Shares in oil and gas company Bowleven (LON: BLVN) have rebounded 57.1% to 0.275p ahead of the exit from AIM on Monday 23 September. Crown Ocean Capital has increased its stake from 58.3% to 72.6%. JP Jenkins will provide a matched bargain facility.
Global Petroleum (LON: GBP) has risen on the back of yesterday’s application two additional licences near to an existing Juno licence in Western Australia, where it increased its stake from 70% to 80%. This is near the Havieron project. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The company has appointed Omar Alumad, who it says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director. The share price jumped 51.5% to 0.125p.
Nostra Terra Oil and Gas (LON: NTOG) fell into loss in the first half of 2024 as revenues declined from $1.47m to $938,000. There was a sharp fall in production. New management has taken control. Investors appear to be positive about the potential for the oil and gas company. The share price recovered 26.7% to 0.0475p.
Video games company Team17 (LON: TM17) improved revenues by 11% to £80.6m thanks to strong sales of back catalogue. Own IP is 42% of sales. Underlying pre-tax profit improved 23% to £19.2m. Cash in the bank is one-fifth higher at £54.3m. New releases will generate more income in the second half. The share price recovered 25.6% to 270p. That is the Cantor Fitzgerald target price.
FALLERS
Jade Road Investments (LON: JADE) shares continue to fall following news ithas constituted up to £1m of principal value convertible loan notes lasting 10 months. There is no interest charge, and the conversion price is a 30% discount to the lowest closing bid price in the 30 days prior to conversion. Jade Road Investments has issued £80,000 of convertibles to strategic partner MBM. The two-thirds decline in the share price to 0.3p means that the market capitalisation is not much more than the maximum amount of convertibles that can be issued. That means potential dilution is huge.
Africa-focused energy company Chariot Ltd (LON: CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners. The share price fell 47.1% to 1.674p.
Digital media company Catenai (LON: CTAI) reduced its loss from £196,000 to £13,000 in the six months to June 2024. That is down to the fees earned for the £450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to £31,500. The share price dipped 30.2% to 0.15p.
Rockfire Resources (LON: ROCK) raised £450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to £250,000 managed to raise £82,000. Rostra Holdings holds 15.6%, TPM Middle East Dubai owns 10.1% and The Wonderful Group holds 9.98%. The share price is 30% lower at 0.105p.