Author: Fiona Craig

Hunting PLC (LSE:HTG) said a pilot of its Organic Oil Recovery (OOR) enhanced oil recovery technology at Buccaneer Energy Plc’s Pine Mills field in East Texas resulted in a doubling of oil output from the test wells, with one well’s water cut falling to zero.

The trial demonstrated a 100% increase in production across the pilot wells, highlighting the ability of OOR to improve residual oil recovery in mature fields. Buccaneer has indicated plans to expand deployment of the technology across additional wells in its portfolio, signalling growing commercial traction for Hunting’s solution.

Management said the results strengthen confidence in OOR as a cost-effective enhanced recovery technique that can be applied to a broad base of existing wells worldwide. By improving production efficiency and extending asset life, the technology could widen Hunting’s addressable market within oilfield services while reinforcing its competitive position in lower-cost recovery solutions.

From an investment perspective, the company’s outlook is supported by strong cash flow generation in 2024, a low-leverage balance sheet and shareholder-focused initiatives, including an expanded share buyback programme. However, profitability has been volatile, with a loss reported in 2024 following a profit in 2023. Technical indicators also point to softer near-term momentum, with a negative MACD reading and RSI below 50 tempering the otherwise solid financial footing.

More about Hunting

Hunting PLC is a London-listed global precision engineering group supplying equipment and premium services primarily to energy and industrial markets. Established in 1874 and headquartered in London, with a major corporate office in Houston, the company operates across the UK, US, China, India, Indonesia, Mexico, Saudi Arabia, Singapore and the UAE. It reports through five operating segments and focuses on product lines including OCTG, perforating systems, subsea technologies and advanced manufacturing solutions.

GEO Exploration Limited (LSE:GEO) has amended a prior announcement regarding the number of shares issued to non-executive director Brian Chu and confirmed a comprehensive equity-based remuneration package for its board.

The company has allotted new ordinary shares to executive directors Omar Ahmad, Hamza Choudhry and Azib Khan, as well as to Chu, in place of certain cash fees. Management said the move supports its objective of preserving cash resources while aligning board compensation more closely with shareholder returns through equity participation.

In addition, the board has agreed to extend by three years the expiry date of warrants originally issued as part of its August 2023 placing. GEO has also granted 490 million new share options to directors, with vesting subject to a combination of share price performance targets and time-based conditions. Collectively, the measures materially increase directors’ potential fully diluted interests and are designed to encourage long-term value creation.

The company noted that equity-led incentive structures are common among smaller AIM-listed resource companies, particularly those at the exploration stage, where capital discipline and liquidity preservation remain priorities.

More about GEO Exploration Limited

GEO Exploration Limited is an AIM-listed natural resources company focused on early-stage exploration projects. Operating with the funding constraints typical of junior miners, the group relies significantly on equity-based remuneration and incentive mechanisms to retain leadership talent while directing available cash toward operational progress and strategic development.

Tungsten West Plc (LSE:TUN) has awarded two significant supply contracts as part of its plan to restart the Hemerdon mineral processing facility in Devon.

Under the agreements, Duo Group will handle the engineering, procurement and construction of a new crushing, screening and ore sorting circuit. Meanwhile, Gekko Systems will provide an In Line Pressure Jigs (IPJ) system along with supporting infrastructure.

The upgraded configuration will include new primary and secondary crushers, a crushed ore stockpile, advanced ore sorting capability and the IPJ pre-concentration system. These enhancements are intended to improve operational reliability, raise processing efficiency and strengthen environmental performance at Hemerdon. By removing waste earlier in the process and lowering the volume of material entering the main plant, the improvements are expected to reduce overall processing loads and support a more cost-effective route back to tungsten and tin concentrate production.

Management described the contracts as a key milestone in the redevelopment of Hemerdon, bringing the project closer to a sustainable production restart.

From an investment perspective, the outlook remains weighed down by weak financial fundamentals, including ongoing losses, no reported revenue in FY2025, negative equity and continued cash burn. However, technical indicators provide some support, with the shares trending higher and momentum signals positive. Valuation remains under pressure due to the company’s loss-making status and the absence of dividend yield data.

