Global Petroleum (LON: GBP) says there is increased interest in farming-in to its PEL94 licence in Namibia. This would enable the exploitation of 2,747 million barrels of oil that is estimated to be on the licence. Other opportunities in the mineral resources sector are being assessed. The share price soared 123% to 0.145p.
Sunda Energy (LON: SNDA) has entered into an exclusivity agreement with a Singapore investment company LNG Operations as a potential funding partner for the Chuditch PSC project. This would involve an investment in a subsidiary of Sunda Energy. Management is attempting to secure a drilling rig, and an appraisal well is planned for the first quarter of 2025. Possible new ventures have been identified. The share price is one-third higher at 0.08p.
Firering Strategic Minerals (LON: FRG) has switched focus to quicklime, where demand is rising for use in copper smelting and enhancing copper separation. Off-take discussions are progressing with copper producers, as well as companies involved in construction and fertilisers. A deal with a logistics company will provide cash flow of $600,000-$720,000 each year. The share price rose 18.6% to 3.35p.
Rockfire Resources (LON: ROCK) says ASX-listed Sunshine Metals has updated investors about its exploration activity at Rockfire Resources’ Lighthouse tenement, where Sunshine Metals can earn up to 75% by spending A$2.2m. High-grade gold has been encountered in a new area. The share price improved 8.82% to 0.185p.
FALLERS
Cannabis-based medicines developer Celadon Pharmaceuticals (LON: CEL) continues to make progress, but it has not received all the cash from the fundraising earlier this year. An investor that was going to subscribe £1m in four tranches and it has only paid £600,000 so far. This leaves the company short of funds. The expiry date of the £7m committed credit facility provided by a high net worth investor has been extended to 30 November 2025, but an initial attempt to drawdown £1m has led to £100,000 being received and £900,000 being delayed until a property has been sold. Celadon Pharmaceuticals is in talks with other potential lenders. The company has £49,000 in cash. The share price slumped 47.7% to 27.5p.
Drug discovery company BiVictriX Therapeutics (LON: BVX) believes leaving AIM is the best way of progressing the business. Management believes that the current valuation undervalues the company due to lack of liquidity and becoming a private company will help access to further funding. The share price is hampering partnership discussions. There are plans to appoint JP Jenkins to provide a matched bargains facility. This comes almost exactly three years since the company joined AIM and raised £7.5m at 20p/share. The share price declined 26.5% to 8.25p.
This is final day of trading Destiny Pharma (LON: DEST) prior to its departure from AIM. The share price fell a further 12.5% to 3.5p.
Shares in Earnz (LON: EARN) have returned from suspension following the publication of the admission document for the acquisitions announced last week. It raised £2.05m at 7.5p/share. Earmz is buying energy services companies Cosgrove & Drew, which provides public sector project work and compliance services for heating and plumbing, and heating installation and maintenance services provider South West Heating Services. Earnz chair Bob Holt has a stake in Cosgrove & Drew. The share price dipped 9.09% to 7.5p.