News

Shares in Empyrean Energy took a knock after it said the deepest zone of the Austin Chalk in the Sugarloaf-1 Well is unlikely to be commercially productive.

"The lack of significant hydrocarbon recovery and the flow pressures seen to date indicate that this deepest zone of the Austin Chalk is unlikely to be commercially productive at this location," it said.

Testing the two other Austin Chalk zones in this well will be determined by the joint venture after the current testing operations are completed, it added.

Fuel cell developer Voller Energy said it is on track to deliver commercial products to address its target markets of construction, leisure and the military.

The group said it believes this will put it 'significantly' ahead of its competitors.

"We have substantially enhanced our intellectual property (IP) and know-how in fuel reforming technology and fuel cell system integration and we will continue to look for new opportunities for growth both domestically and on an international basis," it added.

Gas and exploration firm Cardinal Resources said its Nomad Nabarro Wells & Co has resigned. Cardinal has a month to appoint a new Nomad otherwise its shares will be cancelled on AIM.

Cardinal shares will remain suspended under AIM Rule 1.

Namibian Resources said mining has recommenced and production for the first three weeks of October has resulted in a total of 417 carats. It said revenue for the half-year fell to £77,000 from £396,000 before.

Bateman Litwin said one of its subsidiaries have has been awarded a contract by Agra Industries for a dry mill ethanol plant to be constructed in Illinois, USA. The contract is worth $37m.