Amur Minerals Corporation (LON: AMC) has completed the sale of the AO Kun-Manie project in Russia to Bering Metals. The $35m consideration should be received soon. A 1.8p a share dividend is planned, and Amur Minerals will become a cash shell. The share price recovered by 56.7% to 1.575p.
Plexus Holdings (LON: POS) has won a £5m contract for POS-GRIP wellhead equipment. This should generate £2.5m of revenues in the year to June 2023 – previously the forecasts revenues were £4m – with the rest next year. The share price jumped 43.9% to 4.1p.
Former ITM Power (LON: ITM) boss Dr Graham Cooley is becoming chair of Getech (LON: GTC) subsidiary H2 Green. He will help to develop hydrogen and renewable energy projects. The Getech share price rose by 10.3% to 16p.
Wealth management company Kingswood Holdings (LON: KWG) has appointed Houlihan Lokey as its financial adviser to explore strategic options. That could include a sale of the UK businesses or attracting third party investment for them. The share price is 9.43% higher at 29p. This is the highest it has been since last March.
Alaska- focused oil and gas explorer Pantheon Resources (LON: PANR) disappointed with the flow rates from the Alkaid #2 well. It produced 505 barres/day of liquids and 2,300mcf/day of gas. The rates improved only slightly after cleaning out the well. The share price almost halved early in the morning because of investor doubts about company’s understanding of the reservoir. This could hit the terms for any farm-out. The share price is 40.4% lower at 31.59p.
Fusion Antibodies (LON: FAB) says delays in client investment have led to projects being suspended and that has hit the year to March 2023. This uncertainty is continuing, and full year revenues will be significantly below expectations but at least £2.8m. The share price slumped 42.1% to 27.5p.
GreenRoc Mining (LON: GROC) has signed a memorandum of understanding with Norwegian Construction and Mining Group for the potential construction and mining of the Amitsoq graphite project in Greenland. A placing has raised £550,000 at 3.5p a share. The share price slipped by 12.8% to 3.75p. The cash will fund further test work on Amitsoq and commercial negotiations. The share price of Alba Mineral (LON: ALBA), which owns 50.6% of GreenRoc Mining, fell 8.33% to 0.11p.
IOG (LON: IOG) has spudded the Blythe H2 well and it will take three months to complete. The Blythe H1 well is being shut down for 12 days to enable the drilling. This will cost £13m before any tax benefits. This news follows Friday’s reserve and resources update, which reduced gross 2P reserves of the Blythe, Elgood and Southwark fields by more than 50% to 54.5bcf. The Southwark A2 well is not commercial. IOG needs to refinance its €100m bond by September 20224. The share price declined by 3.5% to 4.825p.