Britain

Valeura Energy lifted by preliminary test results at Devepinar-1 well

Dual-listed Valuera Energy Inc (TSE:VLE, LSE:VLU) was 29% higher at 62.5p after revealing the results of a gas production test for the Devepinar-1 well.

The company stimulated three separate intervals at the well, in the Thrace Basin of Turkey, covering 125 metres of gross section between 4,640 metres and 4,765 metres, by deploying 41 tonnes, 61 tonnes, and 57 tonnes of proppant, respectively.

The individual flow rates based on the last 24 hour flowing period were 1.6mln cubic feet of gas per day (mmcf/d), 1.3 mmcf/d, and 1.3 mmcf/d from the deepest to the shallowest interval, respectively.

Valeura interprets these to be positive results as each of these intervals individually has yielded the best gas flow rates that the company has recorded from its testing of the BCGA play to date.

11.00am: Aggregated Micro Power to be taken private

Clean energy company Aggregated Micro Power Holdings PLC (LON:AMPH) saw its shares soar 25% to 85p after management backed a 90p a share offer.

The company is being taken private by the Asterion Industrial Infra Fund in a deal that values the biomass wood fuels and low carbon heat and power specialist at £63.1mln.

Investors and directors speaking for 48% of the business, which trades as AMP Clean Energy, have given their backing to the deal.

10.15am: Blackbird cashes in on yesterday's share price surge

Yesterdays sharp share price rise by Blackbird PLC (LON:BIRD) presaged a predictable fundraising by the firm and a 15% slump in the shares to 15p.

The cloud-based video editing platform operator was riding high yesterday after winning a gig with news and financial information provider Bloomberg.

The firms brokers lost little time cashing in on Blackbirds behalf, placing shares at 14p each to raise around £5.54mln before expenses.

9.30am: Edenvile Energy turns to private lender for emergency funding

Shares in Edenville Energy PLC (LON:EDL) plunged 28% to 0.03p after the Rukwa coal project owner revealed it had taken out an expensive loan.

In order to satisfy the company's immediate working capital requirements, Edenville has entered into an agreement with a private lender to secure a non-convertible £100,000 loan that carries a fixed coupon rate of 20% a year. The loan must be repaid on or before 25 February 2020.

The move followed production levels from the coal project, in Tanzania, that have been well below the plants capacity over the last two months.

Digital payments outfit ThinkSmart Limited (LON:TSL) saw its shares plummet 24% to 15.5p after it started a legal battle with FTSE 250 company, Dixons Carphone PLC (LON:DC.).

The company issued a claim against The Carphone Warehouse Ltd (CPW) for damages for losses estimated at £20mln.

Volumes from RentSmart's Flexible Leasing contract with CPW remain significantly below the numbers targeted within its contract with CPW, ThinkSmart said.

Proactive news headlines:

Aggregated Micro Power Holdings PLC (LON:AMPH) is being taken private in a deal that values the biomass wood fuels and low carbon heat and power specialist at £63.1mln. The 90p a share offer from the Asterion Industrial Infra Fund, which has board backing, represents a 32% premium to last nights closing stock price.

Kavango Resources PLC (LON:KAV) has hit early-stage signs of mineralisation during drilling on its Kalahari Suture Zone project (KSZ) in Botswana. The exploration intersected disseminated sulphides in two high-level gabbro sills, said the standard-listed junior, which is exploring near the town of Hukuntsi. The sills were intersected at 340 metres and 367 metres respectively and were each about one-third of a metre thick.

Woodbois Limited (LON:WBI) has signed an offtake agreement with a West African timber supplier for all of its production in Liberia. The forestry group said the agreement, which is expected to be formalised in January, will generate “material additional trading revenue” and will have scope for increases.

ADES International Holding PLC (LON:ADES) revealed a 169% year-on-year rise in third-quarter revenue amid improved utilisation and the post-acquisition scale-up of operations. The company reported a utilisation rate of 95% in the first three quarters of the year, versus 83% in the same period of 2018.

Quadrise Fuels International PLC (LON:QFI) made “staged progress” through the past year, expanding the breadth and depth of its market opportunity for its MSAR technology, the company said ahead of todays AGM. The specialist fuel firm, in a statement, noted that it raised £4.5mln of new funds in the third quarter of the year, enabling it to continue business development activities.

Benchmark Holdings PLC (LON:BMK) said full-year adjusted underlying earnings (EBITDA) from continuing operations are expected to be around £11mln-£12mln, in line with expectations. The maintained guidance will come as a relief to shareholders after the aquaculture health, nutrition and genetics company warned in August of “challenging” conditions in the shrimp and sea bass/ bream markets.

Iconic Labs PLC (LON:ICON) has reshuffled its current board with the appointment of a new executive director and the loss of two non-executives Sam Asante, currently chief operating officer of the media group, previously worked at social media site UNILAD helping to establish commercial operations before moving toRead More – Source