Upstream Share Discussion Threads

[master rsi] 14/3/2024 22:06

DOW

Finished 137 points lower

[apotheki] 14/3/2024 17:15

Afentra (AET LN) 39.3p, Market Cap £86m: Strong operational start to year

• Afentra announced average 2M24 gross production of 23.7kb/d for Blocks 3/05 and 3/05A (~7kb/d net postdeal), with further well interventions planned to support current production levels.

• The Company sold its first 2024 cargo last month, selling 0.45mb of crude oil at $85/bbl to generate pre-tax sales of $38.2m that is now subject to Angolan Petroleum Income Tax (PIT) of roughly 7%.

• Afentra commented that it expects the acquisition of a 12% interest in Block 3/05 and a 16% interest in Block 3/05A from Azule Energy to receive Government approval in the coming weeks and close in 2Q24.

While completion has slipped again into 2Q24, Afentra continues to move closer to completing its transformative Angolan acquisitions that will give it a material equity position in both Block 3/05 (30%) and Block 3/05A (21.33%). Despite the delays, the Company continues to benefit financially from the effective dates of the transactions, which generated $67.4m of cash flow from ~6kb/d in 2023, based on its post-completion equity interest.

The business environment in Angola has improved in recent years and we believe that both Sonangol and ANPG (the Angolan oil & gas regulator) are eager to see these transactions complete, believing that the entry of independent E&Ps will attract a new wave of investment in the Angolan oil and gas sector to boost production and extend the life of its fields.

For Afentra, while the drag on timelines has been frustrating, investors will hope they are nearing the end of the process and management will finally be able to get on with optimising the production, reserves and value of the acquired assets."

SP Angel & Co

[master rsi] 14/3/2024 16:51

How the UPS are performing during last month

[master rsi] 14/3/2024 16:23

How the UPS are performing today

[master rsi] 14/3/2024 16:02

Bushveld receives USD3.0 million loan from Southern Point

Bushveld Minerals Ltd - vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - Receives a further ZAR56.3 million, around USD3.0 million, from Southern Point Resources Ltd as an interest-free loan. This brings the total paid to Bushveld by the South Africa-focused investment fund to USD12.5 million.

Chief Executive Officer Craig Coltman says: "The receipt of this cash enables the company to reduce creditor balances whilst we continue to implement the necessary initiatives to improve operational performance at Vanchem and Vametco."

Current stock price: 1.50 pence per share, up 3.5% in London on Thursday

[master rsi] 14/3/2024 15:31

KEEP an EYE

88E 0.325p

On the rise with volume. Expectation of oil being found. Flow testing on the way

[master rsi] 14/3/2024 15:27

S247 25p (1p / 4.17%%)

Smarttech247 Group PLC - Cork, Ireland-based artificial intelligence-enhanced cybersecurity services provider - Secures three-year new contract with "global packaging company". Deal is worth EUR1 million over the tenure.

"The agreement, with a new client, utilises both Smarttech247's VisionX platform as well as NoPhish, underscoring their versatility and advanced capabilities," the firm says. VisionX is its "AI-enhanced" managed detection and response platform.

It adds: "The VisionX MDR platform leverages sophisticated AI and machine learning algorithms to offer real-time threat detection, rapid incident response, and continuous monitoring whilst NoPhish takes proactive measures by automatically removing emails from the user's inbox which are deemed suspicious or malicious."

[master rsi] 14/3/2024 14:37

DOW

Down by 81 points

[master rsi] 14/3/2024 11:54

easyJet prices EUR850 million of bonds at 3.75% coupon

easyJet PLC - Luton, England-based budget carrier - Prices EUR850 million of bonds under its medium-term note programme to be issued on Wednesday next week. The bonds mature in 2031 and have a coupon of 3.75%. "Over the last 18 months, easyJet has retired circa GBP1.6 billion of debt, deleveraging the balance sheet following the recovery in travel post pandemic.

