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Penny Share Review 415

Monday 19 November 2007

The 3p drop in the shares of Earthport (EPO) was noted in the Guardian on Saturday, after the issue of new shares at 31.5p and loan stock at 31p. Shares in Earthport traded 2.5p lower at 49.5p on Monday morning.

EnCore Oil (EO.L) is mentioned by the Sunday Telegraph in relation to Petronas’ takeover approach of Star Energy last week, as EnCore has an interest in the same depleted fields in the North Sea, as Star. The fields are currently being evaluated for potential use as gas storage facilities, and the paper believes Petronas may be interested in owning the fields outright. The stock soared last week on the Star Energy takeover approach and EnCore revealing plans to demerge its own gas storage business into a separately quoted company next year. Along with results from the Breagh appraisal well (revealed today), newsflow from other wells is expected soon. The paper is of the opinion that stockbrokers will not have much difficulty selling the story in the next few weeks and concluded with a ‘Risky Buy’ recommendation to its readers at 28.25p. Helped by news from Breagh, EnCore continued to be in favour this morning, moving ahead by 1p to 29.25p.

The increase in the share price of Provexis (PXS) was noted on Saturday in both the Daily Mail and Guardian, following the signing of a 12-month exclusive technology assessment agreement for its Fruitflow technology with Coca-Cola. The stock remained unchanged today at 3.625p, despite the publication of interim results.

The prices above were taken at 10.37 on Monday, 19 November 2007.

Announcements

The following companies, in which City Equities customers may have an interest, released announcements to the market this morning. These can be found by entering the relevant company name or ticker code in the search box on this site.

Aim Resources (AIM.L) – Perkoa site update.

Albidon (ALD) – Botswana nickel prospect.

CybIT (CYH) – Notice of results.

EBTM (EBTM) – US website launch.

EnCore Oil (EO.L) – Breagh well test.

IDOX (IDOX) – Trading statement.

FFastfill (FFA) – Contract win.

First Artist (FAN) – Results.

Immersion (ITI) – Nakamichi speakers update.

Intellego Holdings (IHP) – Acquisition.

Lonrho (LONR) - LonZim pathfinder.

Minco (MIO) – Mexican financing agreement.

Petards (PEG) – Holding.

Provexis (PXS) – Interim results.

Range Resources (RRL) – Equity issue.

Sareum (SAR) – Director shareholding.

Look out for this week

Monday, 19 November – First Artist (FAN) and Provexis (PXS) results. Synchronica (SYN) – EGM.

Tuesday, 20 November – BSA Mortgage lending, Public finances data, M4 lending data, CBI industrial trends survey (all UK data).

Wednesday, 21 November – BoE MPC minutes.

Thursday, 22 November – Nothing of note.

Friday, 23 November – Q3 GDP, Services output and BBA mortgage lending (both UK).

The next Penny Share Review will be posted on Monday, 19 November 2007.

Compiled by Jason Robertson.

Penny Shares Online - penny shares research and information service.