LONDON (ShareCast) - Derivatives software supplier First Derivatives has signed its first global contract for its qAlgo algorithmic trading product. The sale is to a major financial institution operating in London, New York and Asia.

The transaction includes both an initial implementation fee and an annually renewable license fees.

PetroNeft Resources has entered into a mandate agreement with Standard Bank for a $80m debt facility to finance its development activities within Licence 61, in Tomsk Oblast, Russia.

Caza Oil and Gas has started production from the Andel #2201 well in Texas, churning out 404 thousand cubic feet of natural gas per day into a local gas gathering facility.

The firm is operator and now has a 35.6% working interest and a corresponding 27.1% net revenue interest.

Sweden-focused mineral exploration company Beowulf Mining has signed a farm-in agreement with Australian company WAG Limited to jointly explore and assess the Kallak iron project in Northern Sweden.

Under the terms of the agreement WAG will complete a work programme which will include 25 drill holes and metallurgical test work before April 10 in return for a 50% interest in the Kallak project.

European Goldfields has appointed Mark Rachovides as executive vice president of the Greece-focused miner.

Alliance Pharma expects half year sales to be in the region of £9.9m, a 27% increase on the first half last year, and interim profits to be in the region of £1m. Additionally, post-tax profit is likely to be enhanced by potential R&D tax credits announced on 1 July 2008 which could total £700,000.

Industrial filter maker Porvair has acquired Seal Analytical, a supplier of water quality analysis equipment for up to £3.8m. The consideration will be settled by up to £2.3m of cash and up to £1.5m of shares.

Porvair will also assume £2.2m of Seal's existing bank borrowings and £0.3m of finance leases for a total consideration of a maximum of £6.3m pending net asset adjustments of up to £0.5m.

For the financial year ended 30 June 2008, Seal is expected to report revenues of approximately £7.6m (2007: £6.0m) and profits of approximately £0.5m (2007: loss of £0.7m.

Bio-implant developer Arthro Kinetics' says its lead nucleus replacement product has successfully attained all of its in-vitro and safety goals and will now enter pre-clinical studies in the second half of 2008. If successful, the company expects to initiate a first in man study for this implant in early 2009.

This internal program also provided the foundation for the discovery of a novel, proprietary annulus closure device. Arthro expects this device to enter human studies in 2009.

Sutton Harbour remains confident in its expectations for full year results and said it is well placed to continue its progress and deliver further growth in shareholder value.

Uranium Resources, the uranium exploration and development company operating in Southern Africa, is to stump up around £0.65m as its share of expenditure in its 60:40 joint venture with WMT in Tanzania.

The company said its current cash resources of more than £2.3m are enough to satisfy current exploration commitments.

Metals Exploration has named Ian Holzberger as executive chairman and Tim Wheeler as finance director.

Shares in Redline Communications plummeted after the broadband solutions provider said it expects second quarter revenue in the range of $9.0m to $9.5m, a decrease of about $6m from analyst forecasts.

The group said second half revenues will come to about $20m to $25m, adding that it will not achieve EBITDA profitability in the fourth quarter as previously projected.

Bioscience company Abcam expects pre-tax profits this year to modestly exceed expectations it said in a statement Wednesday.

• News Channel