Small caps round-up: Microcap, Bowleven, Pentagon Protection

1st Jun 2009 13:23

Shares in Microcap Equities fell back after the investment firm said that negotiations with potential investors in the firm may not succeed and, if successful, would likely be made at a significant discount to the current share price.Oil explorer BowLeven reports that an independent survey by TRACS on the recent IF oil discovery on Block MLHP-7 of the Etinde Permit, offshore Cameroon confirmed a low estimate of reserves at 23.9m barrels. The best case estimate is 53.1m barrels and the high estimate 94.3m barrels. "Our combined views suggest that further appraisal is definitely warranted and that a commercial development is very likely," chief executive Kevin Hart said.Security glass supplier Pentagon Protection has raised £275,000 through a placing of 110m new shares at a price of 0.25p per share. In addition, some directors are to subscribe for approximately £25,000 worth of new shares.Oil and gas explorer San Leon energy has signed an agreement with the National Office of Hydrocarbon and Mining to employ proprietary in-situ vapour extraction technology over the 6,000 square kilometre Tarfaya oil shale project. The company has signed a memorandum of understanding with the Moroccan authorities which gives San Leon exclusive rights to convert the area into a licence. San Leon estimates reserves of billions of barrels of recoverable oil from the Tarfaya oil shale.Mobile phone services company WIN has seen steady progress across all business divisions in the year to date and said it is well placed to take advantage of a fast growing market. IT services firm Phoenix saw pre-tax profits rise to £15.6m from £15.5m before on revenue that rose 9.7% to £253.2m. Total dividend up 15% at 6.3p per share. "In spite of the continuing macro economic uncertainties, we remain positive about the outlook for the current year and beyond and are well placed to capture further opportunities and market share," said the group.Sterling Energy saw pre-tax losses surge to $184m from $2.9m loss last year on revenue that increased 7% to $103.6m. Average production decreased 17% to 4,809boe/d, partly due to the impact of two major hurricanes in the USA.