Caspian Sunrise plc (LON:CASP) edged 8% higher to 2.575p in the early afternoon after announcing that the price oil sold to the domestic market from its flagship BNG Contract Area has been increased to US$12.4 per barrel.
While this still lags far behind the international price, it is double the price received for the past year, so the Kazakhstan-focused oiler expects a significant boost to its finances.
“This news is very welcome and we hope it marks the beginning of the closing of the gap between international and domestic prices to levels seen before COVID-19,” said non-executive chairman Clive Carver.
12.20pm: Galantas Gold motors higher after underground development yields results
The company resumed underground blasting in March and, as expected, the development of the Kearney vein has produced a feed of higher gold grade ore for processing.
Interim production, during the blasting hiatus, was fed by lower grade material which in January and February measured 1.8 grams per tonne (g/t) gold and 1.1 g/t respectively.
11.20am: Iconic Labs soars after EHGOF withdraws claims
EHGOF fulfilled the conditions agreed in a settlement between the two.
The fund has also indicated its willingness to enter into discussions regarding a finance facility of up to £50mln to support the company’s growth plans, said the statement.
10am: Kainos Group drops despite upbeat update
The IT provider said demand from existing and new customers has continued to be robust, despite the uncertainty caused by COVID-19.
It also recruited 309 new employees and contractors so its head count was 2,024 staff by the end of March.
Elsewhere, Grafton Group PLC (LON:GFTU) dipped 2% to 1,081p after revealing it appointed advisor Rothschild & Co to undertake a review of some of its traditional merchanting businesses in the UK.
The building materials distributor and DIY retailer said it may result in the sale of some or all of these subsidiaries.
The review will focus on Buildbase, Civils & Lintels, PDM Buildbase, The Timber Group, Bathroom Distribution Group and NDI businesses.
8.45am: Infrastrata moves higher after £26mln contract with Saipem
The AIM-listed infrastructure company will build and load-out of eight wind turbine generator jacket foundations for the Neart na Gaoithe Offshore Wind Farm project, located in Scotland and owned by EDF Renewables and ESB Energy.
“I believe that this contract paves the way for the execution and delivery of future fabrication contracts, a significant number of which are currently in advanced negotiations,” said chief executive John Wood.
The customer, which was unnamed but said to be a pharma company with several cancer drugs under development and annual revenues of more than US$1bn, will use Parsortix in three separate global clinical trials.
The contract is worth up to US$1.2mln over 18 months and covers work on a large Phase III prostate cancer study and two smaller Phase I studies.
AFC Energy PLC (LON:AFC) is to deepen its relationship with ABB Schweiz AG, the provider of electric vehicle charge points, electrification and digitalisation technologies. As part of a £33.5mln fundraising by AFC, ABB will invest £3.25mln in AFC and the two will work together on integrating AFC’s alkaline fuel cell technology into ABB’s data centres offering.
Powerhouse Energy Group PLC (LON:PHE) said James Greenstreet will retire as a director on July 7 and that it intends to appoint another non-executive director in due course. “We are very grateful to James who has completed a decade of great service to Powerhouse during which the company has made enormous progress. We wish him every success in the future with his other activities”, executive chairman Tim Yeo said in a statement.
Love Hemp Group PLC (LON:LIFE) (OTCQB:WRHLF) said non-executive independent director Charles Lamb will be stepping down from the company to focus on other business interests. “Charles has made a significant contribution to the Company over a period of successful growth and refocussing. On behalf of the board, I would like to thank him for all his efforts and support and wish him the best with future endeavours. As we move towards a listing on the [LSE] Main Market, we will be looking to strengthen our board with those who are able to provide experience and guidance to support our future growth”, Love Hemp chairman Andrew Male said in a statement.
Power Metal Resources PLC (LON:POW) said its CEO Paul Johnson purchased on market 500,000 ordinary shares at a price of 2.39p each through his Self-Invested Personal Pension (SIPP), £11,957 invested in total.