Lekoil Limited surges after acquiring a participating interest in a licence in the Niger Delta basin


Shares in Lekoil Limited (LON:LEK) climbed 9.3% to 5.3p after it acquired a participating interest in OPL276, onshore in the eastern Niger Delta basin.

The agreed acquisition, from Newcross Petroleum Limited, is for a total staged consideration of US$5mln, which is payable subject to various milestone.

Newcross has previously identified ten prospects and seven leads in the area covered by the licence.

2.30pm: Peppa Pig owner Entertainment One snapped up by Hasbro in GBP3.3bn deal

Entertainment One Ltd (LON:ETO) has agreed to be acquired by the world’s largest toy-maker, Hasbro Inc (NASDAQ:HAS), for GBP3.3bn.

The FTSE 250 owner of the Peppa Pig brand accepted the cash offer of 560p per share, a 26.3% premium on its Thursday close price of 443p.

Shares in Entertainment One were up 33% at 589p.

1.30pm: Jersey Oil and Gas PLC boosted by North Sea licensing award

Jersey Oil and Gas PLC (LON:JOG) climbed 14% to 201.5p after it was awarded a further licence in the North Sea.

The oil explorer has been given a 100% working interest and operatorship of an additional block (Block 21/2a) in the Oil & Gas Authority’s 31st Supplementary Offshore Licensing Round.

The additional Greater Buchan Area acreage in Block 21/2a includes the Glenn oil discovery and adds a further 14 million barrels of oil equivalent discovered mean recoverable resources.

12.35pm: Show of support boosts Norman Broadbent

Norman Broadbent PLC (LON:NBB) shares soared by 67% to 7.5p after a handful of major shareholders and board members bought shares.

Garraway, a boutique asset manager, put more than 3mln shares up for sale.

It had previously had a 7% stake in the City executive search firm.

11.30am: Holders Technology tumbles as it warns on challenges facing its PCB business

The half-year report from Holders Technology PLC (LON:HDT) sent the shares 11% lower to 40p.

The company, which supplies speciality laminates and materials for printed circuit board (PCB) manufacturers, saw revenues in the six months to the end of May dip to GBP6.03mln from GBP6.18mln the year before.

Profit before tax fell to GBP20,000 from GBP65,000, with the company warning that its PCB business continues to face challenges due to unfavourable market conditions.

10.30am: Adept4 soars on proposed reversed takeover

Adept4 PLC (LON:AD4), provider of information technology as a service, was the top riser in London, soaring 86% to 2.7p on news of a proposed acquisition.

The company, responding to the recent movement in its share price, has provisionally agreed to acquire the share capital of CloudCoCo Limited.

The company is proposing to offer 218mln Adep4 shares for CloudCoCo, which would represent 49% of the company’s issued share capital, thus making it a reverse takeover under AIM’s rules.

9.30am: ADM Energy plunges as Sheikh Ahmed Bin Dalmook Al Maktoum resigns from the board

ADM Energy PLC (LON:ADME) plunged 41% to 7p Sheikh Ahmed Bin Dalmook Al Maktoum resigned from the board and sold all of his ADM shares.

Keeping a brave face on things, Osamede Oskomina, the chief executive officer of ADM, said the departure would have no material impact on the implementation of our business plan.

“We are grateful for his financial support which has helped the company get to this exciting juncture. We have recently raised further investment funds which will assist us in exploring a number of opportunities. Production at our Aje investment remains stable such that we expect to be advised of a further lifting of oil shortly and performance remains in-line with our expectations,” Oskomina said.

Sector peer Westmount Energy Limited (LON:WTE) tumbled 21% to 16.5p after it announced plans to raise up to GBP5mln.

The company is lobbing out up to 38.5mln shares at 14p a throw to some new investors and some existing ones.

Some of the money has been earmarked to acquire 313,500 shares in Cataleya Energy at US$10 each, giving it a 5.4% stake in the Canadian company.

Proactive news headlines

88 Energy Ltd (LON:88E, ASX: 88E) has provided investors with a new breakdown of its conventional prospect inventory in Alaska, in the wake of yesterday’s news that it is farming-out a 60% in Project Icewine’s Area A.

Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) told investors that its next exploration well in Guyana will spud in the coming days.

Jersey Oil and Gas PLC (LON:JOG) has enjoyed a 100% success rate in the latest North Sea licensing round after acquiring Block 21/2a in the Greater Buchan Area.

Alternative fuels specialist Quadrise Fuels International PLC (LON:QUAD) has unveiled plans to raise up to GBP3.5mln that will allow it to build on the “considerable” commercial momentum generated so far this year.

Union Jack Oil PLC (LON:UJO) has updated on the West Newton A-2 well after project operator Rathlin Energy communicated details to the local community.

BATM Advanced Communications Ltd (LON:BVC) will become a constituent of Tel-Aviv Stock Exchange indices TA-125, TA-90, TA-SME150, TA-Rimon, TA Global-BlueTech, TA-Technology, TA Tech – Elite and TA-AllShare on 5 September.

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