LONDON (ShareCast) - Shares in Desire Petroleum advanced after the Falkland Islands government gave it the green light to widen its drilling activities around the territory.

Desire has now entered into an agreement with energy business Arcadia to being exploration activities together.

“Desire very much welcomes the opportunity to work with Arcadia, whose exploration philosophy fits extremely well with our own,” Desire chairman Stephen Phipps said.

Avarae Global Coins swung to a pre-tax profit and said it expects to be very well placed in the next few years.

The group, which invests in rare and high quality coins, reported a pre-tax profit of £285,000 in the year ended 31 March compared with a loss of £70,000 last time. Avarae made opportunistic disposals of coins totalling £119,000 with an average gross return of more than 15%.

"With such growing interest in numismatic investments among investors globally and the significant hedge that high quality and rare coins achieve against inflation, we anticipate the company to be very well placed in the next few years," said the group.

Enova Systems, the electric, hybrid and fuel cell digital power management systems maker, saw net losses increase to $2.95m in the quarter ended 30 June from a loss of $2.60m for the same period last year.

ATM supplier Cashbox has raised £360,000 via a placing of 7.2m shares at 5p each and received a £100,000 non-convertible loan from non-executive chairman Robin Saunders.

“These funds provide additional working capital and, importantly, the opportunity to consider further acquisitions, in addition to the small estate that we announced on 7 July,” said chief executive Ciaran Morton. “The UK IAD market remains fragmented and we are in an excellent position to lead its consolidation.”

Central China Goldfields has intersected 65.1metres of 0.75% copper equivalent at the Gangjiang exploration licence area, Nimu copper-molybdenum project.

It said analysis indicates about 80% of the copper is in oxide form which might be amenable to low cost solvent extraction.

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