AIM movers: Challenger Energy farm-out deal with Chevron and UK Oil & Gas share consolidation

Challenger Energy (LON: CEG) shares soared 59.2% to 0.195p following a farm out deal for OFF-1 exploration asset offshore Uruguay with Chevron. Challenger Energy will retain a 40% interest. The oil and gas explorer will receive a cash payment of $12.5m on completion, plus a carry of up to $15m on 3D seismic and 50% of the cost of an exploration well up to a $20m share. However, a well could cost between $50m and $100m according to Zeus, so Challenger Energy could still have to make a cash contribution. Regulatory approvals will take months.

Drug discovery company Immupharma (LON: IMM) confirms it has enough cash for its immediate requirements with additional income coming from commercial deals on the development portfolio. Discussions continue with potential partners. This could involve upfront payments. There are two late-stage autoimmune development programmes, including a treatment for lupus, and two early-stage anti-infective programmes. The share price jumped 39.2% to 1.2875p.

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Active Energy Group (LON: AEG) has received the cash payment of $1.65m from Player Design Inc. The share price recovered a further 28.8% to 1.2p.

Artemis Resources (LON: ARV) says rock chip samples at the Mt Marie prospect on the Carlow licence area show values of lithium of up to 4.7%. Some of the pegmatites have very large spodumene crystals. This could be a sign of a well-developed system. WH Ireland estimates fair value at 5.2p/share. The share price improved 12.1% to 0.925p.


UK Oil & Gas (LON: UKOG) has consolidated ten shares into one new share. The post-consolidation price was 0.065p. The share price has fallen 15.4% to 0.055p.

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Shares in LungLife AI (LON: LLAI) continue to decline following the raising of £1.8m at 35p/share. Lung cancer diagnostics developer is starting the commercialisation process for its diagnostic technology. The cash will fund the evidence generating activities, including an early access programme and clinical utility studies. There should be enough cash until April 2025. The share price dipped 5.48% to 34.5p.

Performance nutrition products provider Science in Sport (LON: SIS) is focusing on improving margins rather than growing revenues. This strategy change was in the fourth quarter of 2023, so there was not much time to affect trading. In 2023, revenue dipped from £63.8m to £62.8m due to lower online sales. The Science in Sport brand grew sales by 17%. Liberum trimmed its 2023 revenues estimate, but it also reduced the forecast loss to £4.8m. The 2024 forecast revenues have been cut, but the loss is still forecast to be £3.1m with a move to breakeven in 2025. The share price declined 4.46% to 16p.

Braveheart Investment Group (LON: BRH) acquired a further four million shares in thermal insulation and acoustic materials manufacturer Autins (LON: AUTG) following the latter’s annual results announcement. It paid 8p/share, which is the current share price, and this takes the stake to 23.4%. The Braveheart Investment share price slipped 3.12% to 7.75p.

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