Movers of Thursday 29 July 2021

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Union Jack Oil completes proppant squeeze operation at Wressle development 

Union Jack Oil, the UK-focused onshore hydrocarbon exploration company, told investors that the proppant squeeze operation on the Ashover Grit reservoir interval in the Wressle-1 well has now been completed “safely and successfully.” The programme has concluded that the operation would result in constrained flow rates of 500 barrels of oil per day (gross).

Cadence Minerals reports ‘solid operational progress’ at Amapa Iron Ore Project

Cadence Minerals told investors that it has reported “solid operational progress” at the Amapa Iron Ore Project in regard to recommissioning work at the mine, port and railwayAddressing shareholders today, Cadence’s Chief Executive Officer Kiran Morzaria said ongoing sales from Amapa’s iron ore stockpiles are providing sufficient funding to complete the PFS, along with some of the work required to bring the complete operation back to life.

I3 Energy successfully completes two wells at Clearwater ‘on time and on budget’

I3 Energy, the independent oil and gas company with assets and operations in the UK and Canada, said it has successfully concluded drilling, completion and tie-in operations on the first two wells in the Company's Marten Hills Clearwater acreage, “on time and on budget.”

Movers of Wednesday 28 July 2021

See Today's Market Movers featuring Wizz Air, Echo Energy, Phoenix Copper, Quantum Blockchain and RHI Magnesita

Kanabo Group unveils proposed acquisition of Materia’s European assets

As reported by The Times on Monday, Kanabo Group (LON:KNB) announced the acquisition of the European businesses of 11157353 Canada Corp, known as ‘Materia’, in a deal which Kanbo said will make it Europe's biggest publicly traded cannabis company and which reflects its ongoing efforts to accelerate its growth and market penetration.

GetBusy anticipates ‘strong growth’ in SmartVault business for 2H21

In its results for the six months ended 30 June 2021, GetBusy, which develops document management and task management software, said it expects to see continued strong growth in recurring subscription revenue in its SmartVault business in 2H21. The Group said it remains confident that it can grow its recurring subscription revenues over the medium to long term despite reporting a wider pre-tax loss for 1H21 as a result of booking higher costs.

VR Education expects to report significantly higher revenue from ENGAGE platform

In an update for the six months to 30 June 2021, VR Education (VRE) said it continues to trade in line with market expectations with its performance reflecting “significant progress.” In particular, revenue from its ENGAGE platform has accelerated, with unaudited 1H21 revenue expected to be c.€1.25m, an increase of 84% on the prior year (1H20: €0.68m).

Challenger Energy initiates production testing at Saffron-2 well 

Challenger Energy, the London-listed Caribbean and Atlantic margin focused oil and gas company, said the first stage of production testing at the Saffron-2 appraisal well in Trinidad and Tobago has commenced, with wellbore clean-up operations also now underway. 

Block Energy says WR-B1 well remains ‘on target and as planned’

Block Energy,  which holds a 100% working interest in the West Rustavi onshore oil and gas field, said the drilling of well WR-B1 has reached the 9 ⅝" casing point and remains “on target and as planned” to date. If WR-B1 proves successful, it will be ‘rapidly tied’ into Block's Early Production Facility, processing both oil and gas produced from the well.