Small caps fell across the broader market, with the AIM 100 index falling 2% to 4,089 and the FTSE 100 blue chips losing 0.8% and 1.5%, respectively.
IOG had a difficult week. Shares fell 55% to 7.3p, as the Southwark project failed to deliver satisfactory results.
The Southwark A2 well’s gas rates were 4.2 million standard cubic yards per day, which is significantly lower than the 22 million cubic feet expected.
Rupert Newall, the chief executive, stated that the well “hasn’t met our expectations”, but that IOG would “continue to explore the options, gather data and interpret the implications for field production and evaluate the next steps.”
Market Summary > @BaronOilplc
LON #BOIL
0.14 GBX+0.017 (14.29%)⤴️today
20 Jan, 10:37 GMT • Disclaimer https://t.co/0mWHeivwsl pic.twitter.com/tcEI0SRxWl— Share_Talk ™ (@Share_Talk) January 20, 2023
Tekmar Group plunged 21% to 13p following an announcement by the offshore tech company that the exclusive period for potential investors was extended by 14 Days.
After the initial 60-day period in mid-November, there is an option to extend it by 14 days.
According to Tekmar (which provides technology for offshore renewable, oil-and-gas projects), the potential investment from the energy sector company would secure funding for its “ambitious growth plans, but it would not be a takeover. It would instead include new capital based on its November share price, which is approximately 9p.
Blue Rock Diamonds, a diamond producer, plunged 52% to 2p following the reporting of below-target production after it closed its mines over Christmas.
South Africa’s Kareevlei diamond mine owner and operator said that the price decline continues, but December revenue forecasts were not significantly lower.
Omega Diagnostics, a life science company, fell 16% to 3.15p. The company had warned of lower-than-expected revenues and the significant back-end processing of orders.
Let’s turn to the risers. Kodal Minerals jumped 45% to 0.3p when it received funding to develop its Bougouni Lithium Project in Mali.
Market Summary > @KodalMinerals
LON #KOD
0.39 GBX+0.031 (8.69%)⤴️today
52-wk high 🔝 0.45
20 Jan, 14:40 GMT • Disclaimer https://t.co/eRks9z4fkw pic.twitter.com/OBpuS4gyIc— Share_Talk ™ (@Share_Talk) January 20, 2023
Hainan Mining, a Chinese company that develops natural resources, has agreed to purchase a 51% share in Kodal Mining UK Limited. This UK subsidiary of Kodal will be the owner of a new Mali mining company created specifically to support the Bougouni Project.
Mirriad Advertising‘s share price jumped 30% to $5 on Friday morning, after the advertising company said that it was considering a sale.
According to a statement, Mirriad has seen its share prices fall 74% over the past year. Mirriad is currently conducting a strategic review that could lead to the business’s sale.
This is due to the group’s “progress” and “improved position in the marketplace”, which led the board to believe that shares are “significantly overvalued” and have significant upside.
Market Summary > @HarlandWolffplc
LON #HARL
22.00 GBX +5.70 (34.97%)⤴️today
18 Jan, 12:59 GMT • Disclaimer https://t.co/EvNHDSLODY pic.twitter.com/rIDTWnvdKj— Share_Talk ™ (@Share_Talk) January 18, 2023
After reporting positive results in phase 1 of AVA6000’s clinical trial, drug developer Avacta saw its shares rise 21% to 158p.
CISION(tm) FAP-activated delivery platform to limit the cell-killing effect.
Avacta stated that AVA6000 is still well tolerated by patients. AVA6000 has a marked decrease in cell death usually associated with standard Doxorubicin therapy.
