UK small-cap RNS · 25 Feb 2026
Every announcement of UK small & mid caps under £2bn. The ones that started or moved a situation are marked – a click opens it.
Sort: Newest · Largest companies
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2025 Year-end ReservesYear-end reserves show PDP up 45% on the Central acquisition, but 1P is down 5% and 2P down 1% on Cascadura Block B downgrades after the weak Cascadura-5 result.Moved: Carapal Ridge-3 completion and tie-in: Drilled; completion underway, tie-in targeted Q1 2026 → Completed and perforated; shut-in awaiting tie-in · Cascadura development and compression: Cascadura-5 online but below expectations → Block B reserves cut; compressor due Q2 2026 · Fyzabad property disposal: Agreed, awaiting regulatory approvals → Completed December 2025 for three turnkey wells (closed)
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2025 Year-End Oil ReservesReserves are broadly flat (1P 66.4 mmbbls, 2P 110.2 mmbbls) and OOIP is unchanged, but lower oil price assumptions and higher development capital cut PV10 values by a third or more.Project milestones +0.0% on the dayMoved: Bretana drilling restart and water handling: Rig tender under way; restart pushed to Q4 → Restart targeted for October 2026 · 2026 budget and development plan: 2026 budget set; liquidity first → Development plan revised; more wells and water disposal
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H-Power plc HPOW £94mFinal Audited Results ResultsResults restate that 2026 is a year of conversion to contractual orders; no figures are raised. This repeats the January stance, so it is no upgrade.Moved: Komatsu ammonia engine JDA: JDA signed; feasibility and design phase → JDA signed; feasibility and design underway · Next-generation S+30 fuel cell generator: First LC30 built, operational testing underway → LC30 launched; inbound commercial interest · ICGL hydrogen joint venture: Pilot cracker relocating to Port Clarence site → Targeting production by end of 2026, permitting pending
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Fulcrum Metals FMET £9.0mBonus Warrant Acceleration Offer ClosedWarrant holders exercised 16.7m warrants at 5p, raising £834,575 with no discount issue; the money funds the tailings pilot scoping study and maiden resource work, though it adds dilution.Moved: Teck-Hughes tailings project development: Phase 3 done; 78% gold recovery; 65 assays pending → Funded for scoping study; assays pending
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First Tin 1SN £73mHalf-year Results ResultsInterim loss shrank to £0.01m from £2.01m and cash rose to £9.03m after the raise. Taronga permitting advanced, Gottesberg resource tripled, and a US EXIM letter was received, though the company is still pre-revenue.Moved: Taronga resource update and DFS: Final assays in; independent consultant updating resource → Updated MRE underway ahead of DFS update · Taronga permitting and development approval: EIS exhibition closed; IPC referral avoided → EIS exhibition done; awaiting development approval · Tellerhäuser fast-track permitting: LoMP submission being progressed → LoMP submitted to Mining Authority
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Trading Update Trading updateProduction missed the company's own expectations, but G&A savings above £2.0m, lower geothermal spend, a £6.3m land sale and hedging gains support cash and net debt, and the share price has risen.Moved: new: Singleton gas-to-wire project – Delayed; plant installed, awaiting grid connection · new: Stockbridge water disposal fix – Conversion under way · new: Acquisition search using UK tax losses – Evaluating acquisition opportunities
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Kosmos Energy KOS £1,224mSale of Equatorial Guinea Production AssetsSells non-operated, later-life Equatorial Guinea assets to Panoro for $180m upfront plus up to $39.5m contingent, with proceeds repaying RBL debt after ~$2.9bn net debt and recent refinancing.Moved: 2026 and 2027 debt maturities: $350m Nordic bond completed; $100m RBL repaid → Disposal proceeds earmarked for RBL repayment · new: Equatorial Guinea asset sale – Agreed; Equatorial Guinea government approval received