Mosman Oil and Gas in demand after Falcon-1 well update

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Mosman Oil and Gas Limited (LON:MSMN) advanced 12% to 0.18p in late dealings after revealing the Falcon-1 well at the Champion project in Texas has now successfully reached target depth.


The oiler confirmed the pre-drill geological model and said the next step will be to complete wireline logging.


Results seen to date have led to an expectation that Falcon-1 will be completed as a production well.


2.30pm: Synthomer shoots up after upgrading guidance, reinstating dividend


Synthomer PLC (LON:SYNT) shot up 18% to 392.2p in the afternoon after upgrading its full year earnings guidance and reinstating a 3p per share interim dividend after a strong third quarter.


The polymer, sealant and chemicals specialist now expects its 2020 earnings (EBITDA) to be around GBP232mln, 10% higher than previously forecast in August.


During the period, Synthomer said volumes and margins in its performance elastomers division were ahead of the prior year, reflecting “strong demand” in Nitrile Latex following the pandemic and improved conditions for SVR latex through the quarter.


12.10pm: Walker Greenbank loses polish after interim loss


Walker Greenbank PLC (LON:WGB) shed 6% to 59p at noon after swinging to an interim loss after trading took a hit in the months of lockdown.


In the six months to July 31, revenue slumped 31% to GBP38mln while the AIM-listed firm posted a GBP900,000 loss before tax from last year’s GBP3mln profit.


The luxury interior design and furnishings group said performance was better than expected in July, August and September but remains cautious on winter prospects.


11.05am: Petards Group crackles higher on train software contract


Petards Group PLC (LON:PEG) crackled 15% higher to 7.5p on the back of a new contract to supply Porterbrook Maintenance with Petards eyeTrain systems.


The AIM-listed software developer of security and surveillance systems said the contract is worth GBP1.3mln to fit its system on 19 Class 769 Flex trains, which are the UK’s first tri-mode trains, capable of running on overhead and third rail electric lines as well as under their own diesel power.


The trains will be operated by Great Western Railway and are expected to be introduced on services running between Reading and Gatwick during 2021.


10.15am: STM Group drops on profit warning


STM Group PLC (LON:STM) dropped 19% to 28.11p after warning full-year profit before tax will be hit by lower new business revenue and performance in the Options workplace pensions solution business.


Options is expected to lose membership base due to delays and postponements of bulk transfers.


The AIM-listed cross-border financial services provider believes most the new business shortfall is a timing issue and thus expect it to come through in 2021, supporting our confidence in expected material growth in profit before tax for 2021.


Remaining in the junior market, ASOS PLC (LON:ASC) shed 7% to 4,996p despite posting a four-fold increase in profits after a strong lockdown performance.


The increase was also due to weak comparatives after operational issues at its warehouses in 2019, while investors may be wondering whether the stellar performance can continue during the winter.


The online retailer expects to grow profits and remain cash flow positive but it remains cautious on the outlook for consumer demand, considering the economic impact of the crisis on its 20-something customers and the challenges posed by Brexit.


9.05am: Kainos Group climbs after upgrading full-year expectations


Kainos Group PLC (LON:KNOS) was an early riser on Wednesday, climbing 27% higher to 1,292p after saying results for the year to March 31, 2020, will be materially ahead of current consensus.


The IT provider noted that it has been experiencing high customer demand thanks to the structural shift of digital adoption.


Digital Services customers continue to prioritise digital transformation programmes in the NHS and Public Sector while the Workday Practice continues to benefit from its international scale and an ability to secure new consulting contracts, the group said.


Elsewhere, Kromek Group PLC (LON:KMK) added 2% to 13.36p after starting the development of a new detection technology.


The system aims to improve pathological medical imaging techniques used during cancer surgery to distinguish between healthy and non-healthy tissue.


The prototype will produce high-resolution 3D images that provide more accurate differentiation of the boundaries between cancerous and healthy tissue, enabling surgeons to remove the minimum amount of healthy tissue when extracting cancer tumours and reduce the risk of more than one operation being needed and of cancer spreading from diseased tissue left after initial surgery.


