XP Power (XPP) shares ticked up 3.49% to 5,345p as it reports ‘record’ order intake for 1H21
On Tuesday, the critical power control solution developer published its results for the six-month period ended 30 June 2021 in which it reported a record order intake for the period.
XP reported orders up by 7% at constant currency and 8% on a reported basis, to £157.6m. It said it is entering 2H21 with a record order book of £150.3m, up from £124.1m from FY20.
Meanwhile, XP declared a first half dividend of 37p per share, an increase from 18p in FY20.
While the Board said it remains mindful of certain headwinds going forward, XP’s directors said they still expect 2021 full-year trading to come in “modestly ahead” of expectations.
Cora Gold (CORA) shares soared 28.26% to 14.75p as it publishes ninth set of drill results
Today, the West African-focused gold company announced its ninth set of drill results from its largest ever drilling campaign at its Sanankoro Gold Project located in Southern Mali.
Cora, which is focused on targeting resource growth and infill drilling to convert existing Inferred resources to indicated resources, said the results to date have been ‘extremely encouraging with good widths and high-grade results in generally shallow oxide ore.’
These results are the first from the Phase 2 programme at Selin targeting drilling below the existing pit shell, which has a 65m average depth, into the transitional and fresh rock.
It intersected ‘extremely strong mineralisation’ in both grades and widths below the base of the existing pit shell which it said is very encouraging for the future development of Selin.
88 Energy (88E) shares jumped 17.77% to 2.85p as it extends Umiat oil field by two years
Shares in 88 Energy jumped on Wednesday after the firm confirmed to investors that it has been granted a two-year extension for its obligations at the Umiat oil field in Alaska.
In an update, the Alaskan-focused exploration company said further studies in conjunction with post well testing at its Merlin-1 well has identified additional upside at the oil field.
88E said the extension will allow it to optimise a full field development plan, which will include evaluating potential synergies with plans associated with its Project Peregrine.
In addition, it will also enable it to use the knowledge gained from drilling the Merlin-1 well to plan an efficient operational program to maximise the chance of success at Umiat.
The Company explained that a discovery at Project Peregrine, where future appraisal drilling is planned, would contribute ‘significant value’ to any development at the Umiat oil field.
88 Energy plans to utilise the next 24 months to investigate previous scoping studies and explore possible alternative development scenarios to improve the economics of Umiat.
Challenger Energy (CEG) shares rose 16.22% to 2.15p after production testing kick-starts
Last week, the firm said the first stage of production testing at the Saffron-2 appraisal well in Trinidad and Tobago had started, with wellbore clean-up operations underway. The Company has a 100% operating interest in the well and the broader Saffron project.
To date, the Caribbean and Atlantic margin focused oil and gas company has successfully drilled the Saffron-2 appraisal well to a depth of 4,567ft encountering similar Upper, Middle and Lower Cruse reservoirs to those encountered by the former Saffron-1 exploration well.
The initial phase of developing the Saffron field will involve drilling between five to nine production wells at an estimated capital cost of US$12 - US$20m, and this initial program is projected to achieve an average daily production of 1,000 - 1,500 bopd which, based on a US$60/bbl oil price, could generate annualised net operating cash flows of up to US$12m.
Thereafter, the current anticipated full-field development for the Saffron project could ultimately comprise up to 30 wells in total, with a projected peak production of around 4,000 bopd, potentially generating annualised net operating cash flows of up to US$25m.
In June, Challenger told investors that it was making “solid progress” against its goal to reset the business with its core strategic objective focused on growing production and cashflow.
Ferrexpo (FXPO) shares fell 7.45% to 457.8p despite 1H21 pre-tax profit surpassing FY20
Despite falling, Ferrexpo has gained over 75% since the start of the year. Today, in its half-year report for the six months to 30 June 2021, the Group reported a 74% revenue rise by 74% to $1,353m, reflecting market conditions and investments in increasing pellet quality.
Pre-tax profit for the first half surpassed FY20 results, more than doubling to $896.9m. In comparison, pre-tax profit for 1H20 was $294m and $747.9m by the end of the FY20 year.
Lucio Genovese, Non-executive Chairman of the Company said the strong set of half-year results were demonstrative of Ferrexpo’s multi-year investment programme in its assets.
Genovese said this has enabled it take full advantage of the current strength of the iron ore market through its high grade iron ore products, “but also to deliver these results alongside excellent safety performance and continued progress in cutting carbon emissions.”