Edison Investment Research

Future (FUTR); completes acquisition of B2C business of Purch

Stock flat at 454.5p at 8:15

FUTR completed the acquisition of B2C business of Purch Inc, a leading US digital media publisher operating in the consumer technology and science verticals.

Primary Health Properties (PHP); acquires Jellia Holdings for €38.6m

Stock down 0.33% to 113.03p at 8:32

PHP announced that it has acquired Jellia Holdings’ entire issued share capital for €38.6m (net assets acquired €38.6m). Thus, the Irish portfolio’s gross value crossed €100m. Jellia owns three modern and purpose-built primary care centres in Ireland.

Tullow spuds Cormorant well offshore Namibia

UK independent Tullow Oil has spudded the Cormorant exploration well in the Walvis Basin offshore Namibia and highlighted by us as a well to watch in our ‘Exploration Watch: 2018 exploration wells’ report. The well is targeting resources of 125mmbbls in a basin slope Cenomanian Cretaceous fan covering 120km2. If successful, the well would open up a potential 1bnbbls in other fans for the company together with the rest of the basin for the industry, where majors have been building a position in recent years, most recently with ExxonMobil’s 30% farm in to AziNam’s PEL 44 licence immediately to the south of Cormorant. The well is one of two high profile wells to be drilled in Namibia this year, with Chariot Oil & Gas due to drill its Prospect S well from mid-October and also covered in our report.

Severfield’s statement retained managements existing guidance for FY19

Severfield’s AGM statement retained management’s existing guidance for FY19 with H1 results expected to be boosted by the time of project completion in the UK.While the UK order book has reduced this largely appears to be a mix effect, rebalanced towards smaller project works which cycle through the order book more quickly.

Lighthouse (LGT); 1H18 results: 5% rev. growth supported by higher contribution from relationships

LGT announced 1H18 results; revenues grew 5% y/y to £26.88m, and average annualised revenue production per adviser rose 6% y/y to £124,000. Recurring revenue accounted for 51% of customer derived revenue (2017 49%).

KEFI Minerals (KEFI); receives government approval for Tulu Kapi project

Stock flat at 2.16p at 8:24

KEFI has received the key development and financing policy approvals for its Tulu Kapi Gold Project from the Ethiopian government.

Severfield (SFR); trading update: in line with management expectations; Bellary facility expansion

SFR has announced its trading update and outlook for FY19 ahead of its AGM today. Its trading performance and financial position remain in line with management expectations. The outlook for the year ending March 2019 remains unchanged. The company will announce its financial results for the half year ending 30 September 2018 on 27 November 2018.

Egdon Resources (EDR); update on Holmwood prospect

Stock down 8.9% to 7.88p at 08:06

Europa Oil & Gas (Holdings) announced on behalf of the operator of the Holmwood Licence PEDL143 (EDR holds 18.4% interest) that the Minister for the Environment, Food and Rural Affairs had decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.

Boku (BOKU); interim results: Net loss narrows to $0.7m in 1H 2018

Stock up 1.9% to 187.5p at 8:05

Net loss for the six months ending 30 June 2018 narrowed to $0.7m compared with $6.6m for 1H 2017. Revenue rose 66% in 1H 2018 to $16.9m (1H 2017: $10.2m). Adjusted EBITDA turned positive in 1H 2018 to $2.5m (loss $2.8m in 1H 2017).

Hurricane Energy (HUR); Spirit Energy farm-in to Greater Warwick Area

Stock up 13.12% to 55.70p at 8:45

HUR announced that Spirit Energy has farmed-in to 50% of HUR’s Lincoln and Warwick licences (together covering the Greater Warwick Area, or GWA). This will open up significant new work programme, widen strategic options and accelerate both companies’ potential monetisation.