More about Tungsten West Plc

Tungsten West Plc is a UK-based mining company focused on recommissioning the Hemerdon tungsten and tin mine in Devon. Its strategy centres on redeveloping and operating the Hemerdon project to produce saleable tungsten and tin concentrates for industrial and technology end markets.

Blencowe Resources Plc (LSE:BRES) said newly announced U.S. anti-dumping and countervailing duties of roughly 160% on Chinese graphite active anode material imports could materially reshape global supply dynamics if formally approved in March and maintained for at least five years.

According to the company, such measures would significantly increase the cost of Chinese-origin material entering the U.S., accelerating efforts to diversify graphite supply chains away from China. In tandem with broader Western initiatives to establish domestic and allied processing capacity, Blencowe believes the policy shift enhances the long-term strategic value of its Orom-Cross graphite project in Uganda.

The group is continuing drilling activity at the Iyan and Beehive deposits within Orom-Cross, while advancing parallel funding discussions and potential offtake agreements. Management’s objective is to position the asset as a reliable, large-scale supplier of high-quality graphite feedstock into multiple premium end markets, including battery and advanced industrial applications.

Further assay results and updated resource estimates are expected in due course, supporting development planning as global supply chains adjust to evolving trade policies. The company maintains that Orom-Cross is designed as a long-life, scalable operation capable of serving non-China supply requirements.

From an investment perspective, the outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and increasing cash burn in 2025. However, technical indicators provide some counterbalance, with the share price trading above key moving averages and momentum signals such as MACD positive and RSI near mid-range levels. Valuation metrics remain difficult to interpret due to negative earnings and the lack of a dividend.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed natural resources company focused on developing the Orom-Cross graphite project in Uganda. The project is intended to become a large-scale, long-life source of premium graphite feedstock, targeting battery manufacturers and advanced industrial customers seeking diversified supply beyond China.

Pebble Beach Systems Group plc (LSE:PEB) has been awarded a five-year contract valued at an initial £1.3 million to provide its automation software to a Tier 1 U.S.-based streaming provider entering the live sports market.

The agreement, secured through a long-standing U.S.-headquartered partner, covers system implementation as well as ongoing support and maintenance. The company noted that the arrangement offers potential for additional revenue over time as the partnership develops.

Pebble’s automation technology will manage the playout of video, audio, advertising and graphics, supporting the client’s expanded live sports broadcasting and monetisation capabilities. The contract underscores Pebble’s position as a specialist provider of high-reliability automation systems for leading media organisations and reflects increasing demand for robust playout infrastructure as streaming platforms invest further in live, advertising-led sports content.

From an investment standpoint, the outlook is influenced by supportive technical signals and recent contract momentum, suggesting scope for operational growth. However, financial metrics remain a constraint, with negative net income and a negative price-to-earnings ratio weighing on valuation. The company’s capacity to capitalise on its cash flow base and recent strategic initiatives will be central to performance in the periods ahead.

More about Pebble Beach Systems

Pebble Beach Systems Group plc, trading as Pebble, is a global software provider specialising in automation, integrated channel and virtualised playout solutions for broadcast and streaming customers. Established in 2000, the group has deployed scalable systems across more than 70 countries, managing around 2,000 channels for Tier 1 broadcasters and major streaming platforms.

Its technology automates the scheduling and delivery of programmes, commercials, trailers and graphics, supporting operations ranging from single-channel deployments to multi-channel installations exceeding 150 channels. This focus on resilient, scalable automation underpins Pebble’s reputation as a specialist provider within an expanding, content-driven streaming landscape.

Cambridge Cognition Holdings plc (LSE:COG) has formed a strategic alliance with Indian brain health start-up Ivory to introduce its CANTAB Pathway digital cognitive assessment platform across healthcare and consumer markets in India.

The partnership is designed to accelerate early cognitive screening in a country where a significant number of older adults are believed to have undiagnosed cognitive impairment. By utilising Ivory’s growing clinical network, consumer-facing app and broader health-tech partnerships, the companies aim to deliver scalable, technology-enabled brain health solutions to meet rising demand for proactive screening tools.

