Headlines from the Proactive UK newsroom.
Touchstone Exploration (LON:TXP) has made what it says is a significant crude oil discovery on the Ortoire exploration block, onshore Trinidad. Logs from the Cascadura-1 well indicate 1,037 feet of oil pay, which far exceeds pre-drill expectations said the company.
Oracle Power (LON:ORCP) has entered into a Joint Development Agreement with two new partners for its thermal power station at Thar in Pakistan. The JDA will see 73% owned by China Coal and 15 percent by Sheik Al Maktoum’s private office.
Shanta Gold’s (LON:SHG) latest exploration drilling at its New Luika mine in Tanzania has hit a new area of high-grade mineralisation at decent widths. Best of the results graded gold between 8.55 and 10.9 grammes per tonne.
Bus and train operator FirstGroup (LON:FGP) has put its North American contract businesses First Student and First Transit under review with a sale being one of the options. A cost cutting programme is also underway in UK buses.
Sports Direct (LON:SPD) has noted green shoots of recovery at House of Fraser as acquisitions boosted first half revenues by 14%. Profits jumped thanks to the sale and leaseback of the Shirebrook warehouse.