Seascape Energy Asia (LON: SEA) has been awarded a 100% operated interest in a production sharing contract over the Temaris Cluster, offshore Peninsular Malaysia. This includes two shallow water gas discoveries with an estimated 250bcf of recoverable gas reserves. There is also likely upside from additional exploration. The initial financial commitment is $2m. Cavendish has increased its target share price from 85p to 111p. The share price rebounded 28.8% to 47p.
Metals One (LON: MET1) has commenced exploration activity at the Squaw Creek uranium project in Wyoming following its recent acquisition. The share price rose 15.2% to 15.201p.
Director purchases of shares in graphene products developer Directa Plus (LON: DCTA) have boosted the share price by 14.6% to 13.75p. Chief executive Giulio Cesareo bought 25,000 shares at 8.15p and 50,000 shares at 11.25p/share. That takes his stake to 4.19%. Chairman Richard Hickinbotham bought 25,000 shares at 8.17p each.
Helium explorer Mosman Oil Gas (LON: MSMN) is increasing its interest in “The Bard” Area of Mutual Interest lease area of the Vecta project from 20% to 90% in return for the funding of the planned drilling. This will cost up to $200,000. The company still holds 20% in the other three areas of the Vecta project in Colorado in the US. The share price increased 9.86% to 0.039p.
ITM Power (LON: ITM) has been selected for two UK project in the Hydrogen Allocation Round 2. There is one large scale project and another smaller one. Both will use the POSEIDON electrolysis process module. The projects are subject to final investment decision. The share price improved 9.54% to 80.4p.
FALLERS
Defence services provider RC Fornax (LON: RCFX) has issued a trading warning weeks after joining AIM. There have been delays in spending due to the Strategic Defence Review. The disruption related to the flotation on AIM is also blamed for a lack of new orders. Co-founder Dan Clark is stepping down. Cavendish has slashed its forecast revenues for the year to August 2025 by nearly two-thirds to £4m, down from £6.5m last year. That means that there will be a £1m loss. The share price had soared from the February 2025 placing place of 32.5p. The share price dived 52.4% to 24.5p.
Cosmetics supplier Warpaint London (LON: W7L) expects flat like-for-like sales in the first half with growth coming from a contribution from the Brand Architekts. There was 7% growth in the first quarter. That means interim sales could be up to 13% ahead at up to £52m. Margins are expected to improve this year with cost savings from the integration of the acquisition coming through in the second half. Shore Capital is maintaining its full year forecast with pre-tax profit of £29m. The share price slipped 7.16% to 415p, which is 15 times prospective earnings.
Zinnwald Lithium (LON: ZNWD) has raised £3.15m at 5p/share, including a subscription by AMG that has taken its stake to 29.6%, while Mark Tindall has increased his stake to 5.24% and Henry Maxey raised his to 14.7%. A RetailBook offer has also been launched. The cash will be spent on the Environmental and Social Impact Assessment of the lithium project in Germany. It will also finance process test work and costs of securing funding for the project. The share price declined 6.36% to 5.15p.
Legal dispute finance provider Burford Capital (LON: BUR) says a version of the US budget bill includes an increase in statutory tax rates for litigation finance transactions. It is difficult to assess how this will impact Burford Capital. The House and Senate will have to agree on the final version of the bill. The uncertainty knocked the share price fell 3.04% to 901.75p.