Small caps news round-up

Flowgroup’s shares plunged on Friday after the energy services company reported a wider operating loss in 2015. The company posted an operating loss of £17.1m in the year to 31 December 2015, compared to £10m in 2014. Flowgroup said the loss reflected increased investment in staff and infrastructure “in preparation of further growth across the business”.

Empresaria celebrated the completion of a major purchase on Friday, acquiring the remaining 25% of Ball and Hoolahan (B&H) from Roy Hoolahan, as part of a planned succession. The AIM-traded firm acquired a 75% interest in B&H on 15 December 2014. Empresaria confirmed it paid consideration of £0.2m for the minority interest on Friday.

Petro Matad revealed it had lost its partner in the Block IV and V production sharing contracts in west and central Mongolia on Friday. The AIM-traded company said that, on 28 April,Shell - through its affiliate company - issued an exit notice to Petro Matad’s 100% owned subsidiary Central Asian Petroleum Corporation, exercising its option to leave the farmout agreement dated 7 April 2015.