The share price declined 8.94% to 27.5p.
Kazakhstan-focused oil and gas producer Caspian Sunrise (LON: CASP) has agreed to sell 50% of a subsidiary that owns the drilling rig it bought in 2020 for $22.5m. The asset value of the drilling rig was $3.6m and there will be a gross profit of around $20m on the deal. The cash will help to finance oil and gas exploration, where there have been delays because equipment could not be sourced from Russia. Oil transported through Russian pipelines is heavily price discounted. The share price fell 5.45% to 5.2p.
