In wider market trends, the AIM-All Share Index experienced a decrease of 2.4%, dipping to 792. Similarly, London’s top-tier FTSE 100 companies saw a decline of 2.1%, settling at 7,587. The FTSE 250, not faring much better, recorded a decline of 2.4% to 18,811.
Irish oil and gas companies faced a tough week on the Alternative Investment Market (AIM) after the Green Party of Ireland disrupted plans for a significant project off the Cork coast.
Barryroe Offshore Energy and Lansdowne Oil and Gas saw their share prices drop 32% and 21% respectively. Eamon Ryan, the Irish Minister for Environment, Climate and Communications, wrote to the companies involved in the Barryroe venture expressing dissatisfaction with their financial capabilities.
The Irish government now states that the companies have lost their claim over the asset. The Barryroe licence, which expired in July 2021, was being sought for renewal or extension by Barryroe Offshore and Lansdowne, who have poured US$20 million into the project. The potential of moving to the appraisal and development phase was scuppered by this decision.
Steve Boldy, Lansdowne’s CEO, stated that the company would pursue legal action to protect their investment. Boldy stressed that they believe they have a strong case against the Irish government and they will defend the rights and investment of their shareholders vigorously.
In contrast, Corcel‘s shares rose by approximately 8% after the company secured a deal to purchase onshore oil assets in Angola. They agreed to buy a 90% stake in Atlas Petroleum Exploration Worldwide for £800,000, which they will pay in shares at a premium price.
Byotrol, a company specialising in infection prevention and control, experienced a surge in share price by 40% after the US Environmental Protection Agency approved its Byotrol 24 sanitiser.
Active Energy‘s shares saw a significant increase of 34% after Player Design obtained a permit to construct and operate a CoalSwitch facility in the US. Positive news also came from Phoenix Copper, who reported nearing production at the Empire mine, causing their shares to jump 21%.
On the downside, Pressure Technologies and 600 Group both published losses leading to a decrease in their shares by 4% and 15% respectively. Physiomics, a firm that uses mathematical models to develop cancer treatments, also warned of a potential shortfall in total income for the year, leading to a 25% fall in their shares.
Finally, Asos, a previously highly-valued AIM constituent, raised £75 million through a placement to bolster its balance sheet and also confirmed a new long-term £275 million financing facility.
