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AIM WINNERS & LOSERS: IOG up as first gas delivered at Blythe H2 well

13th Jun 2023 09:58

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.

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AIM - WINNERS

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IOG PLC, up 11% at 4.40 pence, 12-month range 3.26p-41.00p. The UK-focused gas producer delivers first gas from the Blythe H2 well. The well is brought onstream in three months and one week from the spud date, versus initial guidance of around three months, despite 34 days lost to the well control event. Company is sending equipment to the rig at H2 to resolve an apparent downhole mechanical blockage. If successful, IOG says this could increase H2 flow rates by around month-end to the 30 to 40 million standard cubic feet per day range that the company had previously guided.

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Rockfire Resources PLC, up 5.9% at 0.32 pence, 12-month range 0.13p-0.47p. The Australia and Greece-focused mineral exploration company says that a fourth drill hole has encountered strong zinc continuity as part of its geotechnical drilling programme at the Molaoi zinc deposit in Greece. Explains two lodes have been intersected in the fourth drill hole, reaffirming that multiple lodes are continuous at Molaoi. Chief Executive David Price says: "It's great to see confirmation of high grade zinc occurring in each hole being drilled by Rockfire. The continuity of zinc mineralisation is being confirmed, and the positioning of the zinc lodes in accordance with those encountered during drilling by the Greek government in the 1980s is being affirmed. Zinc grades remain robust. Importantly, the minimum mining width for mechanised mining of 2 metres is still being achieved. This is a critical aspect of mine design and planning for underground extraction."

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AIM - LOSERS

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Driver Group PLC, down 4.6% at 31.00 pence, 12-month range 23.10p-35.04p. The construction consultancy firm posts a pretax profit of GBP508,000 in the six months ended March 31, up sharply from GBP130,000 the year prior. Revenue, meanwhile, dips to GBP24.2 million from GBP24.4 million. Says it is focused on improving bottom-line in the current financial year after the challenges encountered in the past financial year. Notes "positive progress" in the first quarter of new financial year and says this momentum has "continued and strengthened" in the second quarter. However, says April was slower than expected due to the timing of the Easter weekend and a succession of public holidays.

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By Heather Rydings, Alliance News senior economics reporter

Comments and questions to [email protected]

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