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(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.
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SMALL-CAP - WINNERS
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Nostrum Oil & Gas PLC, up 14% at 11.90 pence, 12-month range 7.95p-15.00p. The oil & gas exploration and production company posted a first half revenue decline, despite higher oil prices. Nostrum narrowed its losses, however, as it kept a lid on costs. It also named a permanent chief financial officer. Nostrum, which operates in Kazakhstan, said revenue in the six months to June 30 fell 0.4% to USD92.3 million from USD92.6 million. However, revenue in the second quarter alone was 43% higher at USD46.1 million from USD32.3 million. Its pretax loss in the first half narrowed to USD34.4 million from USD51.1 million. Sales costs were 23% lower at USD42.9 million from USD63.9 million, while general & administrative expenses and selling & transportation expenses were 29% and 33% lower, respectively. Company named Shane Drader as its CFO, effective August 30. Interim CFO Martin Cocker will step down from the post on the same date, but will remain with the company as an independent non-executive director.
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Canadian Overseas Petroleum Ltd, up 14% at 0.43 pence, 12-month range 0.18p-0.81p. Readmitted to trading in London and notes Atomic Oil & Gas assets performing significantly ahead of expectation, with current oil production increased 80% to 2,200 barrels per day gross from 1,220 barrels at the start of April. Chief Executive Arthur Millholland said: "Oil production will continue to increase as the surface well site production facilities are enhanced to handle the increased oil production rates and associated higher working pressures. In addition, we have initiated operations to exploit the substantial upside identified by our team. We are confident that the assets acquired through the acquisition will continue to add significant value going forward and have increased our production forecasts accordingly."
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Tirupati Graphite PLC, up 7.1% at 117.80 pence, 12-month range 50.50p-153.00p. Specialist graphite producer and graphene and advanced materials developer enters binding acquisition agreement for acquisition of the entire issued share capital of Suni Resources SA for about GBP6.6 million. Suni Resources holds the Mozambique portfolio of graphite assets of ASX-listed Battery Minerals Ltd, which includes the construction initiated Montepuez graphite project and the advanced feasibility study stage Balama Central graphite project.
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SMALL-CAP - LOSERS
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Argo Blockchain PLC, down 3.8% at 119.85 pence, 12-month range 4.70p-284.00p. Notes it has become climate positive from Scope 1, 2 and Greenhouse Gas emissions associated with its cryptocurrency mining operations. To achieve this, has acquired renewable energy credits retroactively for 2020 and for any remaining non-renewable electricity use. Also notes it is now part of the UNFCCC's Climate Neutral Now initiative. Chief Executive Peter Wall said: "We are proud to be the first publicly traded company in the industry to report becoming climate positive and are pleased to announce our climate strategy. This strategy is representative of our ongoing commitment to reducing our environmental impact and, importantly, ensures that the benefits of the actions taken are felt directly in the localities in which emissions occur as a result of Argo's operations."
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By Paul McGowan; paulmcgowan@alliancenews.com
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