Trading in Trafalgar Property (LON: TRAF) shares was suspended after a 50% rise to 0.06p. The company has confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of £2.67m, including intangible assets of £3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.
Cleaner fuels developer Quadrise (LON: QED) has signed an addendum to the Morocco representation agreement with Younes Maamar that was announced in March 2019. The original 13 million warrants issued have expired and 15.6 million warrants will be awarded conditional on achieving milestones. The initial tranche of 3.6 million warrants is exercisable at 1.452p each. The rest will be awarded after securing a refinery supply source and a commercial MSAR fuel supply agreement with OCP, which Quadrise has signed a commercial framework with concerning its processing plant. The share price jumped 49.7% to 2.205p.
Mongolian oil producer Petro Matad (LON: MATD) has received local government regulatory approvals to allow the 2024 operational programme to start. This will lead to the completion of the Heron-1 well for production. Approvals are still awaited from central government for certifying the Block XX exploitation area as state special purpose land. The share price increased 44.8% to 4.2p.
Golden Metal Resources (LON: GMET) is accelerating the development of the Pilot Mountain tungsten copper silver zinc project. A schedule and budget estimate are being evaluated to prepare for the preliminary feasibility study. The share price improved 35% to 21.6p.
FALLERS
Oil and gas producer Longboat Energy (LON: LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option. The share price dived 60.3% to 7.25p.
Oil and gas company Corcel (LON: CRCL) says the operator has suspended drilling and well testing at KON-11 (18% net interest) in Angola. Initial results have not led to the reactivation of the Tobias field. The block partners are reviewing how to progress the development of the field. Management still believes the asset should be significant value. The share price slid 47.7% to 0.17p.
Online building materials retailer CMO Group (LON: CMO) reported a 14% drop in revenues to £71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of £175,000 to a loss of £2.33m. Net debt was £600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%. The share price is 40.9% lower at 13p.
Premier African Minerals (LON: PREM) has paused mining at the Zulu lithium and tantalum project in Zimbabwe. This will enable the installation of an additional conditioning cell and it should be completed by 10 July. The share price fell 22.9% to 0.1176p.
