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Pin to quick picksChallenger Energy Share News (CEG)

Share Price Information for Challenger Energy (CEG)

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AIM WINNERS & LOSERS: Westmount down on investee's non-commercial find

Mon, 01st Nov 2021 10:55

(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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Trident Royalties, up 22% at 44.20 pence, 12-month range 29.02p-47.00p. The mining royalty and streaming company says third quarter royalty payments total USD375,000, all of this driven by Mimbula. It adds: "Trident notes recent commentary by Mineral Resources stating that the Claw pit at Koolyanobbing commenced in September 2021, which is contained entirely on Trident's royalty tenure, along with overburden removal at Deception pit, which is partially covered by Trident's royalty. Trident anticipates the recommencement of cashflow from its royalty imminently."

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Brighton Pier Group PLC, up 14% at 75.00p, 12-month range 27p-83p. Revenue for financial year to June 27 falls to GBP13.5 million from GBP22.6 million a year ago, but swings to pretax profit of GBP4.2 million from loss of GBP10.2 million. Adds it has seen strong start to new financial year, with net sales for 13 weeks to September-end of GBP15.9 million. This is more than double a year ago and 44% ahead of pre-pandemic level. "As a result of the strong summer trading performance, benefits from VAT and rates relief and the impact of the acquisition of Lightwater Valley, the Board expects this financial year to be an exceptional opportunity for the group," it says.

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KRM22 PLC, up 10% at 37.00p, 12-month range 22p-54p. The risk management company enters conditional subscription agreement with 7RIDGE Investments 3 LP acting by its general partner 7RIDGE Investments 3 (GP) Ltd to subscribe for up to 25% of the company's enlarged share capital at a price of 53 pence, to raise a total of GBP4.7 million. "This is an important strategic step forward for KRM22 and will significantly improve our growth potential," says Executive Chair Keith Todd.

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AIM - LOSERS

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Westmount Energy, down 36% at 7.71p, 12-month range 7p-23p. Notes that investee JHI Associates Inc confirms that the Sapote-1 well on the Canje Block was safely drilled in 2,549 meters of water by the Stena DrillMAX drillship to a total depth of 6,758 meters. However, well encounters non-commercial hydrocarbons in one of the deeper exploration targets. "While this outcome from the Westmount portfolio is below expectations the results to date provide encouragement," says Executive Chair Gerard Walsh.

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Challenger Energy Group PLC, down 23% at 0.88p, 12-month range 0.8p-37p. Net petroleum revenue for first half of 2021 USD2.3 million, versus nil a year ago. However, pretax loss widens to USD11.8 million from USD2.2 million on sharply higher finance costs. It says: "In financial terms, the company's activities through the first half of 2021 have not produced the positive, value-creating outcome hoped for. Quite simply, technical results below expectation on two successive wells in The Bahamas and Trinidad (and substantial cost increases), coupled with inherited debts from Columbus has placed the company in a stressed financial position." Estimates it needs funding of USD15 million to continue meeting obligations.

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Agriterra Ltd, down 20% at 5.01p, 12-month 3.8p-7.5p. Revenue for financial year to March 31 rises to USD14.3 million from USD12.9 million the year before and pretax loss narrows to USD2.2 million from USD3.0 million. "The group has had a difficult start to FY-22 as the Covid-19 lock down was reinstated in April 2021. This has made the overall operation challenging, but management are protecting the gross margins and ensuring that the businesses do not lose potential advantages in the market," it says.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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