Empyrean Energy and Highlands Natural Resources among Wednesday’s top risers
HSS Hire and Dunelm were among the main market movers, meanwhile, Berkeley Energia and Empyrean Energy were among the small cap standouts.
Company
LON:EME
Empyrean Energy PLC is a London AIM listed oil and gas explorer. The company is currently focused on three cornerstone assets with transformational potential: Block 29/11 offshore China; the Duyung PSC offshore Indonesia and a multi project participating interest in the Sacramento Basin, California.
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HSS Hire and Dunelm were among the main market movers, meanwhile, Berkeley Energia and Empyrean Energy were among the small cap standouts.
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London's FTSE 100 was trading steadily in Wednesday afternoon's exchanges.
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A glance at some of the day's highlights from the Proactive Investors newswire
"We look forward to providing further updates as drilling progresses," said Tom Kelly, Empyrean chief executive.
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FTSE 100 closed Tuesday's afternoon session 64 points lower at 7,337
Success in shallower gas zones are expected to cover the costs of the well, which is still to test deeper and significantly larger exploration targets.
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A look at the world of small cap oil and gas news this week
Drilling continues but in the meantime Empyrean has revealed that significant gas shows have been identified in mud logs
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A look at the world of small cap oil and gas news this week
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A glance at some of the day's highlights from the Proactive Investors newswire
A look at some of the biggest risers and fallers in London today
“We are delighted that the drilling of the Dempsey well is progressing well and continues to meet its targets," Tom Kelly said
The FTSE 100 index finished down around 44 at 7,498, above the session low of 7,475.83, but unable to reach the opening peak of 7.542.73
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Some of the day's headlines on the Proactive Investors newswire
“This is an exciting time for Empyrean and we look forward to updating our shareholders on the drill progress over the coming weeks."
Around 3pm, the UK benchmark index was ahead almost 65 points at 7,476, just holding off the day’s peak of 7,484.53 hit after the Bank of England left UK rate unchanged
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Companies featured: Cabot Energy, Hurricane Energy, Empyrean Energy, Stratex International, AdEPT Telecom, Action Hotels, Be Heard, blur Group, Statpro
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Some of the day's headlines on the Proactive Investors newswire
A glance at some of the bigger risers and fallers today in London ...
The well will be the first to test the primary reservoir formations in this portion of the under-explored Sacramento basin
With an hour and a quarter of trading to go, the UK benchmark index was ahead 58 points at 7,430, just easing back from the afternoon peak of 7,438.90
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A glance at some of the stories on the Proactive newswire today...
"We are delighted with Sacgasco's news that the drill pad is ready for the Dempsey well," Tom Kelly said.
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A glance at some of the stories on the Proactive newswire today
From Telford to the Thames ... Michelmersh's bricks from its Blockleys plant in Telford will be used on one of London's most iconic structures
Tom Kelly, Empyrean’s CEO, said: "With the permit secured and the drilling contract signed we are excited for Dempsey 1-15 to be spud in the very near future as we look to prove up a substantial 1Tcf+ prospect"
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The top-shares index pushed on again in the afternoon session despite an indifferent showing on Wall Street
“This is a very exciting time for Empyrean," said chief executive Tom Kelly.
A look at some of the biggest risers and fallers among London-listed small cap stocks
A look at today's biggest risers and fallers of London's small cap stocks
The successful gas well comes as the group has 'aggressively' advanced its transformation programme following last year's major divestment in the United States.
“We have a gas discovery with excellent reservoir quality here at the Mako South-1 well location," said Tom Kelly, Empyrean chief executive.
Drilling began on Friday and so far 1,330 of a planned 1,707 feet have been drilled.
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A look back at some of the more interesting stories on the junior market over the past week
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A glance at some of the stories on the Proactive Investors newswire today
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Of the money, £0.56mln will come from a placing at 3.5p, while options being exercised by chief executive Tom Kelly will raise a further £300,000
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Some of the stories that ran on the Proactive newswire today
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A look at the week in the small cap oil and gas sector
The deal sees Empyrean taking 25% of the Dempsey prospect where drilling is slated for the third quarter.
Main share price risers and fallers at 3pm: Hague and London, Flowtech Fluidpower, Nanoco
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A review of the week's small cap oil and gas news...
The company expects progress towards a new exploration programme in China in the coming weeks and months.
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A looks at the weekly news from the oil and gas small cap sector
Tom Kelly, chief executive, said the permit was a fantastic opportunity given the significant resource potential.
A snapshot of today's breaking newswire stories on Proactive
Cenkos upgraded Empyrean to a ‘buy’ following news that shareholders would receive a £17.5mln payout.
Empyrean will pay-out 7.9p per share, which is £17.5mln in total.
Following the disposal the group has a cash balance of £11.6mln, it said, but the anticipated maximum is for US$71.5mln
Merger and acquisition deals this year have surged as oil prices have revived to US$50 a barrel
Major shareholders James Kight and Richard Appleby, together owning 15.5% of the company, have requested changes to the Empyrean board.
UK shares remained in the blue to close Tuesday in positive territory.
Here, we take a look at some of London’s high profile oil stocks on most investor’s watch lists as the recovery in crude prices near US$50 per barrel.
The FTSE 100 Index gained 29.16 points to about 6181 by lunchtime
There is a glitch in the Matrix: two companies have placed shares and seen their share prices surge.
Iran avoided the need to walk out of the oil producers' meeting by not bothering to turn up in the first place
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Resources miner Regency Mines (LON:RGM) is back in the Horse Hill oil project...
Empyrean Energy has completed its sale of its 3% stake in the Suglarloaf AMI project in Texas’s Eagle Ford shale to Carrier Energy (CEP II) for US$61.5mln, it told investors.
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Special situations helped boost small cap markets, M&A talk lifted Petroceltic
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A rollercoaster day saw the index open higher but head lower
FTSE 100 has dropped back close to a three-year low since the start of the new year
FTSE 100 was 30 points lower at 5,774 with oil stocks again bearing the brunt
The buyer is Carrier Energy (CEP II), a Houston-based privately owned specialist in US oil fields
Empyrean's exist from a US shale project looks well-timed
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A mixed but light corporate bag on the last full day of trading..
Below are the main news-driven share price movements at 4pm
Production in the three months to September rose by 5.6% to 114,982 boe
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Global markets have been in a malaise all day after dismal Chinese trade data on Tuesday.
Investments and investor services
A number of tech and mining companies had news out today
China's imports fell about a fifth in September, data showed
Investments and investor services
Data showed China's imports falling a fifth, down for the 11th month in a row
“The value of the Sugarloaf AMI continues to improve even in the current oil price environment,” said chief executive Tom Kelly.
"I believe we have made significant progress across many fronts," said CEO Tom Kelly
Falcon's programme got off to a good start in Australia
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Britain's blue chips closed higher on Wednesday on what was a topsy turvey trading day and as traders mulled US data.
Footsie rebounds as miners rise on stable copper prices and oil majors fall
Big miners were on the up as the price of copper stabilised
"This has been a successful quarter which has seen us report a dramatic increase in our reserves"
Big miners were on the up as the price of copper stabilised
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London’s stocks rallied strongly as George Osborne delivered the first Conservative Party Budget for twenty years.
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Fevertree Drinks raises profits guidance while Independent Oil & Gas (IOG) raises money.
"These are fantastic improvements to our reserves and resources,” said CEO Tom Kelly
George Osborne delivered the first Conservative Party budget for 20 years.