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Agreement with Newmont on Ernest Giles - Following recent positive drilling results
An agreement with Newmont Exploration, a subsidiary of NYSE listed Newmont Mining Corporation – one of the world's largest gold producers - provides a significant endorsement of Greatland Gold’s exploration strategy and underlines the potential of its projects. It grants Newmont access to Greatland's Ernest Giles project tenements and exploration database for six months and gives Newmont a right of first refusal on a purchase or joint venture during that period. Greatland’s previous drilling identified two large zones of gold mineralisation. Greatland's recent application for four additional licence areas effectively completes its coverage of the newly discovered buried Ernest Giles greenstone belt.
22 May 17
SDX ENERGY INC
Q1 2017 Earnings
SDX Energy has reported its Q1 2017 earnings. The company has reported a comprehensive profit of US$26.9 million which was predominantly due to a gain on the acquisition of the Egyptian and Moroccan operations of Circle Oil in January 2017. The company had an underlying netback of US$6.1 million over the period. The company also noted a strengthening of its balance sheet with net cash increasing to US$21.1 million up from US$18.3 million at the end of February (after its placing). These results are encouraging but we expect the market to be focused on the testing of the SD-1X gas discovery which is expected to start soon. We make no changes to estimates.
19 May 17
FY 17E on track
Idox’s trading statement for the six months to April 2017 confirms that the group is on track to deliver its expectations for FY17E. H1 revenues increased by 19% versus the comparable period, with adjusted EBITDA “slightly ahead” of the prior year, and in line with management expectations. The group continues to report good commercial traction across the key Public Sector Software (“PSS”) business, and the recently-launched Digital Services Platform has also delivered solid operational progress.
18 May 17
K3 Business Technology
Contract disappointment but encouragement elsewhere
Following the half year results which were in line with reduced guidance (reflecting contract slippage) K3 has announced that certain large Enterprise contracts ‘have not been secured as expected’ so far during the second half of its current financial year. Consequently, it says that results for the year to 30 June 2017 will be significantly below current market expectations. We are withdrawing our estimates for the time being but expect to reissue them in due course. Meanwhile, we note that K3 is seeing encouraging progress and healthy cash flows elsewhere in the business. It has previously reported an increase in recurring revenues while the move towards higher own-IP sales and cloud delivery continues. That latter point is supported by news that pilot customers have been secured for its cloud based solutions. The management has started a review to further focus on cash generation and on leveraging the strong relationships with its well-established customer base.
17 May 17
SDX ENERGY INC
Completes drilling SD-1X
SDX Energy has announced that it has now completed the drilling of the SD-1X exploration well in the South Disouq licence where it has a 55% operated working interest. The company previously announced that it had discovered gas and condensate in the main target and the well was deepened to test a deeper target which had oil potential. Although this found hydrocarbons, it was not sufficient to justify completing the interval. Management has released the rig and will conduct a test of the main gas target to get a better idea of the recoverable volumes of gas and condensate.
08 May 17
Better by design
Elecosoft is a long-established and increasingly international group, focused on the provision of software tools in the digital construction sector. The group boasts a broad but well-aligned product range, strong go-to-market propositions, and a clearly defined strategy. We initiate coverage with this summary of the group’s activities, and will publish more-detailed documents on specific aspects in due course.
04 May 17
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