Oriole Resources shines after Senegal drilling results

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Oriole Resources PLC is shining after the second positive update in two days on its Senala project in Senegal.


Its partner in the project, IAMGOLD Corporation has the option to spend up to US$8mln to earn a 70% interest .


Following a new reverse circulation drilling programme, Oriole chief executive Tim Livesey, said: “Excellent results from this… programme, targeting previously identified but as yet unquantified gold mineralisation at FareFar South and FareNorth, continue to support our belief that the c.6 km trend at the Fare prospect has ample potential to host a stand-alone resource.


“Not only are these RC drilling results indicative of the typical grades considered mineable in West African orogenic gold systems but the intersection of significant mineralised widths, often close to surface, points to the huge untapped potential at Fare.”


The news has seen Oriole’s shares climb 6.65% to 0.51p.


2.42pm: Likewise jumps on first day of dealings


Floor coverings group Likewise Group PLC has stepped out smartly in its first day on AIM.


The Yorkshire business, founded just three years ago, has seen its shares jump from the 25p placing price to 30.91p, a 12.6% gain.


It raised GBP10m, which it will use to hire more staff, make acquisitions and expand its distribution network to the south and south west of the country.


At the placing price the company was valued at GBP48.1mln. Chief executive Tony Brewer has set a goal of growing that to GBP200mln and increasing its market share from 3% to 10% (video interview here).


The company’s directors took place in the offer, with Brewer himself paying GBP100,000 for 400,000 shares.


He said: “Likewise is delighted to be listed on AIM in order to create access to capital and accelerate our growth aspirations.”


12.05pm: Balfour Beatty drops as UK construction business still struggles


Construction and engineering group Balfour Beatty PLC has lost ground after its latest results.


First half revenues were broadly flat, while it moved from an operating loss of GBP14mln last year to a GBP60mln profit.


But its UK construction business was still loss making, and it flagged up a contingent liability on a high-rise development in London (relating to a stone facade) which could cost up to GBP50mln.


The company has also decided to no longer bid for fixed price residential property projects in central London.


Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: “Losses on London property construction contracts mean Balfour’s UK construction business has not made any progress year-on-year. Given the group was struggling with the complete closure of the construction industry 12 months ago that’s a particularly poor result.


“In future the group will avoid fixed-price residential property contracts in central London altogether. That may avoid repeats of past blunders, but it continues a trend of Balfour restricting where it operates. So long as there’s enough work to do in its remaining markets that’s no bad thing, but construction is a notoriously fickle business and work quickly dries up when the economy takes a turn for the worse.”


Its shares are down 7.21% or 23p to 296p.


10.56am: BrandShield Systems boosted by payment processing contract


Cybersecurity specialist BrandShield Systems PLC has keyed up a share price rise after detailing a new contract win.


It has expanded its presence in financial services by signing a deal with a company in the payment processing sector.


BrandShield will provide protection services against phishing and impersonation attacks, from monitoring threats to taking them down.


It said: “Payment processing customers suffer from large scale impersonation attacks which act as the gateway to further fraudulent activity targeting both online customers and online retailers, the legitimate recipients of the targeted payments. The brand reputation suffered by the legitimate payments platform can be extreme in terms of negative publicity and confidence amongst retailers and customers in the vast eCommerce space.”


BrandShield shares are 4.73% or 0.86p better at 19.11p.


10.01am: SDX Energy under pressure after disappointing gas field update


SDX Energy PLC (AIM:SDX, FRA:3KX, OTC:SDXEF) has seen a leak in its share price after a disappointing update from the South Disouq gas field in Egypt.


After drilling on the Hanut prospect in South Disouq – where SDX has a 55% interest – it found good quality sands but these were not charged with gas.


It said that Hanut was “a unique subsurface feature in the South Disouq acreage” so it believed the result of this exploration well would have limited impact for the rest of the area.


Chief executive Mark Reid said: “Whilst the result of this well is disappointing, I remain positive about the remaining prospectivity in the area which has not been materially impacted. In particular, I am encouraged by the proof of reservoir quality sands … in the South Disouq area as this derisks further close by prospectivity. The company will now be working towards moving these prospects to drill-ready status for a 2022 campaign and looks forward updating the market on its campaigns in West Gharib and in Morocco in the remainder of the year.”


But the company’s shares have fallen 10.35% or 1.5p on the news to 13p.


8.58am: Novacyt climbs on COVID-19 test updates


Diagnostics group Novacyt S.A. (AIM:NCYT) is in demand after a positive update on its COVID-19 tests.


Half year revenues grew by more than 50% to GBP94.7mln, with GBP54mln of than coming from a mixture of overseas sales and a growing UK private testing market, lessening the company’s reliance on business from the Department of Heath and Social Care. Indeed the DHSC sales are currently in dispute.


Meanwhile it has been awarded a new contract for the supply of its Promate COVID-19 tests to the NHS, worth up to GBP4.7m .


UK private market sales, which currently includes COVID-19 testing in film, media, travel and corporate industries, increased significantly in the second quarter.


It said: “The company expects continued strong growth in private testing as markets and travel re-open and, as the Northern Hemisphere heads into winter, the potential for higher infection rates will increase the need for COVID-19 testing. Since the start of 2020, the company has launched 16 new CE-IVD products, and expects to launch a further 10 by the end of 2022.


“The company therefore reiterates revenue guidance of GBP100mln for the full year, excluding DHSC revenues, as announced on 22 June 2021.”


Its shares are up 14.9% or 45p at 347p.


Also heading higher is cloud platform specialist LoopUp Group PLC (AIM:LOOP).


It has added 5.33% or 2p to 39.5p after recognition from Microsoft.


The US giant has awarded LoopUp its ‘Calling for Microsoft Teams Advanced Specialization’.


This goes to Microsoft partners that demonstrate “deep knowledge, extensive experience, and proven success in the deployment and management of Microsoft Teams Calling and Phone System.”



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