AIM movers: UK Oil & Gas discovery valued and Versarien focuses

UK Oil & Gas (LON: UKOG) says that RPS Energy estimates the NPV10 value of its Loxley gas project in Surrey at £124m. The share price jumped 25.6% to 0.076p. The Loxley-1 appraisal programme is planned for 2024 should de-risk the project. Gas production could commence in 2026. However, the valuation is based on a December 2022 gas price of £1.86/therm and there is no guarantee it will be this high when production starts.

Strong interim figures from data erasure and IT disposal services provider Blancco Technology Group (LON: BLTG) pushed up the shares 15% to 187.5p. Revenues grew 22% to £24m, or 16% on a constant currency basis, despite flat sales in the mobile division. Underlying pre-tax profit improved from £3.87m to £5.03m. Increasing regulation on data privacy and IT disposal provide a positive long-term outlook.

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ZOO Digital (LON: ZOO) has signed up a second major Hollywood studio to its cloud-based ZOOstudio ERP service offering subtitling, dubbing and other video services. ZOOstudio will be embedded in the client’s own internal technology platform. Tougher markets in the US mean that film studios and streaming platforms are seeking to grow in international markets, thereby increasing demand for the services offered by ZOO Digital. The share price is 13.7% higher at 186.5p.

Scancell Holdings (LON: SCLP) has completed the monotherapy arm of the ModiFY phase I/II trial for the Moditope oncology vaccine platform. Modi-1 is safe and well tolerated. Seven out of 14 patients have disease that is stable, while one has made a partial response to treatment. A checkpoint inhibitor combination arm to the trial will be initiated. The share price rose 9.72% to 19.75p.

Graphite technology developer Versarien (LON: VRS) reported a loss of £8.3m in the 18 months to September 2022. Cash was £1.4m, although £1.85m gross was subsequently raised at 10p a share last December. The 18-month cash outflow from operations was £3.68m. Versarien is focusing on opportunities in textiles and construction, while the mature tooling businesses are no longer core. The share price fell 15.5% to 5.625p.

Cambria Africa (LON: CMB) has fallen a further 9.23% to 0.295p following yesterday’s announcement that trading in the shares will be suspended on 1 March because the accounts will not be published. Disposals are being negotiated. NAV was 1.16 cents a share at the end of February 2022.

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Housebuilder Springfield Properties (LON: SPR) has been hit by economic uncertainty and cost inflation with pre-tax profit edging up from £6.4m to £6.6m on revenues increasing from £87.3m to £161.9m due to acquisitions. The ending of private rental housing construction due to rent controls in Scotland and losses on affordable housing will further hamper the second half, as will weak housing sales due to a lack of consumer confidence. There are signs of improving purchasing numbers, but there is still likely to be a decline in full year pre-tax profit from £20.8m to £17m. Net debt is £73.7m, but land sales and operating cash generation will help to reduce this in the medium-term. The share price slipped 6.25% to 82.5p.

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