Network International Holdings (NETW ) shares ticked up 3.67% to 344.8p with new CEO
Shares in the group have gained over 13% in value since it announced last week that it had hired a Mastercard senior manager, Nandan Mer as its Chief Executive with Simon Haslam, the current Chief Executive, to step down from the group's board on 31 January 2021.
Network said Nandan has “a proven track record of building and growing businesses over 30 years” in a number of global markets with leading financial institutions including American Express, Citigroup, United Bank for Africa (UBA) and most recently at MasterCard.
“Nandan's strong track record of success with Mastercard and strong sector expertise make him an excellent appointment to lead Network through the next stage of our ambitious strategic growth plans,” commented Ron Kalifa, Chairman of Network International.
GCM Resources (GCM ) shares jump 34.87% to 10.25p as shares are restored to AIM
Shares in the AIM-listed mining and energy company, formerly Asia Energy and Global Coal Management, were restored during Monday morning after the firm’s appointment of WH Ireland Limited as its Nominated Adviser and Broker with immediate effect.
The Board also announced a reorganisation which will see Mr. Mohd. Najib Bin Abdul Aziz moved from Independent Non-Executive Director to Independent Non-Executive Chairman, with Datuk Michael Tang PJN continuing as Executive Director and Chief Executive Officer.
GCM has also appointed James Hobson as a Non-Executive Director with immediate effect.
CEO, Datuk Michael Tang PJN, stated, "I would like to welcome James Hobson's return to GCM, to enhance the Board and with his wealth of experience and knowledge of GCM's history he will once again be a valuable asset to the future of the Company and Project."
Global Petroleum (GBP ) shares rose 24.06% to 1.16p as it advances PEL0094 licence
Shares in the oil and gas upstream exploration group have increased by 40% in value since December 2020 when the group said its PEL0094 licence in Namibia was “progressing well”.
Following recently acquired seismic data, including the 2D seismic data over the relatively under-explored eastern part of PEL0094 (Block 2011A), GBP expects to be able to publish an updated Prospective Resources estimate for PEL0094 in the latter part of January 2021.
Global said last month that it expects the interpretation of this data to “enhance significantly” the prospectivity already identified in this area. It also confirmed that the farm out process for PEL0094 had also commenced. Global is currently contacting potentially interested companies and the data rooms it said will open at some point this month.
Egdon Resources (EDR ) shares were trading 21.88% higher at 1.95p
The Operator of the Wressle Oil Field Development located in North Lincolnshire Licences PEDL180 and PEDL182 where the Company holds a 30% operated interest said that operations to re-complete and reperforate the well at the site have now commenced.
Egdon’s statement was also reiterated this morning by the UK focused onshore hydrocarbon production, development and exploration company, Union Jack Oil (UJO), which currently holds a 40% economic interest in the North Lincolnshire licences PEDL180 and PEDL182.
Union Jack Oil highlighted that operations are expected to be completed to enable the Ashover Grit reservoir to be flowed prior to the end of January 2021, as previously advised.
The Ashover Grit reservoir is expected to produce 500 barrels of oil per day at a constrained rate, increasing UJO’s net production by an additional 200 bopd when fully on stream.
Cineworld Group (CINE ) shares were down 6.78% as UK faces tighter restrictions
Shares in the cinema group fell as UK ministers are reported to be discussing tighter lockdown rules, dragging down the value of many travel and leisure stocks today.
Shares have jumped 150% in three months. While the company remains well below their pre-pandemic worth, the stock has seen light recovery in recent weeks. However, today’s fall comes amid reports that Covid-19 restrictions in England will become even tougher.
According to publication Share Cast, Spreadex analyst Connor Campbell commented, "Without the artificial buzz of the New Year, or a seismic event like a pair of Senate races, the markets were forced to contend with the day-to-day realities of trading in 2021.
He added, "For the FTSE, that means the prospect of even tighter restrictions in the UK, as experts believe the current level of lockdown isn’t having the desired effect.
Practically, any further measures the government could implement should have minimal impact on the blue-chip index’s individual components. Symbolically, however, the shift towards harsher constraints may undermine the FTSE’s recent growth."