Share Talk Weekly Small Cap Movers & Shakers, Sunday 3rd July 2022

 Angus Energy PLC (AIM: ANGS) is within touching distance of being a producer. The company announced the conclusion of leak testing and the commencement of commissioning of the Saltfleetby Gas Field. 

The duration of commissioning is expected to take between one and two weeks with a target date for the first gas export (ie sales) between the 7th and 12th of July.

Over the past month, the share price is up by over 18% and with the expected output during that period from existing wells B2 and A4, assuming a start date of 1 July is approximately 5 million therms and comfortably exceeds the hedged amount.

Once the gas is flowing, the markets have to take this into account for sure.

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MySale Group PLC (AIM: MYSL) sprung to life after a TR-1: Standard form for notification of major holdings announcement that the Frasers Group Plc 28.510000% stake in the company.

Novacyt (AIM: NCYT) was another, and also up 11% to 161p after the diagnostics company revealed a test for monkeypox.

David Allmond, chief executive, stated that while the risk of transmitting the disease to humans is low, we believe our RUO tests are valuable tools for scientists and clinicians to detect and monitor emerging infectious disease threats. ”

Deltic Energy (AIM: DELT) saw a significant rise after Shell, the oil giant, made a decision to set up the AIM-quoted group for an enormous opportunity in a new gas exploration venture off the English east coast.

Deltic holds a 30% stake in Pensacola’s exploration well. Shell signed up Maersk to its Resilient Jack-up drill rig this week. Seabed operations are expected to begin later in the month and then the spudding in September.

Investors in small-caps were quick to notice the news. At 2.61p, the share has risen just shy of 11% over the past five days. This is due to the fact that it will be a prominent well with the potential for significant new domestic gas resources in Britain.

The excitement was largely provided by biotechs. Abingdon Health (AIM: ABDX) rose 15% to 10.6p following the announcement that it would receive £8.9m from the Department for Health and Social Care. This was after settling a dispute over invoices for lateral flow tests.

After it was agreed to the beginning of payments of up to US$16.5mln by US group BeyondAir, Circassia, an asthma treatment specialist, was in high demand.

They had been at odds over licensing BeyondAir’s LungFit device but came to an agreement just over a decade ago.

In return for payment when LungFit, a treatment for hypoxic respiratory failure, was approved by the US Food and Drug Administration, Circassia agreed to give up its rights to the product.

Circassia Group (AIM: CIR) has been approved. Circassia will be liable for US$2.5mln within 60-days of approval, US$3.5mln in 60-days of the first anniversary, and US$4.5m within 60 days.

Additionally, Circassia has a right to a royalty of 5% of net sales of this device. This starts on the second anniversary of approval and can go up to US$6mln.

Circassia rose 17% from the previous week to 34p.

The All-Share index of AIM did not perform as well. It was 2.7% lower than the FTSE All Share’s 1.1% decline over the last five days, reflecting jitters among small-cap investors about what a UK recession might hold.

SIMEC Atlantis Energy’s (LON: SAE) shares also fell 40% after it revealed heavy losses.

In 2020, the tidal power group was £19.4mln. However, it jumped to £74.1mln last year.

This increase was due to the recognition of £32mln impairment losses at the Uskmouth Power Station following the April 2022 decision not to convert it to waste fuel.

Oxford BioDynamics (AIM: OBD) was among the AIM decliners. It dropped more than a fifth Tuesday before recovering after being warned it might need additional funding.

The biotech company, which just launched EpiSwitch CiRT in the UK and US, saw its half-year revenues drop from £0.25mln down to £0.09mln. It also saw its operating losses increase from £3.5mln up to £4.1mln.


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