AIM movers: Corcel farm-out and United Oil & Gas disappointment

Corcel (LON: CRCL) entered a farm-out and joint venture agreement with Riversgold Ltd for the rare earths project at Mt Weld in Australia. Corcel will receive A$30,000 in cash and Riversgold will earn 50% of the project by spending A$500,000 over 12 months. If Corcel agrees, Riversgold can earn a further 20% stake by spending an additional A$1m. The share price improved by 14.9% to 0.27p.

Smart meter technology developer CyanConnode (LON: CYAN) has received an order for 983,525 Omnimesh modules and related hardware, plus a service and maintenance contract to Montecarlo. They will be installed in Madhya Pradesh, India. Supply will commence in the first quarter. The order book in India is more than 3.6 million modules. The share price is 12.3% higher at 16p.

- Advertisement -

hVIVO (LON: HVO) has secured a £5.2m contract with an Asia Pacific-based biotech company to test a vaccine in a Phase IIa study, which will commence in the second half of 2023. This uses the company’s respiratory syncytial virus human challenge study. This means that 95% of 2023 forecast revenues of £54m are already contracted. The share price recovered by 9.83% to 12.85p.

Embedded computer products developer Concurrent Technologies (LON: CNC) says 2022 revenues will be 10% ahead of expectations, although pre-tax profit is maintained at around £100,000. Order intake was more than one-quarter ahead at £31m. Double shifts have commenced at the company’s factory. Pre-tax profit is expected to recover to £2.7m in 2023. The share price rose 6.94% to 77p.

United Oil & Gas (LON: UOG) says that the ASW-1X exploration well in Egypt did not discover any hydrocarbons. The drilling rig will be moved to the ASH-8 development well. This is also on the Abu Sennan licence where United Oil & Gas has a 22% non-operating interest. The share price slumped by 25.5% to 0.95p.

New natural resources legislation in Ukraine could adversely affect Enwell Energy (LON: ENW). Licences can be suspended or revoked if the holders are subject to sanctions. A major shareholder in Enwell Energy has sanctions applied to him. The share price slumped by 20.8% to 12.85p.

- Advertisement -

Pathfinder Minerals (LON: PFP) says the option agreement for the sale of IM Minerals to Acumen Advisory has been extended to 31 January. Yesterday, Pathfinder Minerals raised £500,000 at 0.5p a share. The share price is 21.1% lower at 0.375p.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.