Kavango Resources PLC (LSE:KAV, OTC:KVGOF) headed 4.4% higher to 4.8p after it started drilling at the B1 Conductor target on the company’s Kalahari Suture Zone project.
The B1 Conductor is a cross-formational, strongly conductive geophysical anomaly that has a conductance reading of 8,200 Siemens.
According to the company’s model, the B1 Conductor is 475 metres by 550 metres in size.
Guilds Esports Fortnite team goes top of the league
Guild Esports PLC (LSE:GILD, OTC:GULDF) said its Fortnite pro-player, Henrik Mclean, achieved first place in the prestigious Fortnite Champion Series (FNCS) Grande Royale yesterday.
The news sent the shares surging 9.3% to 4.1p.
Guild Esports’ Anas El-Abd, Jannis Matwin and Lennard Sill finished 3rd, 4th and 14th place respectively in the tournament, sending Guild to the number 1 ranking spot in Europe. Guild’s pro-players earned a total of US$356,500 in prize money from the event.
2.35pm: Zenith Energy bandwagon rolls on as it completes acquisition
One of this year’s stock market stars, Zenith Energy Ltd (ASX:ZEN), was on the rise again on Monday as it announced an acquisition.
The stock surged 12% to 1.075p after it entered into a share purchase agreement for the acquisition of Canadian North Africa Oil & Gas Ltd.(previously named CNPC International (Tunisia) Ltd), a 100% subsidiary of CNPC International Ltd.
The rise takes the year-to-date rise of Zenith to around 750%.
1.40pm: COPL lifted by increased production at Barron Flats
Canadian Overseas Petroleum Ltd was on the rise, up 255 at 24.75p, after it announced increased oil production at its operated Barron Flats Shannon Unit in Wyoming.
Crude oil production from the Shannon Unit has increased by about 700 barrels a day, a 35% increase from the oil production reported in the company’s 15 November press release.
The increase in oil production is due to the commissioning of facilities to reduce the surface working pressures on the most capable producing well in the field.
12.45pm: Caracal’s rigs arrive in Kenya
Caracal Gold PLC (LSE:GCAT), up 7.45 at 1.3695p, was lifted by the arrival of two drilling rigs at its Kilimapesa gold mine in Kenya.
The company can now start a drilling campaign with pre-drilling work including preparation of drill pads already well-advanced.
The focus will be on rapidly increasing the current JORC compliant resource of around 670,000 ounces to more than two million ounces through an initial 16-hole, 3,000-metre (m) diamond drill programme on the mining licence and a regional 10,000m reverse circulation (RC) campaign on the broader prospecting licence.
11.50am: Escape Hunt gets away funding to make new start
Escape Hunt PLC (AIM:ESC) shares are up as the company confirms that shareholders backed proposals to escape its past with a new name, some newly raised cash and a new acquisition.
Its new moniker will be XP Factory PLC, which seems instantly forgettable but is designed to reflect its ownership of ‘experiential leisure’ brands, including the Escape Rooms chain and the recently announced acquisition of the Boom Battle Bars, a chain of six venues that “combine competitive socialising activities with cocktails and street food”.
The change of name is expected to occur within about three weeks and a GBP17.2mln fundraising was confirmed as having completed this morning.
10.55am: Hochschild Mining plunges on Peru threat
Monday’s child is fair of face but Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) is more like Wednesday’s child: full of woe.
The shares plunged 40% to 99.65p after various media outlets reported minutes of a meeting signed by the Peruvian Head of Cabinet, certain vice-ministers as well as regional authorities in the town of Coracora in the Ayacucho region. The minutes refer to alleged environmental complaints, and state that a commission has been constituted in order to negotiate the timetable and terms for the closure of certain mining projects in southern Ayacucho, including the company’s Pallancata and Inmaculada mines.
The Peruvian Head of Cabinet subsequently indicated that approvals will no longer be granted to facilitate additional mining or exploration activities in relation to these mining operations. The company said it has not received any formal communication from the government regarding this matter.
#Hochschild Mining tumbles after Peruvian government plans.
?The government in Peru plans to close two of Hochschild’s mines on environmental grounds.
????????Peru is the world’s 2nd largest copper producer.#HOC ???? 39% #MarketUpdate
RW:74.54% of retail clients lose money
— Trading.com UK (@tradingdotcomuk) November 22, 2021
10.00am: Frontier Developments loses a third of its value after profit warning
When your flagship brand is called Elite, you had better make sure that your products are top-notch and that apparently has not been the case for Frontier Developments PLC (AIM:FDEV), the video game developer.
The company cut its revenue guidance for the current year after initial sales of the PC version of its Jurassic World Evolution 2 game fell short of expectations.
The company now expects revenue in the year to 31 May 2022 to be in the GBP100mln-130mln range, down from the previous forecast of GBP130mln-150mln.
9.05am: Winner at Haydock comes in for Coral Products while Everyman Media salutes return of the popcorn munchers
Coral Products PLC (AIM:CRU) improved by 6.9% to 15.5p after it completed the sale of a property for GBP3.5mln.
The specialist in the design, manufacture and supply of plastic products announced the sale of its freehold premises in Haydock on Merseyside back in May.
The profit on the sale of about GBP900,000 will be accounted for in its full-year results to 30 April 2022.
Everyman Media Group PLC (AIM:EMAN) shareholders can prepare to open a GBP5 bag of Maltesers to celebrate an upbeat trading update that sent Everyman’s shares 5.6% higher.
The independent cinema group said admissions have been ahead of expectations over the last couple of months, as a result of which revenues and underlying earnings (EBITDA) for 2021 will be ahead of expectations.
On the basis of no further COVID-19 restrictions in 2021, the group expects to report turnover of not less than GBP46.3mln and EBITDA of not less than GBP7.0mln. Analysts are currently forecasting GBP42.5mln for turnover and GBP4.8mln for EBITDA.