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United Oil and Gas PLC jumps after good news from Egypt and Italy


12.21pm: Energy company lifted by Egyptian progress

Energy company United Oil and Gas PLC () is in demand after a couple of positive updates.

Its shares have risen 7.29% or 0.35p to 5.15p after it said there had been a good outcome in its drilling of the ASD-1X exploration well in the Abu Sennan concession in Egypt, where it owns a 22% working interest.

Brian Larkin, the chief executive officer of United Oil and Gas. said: “Today’s announcement is another positive result from Abu Sennan, which, initial interpretations suggest, is in line with our pre-drill estimates. With the well testing set to begin shortly, we look forward to understanding the full potential of the ASD-1X well.”

The company also has a 20% economic interest in the Selva natural gas field concession in Northern Italy, which has been given environmental approval. Another partner, () has also benefited from the Italian news (see earlier).

() investors are in the money.

The e-commerce fashion brand is up 3.23% or 7.3p at 233.3p after it announced a collaboration with TV personality Stacey Solomon, one of the largest it has signed during its seven-year history.

The company is hoping to benefit from Solomon’s social media and television presence. She has 4.1m Instagram followers,  1.5m on Twitter and the same on TikTok, as well as being a regular on ITV’s daytime TV show Loose Women.

Under the terms of the deal, she will collaborate with to design, develop and market clothing and accessories collections, with the first set launching on 27th April 2021.

9.40am: Power group boosted by gas news

() is on the rise following positive news on an Italian gas project.

The power business said the Selva Malvezzi Gas-Field in the north of the country, where it holds a 17% stake in the licence, has received full environmental approval, paving the way for a full production permit to be granted.

Prospex non-executive chairman Bill Smith, said, “Gas production at Selva promises to transform Prospex Energy’s financial profile and with this in mind the granting of full environmental approval for the development of the field is a key milestone for the company.”

The news has lifted its shares 5.23% or 0.085p to 1.71p.

There has been another surge in  () after the after the company came closer to settling a dispute over an Indian gas project which it has been trying to control for more than four years.  Its shares are up 47.46% or 0.14p at 0.44p.

8.30am: Water group welcomes US spending plans

PLC () is getting a Biden boost.

The company’s shares have added 3.61% or 21.75p to 624.25p after it spelled out the benefits of the President’s recently announced infrastructure plan.

It owns the American Leak Detection business so reckons it is well placed to benefit from a proposed US$11bn investment into replacing aging water pipes – especially lead ones – and treatment plants.

It said ALD was the only nationwide provider of precision leak detection and repair solutions reaching over 200,000 homes annually including in rural America. It plans to accelerate its proposed growth plans, including looked at acquisition opportunites with respect to UK and EU water product companies seeking to gain access to the US market.

Executive chairman Dr. Patrick DeSouza said: “[We can] explore corporate opportunities to capture the increased market demand for water infrastructure solutions; demand which will likely continue for the next decade, accelerated by the Biden Plan’s proposed investment.

PLC () is also sparking higher.

The solid state battery specialist is up 6.75% or 13.5p at 213.5p on news that it was collaborating with Comau, part of the Fiat Group. The partnership is designed to scale up ‘s existing pre-pilot line for its Goliath large format batteries for electric vehicles and consumer electronics, and deliver a plant design for a large scale manufacturing facility.

The design study is being supported by the Advanced Propulsion Centre and will receive a £235,000 grant towards its related costs over the 12-month project.

Graeme Purdy, chief executive, said: “This project is an important step in the scale up of our Goliath technology and represents an exciting opportunity to work with Comau, one of the world’s leading designers of innovative engineering solutions.”


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