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InfraStrata deflated after grant application is refused

Last updated: 10:34 29 Jan 2019 EST, First published: 03:51 29 Jan 2019 EST

Gas storage

InfraStrata PLC (LON:INFA), the natural gas storage capacity developer, has heard on the grapevine it has been unsuccessful in a call for financial assistance.

The "grant for works" application in respect of its Islandmagee gas storage project to the European Union has apparently been denied.

InfraStrata said the original application was made on a tight deadline and since then it has been working on a refined and improved application.

The next round of applications for funding is expected to kick off in March.

Shares in InfraStrata were down by a fifth at 1.04p.

2.30pm: Management Resources keeps on truckin'

Management Resources Solutions PLC (LON:MRS) has bagged a nice little earner for the structural fabrication of eight coal truck trays.

The company said the contract has a value of between A$800,000 and A$900,000.

The shares rose 11.2% to 4.95p on the news.

1.30pm: Panthera pledges not to raise fresh capital in the near future

Panthera Resources PLC (LON:PAT) was on the march for the second day in succession after the company said it had no immediate plans to raise fresh capital.

At the gold explorer’s general meeting yesterday, shareholders voted in favour of giving the directors the ability to raise capital if and when required by the business and the second.

The shares were up 20% at 3.30p – up from 2.656p last night and 2p on Friday – as the company revealed it had current cash holdings of more than A$350k.

12.30pm: TomCo Energy plunges as it begins preparation for its 2019 field programme

TomCo Energy Plc (LON:TOM) lost around a quarter of its value after it gave details of a field programme at the Holliday block in Utah.

The company, through its operating subsidiary, TurboShale, has begun work to commence the 2019 field test programme at the TomCo’s Holliday block as it seeks to achieve first oil through the application of TurboShale's radio frequency (RF) technology.

“TomCo will, subject to a successful test, then seek to scale operations into the pre-production phase,” declared John Potter, TomCo’s chief executive officer.

11.30am: Aura Energy aglow after off-take deal

Aura Energy Limited (ASX:AEE; LON:AURA) has signed a binding off-take agreement with Curzon Uranium Trading.

The agreement covers the sale of 800,000 pounds (4oo tons) of Aura’s uranium production from the Tiris uranium project at a price above US$44 per pound of U₃O₈; the current spot price is around US$29 per pound.

Shares in Aura were up by a tenth in late morning trading.

11.00am: JKX Oil & Gas spurts higher after sidetrack well update

Investors tucked into the shares of JKX Oil & Gas PLC (LON:JKX) after the company gave an update on its IG103 sidetrack well in Ukraine.

The shares surged by around one-sixth as the company said that following the successful initial test rate of the well, its performance continues to exceed expectations, with production averaging 5,129 barrels of oil equivalent per day (boepd).

The company noted that current production is significantly higher than the fourth quarter 2018 average of 4,013 boepd.

10.30am: Crimson Tide surges as it raises profit expectations

Profits are expected to be ahead of market expectations at Crimson Tide PLC (LON:TIDE), the cloud-based mobile data company.

The shares surged – as tides are wont to do – 27% to 2.6p as the company saw an accelerated number of subscriber additions in 2018, ending the period with an increase in the customer base of 18%, all of which will contribute to long-term subscription revenues.

The company also experienced a sharp rise in the number of opportunities generated during the year, and at the period end recorded an increase of over 250% in the number of opportunities compared to 2017.

9.30am: CVS Group and Mayan Energy under the cosh

CVS Group PLC (LON:CVS) was the biggest faller in London in early trading after it said first-half earnings would be broadly flat year-on-year.

Over the past two years, CVS has acquired 24 practices in The Netherlands and has diversified into farm and equine practices. Early performance from these newer divisions has been disappointing with financial results falling short of our expectations, the veterinary services group revealed.

Sales in the final six months of 2018 – the first half of its fiscal year – grew 23.7% year-on-year with like-for-like sales up 4.0% while gross margins declined to 76.2% from 79.5% the year before.

The shares collapsed to 487p from 652.5p overnight.

Mayan Energy Limited (LON:MYN) lost around one-sixth of its value at 0.12p after it announced plans to raise £750,000 by issuing shares at 0.12p a pop.

The oil and gas company has concluded the operational review announced on 9 October 2018 and decided that its Stockdale and Austin Chalk assets plus its Zink Ranch will be its core assets while the Forest Hills asset is surplus to requirements.

"On a financial level, we settled numerous claims against the company and the company is currently in the process of filing past tax returns and will be looking to settle amounts due with the US Internal Revenue Service shortly,” revealed Paolo Amoruso, the chairman of Mayan Energy.

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Victoria Oil & Gas PLC (LON:VOG) has provided a production update and clarified it funding position. The former first: grid power customer ENEO resumed consumption, taking average gas output to 10mln standard cubic feet a day including gas condensate sales. At 12mln cubic feet, which was achieved last week (19-25 Jan), monthly revenues would be US$2mln, the Cameroon-focused producer said.

Metallurgical test work from the Mina do Barroso project owned by Savannah Resources PLC (LON:SAV) continues to show that a conventional 6% Li₂O, low-impurity concentrate can be produced with high recoveries.

ARC Minerals Limited (LON:ARCM) has updated on the construction of a commercial-scale demonstration plant at its Zamsort copper-cobalt project in Zambia.

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Tower Resources PLC (LON:TRP), the AIM-listed oil and gas company with its focus on Africa, said it will be providing an Investor Update at the Oil Capital Conference in London on Thursday 31 January 2019.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

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