Small caps news round-up

Independent oil and gas explorer and producer Frontera Resources updated the market on positive progress at its South Kakheti Gas Complex on Thursday, situated within its upstream portfolio in Georgia. The AIM-traded company had announced the commencement of operations within the central portion of the South Kakheti Gas Complex, related to a multi-well frac campaign, which had now been completed.

Oil and gas exploration firm San Leon Energy was one step closer to production at a Polish site on Thursday, announcing the completion of well testing at the Rawicz-15 well. The AIM-traded company said the Rawicz-15 development well on the 286 square mile Rawicz concession in Poland’s southern Permian Basin was stimulated and flowed at an average rate of more than 3.6 million cubic feet per day over the main flow period of several days.

Hitherto Norway-focused explorer Kodal Minerals has proposed the all-share acquisition of a group of gold exploration properties in Mali and Côte d'Ivoire and a fundraising of up to £680,000 to finance medium-term plans. The west African properties are currently owned by Aussie-listed Taruga Gold, whose managing director, experienced geologist Bernard Aylward, would become the new chief executive of AIM-listed Kodal if the deal is agreed by shareholders at a vote on 13 May.

Integrated natural gas producing utility Victoria Oil & Gas announced on Thursday it had received approval from the Government of Cameroon for a 75% participating interest in the Matanda Production Sharing Contract to be transferred to its subsidiary Gaz Du Cameroun Matanda (GDC), from Glencore Exploration Cameroon.

Haydale Graphene Industries was looking at a sizeable new market on Thursday, announcing a fresh agreement with Dowton Electronic Materials Company for the development, production, sales and marketing of a Haydale-branded graphene-enhanced screen printable ink aimed at the biomedical market. The AIM-traded company had worked with Dowton already to create a range of graphene-enhanced screen printable inks and pastes that could be rapidly altered to suit customer needs.

NetScientific’s losses widened in 2015, it reported on Thursday, though it was optimistic about the future having completed a radical restructure of its management and portfolio during the 12 months. The AIM-traded transatlantic technology healthcare group made a loss after tax of £12.7m during the calendar year, compared with £7.1m in 2014, which its board said reflected close-to-commercialisation stage expenditure of lead and priority portfolio companies.

South America-focused oil and gas explorer and producer Amerisur Resources swung to a loss on Thursday, with the company claiming strength as it published its results for the 2015 calendar year. The AIM-traded firm reported revenue of $61m for the year, down from $199m in 2014. Its gross profit before amortisation and depreciation was $12m, down significantly from $102m in 2014.

Digital television software developer Mirada issued a warning on revenue on Thursday, as it began a soft commercial launch of its Iris multiscreen solution to its Tier-1 operator in Mexico, Televisa. The AIM-traded company said the launch corresponded with the major contract with Televisa first announced on 19 May 2014.

Alliance Pharma posted a rise in 2015 pre-tax profit as revenue grew following its acquisition of the Sinclair Healthcare Products division. For the year to the end of December, pre-tax profit increased 49% to £15.2m as revenue rose 11% to £48.3m. This included £0.8m from the “transformational” acquisition of the Sinclair division.