(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Block Energy PLC, up 19% at 1.43 pence, 12-month range 0.9p-239p. The Georgia-focused oil and gas exploration and production company says it terminated its salary sacrifice scheme on Friday last week, as its financial position has improved. The salary sacrifice scheme was originally put in place in April 2020, following a collapse of the Brent price and operational issues due to the global Covid-19 pandemic, to preserve capital and ensure that completion and integration of the Schlumberger transaction was achieved. Block Energy says well WR-B01Za continues to produce naturally at an average rate of 274 barrels of oil per day without the need for artificial lift. It adds that this provides "great confidence" that further horizontal wells into the West Rustavi/Krtsanisi Middle Eocene reservoir will be successful and Project 1 achieved.
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Xpediator PLC, up 14% at 42.03 pence, 12-month range 18.3p-44p. The freight management services provider agrees to a takeover by funds advised by BaltCap, Cogels Investments Ltd and Nuoma IR Kapitalas. Cogels Investments, whose director Stephen Blyth is the founder and former Chief Executive of Xpediator, said the takeover values the Braintree, England-based firm at GBP62.3 million, or 42 pence per share plus a special dividend of 2p per share, which it said was a 19% premium to the company's closing share price of 37.0p on Wednesday.
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AIM - LOSERS
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Jersey Oil & Gas PLC, down 14% at 257.5p, 12-month range 146p-357p. The UK North Sea-focused upstream oil and gas firm agrees to farm-out a 50% interest in the Greater Buchan Area licences to NEO Energy. In return for divesting the 50% interest, Jersey will receive 12.5% carry of the Buchan field development costs, carry for its 50% share of estimated USD25 million cost to take the field through to field development plan approval. It will also receive USD2 million cash on completion, USD9.4 million cash upon finalising the GBA development solution, USD12.5 million on approval of Buchan FDP by the North Sea Transition Authority, and USD5 million on each FDP approval by the NSTA concerning J2 and Verbier oil discoveries. "The farm-out marks a major value creation moment for JOG, a significant de-risking of the GBA development programme, from both an operational and funding perspective, and provides the springboard from which to grow the long-term value of the business," says CEO Andrew Benitz.
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Barryroe Offshore Energy PLC, down 13% at 1.48p, 12-month range 1.48p-4.2p. The Dublin-based oil and gas explorer announces a proposed placing and open offer to raise up to EUR20 million. The issue price is 1.5 euro cents. Will use the proceeds as working capital and to "maintain the momentum" at its Barryroe project, an offshore licence area in the North Celtic Sea basin. It holds an 80% interest in and operates Barryroe Field. The placing and the offer will need shareholder approval at an extraordinary general meeting on May 25.
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By Elizabeth Winter, Alliance News senior markets reporter
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Block Energy P. (BLOE)
Jersey Oil&gas (JOG)