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Pin to quick picksSound Energy Share News (SOU)

Share Price Information for Sound Energy (SOU)

London Stock Exchange
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Share Price: 1.675
Bid: 1.60
Ask: 1.75
Change: 0.00 (0.00%)
Spread: 0.15 (9.38%)
Open: 1.50
High: 1.675
Low: 1.50
Yest. Close: 1.50
SOU Live PriceLast checked at -

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UK WINNERS & LOSERS SUMMARY: Cairn Jumps On USD1.2 Billion Dispute Win

Wed, 23rd Dec 2020 10:35

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.



FTSE 100 - WINNERS



International Consolidated Airlines, up 1.9%. Europe on Wednesday began lifting travel bans on Britain put in place to contain a new fast-spreading Covid strain. France was reopening cross-border travel with Britain Wednesday but a negative Covid-19 test will be required, while the Netherlands also said it was lifting its ban beginning Wednesday but noted that all passengers, including EU citizens, must have a recent negative test to enter.



FTSE 250 - WINNERS



Cairn Energy, up 28%. The oil & gas exploration and development company said a tribunal established to rule on its claim against the Indian government found in the company's favour, to the tune of USD1.2 billion. Cairn's claim was brought under the terms of the UK-India Bilateral Investment Treaty. The tribunal ruled unanimously that India had breached its obligations to Cairn under the treaty and has awarded Cairn damages of USD1.2 billion plus interest and costs, which now becomes payable. The dispute between Cairn Energy and the Indian government stretches back to early 2014, when the Indian government froze Cairn Energy's 10% stake in Cairn India following the introduction of retrospective tax legislation.



OTHER MAIN MARKET AND AIM - WINNERS



Carclo, up 24%. The West Yorkshire-based plastic parts manufacturer said it has signed a framework agreement with a major global original equipment manufacturer for the production of medical diagnostic disposable devices. Carclo said the agreement with the unnamed company allows the award of production contracts to its Carclo Technical Plastics division for the manufacture of a range of diagnostic products over the next ten years. Carclo added that production contracts are expected to be awarded in the first half of its financial year ending March 31, 2022, with full production volumes expected to be achieved in the second half of financial 2022. At full rate of production, the contracts are expected to deliver annual revenue of between GBP10 million to GBP15 million.



Sound Energy, up 18%. The Moroccan-focused upstream gas firm said it has signed a letter of exclusivity with Italian exploration services provider Italfluid Geoenergy. Under the letter, both companies have agreed to negotiate and enter into a binding project contract which will commit Italfluid to design, construct, commission, operate and let to Sound Energy a micro liquefied natural gas plant. The plant can produce LNG, and will treat and process raw gas from the phase one development project for TE-5 Horst at the Tendara production concession. The period of exclusivity will last until the end of March 2021. The proposed project contract has an initial period of five years, with an initial payment of USD5 million to Italfluid within 30 days of the notice to proceed with phase one, and USD2 million within 30 days of the successful commissioning of the mLNG plant.



SEC Newgate, up 12%. The public relations firm announced the acquisition of a 60% interest in German consultancy Orca Affairs for a maximum of EUR3.5 million. SEC Newgate will acquire the interest in four tranches of 15% per year until 2024. The Milan-based company will make an initial payment of EUR700,000 on April 1 next year and will make three deferred cash payments in 2022, 2023 and 2024 through an earn-out mechanism linked to Orca's earnings before interest, tax, depreciation and amortisation. As a result, the total consideration for the acquisition ranges from EUR2.2 million to EUR3.5 million. In 2019, Orca's pretax profit was EUR2.2 million, on revenue of EUR10.5 million. The acquisition is expected to be earnings enhancing in 2021, and Orca being part of SEC Newgate will help it build its business at a local, regional, national and international level.



OTHER MAIN MARKET AND AIM - LOSERS



Infrastrata, down 8.0%. The infrastructure projects firm has proposed to raise up to GBP7.4 million through a placing and open offer of shares, with the cash to be used for acquisitions and working capital. Infrastrata will issue 14.2 million shares at a price of 45 pence each through the placing to raise GBP6.4 million, and 2.2 million shares at the same price to existing shareholders through an open offer to raise GBP1.0 million. The placing will be conducted in two tranches, with GBP4.0 million from the first tranche and GBP2.4 million from the second. Proceeds from the share issue will go towards the acquisition of a robotic welding panel line and other yard refurbishment programmes in preparation for the award of fabrication contracts. Additionally, the boost to working capital will improve Infrastrata's negotiating position on new contract opportunities.



By Lucy Heming; lucyheming@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

Sound Energy to acquire Schlumberger interests in Morocco

(Sharecast News) - Morocco-focussed upstream oil and gas company Sound Energy has entered into a sale and purchase agreement with Schlumberger to acquire the entire issued share capital of Schlumberger Silk Route Services (SSRS), it announced on Monday.

14 Jun 21 15:01

AIM WINNERS & LOSERS: Tavistock up on GBP40 million wealth unit sale

AIM WINNERS & LOSERS: Tavistock up on GBP40 million wealth unit sale

14 Jun 21 11:18

Sound Energy boosts Morocco interest with Schlumberger deal

Sound Energy boosts Morocco interest with Schlumberger deal

14 Jun 21 10:41

Sound Energy shares tumble on Moroccan tax reassessment

Sound Energy shares tumble on Moroccan tax reassessment

1 Jun 21 14:02

AIM WINNERS & LOSERS: Sound Energy falls on Morocco tax notification

AIM WINNERS & LOSERS: Sound Energy falls on Morocco tax notification

1 Jun 21 11:30

TRADING UPDATES: Amigo wants suspension lift; Young's sinks to loss

TRADING UPDATES: Amigo wants suspension lift; Young's sinks to loss

20 May 21 20:23

IN BRIEF: Sound Energy rises after bondholders approve restructuring

IN BRIEF: Sound Energy rises after bondholders approve restructuring

14 Apr 21 12:07

Sound Energy proposes restructure of EUR28 million 2021 notes

Sound Energy proposes restructure of EUR28 million 2021 notes

30 Mar 21 14:49

CORRECT: Sound Energy says hasn't signed Morocco deal, reversing rally

CORRECT: Sound Energy says hasn't signed Morocco deal, reversing rally

26 Mar 21 12:48

Sound Energy says it hasn't signed Morocco contract, reversing rally

Sound Energy says it hasn't signed Morocco contract, reversing rally

26 Mar 21 12:26

Sound Energy refutes reports on Morocco LNG deal

(Sharecast News) - Morocco-focussed upstream gas company Sound Energy responded to media reports in the north African country on Friday, confirming that it had not signed an agreement on a proposed liquefied natural gas project.

26 Mar 21 11:10

Sound Energy nets EUR 0.18m from sale of first land stage at Badile

(Sharecast News) - Morocco-focussed upstream gas company Sound Energy announced on Monday that it has received the first sale proceeds from the sale of the Badile land, totalling €0.18m (£0.15m) net of fees.

8 Mar 21 14:05

Sound Energy gets first payment from sale of Badile Land

Sound Energy gets first payment from sale of Badile Land

8 Mar 21 10:35

Sound Energy Moves Shares To New Trading Platform In London

Sound Energy Moves Shares To New Trading Platform In London

15 Feb 21 08:46

UK WINNERS & LOSERS SUMMARY: Cairn Jumps On USD1.2 Billion Dispute Win

UK WINNERS & LOSERS SUMMARY: Cairn Jumps On USD1.2 Billion Dispute Win

23 Dec 20 10:35

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