Trading has resumed in the shares of ARC Minerals (LON: ARCM) following clarification of the position of two mining licence applications in Zambia. The company’s joint venture partner Anglo American has appealed the rejection of two mining licences saying they were validly submitted pending submission of further documentation. Exploration activity is continuing. Arc Mining believes that the problem will be sorted out. There were a large number of shares traded prior to suspension and that pushed down the price. It recovered 15.09% to 1.525p.
Arrow Exploration (LON: AXL) says production was 3,150 barrels/day on the first horizontal well at the Carrizales North field in Colombia. This exceeds previous wells. A water disposal well is planned, followed by three other horizontal wells in the second half. Due to shut-ins at some wells, overall group net production is 3,600 barrels of oil equivalent/day. There was cash of $12.1m on 1 June. The share price is 15% higher at 23p.
Neuroscience analytics company IXICO (LON: IXI) has been contracted by a top five contract research organisation to provide imaging biomarker services for a phase 3 clinical trial. This will run for five years and be worth more than £1m. The share price improved 12.4% to 7.25p.
Light Science Technologies (LON: LST) has won a contract worth more than £750,000 with a new customer of the passive fire protection division. The construction company client is involved in more than 120 countries, and it will install Injectaclad cavity sealant in an 11 storey student accommodation block in Nottingham. The work should be completed by the end of the year. The share price increased 9.8% to 2.8p.
Alliance Pharma (LON: APH) has finally released its 2023 results and there is no dividend. Underlying pre-tax profit improved from £30.3m to £31.5m. That was before write downs of some of its products. They total £79.3m, which includes a £46.4m reduction in the valuation of Amberen and a £10.3m fall in value of Nizoral. Net debt declined from £102m to £91.2m. The share price rose 8.73% to 38.6p.
FALLERS
Baron Oil (LON: BOIL) has entered the third year of the contract of the Chuditch production sharing contract, offshore Timor-Leste. Funding initiatives for the appraisal well are progressing. This could either be an investment or an agreement to acquire the gas. The finance should be available for drilling in early 2025. The share price declined 7.89% to 0.0875p.
The Golden Metal Resources (LON: GMET) share price slipped 4% to 24p, following news that it is changing its name to Guardian Metal Resources on 24 June.