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Proactive news summary, including Dekel Oil, Hummingbird Resources, Kea Petroleum, ANGLE and Galasys

Published: 01:40 23 Jul 2014 AEST

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Dekel Oil (LON:DKL) shares rose almost 15% today.

The group's chief executive Youval Rasin is confident there will be more important milestones over the next 12 months as the company ramps up production.

Rasin today greets investors at the company’s AGM after a year in which the company transformed into a revenue generating crude palm oil producer, after establishing one of West Africa’s largest mills on time and on budget.

Dekel said that the new mill is performing well, and the recently reported 23.8% extraction rate was above expectations and was “among best in the industry”.

It was one of a mixed bag of news Tuesday. which included releases from the minin and medical technology sectors.

Gold focused Hummingbird Resources (LON:HUM) has appointed South African consultant SENET to oversee engineering of the processing plant and associated infrastructure at the Yanfolila mine in Mali.

The explorer acquired the Yanfolila project from Gold Fields in April and intends to get the 1.8mln ounce deposit into production by the end of 2015.

SENET has agreed to start work immediately, having already worked on the project for Gold Fields for three years prior to its sale to Hummingbird.

Elsewhere, African Consolidated Resources (LON:AFCR) confirmed it is in continuing talks to fund around US$18 million necessary to acquire the Dalny Mine and to bring its Pickstone Peerless Gold project in Zimbabwe to production.

As revealed last month, the firm inked a conditional agreement with Falcon Gold Zimbabwe to purchase the mine, which is also near AFCR's Gadzema gold project, for a net cost of US$8.5mln.

Today, the company said a Falcon extraordinary general meeting (EGM) for the approval of the Dalny sale is now due to take place on August 13, having been previously expected on July 29.

Also today, shares in Kea Petroleum (LON:KEA) rose over 25% as drilling kicked offon the company's third well on the Puka field.

Puka 3 is a major component of the work programme committed as part of MEO‘s farm-in for the project, which was agreed back in April.

"We have eagerly been awaiting the drilling of the Puka 3 appraisal well,” said Ian Gowrie-Smith, Kea chairman. “The results will help us to gain a better understanding of the resource size and deliverability, to enable us to plan for further commercial development."

Medtech specialist ANGLE (LON:AGL) said its Parsortix diagnostic system has been positively evaluated by the prestigious Clinical and Experimental Pharmacology (CEP) group.

The CEP team is based at the Cancer Research UK Manchester Institute (CRUK MI), which is part of the University of Manchester.

CRUK MI is a leading cancer research institute spanning the whole spectrum of cancer research.

The CEP group was impressed by the performance of the Parsortix system, which can harvest circulating tumour cells (CTCs) found in the blood thus allowing for the early detection of cancer, and is now planning to use the system in future clinical studies.

Also today, Galasys (LON:GLS) expects to report better than expected interim results after a string of new contracts in the first half of its latest trading year.

The theme park ticketing specialist was awarded 19 new amusement park contracts in Asia and two with Chinese entertainment giant Dalian Wanda, including a first ever film park.

In broker coverage, Independent Oil & Gas (LON:IOG) is a ‘buy’ according to City broker finnCap which has set a 59p price target after an assessment of what analyst Dougie Youngson calls “a significant portfolio of near-term development, appraisal and exploration assets.”

Youngson highlights that IOG’s initial focus in on field development, with the emphasis on the Blythe gas project, which is scheduled to begin producing in 2016.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

11 hours, 47 minutes ago