AIM movers: Eneraqua energy growth and coal production recommences at Edenville Energy

Energy and water efficiency equipment provider Eneraqua Technologies (LON: ETP) grew its interims from a combination of organic growth and a contribution from recent acquisition Welltherm, which provides drilling services for heat pump installation. Revenues were 92% higher at £24.2m, while underlying pre-tax profit was £3m. Full year expectations are covered by contracted orders as are nearly three-quarters of next year’s forecast revenues. There are plans to move into the consumer market, but that will not make a meaningful contribution until next year – although there will be £500,000 of marketing costs. A full year pre-tax profit of £10.6m is forecast, while the 2023-24 figure has been upgraded by 4% to £12.2m. The share price is 13.9% ahead at 262p, which is just below the November flotation price of 277p.

Edenville Energy (LON: EDL) says production has restarted at the Rukwa coal project at an initial rate of 4,000 tonnes per month of washed coal. This rate of production should increase. Pricing discussions are exceeding the previously published range of $35-$50/tonne. The share price has jumped 36.4% to 15p.

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Falcon Oil & Gas (LON: FOG) has a binding letter of intent with new joint venture partner Tamboran (B1), which amends the previous terms of the joint operating agreement for the Betaloo sub-basin exploration permits in Australia. Tamboran (B1) is a joint venture between Sheffield Holdings and Tamboran Resources. Falcon will earn an additional carry of future well costs of up to A$6.75m – its share of A$30m. Drilling of the first two stage 3 wells will start soon and Falcon will benefit from the carry under the existing agreement with Origin Energy. The share price is 3.62% ahead at 7.15p.

Oil and gas producer Echo Energy (LON: ECHO) says that production reached 392,253 barrels of oil equivalent in the first nine months of 2022 with third quarter production higher than in the previous quarter. Three power generation units are operational at the Santa Cruz Sur assets in Argentina, while work on maintenance of compressors and upgrading the Eagle workover rig continue. The share price is 6% higher at 0.265p.

Ukraine-based oil and gas producer Enwell Energy (LON: ENW) shares fell 14.3% to 23.3p following quarterly operating figures. Production slumped compared with one year earlier with gas production more than halved. Aggregate production was 2,588 barrels of oil equivalent per day, down from 5,126 in the third quarter of 2021. Production at the VAS field was suspended, but it has resumed in October.

There is profit taking at drug developer Evgen (LON: EVG) which yesterday announced that it is partnering with Swiss biotech Stalicia for the potential use of SFX-01 for the treatment of autism spectrum disorder and other CNS disorders. The share price fell 10.6% to 6.35p, having started the week at 2.85p. The deal could generate up to $160.5m in milestone payments and double-digit royalties. The upfront payment is $500,000 with a further $500,000 once a volunteer study is completed in the first half of 2023.

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Property lending platform operator Lendinvest (LON: LINV) continues to decline even though chief executive Rod Lockhart bought 27,111 shares at 67.5p each. The share price fell 8.82% to 62p, having started the week at 97.5p. Platform assets under management are one-third higher at £2.4bn, but finnCap has downgraded its full year forecast. Interest rate volatility is hampering margins. The July 2021 placing price was 186p.

Scirocco Energy (LON: SCIR) is using cash generated from the deal to sell Rumuva to repay part of the balance on the Prolific facility. An initial payment of $200,000 is being made. The remaining balance will be repaid in five instalments of $49,000 a month up to March 2023. If these payments are made there will be no additional share issue. The share price is 7.89% lower at 0.175p.

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