(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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IOG PLC, up 20% at 6.22 pence, 12-month range 3.95p-41.00p. The UK-focused offshore gas developer says the Blythe H2 well control event encountered from the Hauptdolomit was successfully isolated, without any need to sidetrack the well. The H1 will be shut in once the H2 well is fully on stream, but will remain available for production, IOG says. "I am pleased to say that the 6 inch hole section has so far been drilled efficiently and it is encouraging that the top reservoir has been encountered within expectations," says CEO Rupert Newall.
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Lexington Gold Ltd, up 17% at 9.92p, 12-month range 1.80p-10.45p. The gold explorer with projects in North and South Carolina agrees, via a wholly-owned subsidiary, conditional share subscriptions and loan agreements to acquire 76% of White Rivers Exploration Proprietary Ltd. White Rivers has significant gold assets in South Africa, and is a major tenement holder at Witwatersand gold fields, holding interests covering around 89,499 hectares. "The Witwatersrand gold fields have been the source of almost a third of the world's gold production since 1886 and are estimated to still hold over one billion ounces," explains Chair Edward Nealon, adding the exploration activities at the tenements have been "extremely encouraging" so far. The firm does not provide financial details.
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AIM - LOSERS
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Orcadian Energy PLC, down 25% at 4.66p, 12-month range 4.5p-48p. The North Sea Transition Authority declines the firm's request to extend Phase A of Licence P2320. Consequently, the license expired on Sunday. Additionally, the potential disposals of interests in sub-areas of the license to Rapid Oil and Carrick Resources - announced back in January - will no longer go ahead. Orcadian is in farm-out discussions with "multiple counterparties" regarding drilling an exploration well within the former license area, with some agreeing to a non-compete arrangement with Orcadian. This would mean any reapplication for a license across the same area by the companies would be done in partnership with Orcadian. "Whilst we obviously would have preferred that NSTA had extended Phase A of P2320, we are pleased to have progressed discussions on the prospects we had identified in the area with multiple potential partners," says CEO Steve Brown.
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Microsaic Systems PLC, down 13% at 0.03p, 12-month range, 0.03p-0.1p. The mass spectrometry equipment company says its annual results for 2022 will not be ready for publication during the first half of May, which it had previously guided for. This is due to the audit taking longer than expected. The results are now expected to be ready on or before the end of June.
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By Elizabeth Winter, Alliance News senior markets reporter
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