United Oil & Gas (LON: UOG) reports net average first quarter production of 841 barrels/day from the Abu Sennan licence in Egypt. By the end of the month production was 1,440 barrels of oil equivalent/day. United Oil & Gas has a 22% interest and its net average first half production is expected to be up to 900 barrels/day. Drilling has started on the ASD-3 development well, which is in a highly prospective area. The share price improved 22.9% to 1.475p.
Aura Energy (LON: AURA) is 7.55% higher at 14.25p after it said that it is still hopeful that Sweden may lift its ban on uranium mining. Aura Energy’s main uranium project is Tiris in Mauritania. Trading has recommenced on ASX. Chairman Phil Mitchell bought 37,000 shares at A$0.24 each.
Pawnbroker Ramsdens (LON: RFX) is trading ahead of expectations and Liberum has upgraded its earnings estimate by 8% to 23p a share. The pawnbroking loan book is at record levels and jewellery retail remains strong. If foreign exchange volumes recover there could be scope for further upgrades. The share price is 5.75% ahead at 230p.
A heavily discounted share placing raising £1.5m at 1p a share has hit the share price of Light Science Technologies (LON: LST) knocking 64% off the market price leaving it at 1.35p. There is also a retail offer of up to 50 million more shares via the Winterflood Retail Access Platform. The cash will provide working capital for the controlled environment agriculture technology operations.
Linear generator technology developer Libertine Holdings (LON: LIB) says that delays in development work mean that 2022-23 revenues could be up to £400,000 lower than the expected £1.32m. The share price dived 29.7% to 13p. The December 2021 placing price was 20p. Management believes it has sufficient cash for its requirements, while it seeks to sign up partners.
Oncology modelling developer Physiomics (LON: PSY) has been trying to diversify its customer base so it is less reliant on Merck, but two large projects have been delayed and it is uncertain whether one of them will happen. They are worth £200,000 in total. Full year revenues are likely to be around £750,000. Cost savings are being sought. The share price fell 25.3% to 2.8p.
Franchise Brands (LON: FRAN) is raising at least £90m from a share placing at 180p to help finance the £200m purchase price of Pirtek Europe. The share price slumped 23.4% to 184.5p. Pirtek Europe provides on-site hydraulic hose replacement and other services through 213 service centres and 838 mobile service vans. There are 70 franchisees in eight countries and the company has the right to enter eight other European countries. Forecast 2023 group revenues are £155m or £168m on a pro forma basis. Forecast 2023 group EBITDA is £29m.
