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AIM movers: Longboat Energy considers options and UK Oil & Gas support

UK Oil & Gas (LON: UKOG) has received a letter of support from Sumitomo subsidiary Summit Energy Evolution for Dorset and Yorkshire hydrogen storage projects. Summit Energy Evolution will cooperate and may invest in the projects. There could be involvement with the Sumitomo hydrogen generation project at Bacton in Norfolk. This provides a base for application for government support. The share price is 21.3% higher at 0.0285p.

Trading in Trafalgar Property (LON: TRAF) shares has been suspended after a one-fifth rise to 0.06p. The company has confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of £2.67m, including intangible assets of £3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.

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Cloud-based service provider SysGroup (LON: SYS) has announced a strategic partnership with Softcap. This should enhance prospects in the AI and machine learning market. The share price rose 11.3% to 34.5p.

Beowulf Mining (LON: BEM) reported first quarter figures showing a reduction in loss from £764,000 to £430,000. There was £852,000 in the bank at the end of March 2024, prior to the recent fundraising of £3m. The share price improved 11.5% to 0.725p.

FALLERS

Oil and gas producer Longboat Energy (LON: LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option. The share price dived 56.9% to 7.75p.

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Revolution Bars (LON: RBG) has moved its general meeting date to 14 June. This is to gain shareholder agreement to raise up to £12.5m via a placing and seven-for-eight open offer at 1p/share. The share price dipped 23.3% to 1.15p. The board does not believe that the approach from Nightcap (LON: NGHT) can be delivered in a timely manner, so it is going ahead with its restructuring proposals.

Impax Asset Management (LON: IPX) reported a small dip in interim profit and that has led to the full year profit after tax forecast has been trimmed from £40.3m to £39.4m. The focus on sustainable businesses which are out of favour and regulatory uncertainty means that expectations for assets under management have been reduced, although they are still likely to rise to £41bn this year. There are signs of recovery. Net cash is £65m. The share price slid 13.1% to 436.5p.

Red Rock Resources (LON: RRR) says a consultant of the company visited the Bilbale gold project in Burkina Faso. He says that it has significant potential. The resource and reserve could be in excess of one million ounces. Progress has been made to overcome delays. The share price declined 6.25% to 0.0525p.

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