31st Dec 2025 07:41
(Alliance News) - Harbour Energy says it has been made operator of an asset in Mexico, while Digital 9 says the bulk of the proceeds from the sale of an asset will be distributed to shareholders.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 0.1% at 9,928.21
GBP: lower at USD1.3456 (USD1.3475 at previous London equities close)
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BROKER RATINGS
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Berenberg cuts Xaar price target to 140 (160) pence - 'buy'
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COMPANIES - FTSE 250
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Oil and gas company Harbour Energy says it has been appointed operator of the Zama project in offshore Mexico. The move was agreed by the project's partners, including Pemex, Grupo Carso and Talos Energy, who will now appoint "key personnel" into the Harbour team managing the asset. "The next step will be to complete engineering and design work in 2026 ahead of a final investment decision," Harbour says. It estimates that the asset contains roughly 750 million barrels of oil equivalent in gross recoverable resources.
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OTHER COMPANIES
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Digital 9 Infrastructure has sealed the sale of its Atlantic and Irish Sea subsea fibre business, Aqua Comms. The investor in internet infrastructure, such as data centres and subsea fibre, says it will net GBP34.0 million from the sale, topping a June valuation of GBP32.4 million. "The board intends to return proceeds, net of anticipated future working capital needs (being approximately a third of the proceeds), to shareholders by way of a pro‑rata compulsory capital redemption, which is expected to facilitate the most efficient and cost-effective return of the proceeds to shareholders," Digital 9 says. "Future working capital needs include the necessary ongoing operational cost commitments through to the final wind down of the company, following future anticipated sale processes for Elio Networks and Arqiva." Digital 9, back in January 2024, put forward plans for a managed wind-down. Shareholders backed the proposal in March of that year.
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Stockbroker Walker Crips reported a wider interim loss and weaker revenue amid "another difficult period". In the half-year to September 30, its pretax loss stretched to GBP6.3 million from GBP1.5 million a year prior. Revenue fell 7.3% to GBP14.6 million from GBP15.8 million. Assets under management rose 9.3% to GBP3.0 billion from GBP2.7 billion at the end of March, with total assets under management and administration up 5.3% to GBP4.9 billion from GBP4.6 billion. "Given the ongoing internal challenges and broader economic uncertainty, this has been another difficult period for the Walker Crips Group," the firm says. It decided against a dividend, unchanged from a year prior. It adds: "Whilst the results are not positive, they were not entirely unexpected given the transition we are in. We remain determined to turn things around through several ongoing initiatives, including strengthened cost management efforts, comprehensive tariff reviews, new structured products initiatives, including a structured product fund, and continuous process improvements. The company has identified a range of cost-cutting measures that are expected to start delivering results in 2026."
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Kazakhstan-focused gold and base metals explorer East Star Resources hails "important results" from drilling at its Verkhuba copper deposit. East Star reports "deep intervals" of zinc-copper mineralisation were intersected. "These are important results for the future study work at Verkhuba and have helped us to confirm the area of study for 2026 with Xinhai, who are farming into the project. These advances at Verkhuba will refine the deposit model and continue moving it closer to development," East Star Chief Executive Officer Alex Walker says. East Star earlier in December announced a deal which could see Xinhai farm in, in five stages, for up to 70% of the Verkhuba copper asset. "Xinhai's estimated investment for the feasibility study and mine and plant construction costs is approximately USD65 million," East Star explained at the time. "With positive results from a feasibility study, no further funding is required for East Star to become a copper producer."
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By Eric Cunha, Alliance News news editor
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Related Shares:
XaarHarbour EnergyWalker CripsDigital 9East Star Reso