Small caps round up: Summit Corp, Jubilant Energy, Solo Oil...

Summit Corporation, a drug research group, has reported positive data from in vivo studies in its drug discovery programme targeting Alzheimer's disease and related neurodegenerative disorders. The most recent tril has discoved a way to enable the drug to penetrate the Blood Brain Barrier and enter the central nervous system - the major challenge when developing medicines for the treatment of such diseases. Shares gained 2.54% to 15.12p.

Shares in India-focused oil and gas group Jubilant Energy jumped today after announcing that one of its development wells in the already oil-producing Kharsang Field has successfully tested for oil. The KSG#61 well, the fourth of the seven phase III development wells in the field, spudded in December and was drilled to the target depth of 1,127m in January. It has now been put into production at an initial gross rate of 70 barrels of oil per day. Shares were up 6.03% at 30.75p.

While Solo Oil has said that it is making progress at its Ausable Gas Recycling and Enhanced Oil Recovery project in Ontario, its joint venture partner Reef Resources has reported that the recent wet weather has caused delays to the pipelining between the existing South Airport gas well and the Ausable process facility. Operations will start back up once better ground conditions are seen, the group said. Other field activities and developments are making good progress, Solo said.

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"Meeting the field production target of 500 bopd by end 2012 depends on successfully implementing a range of technical modifications at the Ausable Field, the import of gas from Union Gas and from the joint ventures own Airport reefs, and the full commissioning of the venturi pumping system successfully trialled in 2011 at Ausable #1," said Solo's Executive Director Neil Ritson. Shares were down 6.67% at 0.63p.

Digital Learning Marketplace has sold its UK distribution rights for the TT Knowledge Force range of simulation software back to TTS Knowledge Solutions, in a move that should allow both firms to better target their own activities. The value of the sale is £127,000 of which £75,000 cash was paid at completion. The new DLM business unit now contains two subsidiaries: Intellego, a cutting edge digital learning company, and PIXELearning, a serious games, mobile apps, and role-play technology company. Shares gained 4.3% to 0.24p.

US focused exploration and production company Caza Petroleum has this morning announced that it has commenced drilling an initial test well on the outfit's Sombrero prospect in the US state of New Mexico. Caza is participating for a 20% working interest and an approximate 17.12% net revenue interest under a farm-out agreement with CML.