(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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88 Energy Ltd, up 27% at 3.55 pence, 12-month range 0.2p-3.65p. Company hit its 12-month high earlier on Wednesday. The Alaska-focused oil producer says the final condition related to the acquisition of the Umiat oil field is now complete, with cement work associated with plugging and abandoning of two historical wells at the field now executed. "The acquisition of the proven oil field at Umiat is a significant milestone for the company and its shareholders, particularly in the context of any discovery made at Project Peregrine, where wireline logging is currently underway," says Managing Director Dave Wall.
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Advance Energy PLC, up 12% at 0.29p, 12-month range 0.1p-0.37p. Share suspension lifted after publishing admission document for the acquisition of a 50% interest in Carnarvon Petroleum Timor Unipessoal Lda. Carnarvon Petroleum Timor holds a 100% working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Conditionally raises GBP21.8 million via issue of 840.1 million share shares at 2.6p each. "The fundraise enables the completion of the transformative transaction with Carnarvon Petroleum, and we can now look forward with confidence to the exciting B-10 appraisal well later this year which represents a material value catalyst for Advance Energy and its shareholders," says Chief Executive Leslie Peterkin.
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Symphony Environmental Technologies PLC, up 11% at 18.1p, 12-month range 10p-47p. The UK-based plastic technologies provider reports revenue of GBP9.8 million for 2020, up from GBP8.2 million for 2019, while pretax loss slims to GBP437,000 from GBP697,000. Says 2021 has started well, with revenue up 16% compared to the start of 2020. "With our strong pipeline, and targeted investment levels in commercialising all of our main product areas, we look forward with confidence to continued growth in 2021," company says.
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AIM - LOSERS
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Touchstone Exploration Inc, down 31% at 92.00p, 12-month range 22p-178p. Says it has completed and tested the third interval at Chinook-1. The well recovered load fluid with "minor" amounts of 35 degree API gravity oil and formation water. Further evaluation is needed to determine commerciality. President & Chief Executive Paul Baay says: "While some shareholders may be disappointed with oil findings, it is worth highlighting that our view towards gas only evolved following our prolific gas discovery at Cascadura, which is 1.5 kilometres to the north and in a separate geological structure. The test results at Chinook are a reminder that while these are independent exploration targets, the Herrera sands have the potential for gas, light oil, or a combination of hydrocarbons."
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Kore Potash PLC, down 20% at 1.44p, 12-month range 0.45p-1.90p. The potash project developer reports pretax loss for 2020 of USD3.1 million, narrowing from USD4.2 million in 2019. Says directors prepared a cash flow forecast for period ending December 31, 2022, which indicates the group will not have sufficient liquidity to meet its working capital requirements to the end of the going concern period, which runs to March 31, 2022. "Accordingly, the directors resolved to undertake certain mitigating actions including a capital raise in Q2 - Q3 2021. The company has begun discussions with its major shareholders with regards to its near and mid-term funding requirements," Kore Potash says.
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Scotgold Resources Ltd, down 19% at 72.63p, 12-month range 39.60p-170p. The gold exploration and production company focused on Scotland raises GBP1.5 million via placing of 2.1 million depositary interests at a price of 70p each. The proceeds of the placing will be used for working capital through the current production ramp up period at the Cononish gold & silver mine. Adds that it has deferred the target date for the completion of the planned phase two expansion until September 2022, compared to the previous target date of May 20
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By Lucy Heming; lucyheming@alliancenews.com
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