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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Wednesday.
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SMALL-CAP - WINNERS
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Aminex PLC, up 12% at 0.59 pence, 12-month range 0.39p-1.50p. Firm's Ruvuma joint venture has received an extension to its licence from the Ministry of Energy of Tanzania. The operator, ARA Petroleum Tanzania Ltd secured the extension, which is valid for two years from August 15, 2021. Licence will allow completion of frilling of the Chikumbi-1 well and the acquisition of 200 square kilometres of 3D seismic data.
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SMALL-CAP - LOSERS
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Upland Resources Ltd, down 12% at 0.66 pence, 12-month range 0.38p-0.95p. Lowers interest in licence P2478 in the Inner Moray Firth, UK, to 32% from 40% - taken up by London-listed Baron Oil PLC. In return for the stake deal, Baron agreed to pay 100% of the costs of the remaining Phase A work commitments under the licence up to a cap of GBP160,000. "This work commitment is to undertake reprocessing of legacy 2D and 3D seismic data and perform other studies in order to reduce risk and refine volumetric estimates ahead of making a 'drill or drop' decision before the end of Phase A in July 2023," Upland explains. The Phase A work will start shortly, with 3D seismic reprocessing, expected to be delivered early in 2022.
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By Paul McGowan; paulmcgowan@alliancenews.com
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