Part of the issuance proceeds will be used to repay existing debt as it matures over the next 18 months," the company notes. Chief Financial Officer Kenton Jarvis says: "We are very pleased with the success of this bond issue. The interest shown by investors at greater than 4x over-subscription and the competitive pricing underscores the market's confidence in easyJet's strategy."

Current stock price: 525.20 pence, down 2.3% on Thursday in London

[master rsi] 14/3/2024 11:29

Smartspace Software PLC, up 17% at 87.90 pence, 12-month range 33.25p-90.00p.

The developer of smart software solutions agrees to a GBP28.4 million takeover by Sign In Solutions Inc. Sign In will pay 90p per Smartspace shares.

In February, Skedda Holdings Inc pulled out of the running to make a bid. It had a proposed an 82p per share deal in December, though that was trumped by Sign In's indicative offer of 90p. Smartspace currently has a market capitalisation of GBP25.4 million.

[master rsi] 14/3/2024 10:34

Trainline shares jump as predicts revenue growth beat
(Alliance News) - Rail ticket selling platform Trainline PLC on Thursday said it "outperformed expectations" in its recently ended financial year, with revenue growth that was higher than anticipated.

Trainline shares were 12% higher at 367.20 pence each in London on Thursday morning, making it the best FTSE 250 index performer.

Revenue in the financial year that ended February 29 rose 21% to GBP397 million from GBP327 million. Trainline previously had guided for a rise between 15% and 20%.

Net ticket sales were 22% higher at GBP5.30 billion, at the top end of its growth outlook range. Net tickets sales were GBP4.32 billion in financial 2023.

Adjusted earnings before interest, tax, depreciation and amortisation are expected to land at around 2.3% of net ticket sales above its previous guidance range of 2.2% to 2.3%. That would suggest adjusted Ebitda of about GBP122 million for 2023, which would be up 42% from GBP86 million in 2022. Trainline said this outcome is due to "better-than-expected revenue growth and cost discipline".

By division, revenue in the UK Consumer arm surged 21% on-year, while in International Consumer, it climbed 17%. Aside from the UK, Trainline also operates in nations including France, Italy, Germany, and Spain.

In the Trainline Solutions rail platform technology arm, serving rail carriers, travel sellers and businesses, revenue was 23% higher.

Chief Executive Jody Ford said: "Trainline is a home-grown British tech success that has scaled beyond domestic borders to become Europe's most downloaded rail app. We outperformed expectations this year, growing strongly in the UK and across the continent, with International Consumer net ticket sales of more than GBP1 billion.

"Our growth was fastest in Spanish domestic travel, which doubled year-on-year as we position ourselves as the aggregator of choice. Trainline's market share continues to rise on key routes like Madrid - Barcelona, which is now our third most popular route across all countries, including the UK."

Shares in Trainline have surged 45% over the past 12 months and have risen roughly 28% since mid-December, when the UK government announced it will no longer pursue creating a ticket retailing website and app.

The proposal for a Great British Railways app was first mooted in May 2021 as part of a white paper. GBR is a planned state-owned body that will oversee UK rail transport.

It was intended for the new body to sell tickets via a website and app, which would have potentially put it in competition with Trainline.

Trainline will announce its full annual results on May 3.

[master rsi] 14/3/2024 10:17

Shell weakens green targets but backs 2050 net zero ambition

(Alliance News) - Shell PLC on Thursday softened its target for carbon emissions but pledged to invest heavily to meet its net zero target.

Shares in Shell were up 0.6% to 2,543.50 pence each in London on Thursday.

Updating its energy transition strategy for the first time since it was launched in 2021, the London-based oil and gas major said it will continue its drive to halve emissions from its operations by 2030, compared with 2016.

By the end of 2023, it had achieved more than 60% of this target, Shell said.

But Shell said that it now plans to reduce the "net carbon intensity" of the energy it sells by 15% to 20% by 2030 compared to 2016. Its previous target had been to reduce the measure by 20%.

It also dropped a plan to reduce net carbon intensity by 45% by 2035 due to "uncertainty in the pace of change in the energy transition", although it still intends a 100% reduction by 2050.

