Jadestone Energy PLC (AIM:JSE) has completed the US$20mln purchase of oil field assets in Western Australia.
In a deal first announced in January 2020, it has taken a non-operated 16.67% working interest in the Cossack, Wanaea, Lambert, and Hermes oil fields development from BP Developments Australia.
Another US$4mln could be paid, depending on average oil prices.
Paul Blakeley, president and chief executive, said: "We are very pleased to have gained access to this material asset, particularly as we see very significant upside through further investment in the future. Our transaction is benefiting from the effective date, which was nearly two years ago, and the strengthening of the oil price in that same period..
"This transaction is typical of the natural transfer of interests in maturing assets from large international oil companies, where materiality thresholds do not compete within their portfolios, to smaller companies willing to invest for incremental reserves and production.
"We firmly believe that the.. fields will be a key asset and a strategic stepping-stone for Jadestone going forward. Over time we hope to work with the existing North West Shelf Oil Project Operator and joint venture partners to add value through sharing our expertise in the management of mature oil assets."
Jadestone is up 5.74% or 3.89p at 71.69p
1.07pm: Auto Trader accelerates after broker upgrade
Shares in Auto Trader Group PLC (LSE:AUTO) have been lifted by an upgrade from analysts at UBS.
They moved their rating from neutral to buy, saying a recent sell off had been overdone, although they also cut their price target from 710p to 600p.
In the market, Auto Trader has added 3.3% to 538.8p.
UBS said: "The company is a quality compounder and has delivered an 8% historical revenue compound annual growth rate through a combination of price increases and product innovation.
"Yet its revenue still only represents around 5% of UK used car dealer gross profit. Further, we see an opportunity to accelerate growth to 10% by enabling consumers to buy cars from dealers online.
"The share price decline has been driven by concerns that Auto Trader could be impacted by a UK recession and lower market transactions. At 19 times consensus 2024 estimated earnings per share, we estimate the market is pricing in a near 15% cut to consensus full year 2024 EBITDA.
"However, we believe this is too pessimistic, given Auto Trader core revenues are primarily driven by the number of listings on its website, and not by the number of end market transactions. Due to new car supply issues, listings are already 8% below 2019 levels, and listings only fell by -10% post the global financial crisis. We think first half 2023 results (due 10 November) could be reassuring to investors and a positive catalyst."
12.07pm: Kape Technologies climbs after agreeing new bank facilities
Kape Technologies PLC (LSE:KAPE) is climbing after the digital security and privacy software business agree new banking facilities.
The deal is with its existing lenders Bank of Ireland (LSE:BKIR), Barclays, Citizens Bank, BNP Paribas, Citi Commercial Bank, and Leumi Bank, and two new banks, HSBC and Credit Suisse.
The new facility will realise around US$20mln in net debt reduction, around US$8mln of savings on financing costs and providing long term financing to support Kape's expansion.
It comprises a US$275mln senior secured term facility, a US$150mln revolving credit facility and an uncommitted US$75mln.
Chief financial officer Oded Baskind said: "This is a strong vote of confidence in Kape's management, business model and growth trajectory.
"[It will} provide additional firepower to continue our profitable growth path in the digital privacy and security space."
Kape shares are up 3.41% at 227.5p.
11.27am: Shaftesbury sees recovery in trading from pandemic lows
Shaftesbury PLC (LSE:SHB) is ahead after the property company indicated a recovery from the pandemic, and despite a dip in the value of its portfolio.
The company, with properties in the West End of London, said demand for space had led to an increase in rental values.
Chief executive Brian Bickell said: "The West End has enjoyed its first summer of trading unaffected by COVID-19 restrictions since 2019, with strong domestic footfall and a rebound in international visitor numbers, which have continued into the first weeks of autumn.
"Our occupiers continue to report trading revenues, on average, above 2019 levels and demand for space in our carefully-curated, popular locations remains good across all uses, reflected in a return to pre-COVID-19 occupancy levels and further growth in rental values.
"The indicative wholly-owned portfolio valuation at 30 September 2022 shows a like-for-like decrease of circa 3.6% since 31 March 2022. Valuers have reported an outward shift in commercial valuation yields, due to the impact on investment market sentiment of globally-rising finance rates and the deterioration in the macroeconomic outlook. This has been partially offset by the continuing strong operational performance of our portfolio which reflects its exceptional qualities, appeal and long-term resilience."
Shaftesbury shares are up 3.16% at 379.2p.
10.15am: Mincon boosts revenues and upbeat about new drilling system
Mincon Group PLC (AIM:MCON), the Irish engineering group specialising in rock drilling tools and associated products, is in demand.
Its shares are up 4.79% to 98.5p after it reported a 25% rise in nine month revenues, helped by currency tailwinds, price increases and some contribution from acquisitions.
It said the construction industry experienced the highest level of growth, although there was also double digit growth in mining revenue, its largest industry.
Despite price increases being offset to some extent by higher energy prices in its factories, it is optimistic it can improve margins in the second half.
It recently started commercial drilling of its new Greenhammer system with a customer in a large gold mine in Western Australia.
Chief executive Joe Purcell said: "Mincon has managed to negotiate a challenging market environment and achieve further growth in the third quarter. In addition, the first commercial drilling with our Greenhammer system with a customer in Australia marks another significant milestone, and I look forward to the system demonstrating its superior capabilities in the months ahead. We are confident that the Greenhammer system will be a step change in terms of technology and efficiency in the hard rock mining environment."
8.49am: Osirium Technologies nearly doubles after upbeat trading statement
Osirium Technologies PLC (AIM:OSI) has seen its shares surge after a positive trading update.
The specialist in cloud-based cybersecurity and IT automation software reported bookings of £2.52mln for the nine months to September, up from £1.6mln and a record performance for the period.
Annual recurring revenue rose from £1.34mln to £1.74mln, with the company continuing to grow its customer base as well as expanding the products and services it delivers to existing customers.
Healthcare, financial services and higher education were the key areas of growth for the business.
Chief executive David Guyatt said: "In line with the increasing recognition of privileged security as an essential product for cybersecurity, we remain confident in our long-term growth opportunities."
Its shares have rocketed 81.82% or 2.25p to 5p.
Elsewhere Quantum Blockchain Technologies PLC (AIM:QBT) is up 16.35% at 1.6p after it was awarded at least €6.2mln of legal damages in a Venice court case.
But it added: "It is worth noting that there is currently no certainty on the exact amount of the award payment that will eventually be collected by the company and the timing of receipt of any such funds”.