Under the agreement, CANTAB Pathway will be deployed more widely across professional healthcare settings and direct-to-consumer channels. The platform provides scientifically validated, low-burden assessments with near real-time results and multilingual capability, including support for multiple Indian languages, with further localisation planned. The collaboration combines Cambridge Cognition’s evidence-based digital testing tools with Ivory’s focus on shifting care towards prevention and earlier detection of neurodegenerative conditions.

Management believes the initiative positions both groups to benefit from India’s expanding middle and affluent populations while addressing a substantial unmet need in early-stage cognitive assessment. The move also strengthens Cambridge Cognition’s footprint in the global brain health market.

From a financial perspective, the company’s outlook remains challenged by declining revenues, ongoing losses and negative operating and free cash flow, although balance sheet equity has improved. Technical indicators present a mixed picture, with some short-term strength offset by a longer-term downward trend and an elevated RSI suggesting overbought conditions. Valuation metrics remain limited in usefulness due to loss-making results and the absence of a dividend.

More about Cambridge Cognition Holdings

Cambridge Cognition Holdings plc is a neuroscience technology company specialising in digital cognitive assessments under the CANTAB and Winterlight brands. Its touchscreen- and voice-based tools are designed to support research, drug development and patient care, offering objective, real-time results with minimal specialist administration. The scalable CANTAB Pathway suite enables longitudinal monitoring across clinical and consumer environments, supported by extensive multilingual functionality.

SpaceandPeople plc (LSE:SAL) delivered a positive pre-close update for the year ended 31 December 2025, reporting higher revenue and a strengthened balance sheet ahead of full-year results.

Group revenue increased to £8.1 million, up from £6.7 million the previous year, supported by solid momentum across UK Brand Experience, Rock Up and Pop-Up formats, as well as continued expansion within its German Retail division. Margins were maintained at levels that kept profitability broadly in line with market expectations.

The company also improved its financial position, ending the year with £1.6 million in cash and no outstanding bank debt. Management said the combination of revenue growth and debt elimination reflects the success of its strategic focus and positions the business more strongly ahead of full-year results, which are expected in late April 2026.

Looking ahead, the outlook is supported by strengthened financial performance and recent positive corporate developments. The recovery in profitability and continued expansion across core formats provide a foundation for further growth. Technical indicators suggest a broadly neutral share price trend, while valuation metrics imply the stock may offer relative value. However, limited forward-looking commentary from management constrains deeper insight into near-term expectations.

More about SpaceandPeople

SpaceandPeople plc specialises in retail, promotional and brand experience services, primarily operating in the UK and Germany. The group connects brands with high-footfall retail and leisure destinations through formats such as UK Brand Experience, Rock Up and Pop-Up installations, alongside its German Retail operations.

Beeks Financial Cloud Group plc (LSE:BKS) said trading for the six months to 31 December 2025 met market expectations, supported by new agreements with leading global exchanges and Tier 1 financial institutions.

Recurring income continued to strengthen, with annualised committed monthly recurring revenue rising 15% to £32.8 million, highlighting the durability of the group’s private cloud run-rate model. While reported revenue eased to £14.7 million due to the timing of Proximity Cloud deployments and a transition toward revenue-share arrangements within Exchange Cloud, underlying contract momentum remained solid.

During the latter part of the period, Beeks secured more than £7.0 million in total contract value, with roughly half expected to be recognised in the second half of the financial year. Net cash reduced to £3.3 million as the company drew on debt facilities to fund infrastructure rollouts across Proximity Cloud, Exchange Cloud and Private Cloud projects.

Management expects revenue-share Exchange Cloud agreements, alongside the introduction of its AI-driven Market Edge Intelligence solution, to support future growth in recurring and higher-margin income streams. With a record pipeline, active deployments across seven exchanges worldwide and strong visibility over contracted revenues, the board reaffirmed confidence in achieving full-year 2026 forecasts. Interim results are scheduled for release on 16 March 2026, followed by an investor presentation.

