(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Caspian Sunrise, up 42% at 3.55 pence, 12-month range 2.06-5.9p. The oil & gas exploration and production company explains that selling oil to the international market is currently less attractive than selling domestically. This is because the USD25 to USD30 per barrel discount for oil sent through Russian pipelines, together with taxes, are still set at the full Brent price. As a result, Caspian Sunrise explains that all output is now being sold domestically. Further, to take advantage of changes in regulations that will allow the oil company to sell its own production direct to international and domestic buyers from the start of next year, Caspian Sunrise creates a new wholly-owned oil trading subsidiary.
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Thor Mining PLC, up 13% at 0.54p, 12-month range 0.45-1p. The miner says drilling returned "high grade" gold from the silicified altered contact along Kelly's Ridge, at the Ragged Range in Eastern Pilbara, Western Australia. It reports the best intercept to date of 4 metres at 12.2 grammes per tonne gold from 194 metres. "This confirms the potential of the site as indicated by historical drilling. Furthermore, with more drilling results to come, we are looking forward to gaining further understanding of the project. We anticipate more positive news to be shared with the market in due course," said Managing Director Nicole Galloway Warland.
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AIM - LOSERS
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Enwell Energy PLC, down 13% at 22.6p, 12-month range 15p-41p. The oil and gas explorer and producer updates on Ukrainian legal proceedings regarding its Svystunivsko-Chervonolutskyi exploration licence in Ukraine, held by a Arkona Gas-Energy, which Enwell acquired back in March 2020. Notes various legal challenges to license since the acquisition. Most recently, an appellate ruling in favour of JV Boryslav Oil Co was upheld on Wednesday, meaning the license is now ruled invalid. "The effect of this latest ruling is that the company cannot conduct any field activities on the Licence area. It is now intended to appeal this decision of the Appellate Administrative Court to the Supreme Court," it explains.
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Yourgene Health PLC, down 6.2% at 3.1p, 12-month range 3.1p-13.57p. Shares in the medical diagnostics company hit a 12-month low for the second day in a row, extending Thursday's losses. On Thursday, Yourgene updated on its first half ended September 30. Yourgene warned of "some erosion" to its margins due to the inflationary and economic pressures and currency fluctuations in the UK. It expects margins to remain below the 60% level previously forecast. Total revenue dropped to GBP9.6 million year-on-year from GBP17.5 million, "reflecting the transition away from Covid services post-pandemic".
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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Caspian Sunrise (CASP)
Thor Energy (THR)
Enwell Energy (ENW)