RE: RNS31 Mar 2021 11:44
AIM - WINNERS
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.
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.