On Tuesday, Baron Oil PLC (AIM: BOIL) published a competent person’s report (CPR) on its Chuditch asset in Timor-Leste.
The independent assessment confirmed the potential commercial viability of the asset and revealed 1.1 trillion cubic feet of gas resources.
Despite the positive news, Baron’s share price has dropped 22%, with an immediate 17.5% decrease on Tuesday. Some analysts suggest profit-taking may be the reason, while others believe investors may have lowered their expectations due to lower-than-expected prospective resources, attributed to incomplete survey coverage.
Allenby Capital raised its project valuation by 52% and noted that the contingent resource for the Chuditch-1 discovery constitutes a major element of de-risking and underpins the potential of the asset. However, the broker acknowledged the near-term risk of funding needed before a mid-June “drill or drop” decision.
Angus Energy PLC (AIM: ANGS), a small-cap oil company, experienced a surge in share price by 13% to 1.59p on Thursday after the completion of the Saltfleetby Field, a significant milestone in its onshore UK project.
In addition, Angus Energy has secured a £3mln funding agreement with Aleph Commodities to develop the Saltfleetby operations. Moreover, Richard Herbert, previously the head of the exploration at BP and a non-executive director, has taken over as the CEO. However, by Friday, Angus shares slightly decreased to 1.56p.
Longboat Energy PLC (AIM: LBE) experienced a significant drop in its stock price by 20% to 11.57p on Friday due to investors’ reaction to the news that the joint venture partners failed to trigger an extension to the Norwegian project’s license, resulting in the proposed appraisal well at the Egyptian Vulture light oil discovery not proceeding.
Longboat intends to participate in the 2024 licensing round to regain the project.
Conroy Gold and Natural Resources PLC (AIM: CGNR) ended the week on a positive note as its shares surged by 11% to 20.2p following the announcement of a new gold discovery in County Monaghan, Ireland. Company chair Richard Conroy expressed his optimism and referred to the discovery as “a further step forward” in what he believes is a “very extensive new gold district.”
Artemis Resources Ltd (ASX:AIM: ARV), a dual-listed company, experienced an 11% decline in its UK shares on Tuesday after pricing in a new A$2.55mln (£1.45mln) capital raise. This comes after a challenging start to the year, which saw Artemis suspend trading in Australia at the end of February to undergo this capital-raising exercise.
The company plans to utilize the funds to support exploration work and for general working capital while its board carries out a technical and corporate strategic review.
Moving away from the previous topic, kitchen towels may not be the most exciting subject, but Accrol Group Holdings PLC’s (AIM: ACRL) recent exclusive production and sale agreement with British multinational Unilever for a kitchen towel product under the Lifebuoy brand caught the attention of investors. This news caused Accrol’s shares to rise by 6% to 33.38p by the end of the week. Meanwhile, small-cap stocks in the broader market slightly increased, with the AIM All-Shares Index rising 1.19% to 863.59, outperforming the FTSE All-Share Index’s 1.04% gain.
