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Savannah Petroleum PLC

Bidstack sees epic gains

A look at the day's major movers, including Ixico, Redx, Dev Clever, Clear Leisure, Savannah Petroleum and Tri-Star Resources

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"This collaboration with Epic also gives advertisers an expanded access point to the gaming community"

Bidstack Group PLC (LON:BIDS) saw its shares bid up 13% to 31p on the back of a collaboration with Epic Games.

The in-game advertising group will work with Epic’s Unreal Engine, enabling video game developers to make money from their titles by creating advertising space within their currently live and soon-to-be-launched games, via a new Bidstack plug-in.

“Our new arrangement with Epic's Unreal Engine enables developers of all sizes, by adding Bidstack's technology to their game, to open their ad inventory to global media buyers and potentially attract advertising revenue from the world's leading brands,2 said James Draper, Bidstack’s chief executive officer.

2.30pm: IXICO raises expectations

IXICO PLC (LON:IXI) said its performance for the current year will be “materially ahead” of market expectations with the company breaking even in the final six months.

In an update on trading, the group, whose software is able to interpret brains scans, said revenue growth in the second-half (which ends September 30) had been strong.

Market makers responded to the news by pushing the shares up 23% to 41.8p.

1.30pm: Redx navigates the first part of early-stage trial of its lead candidate

Redx Pharma PLC (LON:REDX) has been told it can up the dose of its lead cancer drug after it successfully navigated the first part of its early-stage trial.

The first lot of cancer patients were given the drug in 0.5mg doses, and following a review of this initial data, regulators have recommended that Redx increases the dose in the second cohort of patients – the recruitment of whom is now underway.

Redx shares were up 5.4%at 9.75p in late afternoon trading.

12.30pm: Dev Clever pulls out of its tailspin with news of a contract with Toshiba Global Commerce Solutions

The slumping share price of Dev Clever Holdings PLC (LON:DEV) received a much-needed boost from the signing of a contract with Toshiba Global Commerce Solutions.

The shares rose 8.2% to 3.625p – leaving them down 40% over the last three months – on news of the contract that will see the software house's gamification platform “Engage” offered to Toshiba's retail customers.

The company also managed to get away a placing of shares at 3.4p to raise £435,599 before expenses.

11.45am: OKYO lifted by collaboration with noted eye specialist

OKYO Pharma Limited (LON:OKYO) climbed 8.8% to 4.625p as it announced a collaboration with a prominent ophthalmology scientist and cornea specialist.

Pedram Hamrah, who is a professor of Ophthalmology at Tufts University School of Medicine in Boston (Massachusetts), will work with OKYO to evaluate proprietary lead compounds as non-narcotic pain-killers targeting G-protein coupled receptors.

"Neuropathic corneal pain is a severe, chronic and debilitating disease," said Dr. Hamrah. "No commercially available treatments are currently available for this condition, so we are excited about this collaboration to test new compounds in our pre-clinical model of this disease."

10.30am: Clear Leisure sold off as blockchain joint venture hits an impasse

Investment company Clear Leisure PLC PLC (LON:CLPP) saw its shares slump 19% to 0.255p after it revealed a US$100,000 investment in an Israeli technology company.

The company is to subscribe for syndicated senior secured promissory notes issued by Geosim Systems, a 3d-modelling specialist.

The company, which jumped on the blockchain bandwagon last year just as it started to run out of steam, said it is in the final stage of negotiations with 64Bit Ltd to resolve differing opinions as to the correct strategy for their joint venture.

9.30am: Savannah good time

Shares in Savannah Petroleum PLC (LON:SAVP) shot up 45% to 18p after the company received some welcome news from “the man from the ministry”.

The oil & gas company focused around activities in Niger and Nigeria said the Nigerian Department of Petroleum Resources has approved Savannah’s proposed transfer of Seven Energy’s assets to Savannah.

There are still a few other boxes to tick before the transaction goes through, namely the execution of long-form documentation concerning the Accugas debt restructuring and the Frontier swap

READ Savannah Petroleum gives more details of potential Nigeria acquisition

Elsewhere in the resources sector, mining company Tri-Star Resources PLC (LON:TSTR) advanced 15% to 41.5p after the production of commercial-grade dore commenced at the antimony-gold processing facility in the Port of Sohar Free Zone located in the Sultanate of Oman.

“Production of first commercial-grade dore is a significant milestone as we look to advance the development of this exciting gold and antimony project and build a leading global position in the market,” said Adrian Collins, the chairman of Tri-Star.

“Whilst there are still challenges to overcome, we have reached a tipping point that will, I believe, result in accelerated activity over the next few months; we look forward to updating shareholders on progress,” he added.

 

Proactive news headlines

Highlands Natural Resources PLC (LON:HNR) has decided to focus its attention on growing its recently-launched cannabis business following a strong start to trading. 

Malcolm Pye, the chief executive officer of Benchmark Holdings PLC (LON:BMK), has notified the board of his decision to step down on 30 November. 

Antenna maker MTI Wireless Edge Limited (LON:MWE) has hinted it could beat full-year expectations after posting a 67% surge in first-half profits.

IXICO PLC (LON:IXI) said its performance for the current year will be “materially ahead” of market expectations with the company breaking even in the final six months. 

Motif Bio PLC (LON:MTFB) is assessing the potential of lead drug iclaprim as a combatant for the life-threatening infection listeria. 

BATM Advanced Communications Limited (LON:BVC) has reported an increase in its underlying earnings for the first half of 2019 and expects to record good growth for the full-year as it gains increasing commercial traction in two key areas. 

South African miner BlueRock Diamonds PLC (LON:BRD) has sold a fifth stone from the Kareevlei mine for more than US$50,000. 

Redx Pharma PLC (LON:REDX) has been told it can up the dose of its lead cancer drug, RXC004, after it successfully navigated the first part of its early-stage trial.  

Mkango Resources Ltd (LON:MKA)(CVE:MKA) has confirmed that a recently shipped 60-tonne bulk rock sample taken from the Songwe Hill rare earths project has now arrived into Fremantle Port in Western Australia. 

Adamas Finance Asia Limited’s (LON:ADAM) portfolio firm, Hong Kong Mining Holdings Limited (HKMH), is expecting to restart operations in the second half of this year.  

AfriTin Mining Ltd (LON:ATM) has produced its tin concentrate from the Uis tin mine in Namibia. Tin production comes soon after the company announced the completion of the Phase 1 pilot plant on 26 July 2019 and that hot and cold commissioning were nearing completion.

Scancell Holdings PLC (LON:SCLP) is to begin the UK arm of the phase II trial of its flagship skin cancer treatment immediately. The trial is testing the safety and efficacy of SCIB1 in 25 metastatic melanoma patients who are also receiving Merck’s blockbuster checkpoint inhibitor Keytruda.

Alternative fuels group Quadrise International PLC (LON:QUAD) expects to confirm funding plans by the end of the month.

 

Quick facts: Savannah Petroleum PLC

Price: £0.25

Market: AIM
Market Cap: £217.3 m
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