The e-commerce enabler has had a rough time of it of late after its shares were temporarily suspended in June as it looked to shore up its finances.

blur announced last month that it had raised £1.75mln on the condition that shareholders backed various board changes, including the appointment of a new chairman. All at sea: Providence shares dipped 36% on Friday

Those proposals were voted through without a hitch this week and the new-look board confirmed it is performing a strategic review and will use the recently-raised cash to implement a new growth plan.

As for blur’s final results, which were also published this week, they showed underlying losses narrowed dramatically in 2016, to just US$3.5mln from almost US$9mln.

The AIM-quoted group wasn’t done there though. The overhaul was complete when founder and long-term chief executive Philip Letts stepped aside to allow Laurence Cook, formerly blur’s chief commercial officer, to take over the reins.

Investors seemed to like the new direction their company was taking, with blur shares almost doubling to 4.3p.

UK Oil & Gas was flowing higher once again this week following the latest update from its potentially significant Broadford Bridge licence in the Weald Basin.

UKOG revealed on Monday that it now has all the necessary regulatory approvals for a planned flow testing programme to test some 926 feet of its Broadford Bridge well.

Broadford Bridge has encountered a massive section of the Kimmeridge play which, according to UKOG, in this location is seen to be extensively naturally-fractured and oil bearing from a depth of 3,800 feet to below 5,640 feet.

At the same time, the company has now applied to the West Sussex County Council to extend the exploration/testing phase for a further year, to 15 September 2018.

Shares have been rising on the back of recent positive news flow from Broadford and this week was no different, with the stock adding 20% to 7.6p.

In wasn’t quite the same story for Real Good Food which left investors with a sour taste in their mouths after warning that it will miss forecasts made only a month or so ago.

The cake decoration and bakery products group said results for the year to March 2017 had been affected by two substantial sugar purchase claims discovered by the auditors.

Some previously capitalised development costs that should have gone through the profit and loss account will also affect the numbers.

As a result, underlying profits (EBITDA) are estimated to be £2mln, compared to a forecast of £5.0mln-£5.4mln made in June, though this figure is still subject to final audit.

Profits for the current year, to March 2018, will also be some £2.3mln lower than previously expected due to a slower start on expansion work at its Renshaw icing business, and soft trading conditions in the first three months of the year.

The stock lost 40% of its value come Friday afternoon to trade at 20.3p.

Overall though it was pretty good week for those listed on the junior market. The AIM All Share index added 0.7%, or 7 points, to sit at 990 – just shy of its 2017 highs.

It’s also been a pretty strong week for FTSE 100-quoted companies, with the blue chip index adding 1.5%, or 112 points, to close the week just above the 7,480 mark.

There were contrasting fortunes for two junior oil and gas explorers this week.

Echo Energy was in demand after its new chief executive told investors that it had been a very busy start since its relaunch earlier this year

In a bullish interim report, Fiona MacAuley said: “We have already taken our first steps of creating the building blocks of a mid-cap E&P [exploration and production] company alongside building a portfolio with multi-Tcf [trillion cubic feet] potential.”

She added that Echo would conduct “rigorous technical and commercial analysis” to help it discover “high value assets” in Latin America.

MacAuley also said that the company is ready to jump in at the “low point” of the E&P cycle as it looks to ride the wave to more lucrative times.

Those buzzwords and the talk of discovering lots of gas in a market that is only headed upwards got investors excited, with Echo shares up 21% for the week to 11.2p.

The same couldn’t be said of Providence Resources though, which shed 36% of its value this week, with most of those losses coming on Friday.

Providence told the markets that its drilling operation offshore Ireland hit the Druid target as planned, but shares sank on the news that the reservoir was filled with water rather than black gold.

The explorer said it will still drill down to test the deeper Drombeg target which is about 1km beneath Druid, but given that the latter accounted for slightly more than 3bn barrels of the well’s 5bn barrel total resource potential, it’s easy to see why investors were jumping ship.
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