UK Oil and Gas (LON: UKOG) says that its Dorset and Yorkshire underground hydrogen storage projects has received a letter of support from RWE, which is developing three hydrogen plants near to the storage projects. Other letters of support have come from Japanese trading house Sumitomo and pipeline provider SGN. The projects are at an early engineering design stage. The share price improved a further 20.8% to 0.087p.
Vector Capital (LON: VCAP) plans to leave AIM and is offering shareholders the chance to tender shares at 33p each. The tender offer covers up to 11.2 million shares and will cost £3.7m. Interim pre-tax profit dipped 45% to £707,000. Vector Holdings owns 75.2% of the property finance provider and the tender is enough to cover the rest of the shares. The share price recovered 18.2% to 32.5p.
Trinidad-based oil and gas producer Trinity Exploration and Production (LON: TRIN) is recommending a cash bid from Trinidad incorporated Lease Operators and withdrawn the recommendation of the Touchstone Exploration (LON: TXP) offer of 1.5 shares for each of the oil company’s shares. The bid is 68.05p/share and values Trinity Exploration and Production at £26.4m. There will be economies of scale between the two oil producers. The Trinity Exploration share price rose 10.5% to 63p, while the Touchstone Exploration share price dipped 0.74% to 33.75p.
Oil and gas company Tower Resources (LON: TRP) says the Namibian government has extended the initial exploration period for PEL96 to October 2024 and invited the company to apply for a renewal period of two-three years. The work commitment for the initial exploration period is substantially complete. The share price increased 8.7% to 0.0125p.
Orcadian Energy (LON: ORCA) has received £100,000 from its proposed partner for the Earlham licence in the North Sea and this has been paid to Shell. The partner will deliver further funds to pay off the rest of the Shell loan. The share price rose 7.69% to 10.5p.
PHSC (LON: PHSC) improved 2023-24 revenues from £3.44m to £3.78m, while underlying pre-tax profit improved from £305,000 to £452,000. The final dividend was increased to 1.25p/share taking the total to 2p/share, up from 1.5p/share. Cash was £488,000 at the end of March 2024. The health and safety consultancy services provider says profitability has fallen in the first quarter, due to employment agency fees relating to the hiring of five additional people. The share price is 3.92% higher at 26.5p.
FALLERS
Alien Metals (LON: UFO) has fallen a further 6.52% to 0.1075p following yesterday’s planned placing to raise up to £600,000 at 0.11p/share. Talks are progressing with a a potential partner for the Hancock project.
Aptamer (LON: APTA) announced on Thursday evening that it raised an additional £60,000 at 0.2p/share due to a reconciliation area by its broker. This takes the fundraising to £2.89m. The share price declined 3.85% to 0.25p.