1st Oct 2025 12:27
(Corrects the currency for Litigation Capital Management's results to AUD from USD)
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Wednesday.
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AIM - WINNERS
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UK Oil & Gas PLC, multiplies to 0.04p, 12-month range 0.05p-0.01p. The energy company's subsidiary UK Energy Storage signs a memorandum of understanding with gas pipeline operator National Gas Transmission. The agreement sets out the intent to collaborate on the development and implementation of Project Union, the national hydrogen pipeline system, and its connection to UK Oil & Gas's planned onshore salt cavern hydrogen storage facilities in East Yorkshire and South Dorset. The companies will also collaborate on securing government revenue support through the the Hydrogen Transport and Hydrogen Storage Business Model allocation rounds, which are scheduled to start in the first half of 2026. The first phase of Project Union is scheduled for operation by 2032. "We regard this MoU as an essential building block towards achieving our mutually shared ambition of creating a joined-up hydrogen economy across the UK, both north and south. We look forward to working with National Gas and to the day that Project Union links seamlessly with [UK Energy Storage's] planned Yorkshire and Dorset hydrogen storage," says UK Energy Storage Chief Executive Stephen Sanderson.
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Tertiary Minerals PLC, up 28% at 0.05p, 12-month range 0.10p-0.03p. The company says the highest copper and silver grades to date have been found at its Mushima North project in Zambia. It says the results have extended the surface footprint of the mineralisation by around 100 metres. "These results further support our bulk tonnage, open pit silver exploration model as well as the additional potential for copper and adds further credence to the significance of this discovery for the company," says Managing Director Richard Belcher.
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AIM - LOSERS
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Arrow Exploration Corp, down 13% at 11.75p, 12-month range 29.50p-10.65p. The firm, which focuses on Colombian oil assets, says it is abandoning the Mateguafa Oeste-1 exploration well in Colombia due to "the lack of an economic discovery". "The results of the Mateguafa Oeste-1 exploration well provide calibration for existing future prospects. The well was drilled under budget, and successfully hit the reservoirs as delineated by geological and geophysical control. The well had thin oil pay over water and was deemed uneconomic," says CEO Marshall Abbott.
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Litigation Capital Management Ltd, down 10% to 23.80p, 12-month range 119.56p-23.30p. The asset manager focused on dispute financing swings to a pretax loss of AUD101.7 million, around GBP49.9 million, in the 12 months to the end of June from a profit of AUD16.1 million a year ago. It swings to a total loss of AUD78.5 million from total income of AUD47.8 million last year. It reports a net unrealised loss on investments of AUD206.8 million, swung from a AUD25.1 million gain in the prior year. The company reports no litigation service revenue for the year, down from AUD12.4 million. "The last 12 months have been the most challenging in LCM's history as we experienced a series of adverse case outcomes impacting our financial performance," says CEO Patrick Moloney. "These setbacks, while disappointing, have underscored the inherent risks of our asset class and the lessons we have learned are shaping our path forward. Our team's resilience and decisive actions, including significant cost reductions and a refocused investment strategy, have laid a foundation for recovery. Looking ahead, we are committed to restoring LCM's track record of delivering value through a reinvigorated focus on active management of case investments, a cornerstone of our historical success."
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By Michael Hennessey, Alliance News reporter
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Related Shares:
UK Oil & GasTertiary MineralsArrow Explor.Litigation Cap.