With the uncertainty overshadowing Oilex (ASX:AIM: OEX) after the Cambay India C-77H Re-frac Update & Revised Gas Sales Contract announcement on the 14th of April 2022.
Oilex’s Chief Executive Officer, Roland Wessel, said: Due to the higher than anticipated C-77H re-frac costs caused by a global shortage of fraccing services and equipment, and the delayed start-up of gas production on the Cambay field, Oilex plans to raise additional funds over the next approximate month.
The share price has held up quite well as investors wait on the placing price update.
2022 is going to be an exciting time for the company has negotiated a revised Gas Sales Agreement with Enertech Fuel Solutions Private Limited for the sale of gas from the Cambay field. Executed a Letter of Intent for the supply by Schlumberger of hydraulic fracturing services, coiled tubing and nitrogen services and perforation services for the planned re-frac of the Cambay C-77H well in July 2022.
Gas sales to follow, drill bit hitting the dirt in June, one for the watch list.
Pure Gold Mining (LSE: PUR) was another bright spot on the AIM Market, rising 51% to 16.4p, as Sprott, Canada’s largest mining investor, highlighted its support.
Sprott Private Resource Lending has provided a US$6 million credit facility to the Canadian junior, waiving defaults under any existing agreements.
PureGold will finance the equity financing of net proceeds not less than US$5mln prior to May 15.
Chris Haubrich said that the additional cash would help to maintain the “positive momentum for the operational turnaround”.
This plan already saw reductions in equipment and headcount. Optimised underground development should result in a 30% cost reduction for the second quarter.
Empyrean Energy PLC (AIM: EME) Updated on the Block 29/11, China – Jade drilling with an announcement drilling results have validated the pre-drill interpretation of seismic data including the presence of gas clouds over the Jade as well as Topaz prospects.
Based on the results thus far, Empyrean has upgraded its internal Geological Chance of Success (“GCoS”) over the Jade prospect from 41% to 65% and Topaz prospect from 35% to 47%.
Drilling commences at Jade prospect at 19:30 on 10 April 2022, at its 100% owned Block 29/11 permit, offshore China. The objective of drilling the Jade well is to test for hydrocarbons down to the TD of the well at 2860 metres MD. On the last update (19th April 2022) installation of 9-5/8″ casing before drilling 8-1/2″ hole to the Total Depth (“TD”) of 2860 metres MD
At the start of the year, the share price fell below the 6p placing price, in April 2022 it hit a new 52-wk high of 13p. With all to play for in positive results. If an oil pay zone is confirmed then the plan is to carry out flow testing operations on the oil pay zones.
All eyes are on Empyrean Energy
One Media iP (AIM: OMIP) catalogue of classic oldies and its shares climbed 13% to 6.9p this week.
Investors were impressed by the increase in annual revenues of 10% and 11% in earnings to PS4.4mln. The portfolio of song rights, which now includes some of Take That’s catalogue, once again showed that the old songs are still the best, even for streaming listeners.
Michael Infante, the chief executive, stated that “we welcomed some high-profile people to our stable, including Take That’s most prominent hits through the acquisitions of their producer’s royalties as well as music from Kid Creole and Culture Club, as well music by Don Williams, who is our largest acquisition to date.
Itaconix (AIM: ITX), a plant-based polymer company, saw a positive update, which stated that trading was much ahead of last year’s.
Volex also saw a 20% increase to 286.6p. Market forecasts are expected to be beaten by Volex’s results at the supplier for power leads and electric car chargers.
Osirium Technologies (LON: OSI) fell sharply after it reported higher losses and said that it would turn to the markets to raise funds.
As operating losses rose from £2.87mln up to £3.23mln, shares fell 14% to 12p during the week.
With uncertain economic conditions affecting customer sentiment, full-year bookings for cloud-based cybersecurity software fell to £1.6mln.
Baron Oil (AIM: BOIL) shares fell 6% after wildcat oil exploration specialist Baron Oil said it would surrender its Peru license and leave the country.
A statement stated that it did not meet four requirements to access the area and execute the project. These included the attraction of a local farm-in partner and the failure to obtain drilling authorization.
Andy Yeo, the chief executive, stated that the company was moving forward with its other projects that had great potential.
Oxford BioMedica (LON: OXB) dropped 13% to 567p after it announced that production of its AstraZeneca vaccinations would cease.
The market was slightly less stable than the AIM All-Share Index, which fell 0.41% or four points to 1,052 points in the past five days.
The FTSE 100 or simply Footsie experienced a flat week. It fell 0.22% (16 points) to 7,564.
The opinions expressed here are those of the author
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