Egdon the top riser as Shell completes farm-in agreement

Egdon Resources Plc (LON:EDR), up 36% at 2.85p, was the top riser early doors on Tuesday after it completed its farm-in agreement with Shell on two licences in the North Sea.

The Oil and Gas Authority has approved the transfer of a 70% interest and operatorship in licences P1929 and P2304, which contain the Resolution and Endeavour gas discoveries.

“The focus will now be on progressing appraisal activity on the Resolution and Endeavour gas discoveries,” said Mark Abbott, the managing director of Egdon.

In other oil sector news, higher output levels in Russia reported by Petroneft Resources PLC (LON:PTR) sent the shares 17% higher to 0.675p.

Production has increased year on year at Licence 61 due to a combination of optimising the waterflood programme at the Lineynoye field and placing the Sibkrayevskoye field into year-round production, Petroneft said.

“Looking forward, we are planning to continue improvements which in addition to optimising our water floods may involve techniques such as re-fracking and well re-entries. We believe that these low-cost initiatives can deliver real production benefits,” said David Sturt, the chief executive officer of PetroNeft.

Proactive news headlines:

Next 15 Communications Group PLC (LON:NFC) has said trading is well ahead of management expectations set back in March leading it to raise its full-year expectations. In a trading statement, the group said revenues for the six months to the end of July, 2020, are expected to be up by around 6.5% year-on-year to £126mln, while adjusted profit before tax is expected to be more than 16% higher at a minimum of £20mln. Next 15 said the strong performance has been driven by the groups business-to-business (B2B) technology-focused agencies, such as Activate and Agent3, while trading in the brand marketing and creative technology divisions has been more resilient than previously anticipated. Next Fifteen Communications also announced that it has appointed Berenberg as the companys joint broker to work alongside its existing corporate broker and Nominated Adviser, Numis, with immediate effect.

Eurasia Mining PLC (LON:EUA) said it has been granted a licence for the Monchetundra Flanks project in Russia by the regional licensing body, SevZapNedra. The palladium, platinum, rhodium, iridium and gold producing company is the operator of the Monchetundra project, comprising two predominantly palladium open pit deposits close to the town of Monchegorsk on the Kola Peninsula. It also operates the established West Kytlim mine in the Urals. "The directors are encouraged with the approval of Monchetundra Flanks license, an important milestone for the company,” Eurasias chairman Christian Schaffalitzky said in a statement.

Catenae Innovation PLC (LON:CTEA) has secured the first commercial order for its Onsite ID app with Newcastle Premier Health (NPH) taking up the platform as part of its access control programme which allows its business to continue during the coronavirus (COVID-19) pandemic. The Onsite ID app – which uses blockchain technology to create a digital wallet for health and work-related documents – is being used to store COVID-19 test results as a passport allowing users to share their status in a secure, immutable and GDPR compliant manner when meeting clients in person.

C4X Discovery PLC (LON:C4XD) chief executive Clive Dix has said he is “delighted” by the progress to date of the drug developer as he hailed the start of clinical trials of a treatment for opioid dependence. It was one of a series of highlights included in the companys latest business update from which investors also learned the group has begun a new partnership with the GEN-COVID Consortium in Italy. The collaboration will deploy C4Xs Taxonomy3 platform technology to examine genetic data from coronavirus (COVID-19) patients to identify genes specifically associated with severe types of the disease.

World High Life PLC (LON:LIFE) (OTCQB:WRHLF) said Georges St-Pierre, a brand ambassador for the firm and its subsidiary cannabidiol (CBD) brand Love Hemp, will be showcased in a special broadcast on the BT Sport network. St-Pierre is a Canadian professional mixed martial artists and a three-time Ultimate Fighting Championship (UFC) world champion who retired from the sport in 2019. The special, which will air on Thursday, will consist of a five -hour programme and an interview with St-Pierre wearing Love Hemp branded apparel.

Eden Research PLC (LON:EDEN) said it has received authorisation to sell its sustainable bio-fungicide in Australia for use on wine and table grapes. It will go on the market under the name of Novellus, providing a residue-free solution for the common disease Botrytis cinereal when one is most needed. That is because the worlds sixth-largest wine producer is phasing out conventional chemicals, meaning the Eden product will provide growers “with a much-needed sustainable solution to the disease”. The product, known in Europe and Africa as Mevalone, will be marketed and distributed in Australia by commercial partner, Sipcam.

Thor Mining PLC (LON:THR) (ASX:THR) has received assay results from gossan rock chip sampling at the 100%-owned Pilbara Goldfield tenements in Western Australia. The results indicate the gossan is strongly anomalous for nickel over the entire 900 metres strike length. Assays for gold in stream sediment samples, also collected in this program, are expected shortly. A total of 49 rock chip samples were all anomalous for nickel, with peak value of 2,678 parts per million (ppm).

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