Proactive news headlines:


Touchstone Exploration Inc (LON:TXP, TSE:TXP) has announced a significant gas discovery at the Chinook-1 exploration well in Trinidad. Chinook-1 was drilled down to 10,039 feet and has encountered some 589 feet of net gas pay across three sections in the Herrara sands, and also saw 20 feet separately in the shallower Cruse formation, the group said. The well was a follow up to the successful Cascadura gas discovery well, testing a separate structural formation to the south. It is planned that Chinook-1 will be tested and completed for production during the first quarter of 2021.


Mosman Oil and Gas Limited (LON:MSMN) has told investors that the Falcon-1 well at the Champion project in Texas has now successfully reached target depth and has confirmed the pre-drill geological model. The next step will be to complete wireline logging. The company said it intends to provide more well results once the logs have been evaluated. Nonetheless, it also said that results seen to date have led to an expectation that Falcon-1 will be completed as a production well.


Kromek Group PLC (LON:KMK) said it has started development of a new system to improve pathological medical imaging techniques used during cancer surgery to distinguish between healthy and non-healthy tissue. The detection technology specialist said the three-year project, which has received a grant from Innovate UK and is being conducted in partnership with medical imaging firm Adaptix and the University of Manchester, is aiming to develop a prototype of a new type of pathology cabinet, based on Kromek’s CZT detectors and Adaptix’s Flat Panel X-Ray Source technology.


Applied Graphene Materials PLC (LON:AGM) has reported “excellent commercial progress” in its full-year results, noting that its development pipeline is continuing to grow despite delays caused by the coronavirus pandemic. In its figures for the year ended July 31, 2020, the AIM-listed firm reported an underlying (EBITDA) loss of GBP3.08mln, narrowed from a GBP4.56mln loss in the previous year, while revenues climbed to GBP0.08mln from GBP0.05mln. Looking ahead, the company said it remains in “good shape to build on its revenue plan”, with cash in the bank of GBP3.68mln and an “increasing number of customer products coming to market”.


Angling Direct PLC (LON:ANG) reported a profit surge in its first half as the fishing tackle retailer highlighted “considerable resilience” in its trading performance for the period. For the six months ended July 31, 2020, the company posted a pre-tax profit of GBP1.4mln, up from GBP0.4mln in the prior year, while revenues jumped 21% to GBP32.1mln. The group also said sales across all of its channels from June 15, the date its stores re-opened following lockdown, to the end of the period were up 95%.


Directa Plus PLC (LON:DCTA) said its oil spill clean-up business Setcar has seen significantly improved results this year so far. The graphene specialist said 51%-owned Setcar’s revenue had risen to EUR3mln from EUR2.6mln in the period January 1 to October 1, 2020, despite coronavirus (COVID-19 headwinds. Over that period, Setcar had won 132 new contracts and been awarded 32 out of 77 tenders, Directa noted. Setcar’s contracted orders are now expected to generate revenue of EUR4mln during 2021 and EUR3mln during 2022.


KR1 PLC (LON:KR1) said it has sold 202,297 tokens in the Polkadot project at an average price of US$5.12 each, netting the company proceeds of around US$1.03mln. The digital asset investment firm said the partial exit represents only a small part of its position in Polkadot and that it is actively staking a “significant majority” of the holding to generate recurring revenue. The company said it now holds around 3.56mln Polkadot tokens.


VietNam Holding Limited (LON:VNH) saw its net asset value (NAV) rise by 4% in September helped by increased exposure to the country’s banking sector, the fund’s manager Dynam Capital said. In its monthly update, Dynam noted that the benchmark VNAS Index performed well in September, rising 4.4% for the month, driven mainly by banks, food & beverage (F&B) and industrial goods. Most of the listed banks achieved above market-expectation earnings for the third quarter, Dynam said, and F&B companies (VNM, SAB) are also likely to release surprise earnings growth considering the notable domestic retail sales increases.


