Pantheon Resources (LON: PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development. The share price jumped 29.4% to 36.3p.
Restaurants operator Tasty (LON: TAST) gained court approval of its restructuring plan on Tuesday afternoon. Tasty has got out of the leases of 23 sites. This leaves 38 restaurants, which are predominantly the Wildwood brand. This should improve EBITDA by up to £2.1m between 2003 and 2005. The share price continued its rise today and it is up a further 29.2% to 1.55p.
Insig AI (LON: INSG) has raised a further £813,000 at 12.5p/share. New Insig AI chief executive Richard Bernstein had subscribed £100,000 at 20p/share. Insig AI recently bought a 5.45% stake in AI and blockchain company ImpactScope OU for 900,000 shares at 13.75p each and Insig Ai has an option to subscribe for more shares. The share price improved 15.7% to 14.75p.
Empire Metals (LON: EEE) considers further positive exploration results as a major development for the Pitfield prospect. There is rutile at surface, and it should be easy to mine. Titanium dioxide mineralisation gets more prevalent at lower depths. This should improve project economics. The share price increased 13.5% to 11.75p.
FALLERS
Jersey Oil & Gas (LON: JOG) has progressed its FEED programme for the Buchan development in the North Sea, but decisions have been put on hold until after the General Election. The first offshore survey has been completed. The final investment decision is expected in 2025, dependent on clarity over ongoing UK government policy, which means first oil could be in 2027. Jersey Oil & Gas contributes 20% of the joint venture project costs. The share price dipped 16.7% to 125p.
There is another fundraising by cancer biopsy company Angle (LON: AGL) is raising £8.5m at 15p/share and could raise up to £2.06m more via an open offer. The cash will be spent on additional staff, commercial development, developing lab capacity. Angle says that it should reach cash flow breakeven by the end of 2025. There was £16.2m in cash at the end of 2023. In 2023, revenues more than doubled to £2.2m and the loss was £20.1m. Interim revenues are expected to be more than £1m. The share price declined 12.5% to 15.75p.
Seed Innovations (LON: SEED) has completed its share buyback programme. This used up £510,000 on top of the £2m dividend. That followed the disposal of its Leaf Gaming stake for £2.4m. The share price declined 7.14% to 1.95p. There has been a 9.3% share price decline so far this year, but that is not adjusted for the 1p/share special dividend.
Lupus treatment developer ImmuPharma (LON: IMM) reported a reduction in loss from £4.46m to £3.42m. It has taken longer than thought to approach commercialisation of the Lupus treatment Lupuzor. There should be enough evidence to move to a phase 3 clinical study. There was cash of £200,000 at the end of 2023. ImmuPharma raised £1.5m from the sale of its shares in Aquis-quoted skincare company Incanthera, which was valued at £600,000 at the end of 2023, although it retains warrants. The share price slipped 5.36% to 2.47p.
