Saietta Group (LON: SED) has gained its largest order for its eDrive systems. The £5m order is for 3,000 bespoke systems based on the AFT140 motor from Nasdaq-listed urban delivery vehicles manufacturer AYRO. Saietta is exclusive supplier for the Vanish vehicle launched in February. First deliveries will be in the autumn and the full number delivered by the end of 2024. Forecast revenues for the year to March 2024 are £12.1m. The share price jumped 45.6% to 64.5p. The July 2021 placing price was 120p.
Litigation finance provider Burford Capital (LON: BUR) has secured a positive ruling from a New York court on the Petersen and Eton Park cases against the Republic of Argentina and YPF. The court decided that Argentina was liable for failing to make a tender offer for YPF shares. The damages could be between $2bn and $3bn, plus interest. Burford will take a large share of this payout. Peel Hunt has increased its previous estimate of book value for Burford Capital from 1046p a share to 1268p a share. The share price increased 27.4% to 961.25p.
Block Energy (LON: BLOE) says that the WR-BO1Za well produced 269 barrels of oil equivalent/day in an extended well test over 12 days. Further wells are planned for the Krtsansi field, onshore Georgia. Cash generation will be spent on the drilling and workover programme. The share price improved 24.3% to 1.15p.
Oil and gas company 88 Energy Ltd (LON: 88E) says the Hickory-1 well in Alaska has revealed a new upper slope fan system reservoir, which had not been intersected by previous wells. There are multiple indicated pay zones, which will be assessed over one week. This will be used to design the flow test for the well. The share price rose by one-fifth to 0.6p.
Tungsten West (LON: TUN) is restructuring the operations of its Hemerdon tungsten and tin project in Devon. Costs will be cut and surplus assets sold. Concentrate at the site will be sold. Project funding is being discussed. A convertible not issue will raise at least £5m and an open offer could raise up to £2m. The share price slumped 48.8% to 5.5p.
Data analytics services provider D4T4 Solutions (LON: D4T4) will not achieve expectations in the year to March 2023 because of delays to contracts. Revenues are likely to be 23% lower than previous expectations at £21.5m, while pre-tax profit will be one-third below estimates at £3.5m. Profit is falling by a lower percentage because low margin hardware sales are mainly responsible for the revenue shortfall. The share price declined 13.3% to 180p.
Oil and gas company Serinus Energy (LON: SENX) has suspended workover operations on the rig programme to install a submersible pump into the W-1 well on the Sabria field, onshore Tunisia, in which it has a 45% working interest. There are problems removing the coiled tubing. The rig will move to the Sabria N-2 well to remove wellbore restrictions and recomplete the well. The share price fell 8.7% to 5.25p.
ECR Minerals (LON: ECR) released its accounts for the year to September 2022 just in time to avoid a share suspension. There was a £2.6m cash outflow before financing during the year. There is positive news from the three exploration targets in the Lolworth Range area in Australia. There have been some significant results for niobium and tantalum from samples taken. The share price slipped 8.33% to 0.55p.
