Alecto Energy tries to explain rally

Alecto Energy was up by almost half at one point this morning, forcing the resource sector investor to publicise current plans and confirm it is in talks about a number of potential investments and opportunities.The company said it could benefit from any upside at Bulgarian Mining Corporation following July's conversion of a £45,000 working capital facility provided to BMC into a 20% shareholding.It's also assessing "a range of sites" in Mauritania, West Africa, and progress has been "encouraging", with applications already submitted for a three-year exploration licence over five sites.Chiefs believe that much of the country is under-explored, prompting its interest in the three gold and base metal sites and two uranium projects.They also confirmed talks are taking place with a number of parties concerning potential investments and opportunities, although it stressed these are still at very early stages and no firm commitments or decisions have been made.