Trinity Exploration & Production (LON: TRIN) is the best performer today following the success of the Jacobin exploration well. The oil and gas company has found a virgin-pressured reservoir in a mature basin. This suggests a greater level of resources across the Palo Seco area. Flow testing will commence in September. The share price jumped 31.4% to 97.5p, but it is still slightly down since the beginning of the year.
Beacon Energy (LON: BCE) says that drilling in the deviated mechanical sidetrack is underway at the Schwarzbach-2 well in Germany. This will test the reservoir targets. Further news will be released in the coming days. The share price rose 12.1% to 0.0925p.
Interim figures from Tialis Essential IT (LON: TIA) show interim revenues rising from £6.7m to £13.6m and a move into profit before amortisation and exceptional items. The acquisition of partner contracts from Allvotec has expanded the business and four contracts have been renewed. Management is considering buying back shares because of the previous fall in the share price, although it is 11.5% higher today at 48.5p.
Prospex Energy (LON: PXEN) says first gas was achieved at the beginning of July at the 37%-owned Selva project in Italy and production has been increased in stages to a maximum of 80,000scm/day. This has all been sold to BP and the cash will be received by the end of August. Long-term production could be 72,000scm/day. The share price improved 8.7% to 6.25p.
Infrastructure inspection technology provider Cordel (LON: CRDL) says full year revenues of £3m are in line with expectations. The recent fundraising has enabled Cordel to hire additional staff to cope with the recent contract wins. This has increased costs ahead of the revenues coming through, but the loss should nearly halve. The share price is 6.19% ahead and back to the recent 6p placing price.
FALLERS
Celsius Resources (LON: CLA) has been issued a two-year exploration permit for the Botilao copper-gold prospect in the Philippines. This will enable the definition of the extent and distribution of mineralisation. Even so, the share price continues to decline and is down 28% to 0.9p.
Professional services provider Christie Group (LON: CTG) made a loss in the first half and Shore has downgraded its 2023 pre-tax profit forecast from £4.8m to £1.4m. Deals have been delayed and this is expected to continue until the autumn. However, there is a strong pipeline of potential transactions. Stocktaking activities are recovering. The share price fell by one-fifth to 117.5p. Two of last week’s big risers have been hit by profit taking today. The Orcadian Energy (LON: ORCA) share price nearly doubled last week, and it has fallen back 23.5% to 3.75p. Tern (LON: TERN) has dipped 11.8% to 7.5p following the 127% increase at the end of last week after investee company Wyld Networks said it was exploring potential areas of collaboration with SpaceX. Tern owns 27% of Wyld Networks.
