LONDON (ShareCast) - Shares in Gooch & Housego were on offer after the optical components manufacturer said sales of its acousto-optic products during the first quarter were lower than the same period last year.

“The indications are that this was a temporary slowing of demand brought about by higher than normal inventory levels at some of our customers, the cyclical nature of certain key markets and the uncertain economic climate,” said the group.

“We are now working to make up the ground lost in the first quarter and we are expecting improved revenues in the second half of the year,” it added.

Oil and gas firm Matra Petroleum said testing on its Marcali-1 Well in Hungry has been suspended after it produced only water.

"The well encountered significant gas shows whilst drilling and gas was indicated on well logs, however the well produced water on test," it said.

Managing director Peter Hind said the group needs to review the test details and come to a firm conclusion on the future of the well.

US-focused oil group Nighthawk Energy has bought a further 5,977 acres of land adjacent to its acreage at Cisco Springs, Utah, bringing the total area held to approximately 24,000 acres.

Nighthawk holds a 50% working interest in the project. Running Foxes owns the rest and is the operator.

Mobile software developer i-mate surged ahead after it teamed up with Australian telecoms company Telstra to launch i-mate Ultimate 8502 and i-mate Ultimate 9502.

Telstra is the first operator to deploy these devices globally and both devices will be exclusive in Australia to Telstra customers.

Carnegie Minerals slumped again after it received official confirmation that the government of Gambia has cancelled its licence to mine heavy mineral sands in which it holds an equal share with Astron Ltd.

The group said that at the start of the month it stated that it had already fully provided for this outcome, adding that it continues to focus its efforts on its other existing and emerging projects.

Shares in Formjet rose after agreeing a deal with Marks & Spencer to produce an exclusive new range of software products.

Antenna maker Sarantel said it is pursuing a range of financing options and continued to reduce its cost base. Cash balances stood at about £1.4m at 31 January 2008, the group added.

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