Mirriad Advertising (AIM:MIRI) shares rose 20.45% higher at 26.5p after strong trading
The computer vision and AI platform group reported on Thursday that revenue had gone up by 109% for the six months ended 30 June 2020 increasing from £0.429m to £0.897m.
Pre-tax losses were also slashed to £4.9m from a loss of £7.2m as at 30 June 2019. The group said it continues to deliver against its strategy with record levels of activity in China.
Cash and cash equivalents came to £14.4m from £9.2m as at 30 June 2019, up 57% following its previous 2019 fundraise while the group reported a debt-free balance sheet.
Mirriad reported a steadily increasing customer base in the US with new agreements with Condé Nast, Tastemade and Meredith Corporation and, post the period end, Fuse Media.
Meanwhile, the group is seeing a significant increase with tier 1 US media company client and agency engagement as well as new opportunities opening in adjacent markets.
88 Energy (AIM:88E) shares rose 17.24% to 0.34p offer new discoveries at Charlie-1
The AIM-listed energy firm released new fully assessed data from the Charlie-1 appraisal well on the Alaska North Slope which the group plugged and abandoned back in April 2020.
The analysis also follows joint venture partner, Premier Oil’s, withdrawal from the project.
88 Energy unveiled to investors that final petrophysical interpretation released this morning will potentially upgrade the net hydrocarbon pay in the Charlie-1 well ‘substantially’.
88E said at the time of the plugging that further testing was required before it could think about commercial exploitation, given the likelihood of high gas content in the reserves.
Today, however, the company has reported new data showing the Seabee and Torok prospects with less gas than previously anticipated, reinstating them as compelling targets.
Commenting on the significance of Seabee, Managing Director of 88E Dave Wall, stated:
"The results from the Seabee, despite Charlie-1 not being optimally located, are outstanding. While these may appear as a serendipitous by-product of the well, internal analysis prior to drilling had already significantly high graded this formation; however, it was too late to change the objectives/location of the well, meaning work remained largely on the drawing board.”
This morning’s news was reported by The West Australian. Source: Twitter
Nostra Terra Oil & Gas (AIM:NTOG) shares were up 8.33% to 0.325p
The oil & gas exploration group has today completed the acquisition of a 100% Working Interest ("WI") in the Caballos Creek Oil Field, which is located in Atascosa County Texas.
The acquisition was made for a total of $0.425m and includes five producing wells, two injectors and one shut-in producer located on 745 acres and had proved reserves at 92,100 barrels of oil equivalent, with remaining economic life of 16 to 32 years per well.
The company focused on the USA and Egypt previously entered into a contract to acquire 100% WI in the oil field earlier this month and has from today taken over operations.
"Nostra Terra has acquired another asset that is immediately accretive, adding significant cash flow to the Company, achieved with non-dilutive financing,” said CEO, Matt Lofgran.
The Company will publish its 2020 interim accounts by 31 October 2020.
Pharos Energy (AIM:PHAR) shares were up 7.64% to 13.89p after government approval
The independent oil and gas firm said it has received approval from the Prime Minister of Vietnam for its full field development plan for the Te Giac Trang (TGT) offshore project.
Pharos holds a 30.5% working interest in Block 16-1 which contains 97% of the TGT field and is operated by the Hoang Long Joint Operating Company. The group said today’s approval represents the last stage of the required process in order to kickstart drilling at the project.
Pharos will now begin to drill six development wells during its fourth quarter of the year.
This infill-drilling programme is targeted to increase gross production at TGT from around 15,000 barrels of oil equivalent per day (boepd) to around 20,000 boepd in 2022.
Source: Twitter
CentralNic Group (AIM:CNIC) ticked up 5.83% at 85.25p with £30m raise
The internet specialist has raised £30m through the successful private placing of 40m shares at 75p each in order to fund its acquisitions of businesses, Zeropark and Voluum, known collectively as ‘Codewise’, which the group agreed to acquire yesterday for $36m (£28m).
The move follows its acquisition of Team Internet, completed in December 2019, and will both accelerate market share growth and expand its monetisation revenue segment.
The acquisition is expected to significantly enhance earnings immediately upon completion.
Today’s raise which represents 20.8% of the existing company's issued share capital will cover all material trade and assets pertaining thereto from three Polish based entities.
The proceeds will also allow the company to provide online marketing tools to its customers who procure domain names and other web services from CentralNic's existing businesses.
Hurricane Energy (AIM:HUR) shares were down 50.83% at 3.064p following losses
The UK-based oil and gas firm halved in value after reporting a loss after tax of $307.7m in the first half of the year, including a $238.9m impairment charge on the Lancaster field.
The results were picked up by the Financial Times this morning after the group’s technical review of its flagship project recorded significant reductions in its reserves and resources.
The group’s estimate of recovery from the two existing Lancaster Early Production System wells came up far below its previous estimate of 37.3m barrels of oil to 16 barrels of oil.
The technical review picked up on the downgrade of recoverable resources due to the fact that the contact point between oil and water was shallower than was originally anticipated.
The firm said the Lancaster field is more complex than previously thought due to oil-bearing sandstones onlapping the basement flanks which may contain significant volumes of oil.
“Following the uncertainty of recent months, as the significance of the EPS reservoir performance has become clearer, we must now focus on extracting value from Lancaster and our other discoveries, while optimising the use of our significant installed infrastructure West of Shetland,” said Antony Maris, Chief Executive Officer Designate of Hurricane.
He added, “Our near-term priority is further technical work to refine an activity plan for Lancaster, which we expect to be finalised by the end of this year and executed in 2021, with an overarching focus on capital discipline.”