23rd Feb 2024 10:31
(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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Empyrean Energy PLC, up 26% at 0.66 pence, 12-month range 0.26p-1.6p. Alongside Coro Energy PLC, notes the receipt of approval for the gas price and volume allocation for the Mako field project in Duyung from the Indonesian Minister of Energy & Natural Resources. "This is a significant milestone that allows Conrad, the operator of the Duyung PSC, to finalise fully termed gas sales agreements," Coro says. Coro and Empyrean add that the allocation is a "key step in advancing the documentation for the sales of Mako gas and access to the West Natuna transportation system", as it serves as the formal basis for reserving pipeline capacity for the evacuation of Mako gas. Empyrean, a Subiaco, Australia-based oil and gas developer with projects in China, Indonesia and the US has an 8.5% interest in Duyung, while Coro, a South East Asian energy company holds a 15% interest. Coro Energy shares rise 25%.
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Hornby PLC, up 42% at 29.75p, 12-month range 14p-30p. The model railway company notes Sports Direct-owner Frasers Group PLC has raised its stake in the company, buying a further 11.1 million of its shares. Frasers now holds 15.2 million shares, or 8.9% of the company. Chris Wootton, chief financial officer at Frasers, says: "Frasers Group has a vision to build the planet's most admired and compelling brand ecosystem. Hornby's portfolio of unique heritage brands are already part of GAME's product offer and we look forward to exploring opportunities to further leverage our scale in retail logistics and distribution. This is consistent with our strategy of pursuing strategic interests to enhance value for all stakeholders."
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AIM - LOSERS
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Active Energy Group PLC, down 6.7% at 0.35p, 12-month range 0.3p-7.5p. The biomass-focused renewable energy company updates on developments concerning its CoalSwitch fuel reference plant in Ashland, Maine. A month ago, the firm explained it had failed to resolve delays to the construction of the plant amid disputes with its partner Player Design Inc. Says PDI and its owner, Tyler Player, have launched legal action against the company in Maine, which Active Energy believes to be "completely without just cause". Active Energy continues to seek resolution with PDI on various matters, including cash sums and prepaid money for services, as well as the return of equipment. "In the absence of an agreement being reached between the parties in the immediate future, the board will have no alternative to launching legal proceedings against PDI to recover these funds and for the significant damages incurred by Active Energy as a result of PDI's actions," Active Energy says.
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By Elizabeth Winter, Alliance News deputy news editor
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