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Proactive news summary: San Leon Energy, Summit Corporation, Centamin, Petroceltic, e-Therapeutics

Published: 12:51 03 Jul 2013 EDT

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San Leon Energy (LON:SLE) was the star of the show on London’s junior market, soaring to the summit of the stock market on Wednesday.

The AIM-listed specialist oil and gas company with an extensive portfolio of assets across Europe and North Africa left investors wanting more details with a brief release announcing the successful fracture of the Lewino-1G2 well in the Gdansk W concession in the Baltic Basin.

United Oilfield Services carried out the operation yesterday and attained an average main treatment pump rate of 120 barrels per minute at pressure, which is the highest achieved outside North America. The pumping lasted less than three hours.

The company also announced it has signed a binding letter of intent with Wisent, under which Wisent will carry out a three stage vertical fracture of San Leon's Rogity-1 well on the Braniewo S Concession in the Baltic Basin, Poland.

The shares shot up 23%.

Summit Corporation (LON:SUMM) rose by about half that amount as it launched a £4.5mln placing at a significant premium to last night’s closing share price.

The company also gave existing private holders of the stock the opportunity to follow their investment with an open offer, which could bring in a further £1mln.

However, it is the institutional support for the issue that will hearten followers of the drug discovery group, which is developing a breakthrough treatment for the muscle wasting disease, Duchenne Muscular Dystrophy (DMD), and a new antibiotic to tackle C.difficile.

The unrest in Egypt failed to take any of the shine off Centamin (LON:CEY) shares as the market did not worry that the ugly scenes in Cairo would have an impact on the company that mines for gold there.

The company, which is in dispute with the Egyptian authorities over its Sukari mine licence, in fact bucked the mining decline to end the day in positive territory.

Amur Minerals (LON:AMC) was among the losers despite encouraging early stage drill results from the Kubuk nickel-copper prospect, within the Kun Manie licence.

Initial discovery holes have found near surface mineralisation with substantial thickness and better than average grades.

In a note City broker SP Angel said: “The [Kubuk] project now appears to contain sufficient mineralisation at good grade within 100 – 150m meaning that drilling need only be done to this depth from a mining perspective.”

There was some disappointing news for Petroceltic International (LON:PCI) in Italy, where Eni, the operator of the Carisio permit in the Po Valley, is looking for a new location for the Carpignano Sesia well.

Job Langbroek, analyst at Dublin broker Davy, said: “While this is clearly not the preferred outcome, the geological quality of the prospect allied to the fiscal regime justifies the efforts being made to satisfy all parties.

“As such, it is a sensible development and will hopefully facilitate the eventual drilling of a well sometime in late 2014/early 2015.”

e-Therapeutics (LON:ETX) shares dipped on Wednesday after non-executive director Brad Hoy sold all his shareholding in the drug discovery business.

Hoy offloaded just under 18,000 shares at 34p each – the price at which the stock closed at.

 

 

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