Anglo Asian Mining PLC (LON:AAZ) has confirmed a significant improvement in production during the third quarter, with gold equivalent ounces (GEO) up 25% on the tally for the preceding three months. The Azerbaijan based miner said it produced 18,451 GEO in the three months ended September 30, 2020, versus 14,819 GEO in the second quarter of the year. It saw production for the first nine months of the year reach 50,702 GEO, against 60,122 GEO in the comparative period of 2019.


Union Jack Oil PLC (LON:UJO) has agreed to acquire an additional 30% interest in the North Kelsey project, taking its stake in the exploration project to 50%. It is acquiring the stake from Egdon Resources with a GBP100,000 payment in cash. Additionally, the deal includes an agreement to cancel the disproportionate funding obligation attached to Union Jack’s original 20% interest in North Kelsey, stipulated in a prior farm-in deal between the two UK oil firms. All further financial obligations at North Kelsey will be carried equally, in line with their respective 50% stakes in the project.


SIMEC Atlantis Limited (LON:SAE), the global developer, owner and operator of sustainable energy projects has announced the appointment of its former CFO Duncan Black as a non-executive director (NED), with immediate effect, and the appointment of Stephen Hodges as Special Adviser to the group’s board. The company noted that Black brings to the group a wealth of experience in leading investment groups, advisory firms and power companies within the UK, Asia and Australia. He has formerly held the positions of Co-Head, Infrastructure Investment, at Eastspring Investments (part of Prudential PLC), Asia Head of Acquisitions at Deutsche Asset Management, CFO of CLP Holdings’ Australian electricity and gas utility business, EnergyAustralia, and Head of Finance and Development at InterGen in Asia Pacific. SIMEC Atlantis pointed out that Hodges is a waste sector specialist who most recently held the position of Director of Engineering at Viridor Waste Management Ltd.


Savannah Resources PLC (LON:SAV) has announced the appointment of Farview Solutions as Strategic Adviser to help guide the development path for the Mutamba Mineral Sands Project in Mozambique and recommend associated strategic opportunities for the company. The resource development company pointed out that Farview Solutions provide strategic advice and advisory services to the mineral sands, titanium pigment and industrial minerals industries. Bruce Griffin, the owner of Farview Solutions, will be primarily responsible for advising Savannah in relation to Mutamba. In a statement, David Archer, Savannah’s CEO commented: “Mutamba is one of the largest undeveloped mineral sands deposits in the world and Bruce will help Savannah define the best value-adding development, commercial and corporate paths, both to help unlock the value of the Project and to sequence it into playing a major role in the production of titanium feedstocks for international industry.”


4D pharma plc (LON:DDDD) said it has accepted an invitation to present data at a leading cancer conference. The company has been given three poster slots at the Society for Immunotherapy of Cancer (SITC) next month that will focus on clinical trials of its promising single-strain live biotherapeutic, MRx0518. The first poster will describe initial immune modulation and safety data from the neoadjuvant monotherapy trial in patients awaiting surgery for solid tumours. A neoadjuvant is a drug given as a first step to shrink a tumour before surgery. Two further posters will provide details of MRx0518 in combination with an existing cancer drug called Keytruda.


SkinBioTherapeutics PLC (LON:SBTX) has raised GBP4mln from existing and new institutions that will help fund work on new product applications for its technology and will also be used to expand its research and development capabilities. Up to a further GBP500,000 could be banked from an open offer of stock to current shareholders not involved in the placing. The proceeds of the fundraisers will be deployed to explore other uses for SkinBiotix – which harnesses the power of the microbiome found on the skin – in oral and hair indications.


APQ Global Limited (LON:APQ), an emerging markets growth company based in Guernsey, has announced that, at its annual general meeting held on Tuesday, October 13, 2020, all resolutions were duly passed.


Amryt Pharma PLC (NASDAQ:AMYT) (LON:AMYT), a global, commercial-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from serious and life-threatening rare diseases, has said it will issue its unaudited financial results for the third quarter ended September 30, 2020, on November 5, 2020, at 12.00pm GMT / 7.00am ET. Amryt will host a conference call and webcast for analysts and investors on November 5 at 2.30pm GMT / 9.30am ET via Webcast Player URL: https://edge.media-server.com/mmc/p/dor9m4ay

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