Alongside the reduction in these targets, Shell announced a new target to reduce the emissions caused when customers use its oil products by 15% to 20% by 2030 compared to 2021.

Shell said its target to achieve net-zero emissions by 2050 is "transforming our business".

[master rsi] 14/3/2024 09:06

MARKET REPORT
LONDON MARKET OPEN: London stocks tread water with US data to come

(Alliance News) - Stocks in London barely budged after the opening bell on Thursday, after a largely softer session in New York overnight, as eyes turn to a batch of US data and what it can mean for Federal Reserve interest rates.

There will be a customary update on the jobs market, through the initial jobless claims reading at 1230 GMT, as well as an insight into the health of the consumer, with retail sales data. In addition, the latest producer price reading is reported shortly after midday.

The FTSE 100 index rose just 2.97 points to 7,775.14. The FTSE 250 climbed only 4.07 points to 19,567.99, and the AIM All-Share fell 0.17 of a point to 738.65.

The Cboe UK 100 was flat at 778.75, the Cboe UK 250 added 0.1% at 16,945.12, and the Cboe Small Companies was largely unmoved at 14,711.94.

In European equities on Thursday, the CAC 40 in Paris surged 0.8%, while DAX 40 in Frankfurt rose 0.2%.

In New York, the Dow Jones Industrial Average closed up 0.1% on Wednesday. The S&P 500 lost 0.2% and the Nasdaq Composite fell 0.5%.

The pound was quoted at USD1.2806 early Thursday, up from USD1.2798 at the London equities close on Wednesday. The euro stood at USD1.0937, down from USD1.0945. Against the yen, the dollar was trading at JPY147.90, up from JPY147.70.

The US factory gate inflation numbers are expected to show the pace of year-on-year producer price growth picked up to 1.1% on in February, according to FXStreet cited consensus, from 0.9% in January.

Retail sales are expected to have risen 0.8% on month in February, following a 0.8% fall in January from December.

Initial jobless claims are expected to be largely at 218,000 from the prior week's 217,000.

"Overall, we expect the US inflation and activity data to support a delay in the first Fed cut until the middle of the year," analysts at Lloyds Banking Group commented.

"Remarks from ECB speakers today will be very carefully listened to. A first rate cut in April has not been completely ruled out, but indications are that June will be the likelier option. That would provide policymakers with more information about the economy, including Q1 wage data."

ECB executive board members Isabel Schnabel and Luis de Guindos speak at 1100 GMT and 1800 GMT, respectively.

In London, OSB Group tumbled 19% on poorly-received earnings, though it declared a GBP50 million share buyback.

OSB, which stands for OneSavingsBank, said pretax profit in 2023 was 30% lower at GBP374.3 million, from GBP531.5 million in 2022. Total income fell 15% to GBP658.1 million from GBP775.4 million. Hurting its total income, it reported a GBP4.4 million fair value loss on financial instruments, contrasting with a GBP58.9 million gain in 2022. Net interest income alone fell 7.2% to GBP658.6 million in 2023.

The lender in July warned its results would be hurt by customers acting more quickly than expected to refinance their mortgages at favourable rates.

OSB declared a 21.8 pence per share final dividend, unmoved from the year prior. Its total dividend was boosted by 4.9% to 32.0p from 30.5p.

"We have also announced a new GBP50 million share buyback over the next six months and the board will consider additional shareholder returns later in the year," it added.

Further, Chief Financial Officer April Talintyre will not be seeking re-election at the annual general meeting on May 9 and will also retire as executive director that day. Deputy CFO Victoria Hyde will serve as acting CFO until the company finds a new permanent CFO.

Looking to 2024, it does not expect to deliver growth in its underlying net interest margin, which fell to 2.51% in 2023 from 3.03% in 2022. The statutory NIM had fallen to 2.31% last year from 2.78%.

The predicted NIM outcome for 2024 reflects "impact of a higher cost of funds and the full year impact of some lower margin lending in 2023".

Shining on the FTSE 250, however, Trainline added 12%. The rail ticket selling platform said it "outperformed expectations" in its recently-ended financial year.

