Stocks that may or may not make the grade in the papers
Shares of Rockfire (ROCK) managed a 28% gain, returning to the kind of form seen earlier this year as the resources company reported drilling results from its Plateau project in Queensland.
The highlight here, and the reason for the stock market cheer was the revelation that the second hole of its planned drilling programme had encountered a long intersection of gold mineralisation.
Upland Resources (UPL) remained unchanged at 0.57p, despite recent interest in the stock on rumours the group is close to securing prize licenses in the prolifically oil rich regions of Brunei and Sarawak. This comes after a recent update regarding a new potentially transformational pre-salt oil and gas play within Upland’s Tunisian assets, and as the market awaits results of further studies in the country as a pre-cursor to farm-in partner marketing. Potential farm-in evaluations are also occurring with relation to Upland’s 40% owned Moray Firth license.
There was a positive read across effect for shares of both Rockhopper (RKH) and Borders & Southern (BOR), in the wake of news that Premier Oil (PMO) had at least partially put itself out of its own debt laden misery, by unveiling a merger with Chrysaor. The result of this boost to sentiment was a near 40% jump in both the share prices of Rockhopper and Borders & Southern, although Premier only managed a quarter penny rise to 15.28p, after spiking initially on the news.
Shares of Kibo Mining (KIBO) looked to be finally in recovery mode, as investors who like to bargain hunt have been getting behind the Africa power project in recent sessions. Part of the bullishness is the combination of the company cancelling loan notes, raising £1.5m at 0.2p, plus talk that a major seller is finally out of the stock. Added into the mix is the observation that Kibo’s stake in Katoro (KAT) is worth more than the current market cap of Kibo, and that we are in the run up to Kibo’s Sloane unit being floated on the London Stock Exchange. All of this left shares in both Kibo and Katoro up 16% a piece.
Wishbone Gold (WSBN) was up another 21%, adding to a recent stellar run, after Executive Chairman Richard Poulden spelled out the merits of the new option on acquiring Havieron / Telfer, as well as underlining that there is no need for a placing in the foreseeable future. There were also rumours of a painful short position in the market going the wrong way.
(The opinions expressed here are those of the author, a columnist for Share Talk.)
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