Small caps round-up: Empyrean Energy, Enegi Oil, Synchronica

23rd Dec 2010 11:15

Shares in Empyrean Energy fell back after the oil firm reported much wider losses for the six months to 30 September amid a busy period focused on three projects in Texas. Pre-tax losses ballooned to £5m from £518,000 in the same period the previous year.Shares in Enegi Oil also fell back, even as losses narrowed sharply in the year to 30 June. Pre-tax losses totalled £1.26m, against a deficit of £17.24m the previous year.It has been quite a month for Synchronica, whose shares are up again after the mobile phone messaging technology group announced a contract with a mobile network operator in the Middle East worth about $1.5m (£1m). Synchronica will provide mobile push email and instant messaging software, professional services and support. It is the latest in a series of wins announced by the company this month.Fire equipment hirer AssetCo has sold Supply 999 Limited, Todd Research Limited and AS Fire & Rescue Equipment Limited for £5.25m to Spring Ventures.Oil and gas group Aurelian has reported a successful completion of its horizontal well at its Siekierki project, encountering 1378.5 metres of gas. The Bieszczady well is expected to hit its target depth by end February 2011.Aurora Russia recorded a loss of £6.3m or (5.62p) per share in the half year to September. Net assets were £93.2m or 82.9p per share. Aurora added it will return all of the net cash proceeds from realisations of assets to shareholders as long as the NAV discount is more than 20%. The manager has also agreed to reduce its annual management fee from 2.0% of NAV to 1.5% from March.Aurum Mining shares were suspended on AIM this morning. The company and its new major shareholders are looking for a deal.Food preservative group Sorbic's profits fell to £0.6m, from £3.3m, in the half year to September. Turnover dipped to £12m from £14.5m.US-focused oil group Resaca has agreed two new credit facilities worth $95m. The group made a net loss of $8.2m in the year to June and underlying profits of $3m, but is bullish going forward. "We plan to use the availability under our new senior credit facility to implement a $10m capital program to significantly increase our near term production and cash flows," it said.Coal and iron ore miner Sable Mining lost $3.7m in the six months to September. Following the fundraising in April 2010 of US$125m, the group has cash balances were $132.2m. "We potentially have a highly active news pipeline in conjunction with our intensive drilling programmes across our portfolio," it said.