Proactive news summary including blur Group, Sound Oil, Simba Energy and Medusa Mining


Technology firm blur Group (LON:BLUR) was in focus today.

And Philip Letts is in no doubt his latest technology venture has the potential to be a $1 billion business.

You can’t fault the serial entrepreneur for his ambition, though the prediction comes just days after Letts listed the cloud-based exchange group on AIM with a market cap of £20 million, or $32 million.

So there’s a rather large valuation gap to narrow. Not that Letts appears daunted by this or embarrassed by his rather bold assertion, writes Proactive.

And once you understand the business it becomes obvious why blur’s chief executive, a veteran of the last internet wave, is so bullish.

blur is a specialist offshoot of crowdsourcing, a rather odd compound word that was first coined by tech guru Jeff Howe, a writer for the magazine Wired. 

It describes the very simple idea of taking a job or service and outsourcing it electronically to the person or firm willing to carry it out for the right price, and to deadline.

Shares in the firm were unchanged at 83.75 pence.

Oil and gas was also in focus with Sound Oil (LON:SOU) today unveiling a deal to sell s 20% stake in an Indonesian exploration venture, the Citarum PSC.

The deal with the project operator, Pan Orient Energy, removes significant funding commitments for what was increasingly becoming a non-core part of the business.

A total of US$2.4 million of cash calls will now be waived, the company said.

It also allows for future payments of up to US$16 million should the remaining partners’ drilling efforts prove successful – with US$10 million payable with the first discovery, and a further US$6 million due upon a second find.

Sound Oil shares were up six per cent today, to stand at 1.23 pence.

Meanwhile, Simba Energy (CVE:SMB) told investors it had now signed the production sharing contract (PSC) with the Republic of Chad - for three prospective oil and gas concessions.

Last month the firm said that each block was potentially a "company maker" in its own right.

Simba said its technical team had already begun preparing for the first phase of work on one of the blocks.

They lie in the Doba, Dosea and Erdis basins and the PSC for all three has a first exploration phase of five years and a second over three years.

The first part of the work involves reinterpreting existing 2D seismic, acquisition of at least 750 km of new 2D seismic, as well as 400 sq km of 3D seismic to determine the range of possible drilling opportunities, to be deployed in the second phase, with two exploration wells.

In mining, there are few gold producers with such good expansion plans or low cash costs as Medusa Mining (LON:MMLASX:MML), according to broker Fairfax today.

Medusa today announced it has reopened the Baguio shaft at Co-O mine in the Philippines following a fire in August.

Medusa said the shaft was re-commissioned last week with an increased haulage capacity of 350 tonnes per day (up previously from 250 tonnes per day).

Shares in the company rose 3.47 per cent today, to stand at 418 pence.

In coal mining, Beacon Hill Resources (LON:BHR) says its top priority remains securing the rail allocation on the Sena rail line in Mozambique “as soon as possible”.

The company’s chairman Justin Lewis said the company believes this will lead to a substantial re-rating of the group.

Formal negotiations are underway with the Mozambique rail authorities to finalise the allocation.

Beacon Hill said talks are going well and it remains confident of sealing a deal by the end of the year.

Coal produced at the Minas Moatize mine is currently trucked to the port of Beira. And access to rail infrastructure is expected to enhance the group's commercial operations.

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