It said revenue in the year to February 29 rose 21% to GBP397 million from GBP327 million. It had guided for a rise between 15% and 20%. Net ticket sales were 22% higher at GBP5.30 billion, at the top end of its growth outlook range.

Chief Executive Jody Ford said: "Trainline is a home-grown British tech success that has scaled beyond domestic borders to become Europe's most downloaded rail app. We outperformed expectations this year, growing strongly in the UK and across the continent, with International Consumer net ticket sales of more than GBP1 billion."

It was a mixed bag among London-listed large-caps. Diageo rose 1.5% after Kepler raised the brewer to 'buy' from 'hold'. NatWest fell 4.6% as the lender struggled in a negative read across following OSB's report.

Elsewhere, lateral flow test contract development and manufacturing company Abingdon Health painted an optimistic picture. Its shares jumped 27%.

Revenue for the six months to December 31 jumped to GBP2.4 million from GBP1.1 million a year prior. Its pretax loss narrowed to GBP1.2 million from GBP2.4 million.

"The board remains confident of achieving material revenue growth for FY24 compared to FY23, with revenues in H2 2024 also being materially ahead of H1 2024," it said.

In Tokyo on Thursday, the Nikkei 225 closed up 0.3%. The S&P/ASX 200 in Sydney lost 0.2%. The Shanghai Composite closed down 0.2%, while the Hang Seng in Hong Kong ended 0.7% lower.

Gold was quoted at USD2,168.68 an ounce early Thursday, down from USD2,173.55 at the time of the London equities close on Wednesday. Brent oil was quoted at USD84.53 a barrel, climbing from USD83.50.

"Amidst a growing escalation of tensions, Ukraine has carried out drone attacks on Russian oil refineries, triggering a confrontation between the two nations. The largest Rosneft refinery was one of the primary targets in these attacks, resulting in fires and significant damage to the facilities. These acts have affected production and fuel supply in Russia and heightened the already tense relations between both countries," XS.com analyst Antonio Ernesto Di Giacomo commented.

[master rsi] 14/3/2024 08:27

Vistry sees profits jump, unveils £100m buyback

(Sharecast News) - UK housebuilder Vistry posted a jump in annual profits, unveiled another £100m share buyback and forecast higher completions in 2024 driven by strong demand.

The company on Thursday posted a 23.2% rise in pre-tax profit of £304m for the year to December.

Vistry said it was on track to deliver strong growth in completions in 2024, targeting more than 17,500 units, underpinned by its forward sales position totalling £4.6bn, of which £2.1bn is for delivery this year

It added there had been a "notable pick-up" in demand from private rental sector providers in recent months.

"The easing of mortgage rates at the start of the year has had a positive impact on open market demand and we are optimistic that this trend will continue during 2024," the company said.

"Open market demand from private buyers remained suppressed during 2023 with our private sales rate significantly below prior years. This reflected higher mortgage borrowing costs, inflationary cost pressures on household income and wider macroeconomic and political uncertainty."

[apotheki] 14/3/2024 07:21

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

$AUD 1m Share Consideration Received from Ricca

Firering, an exploration company focusing on critical minerals, is pleased to announce that it has received 20,000,000 shares ("Ricca Shares") in Ricca Resources Limited ("Ricca") at an issue price of AUD$0.05 with a value of AUD$1.0m.

This share issue is part of the initial consideration following the $US18.6 million binding and definitive earn in agreement (the "Agreement") announced on 2 November 2022 to advance the Atex Lithium-Tantalum Project and the adjacent Alliance exploration licence (once granted) in Côte d'Ivoire.

The Ricca Shares have been issued pursuant to the Agreement following Ricca not having completed an IPO on the ASX by 31 December 2023. The Ricca Shares were issued at a Ricca pre money valuation of c.AUD$7.96 million, representing its value at its most recent funding round in May 2023. Following the settlement Firering holds 20,00,000 shares in Ricca which represents c.11.2%% of Ricca's issued share capital.

[master rsi] 13/3/2024 23:38

EEE 8.25p +0.75 (10.00%)

The Closing Candlestick today is a BULLISH ENGULFING
Characterized by a prevailing downtrend on the chart, a long white candlestick appears covering the black of the day before.

