The project, located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan, is being discussed with a shareholder in the company and Beijing-based firm China Coal Energy.
Oracle added there is no guarantee an agreement will be reached.
3pm: PZ Cussons dips over profit warning, boss departure
PZ Cussons PLC (LON:PZC) shed 1% to 191.97p after a mild profit warning and the announcement of chief executive Alex Kanelliss retirement on 31 January after 13 years in his post and 26 years at the company.
The FTSE 250-listed company said full-year like-for-like revenue and adjusted profit before tax is likely to be “modestly below” last year due to “challenging” market conditions.
The shower gel maker continues restructuring its portfolio and has agreed the sale of Greek and Polish businesses, helping with debt reduction.
1.45pm: Pantheon Resources rises as exploration footprint expands
The AIM-quoted oiler described it as “strategically positioned” covering two areas contiguous or adjacent to its existing assets.
It noted that it had a competitive advantage going into the bidding process as it owns proprietary 3D seismic which covers the leases and was not available to any third parties.
Dixons Carphone PLC (LON:DC.) rose 6% to 140.45p as the retailer said it would cut more net debt than expected this year.
This will be achieved by delaying some spending on IT systems and copes with the foreseen “significant” loss in the UK & Ireland mobile division.
The electrical and telecommunications retailer and services company said the market has been challenging and plans are to break even by 2022, with £90mln losses in 2021.
12.30pm: Titon blown over by Korea weakness
Full-year sales fell 9% to £27.2mln and pre-tax profits by 29% to £1.9mln. A poor performance in South Korea was partially offset by a 1% increase in UK and Europe.
This was despite making an “encouraging early start” with its strongest online Black Friday ever, as macroeconomic uncertainty continues.
Revenues slid 11% lower at £369.1mln in the six months to 26 October, reflecting the planned move to stop selling its clothes at discounts and reducing its reliance on promotional sales activity, and sank to a loss before of £4.2mln compared to £26.4mln profit this time last year.
11.35am: Altitude higher as it keeps racking up sales
Annual results for the 15 months to 31 March 2020 are set to be in line with market expectations, the company said.
“Momentum has continued through the third quarter and I am confident that we will meet expectations for the year and that we have the strategy and model to drive growth through 2020 and beyond,” chief executive Nichole Stella said in a release.
The court has appointed Alvarez & Marsal as joint provisional liquidators (JPL) but they will work with the existing management to devise a restructuring plan for the China-focused gas group.
The court accepted G3Es argument that it was in the best interests of debtholders and shareholders that the JPL be appointed to facilitate a restructuring.
Operations are continuing as planned, the oiler said, as the drilling progresses towards the total depth target.
Once achieved, the company will carry out production testing to identify the key result of the programme.
10.30am: John Laing Group investments hit by pound and power prices
The portfolio value will be hit by a further £50mln due to the stronger pound between July and November, the infrastructure company said in a trading update.
Moreover, a decline in power price forecasts and macroeconomic changes will hit accounts by £40mln and £7mln respectively.
The firm said that a decision made in arbitration regarding its government contract to build the A465 road had split responsibility for design information, partially reversing a previous decision that had been more favourable to the group.
The ruling will result in a £20mln hit to Costains full-year earnings as well as £40mln cut to its expected year-end cash balance.
Versarien PLC (LON:VRS) shed 2% to 81p after posting lower revenues and wider losses in the six months to 30 September.
Sales came in at £4.38mln, a 16% decline compared to the same period last year, while loss before tax stretched 63% to £2.12mln.
The company said the losses were due to the costs of integrating previous acquisitions and to expand in China and the US.
9.30am: PetroNeft surges after selling shares at 58% premium
PetroNeft Resources PLC (LON:PTR) surged 28% higher to 1.22p in early trade on Thursday after raising US$2.1mln by selling shares at a 58% premium.
The oiler sold 107mln new shares for 1.5p each, with directors supporting 44% of the placing.
The proceeds will be used in the firm's 2020 capital investment programme aimed at reducing operational costs, increasing production, cash flow and reserves to boost asset value.
The engineering company said the outperformance is due to “a number of large projects” completed in the year and added that it is “well placed” to move forward.
Market consensus currently places Billington's revenue at £78mln and profits at £5.2mln.
Proactive news headlines:
Bacanora Lithium PLC (LON:BCN) has described 2019 as a critical year that has seen a number of significant developments which have added value for shareholders. In a statement, ahead of todays AGM, the company noted that it had secured one of the world's biggest lithium producers – Ganfeng Lithium – as a cornerstone investor – with a 29.9% shareholding. Ganfeng also took a 22% direct stake in the company's flagship Sonora mine development project in Mexico.
Kromek Group PLC (LON:KMK), a worldwide supplier of detection technology focusing on the medical, security and civil nuclear markets, announced that its three senior executives on Wednesday purchased a number of ordinary shares in the company. It noted that Sir Peter Williams, its chairman, acquired 50,000 shares at a price of 22.50p each, taking his holding to 200,000 shares on 0.06% of the company; chief executive officer, Dr Arnab Basu acquired 20,000 shares at 17.95p each taking his holding to 2,972,000 or 0.86%; and Derek Bulmer, chief financial officer, purchased 20,000 ordinary shares at 17.94p each giving him a holding of 132,292 shares or 0.04%.
Braveheart Investment Group PLC (LON:BRH) has increased its shareholding in a business called Pharm 2 Farm (P2F) to just under 52% from 33.33%. The additional £200,000 it has ploughed in will allow P2F to open a new manufacturing facility in Nottingham and to expand its sales team.
Belvoir Group PLC (LON:BLV) is to acquire Lovelles, a privately-owned franchised estate agency network with 19 branches in the Lincolnshire and Humber region. In an update accompanying the acquisition news, the lettings agent said that trading in the second half of the financial year to date continues to be strong and it should comfortably achieve market expectations for the full year.
Tekcapital PLC (LON:TEK) has hailed an agreement made between its portfolio company Salarius Ltd, and a food ingredient broker, to market Microsalt in US. In an update on Thursday, the intellectual property investor, which owns a 97.5% stake in Salarius, said that Accurate Ingredients was brought on board to help sell Microsalt, Salarius' product which contains 50% less sodium than regular salt. Tekcapital noted that over 20 new potential customers are in the process of testing and evaluating the use of Microsalt on their products.
Echo Energy PLC (LON:ECHO) told investors that the drill programme for the Campo La Mata exploration well (CLMx-1), at the Tapi Aike project, has completed. In a statement, Echo said the well was drilled down to 2,513 metres and wRead More – Source