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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Kistos Holdings PLC, up 15% at 338 pence, 12-month range 270p-665p. The energy industry investor announces an agreement to acquire Oslo-based Mime Petroleum AS from Mime Petroleum Sarl. Mime's assets include a 10% stake in the Balder joint venture, and a 7.4% stake in the Ringhorne East unit. The acquisition will add 24 million barrels of oil equivalent in 2P reserve, and 30 million boe of 2C resources, bringing Kistos's total reserves plus resources to around 80 million boe. After the acquisition, group production will be in the range of 8,500 to 10,500 boe per day. Once the Jotsun floating production storage and offloading unit is on production in 2025, it forecasts group production "in excess" of 15,000 boe.
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Hummingbird Resources PLC, up 9.5% at 13p, 12-month range 4.6p-18.25p. The gold production, development and exploration company with core projects in Mali and Guinea updates on progress in its projects. For the first three months of this year, Hummingbird posts improved earnings before interest, tax, depreciation and amortisation, up 59% to USD17.5 million from USD11 million the previous quarter. For Yanfolila, Hummingbird reports quarterly gold production of 27,262 ounces, up from 15,548 ounces a year prior. 26,380 ounces of gold were sold at an average realised price of USD1,878 per ounce, compared to 27,860 ounces of gold sold at USD1,726 per ounce in the fourth quarter of last year. Says construction at Kouroussa is now fully funded and it's on track for first gold pour by the end of the second quarter. "The project remains on time and on budget, and will mark a major milestone in the development of the company to realising our ambitions of being a multi-mine, multi-jurisdiction gold producer," says CEO Dan Betts.
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AIM - LOSERS
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Woodbois Ltd, down 64% at 0.37p, 12-month range 0.22p-9.39p. The Africa-focused forestry, timber and afforestation company says its lender, Sydbank, is terminating the USD6 million debt facility of its wholly-owner subsidiary Woodgroup ApS. "The reason cited by Sydbank for terminating the facility was that Woodgroup ApS generated a loss in Q1 2023. Sydbank believe that, as a consequence, the circumstances of Woodgroup ApS have changed significantly to their detriment," Woodbois explains. Woodbois says it was "shocked" by the decision, and will explore alternative funding sources. "Whilst it expects a difficult trading period in the short term, management believe that the fundamentals of the business are sound," it affirms.
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By Elizabeth Winter, Alliance News senior markets reporter
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