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Proactive news summary including Europa Oil & Gas, Petra Diamonds, Andes Energia, Challenger Acquisitions and Cleantech Buildings

Last updated: 02:45 20 Feb 2015 AEDT, First published: 03:45 20 Feb 2015 AEDT

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Europa Oil & Gas (LON:EOG) shares advanced on Thursday as the Wressle discovery moved closer to commerciality.

New test results from the Wressle well, in east Lincolnshire, yielded flow rates of up to 182 barrels of oil per day.

The project is operated by Egdon (LON:EDR) and Union Jack Oil (LON:UJO) is also a partner – they have 25% and 8.3% respectively.

Also in the sector, Andes Energia (LON:AEN) shares added nearly 5% as it told investors that it has increased production to 3,300 barrels oil equivalent in recent months.

It has been the result of an acquisition in Colombia, as well as development activity in Argentina’s Vaca Muerta shale and work-overs in its conventional fields in the country.

At the same time the group’s proven and probable reserves have increased to 26mln barrels oil equivalent (boe).

LGO Energy (LON:LGO) confirmed the completion of its airborne survey over Trinidad’s Cedros peninsular as well as its Goudron oil field.

All the planned data was gathered over the 5,700 square kilometre area and it has been confirmed as being within specification.

The data has now been transferred to the contractor’s premises in Cambridge, UK, where initial data processing is now underway.

In other news, Ergomed (LON:ERGO) has agreed to co-develop a drug in a deal that will see it receive a stake in its partner, Sweden’s Dilaforette.

They will work on sevuparin for patients with sickle-cell disease experiencing a painful and quite common complication, vaso-occlusive crisis, which is currently treated with strong painkillers.

David Sherriff, the lead independent director of blur Group (LON:BLUR), has been topping up his stake in the e-commerce pioneer.

Sherriff bought 27,500 shares at 87p a pop, taking his holding up to 72,600 shares, equivalent to 0.15% of the company’s issued share capital, it emerged today.

Notably, there were two successful IPO's today on London's main market but their shares saw somewhat difefrent fortunes.

Investment vehicle Cleantech Buildings (LON:CBM) raised £727,500  via a subscription as it listed and shares jumped 140% on the first day to stand at 3p each.

The group has been formed to make an acquisition in the cleantech building materials sector, where directors Richard Blakesley and Jeff Jaffrey believe there are significant opportunities for growth and hope to complete an acquisition which will generate significant returns for shareholders in the medium term.

Meanwhile, Challenger Acquisitions (LON:CHAL) added 13.04% on its first day, to go to 13p.

The group has been formed to undertake one or more purchases in the entertainment and leisure sectors with particular focus on the "attractions" sector, a regulatory statement said.

In mining, Tertiary Minerals’ (LON:TYM) final results from its latest drilling programme at the MB fluorspar project in Nevada continued the run of high grade intersections seen previously.

Shares added 3.23% to 4p each.

Petra Diamonds (LON:PDL) has raised full-year production guidance after a sparkling set of interim results.

The company now expects to produce around 3.3mln carats in the 12 months to the end of June, up slightly from its previous guidance of around 3.2mln carats.

The company said revenue in the current financial year will be weighted towards the second half.

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...

9 hours, 9 minutes ago