[master rsi] 13/3/2024 22:48

Sector movers: Miners pace gains on improved sentiment towards China
(Sharecast News) - Industrial miners' shares paced gains on the FTSE 350 in the middle of the week amid improved sentiment towards the People's Republic of China.

"The rebound in Chinese markets is catching the attention this side of the globe, as mining stocks in London lead the way higher," said IG chief market analyst Chris Beauchamp.

"After huge outflows from Chinese markets over the last year, it looks like investor confidence in the outlook is returning, along with hopes of renewed raw material demand."

On Wednesday, China's State Council had published its action plan for upgrading equipment and to promote consumer goods trade-ins in order to reach its 2027 targets.

According to Duncan Wrigley at Pantheon Macroeconomics, the plans made China's new targets "credible".

"The action plan includes incremental support each year up to 2027, putting a floor under domestic demand and providing space for industrial restructuring and resolving property sector issues, without resorting to a big credit stimulus."

Top performing sectors so far today

Industrial Metals & Mining 6,088.40 +2.74%

Construction & Materials 9,826.22 +2.42%

Oil, Gas and Coal 8,568.55 +1.36%

Tobacco 26,885.93 +0.98%

Retailers 3,854.12 +0.92%

Bottom performing sectors so far today

Telecommunications Service Providers 1,766.84 -2.69%

Non-life Insurance 3,686.26 -1.99%

Real Estate Investment & Services 2,237.93 -1.77%

Industrial Support Services 10,896.57 -1.21%

Software & Computer Services 2,534.42 -0.85%

[master rsi] 13/3/2024 22:05

DOW

Finished only 37 points higher

[master rsi] 13/3/2024 16:22

How the UPS are performing during last month

[master rsi] 13/3/2024 16:04

How the UPS are performing today

[master rsi] 13/3/2024 15:38

VID 321p (3.50 / 1.10%%) - Videndum says more time is needed before releasing results

Videndum PLC - London-based software and hardware manufacturer for the film industry - Says that it will need more time to finalise its 2023 financial results. The results were due to be published next Tuesday. Videndum says that the delay is due to "the treatment of certain adjusting items" in the results, which will require additional time to account for. The company has not given a revised publication date, but says that this will be given in due course.

Current stock price: 315.85 pence per share, down 0.5% in London on Wednesday

[master rsi] 13/3/2024 15:21

OPTI 25.50p +1.50p - OptiBiotix signs partnership with India's Dr Morepen

(Sharecast News) - Life science company OptiBiotix Health announced the signing of a partnership agreement with Dr Morepen on Wednesday, for the distribution of SlimBiome products in India under the Dr Morepen brand.

The AIM-traded firm said Dr Morepen is a wholly-owned subsidiary of Morepen Laboratories, which it described as a prominent Indian pharmaceutical company listed on the Indian Stock Exchange.

With a workforce of over 2,300 employees, Morepen Laboratories has a product portfolio of more than 800 items distributed in over 82 countries.

Established in 2001, Dr Morepen had emerged as a trusted brand in India with a mission to empower consumers to take charge of their health and wellbeing.

Leveraging its network, Dr Morepen has direct access to over 200,000 pharmacies throughout India and indirect access to another 300,000.

The SlimBiome products would be available for purchase both online and in-store, and through direct channels to physicians across the country.

OptiBiotix said the collaboration with Dr Morepen was a significant advancement in making innovative health solutions more accessible to the Indian market.

"We are pleased to announce this agreement with Morepen, a well-known and trusted supplier to pharmacies, physicians, and retail customers across India," said chief executive officer Stephen O'Hara.

"Morepen brings an extensive sales team with experience of highly differentiated scientific products and countrywide access to a network of around 500,000 pharmacies across India.

"Based on current forecasts, the directors anticipate this agreement could contribute in the region of £6m to £7m revenue per annum in the next four to five years."

[master rsi] 13/3/2024 14:34

DOW

Over 136 points higher after opening