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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Orcadian Energy PLC, up 66% at 5.80 pence, 12-month range 2.00p-35.30p. The North Sea-focused oil and gas development company enters a non-binding heads of agreement with an unnamed North Sea operator, including a potential farm-out of its Pilot development project. Says the potential deal would enable the two parties to progress development at Pilot field, which it says is one of the largest undeveloped discoveries in the central North Sea, with "significant upside potential" in the surrounding area. The operator will take an 81.25% interest in the P2244 license, and become operator of the development. The two will work together on delivering the field development plan to the North Sea Transition Authority, which is expected to increase the site's field reserves. Orcadian will retain an 18.75% interest in the license. The two have requested an extension of the second term of the license from NSTA. Once the potential transaction is completed, the operator would pay Orcadian USD200,000 in cash, with a further USD3.0 million due once approval for the Pilot FDP is received. "As previously noted, working capital remains very constrained. Cash at today's date is circa GBP90,000, with a current monthly burn rate of less than GBP20,000," it notes.
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ECR Minerals PLC, up 23% at 0.28p, 12-month range 0.19p-1.28p. The Australia-focused mineral exploration and development company raises GBP580,000 via subscription of 331.4 million shares at 0.175p. Will use funds to advance its existing assets, for new potential opportunities and as working capital. The fundraise is conditional on shareholder approval at an upcoming general meeting, to be announced in due course. The stock had plunged 24% on Friday after the company announced that its chief executive officer, Andrew Haythorpe, intended to step down "in order to pursue his other interests".
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AIM - LOSERS
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Alba Mineral Resources PLC, down 23% at 0.075p, 12-month range 0.075p-0.22p. The Northern Europe-focused mineral explorer updates on the dewatering and associated safety and access works at its primary target within the Clogau-St David's gold mine in north Wales. Says Natural Resources Wales refuses its request for temporary extension to higher rate abstraction rate, to take account of exceptionally heavy and unseasonal rainfall in north Wales over the months of July and August. Consequently, Alba begins emergency abstraction of water to safeguard the safety and access works at levels 2 and 3, and notifies the regulator. Additionally, pushes back the proposed airborne geophysical survey over some of its gold deposits to October due to delays in Civil Aviation Authority approval for the drone.
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By Elizabeth Winter, Alliance News senior markets reporter
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