From an investment perspective, the outlook is underpinned by robust operational performance, although cash flow pressures remain a consideration. Technical indicators suggest a broadly neutral trend with elements of positive momentum. However, valuation metrics appear stretched, with a relatively high price-to-earnings ratio and no dividend yield, tempering the overall investment case.

More about Beeks Financial Cloud Group Plc

Beeks Financial Cloud Group plc is a UK-based managed cloud infrastructure provider dedicated to capital markets and financial services clients. The company delivers low-latency compute, connectivity and analytics solutions through an Infrastructure-as-a-Service model, enabling secure, high-performance hybrid cloud environments that connect exchanges, trading venues and public cloud platforms.

Buccaneer Energy Plc (LSE:BUCE) has finished a pilot Organic Oil Recovery programme at its Pine Mills field in East Texas, using a nutrient-based microbial treatment to enhance production from mature wells.

The trial targeted one injection well and two producing wells in the Battery 3 section of the field. The treatment is designed to modify microbial activity within the reservoir, improving the mobility of residual oil in long-established waterflood operations. Following implementation, average production across the pilot area increased from roughly 15 barrels of oil per day to around 30 barrels per day. In addition, water cut at one well declined from 80% to zero, materially improving efficiency.

Management said the cost of the programme was in line with a standard workover, highlighting its potential as a low-capital method of unlocking additional reserves. The company believes the approach could help close the gap between Pine Mills’ assessed asset value and Buccaneer’s current market capitalisation.

Next steps include further treatments across the remaining wells within the pilot zone in March, with plans to roll out the Organic Oil Recovery process across the broader Pine Mills field in the second quarter of 2026. If successful at scale, the initiative could support higher production levels, stronger cash flow generation and improved competitiveness within the company’s focus on mature producing assets.

Despite the operational progress, the company’s overall outlook remains constrained by weak financial fundamentals, including ongoing losses, negative equity and negative operating and free cash flow. Technical indicators also remain bearish, with the shares trading below key moving averages and a negative MACD signal, although oversold conditions provide limited offset. Valuation support is minimal given negative earnings and the absence of a dividend yield.

More about Buccaneer Energy Plc

Buccaneer Energy Plc is an international exploration and production company focused on oil and gas assets in Texas, United States. The group concentrates on mature fields such as Pine Mills, aiming to enhance recovery rates and boost cash generation through cost-efficient optimisation techniques rather than large-scale drilling campaigns.

Custodian Property Income REIT plc (LSE:CREI) has completed the purchase of Grove Court Properties (Holdings) Limited in a transaction valued at £35.9 million, adding a family-owned portfolio of seven mixed-use assets located around the M25 corridor.

The newly acquired properties are approximately 97% let and generate a net initial yield of about 6.8%. The portfolio spans motor trade, residential, leisure, office and high street retail uses. Tenants include Vertu Motors, BP Collins and Marks & Spencer (M&S Simply Food). The addition is expected to increase Custodian’s annual rental income by roughly 6%.

The acquisition was funded primarily through the issue of new shares, alongside a cash element. Management expects the deal to be earnings accretive, improving earnings per share and strengthening dividend cover, while keeping net gearing steady at around 26%. By structuring the transaction as a corporate acquisition, the company avoided stamp duty land tax on the underlying properties and secured cost efficiencies. The arrangement also introduces the selling family as shareholders, aligning with Custodian’s strategy of consolidating diversified regional portfolios from private property owners.

From an investment standpoint, the outlook is underpinned by an attractive valuation profile, including a relatively low price-to-earnings ratio and a high dividend yield. Technical indicators remain supportive, with the share price trading above key moving averages and a positive MACD signal. Operationally, cash generation is solid and leverage remains moderate, although earnings volatility remains a constraint. Ongoing share buybacks and consistent dividend payments provide additional support.

More about Custodian REIT

Custodian Property Income REIT plc is a UK-listed real estate investment trust focused on generating enhanced income returns from a diversified portfolio of smaller, regional commercial properties. The company typically targets assets valued below £10 million and leverages its listed REIT platform to attract acquisitions from family offices and privately held property portfolios across the UK.