The MSD-21 infill development well on the Meseda Field, in which SDX has a 50% working interest, is targeting the Asl Formation reservoir.
It is estimated that the well will take around four weeks to drill, complete and tie-in to the existing infrastructure.
1.50pm: 7digital rallies as its revolving credit facility is doubled
7digital Group PLC improved 11% to 0.525p after it was given more breathing space by its bankers.
The business-to-business digital music services provider said Investec bank had doubled its revolving credit facility to GBP2mln.
“This enlarged credit facility provides low-cost capital that will satisfy our cash requirements as we transition to becoming EBITDA positive. As we stated in our interim results, we have new contracts representing significant revenue that are just awaiting signature. While this is taking longer than originally anticipated, we expect they will be finalised in the near term and enable us to generate positive EBITDA for the full year of 2022. I would like to thank Investec as well as our significant shareholders for their continued support as we look to build a sustainable platform for growth,” said Paul Langworthy, the chief executive officer of 7digital.
12.45pm: Benchmark raises the bar
The current consensus is for annual underlying profits (adjusted EBITDA) of GBP15.9mln, but Benchmark expects to do better than that.
Good momentum in the third quarter continued into the final three months, it said, helped by cost control and further recovery in its end markets, the aquaculture biotechnology specialist said.
11.50am: Big contract win boosts Ethernity
Ethernity Networks Limited surged 8.2% to 60p on news of a big order from China.
The company has received what it described as a “breakthrough” order worth roughly US$3mln with a Chinese broadband network original equipment manufacturer.
It is the largest order the company has won since it floated in June 2017.
10.55am: Tlou Energy lifted by power purchase agreement news
The power station developer said that under the terms of the agreement, the Botswana Power Corporation would purchase up to 10 megawatts of power generated at Tlou’s Lesedi power project.
The agreement is for an initial five-year term.
10.00am: THG rallies as founder agrees to give up “special share”
Some good news at last for those investors gulled into buying shares in THG Holdings PLC a year or so ago; the founder is to give up his golden share.
Shares in the company formerly known as The Hut Group rose 5.9% to 306.6p – still a long way below their 500p flotation price – after Matt Moulding, the founder, chief executive and chairman (he possibly does the office cleaning as well) said he would give up the special share that allows him to block any takeover attempt.
So-called “golden shares” are not much liked in the City, not least because they prevent a stock from being listed on the premium segment of the main market of the London Stock Exchange or included in FTSE Russell indices.
The owner of drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, TROVE Botanical Vodka and Blavod Black Vodka saw turnover slump 23% to GBP1.44mln in the six months to the end of September from GBP.188mln in the same period of last year.
The group posted a loss of GBP44,000, versus a profit of GBP154,000 a year earlier.
“Given ongoing supply chain challenges and uncertain timelines for the resumption of normal activity levels it is difficult to forecast with accuracy and certainty for the second half of the year,” the company admitted.
Pass me the vodka. No, not that one; a cheaper one.
The manufacturer of infection prevention products found itself a bit of a stock market darling after the Covid-19 epidemic became a pandemic but the fizz seems to have gone out of its performance.
Turnover in the year to the end of June was down 2% year-on-year at GBP31.0mln while pre-tax profit slumped to GBP3.8mln from GBP6.6mln the year before.