IOG (LON: IOG) has successfully improved gas production rates at the Blythe H2 well in the North Sea. There had been a blockage that hampered flow rates and a downhole valve has been adjusted. Drilling of appraisal wells is being deferred. This is to maximise cash generation ahead of bond repayments. Two wells have to be drilled by March 2024, though, due to licence requirements. The share price recovered 32.1% to 5.55p.
Wildcat Petroleum (LON:WCAT) has announced a landmark funding agreement for up to $25m to be invested in projects sourced by Wildcat. The initial agreement covers potential assets in Sudan but the relationship could be expanded to cover deals across Africa. Wildcat shares rose 28% to 0.51p.
Medical device company Creo Medical (LON:CREO) says that the first upper Gastrointestinal tract Speedboat Inject case in Europe. The procedure saw the removal of a cancerous lesion in one piece in under two hours. The Speedboat Inject technology will be demonstrated in Nottingham later this week. The share price increased 7.73% to 36.25p.
Cake Box Holdings (LON: CBOX) reported reassuring full year results after a tough first half. The eggs-free cakes maker improved revenues from £33m to £34.8m, but pre-tax profit fell from £7m to £5.4m. Even so, the dividend was raised to 8.1p/share. Profit should start to recover this year and the dividend should continue to rise. Net cash should also improve from £6.1m to £7.1m. The share price rose 7.48% to 136.5p.
The Jade Road Investments (LON: JADE) share price continued its recovery, rising 5.05% to 1.975p after Friday’s full year figures even though the NAV fell by three-quarters to 13 cents/share. The Hong Kong-based investment company is no longer going to focus on Asian assets and it will geographically diversify its investments in more stable regions.
Microsaic Systems (LON: MSYS) needs more cash because of the £1.35m in overdue payments from DeepVerge (LON: DVRG) and a slow start to the year. A further trading statement will be issued later this week. Microsaic Systems assumes no more payments from DeepVerge. There was £650,000 in cash at the end of May. The share price slumped 44.4% to 0.0125p. Trading in DeepVerge shares was suspended this morning at 0.15p. It is selling and closing its subsidiaries and it is uncertain that debts can be paid.
Premier African Minerals (LON: PREM) has not signed the offtake agreement for the Zulu lithium and tantalum project in Zimbabwe with the Chinese partner, Canmax Technologies. Canmax has a 13% stake, and it has suspended the potential agreement. However, no amendment has been signed. There have been production problems at the mine and Canmax is using these to renegotiate the deal. The share price fell 29.3% to 0.495p.
Late on Friday, Kropz (LON: KRPZ) announced a further drawdown on its bride loan facilities with ARC Fund. The latest ZAR80m drawdown takes the total to ZAR225m out of a facility of ZAR285m. The share price dipped 22.5% to 3.1p.
Bens Creek (LON: BEN) has raised $6.5m through the issue of loan notes to Avani Resources. This will fund equipment for the company’s highwall miners. One of the Highwall miners is being repaired after a cutting head became trapped and it should be back in production by mid-August. Bens Creek produced 172,400t of coal, compared with a WH Ireland forecast of £276,000. The metallurgical coal price is falling. The share price dived 23.9% to 12.75p, which is the lowest it has been since just after the company floated at 10p/share in October 2021.
