AIM WINNERS & LOSERS: Challenger Energy up on Chevron farm-out deal

(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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Challenger Energy Group PLC, up 65% at 0.20 pence, 12-month range 0.035p-0.29p.

Challenger Energy says that it has entered into a farm-out agreement with Chevron Uruguay Exploration, a wholly-owned subsidiary of Chevron. The agreement is related to a 60% interest in the AREA OFF-1 block, offshore Uruguay. Chevron will pay Challenger USD12.5 million on completion of the transaction. The funds will be used to support the "further development" of the company's business. Chief Executive Eytan Uliel says: "We are absolutely delighted to announce the farm-out of our AREA OFF-1 block in Uruguay to Chevron, a globally recognised industry leader. We firmly believe that AREA OFF-1 holds enormous potential, and this farm-out is strong validation of the high-quality technical work CEG has done to-date."

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Active Energy Group PLC, up 22% at 1.14 pence, 12-month range 0.30p-7.50p. The biomass-focused renewable energy company receives cash payment of USD1.7million from a settlement agreement with Player Design Inc. The settlement was announced n Tuesday. It is in regard to former activities for the potential production of CoalSwitch at PDI's facility in Ashland, Maine. "The board continues to examine the most expedient ways to commence CoalSwitch fuel production, using its proprietary technologies, and will provide an update to shareholders at the earliest opportunity," it adds.

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AIM - LOSERS

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Verditek PLC, down 8.2% at 0.10p, 12-month range 0.068p-1.90p. Verditek is a former producer of lightweight solar panels but, following a disposal, is now a cash shell. It says that its name change to Earnz PLC has been registered at Companies House. This will be reflected on AIM on March 7.

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By Sophie Rose, Alliance News senior reporter

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