13th Sep 2023 10:52
(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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Longboat Energy PLC, up 4.4% at 24.00 pence, 12-month range 23.6p-25.20p. The exploration and production company says it bought privately-held firm Topaz Number One Ltd, which it said marked the expansion of its business in south-east Asia. It says Topaz's sole asset is a working interest of just under 16% in block 2A offshore Sarawak in Malaysia, which contains the "giant" Kertang prospect. Longboat Energy adds the acquisition will be satisfied in three tranches: the issue of new shares worth USD100,000 upon completion; USD125,000 paid in cash or further issue of new shares upon an exploration well being committed on block 2A or a farm-out; and USD3.0 million paid in cash or new shares upon a discovery being made on block 2A, depending on the resource size and the growth in share price measured over a two-year period.
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AIM - LOSERS
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IOG PLC, down 32% at 1.15p, 12-month range 0.95p-27.50p. The gas developer and producer says operating efficiency for the Blythe H2 well in the UK North Sea was up in August compared to the year-to-date, but still expresses concerns about its financial position and that the gas rate fell over the month. Blythe H2 operating efficiency in August stood at just under 97% compared to over 94% in the year-to-date, although the gas rate declined to 21.2 million standard cubic feet per day from 27.7 million across August. "August saw stable production at the Blythe H2 well, with 97% operating efficiency and the Bacton shutdown works successfully completed early in the month. However, with H2 production seeing natural decline and realised day-ahead gas prices remaining far below last year's levels, the company's financial position remains challenging," says CEO Rupert Newall.
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t42 IoT Tracking Solutions PLC, down 16% at 4.42p, 12-month range 4.38p-11.55p. The real-time tracking, security, and monitoring solutions provider notes that the five-year distribution and sales contract with OpenBox Ventures Inc in the US is underperforming. It says that the contract has, to date, not produced orders and thus failed to perform according to the distributor's estimates, with their estimated USD1.9 million minimum order level for 2022 not being achieved. Therefore, exclusivity conditions have not been met to date. "Accordingly, the company has been able to pursue other opportunities in the USA, leading to successful orders as announced in January and March this year, with further orders anticipated. The company continues to work with OpenBox under the distribution agreement and will provide further updates in due course," t42 adds.
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By Sophie Rose, Alliance News reporter
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