Shares in Orcadian Energy (LON: ORCA) jumped 78.6% to 6.25p following the announcement that it has entered non-binding heads of agreement with a North Sea operator to farm out the Pilot project for a full carry until first oil. Orcadian Energy would retain a 18.75% working interest. The agreement includes the drilling of five subsea wells. Orcadian Energy will receive $100,000 when the agreement is completed, plus $100,000 if it is awarded an additional licence. Field development plan approval would trigger a payment of $3m. The company joined AIM in July 2021 at a placing price of 40p.
Remote site services provider RA International (LON: RAI) has recovered 58.8% from its all-time low to 13.5p following the minimum two-year global framework with the Foreign, Commonwealth and Development Office. The value and timing of orders is uncertain.
Shares in oil and gas company Afentra (LON: AET) have returned from suspension up 21% to 29.475p after it published its circular for the acquisition of the Azule assets in Angola and the readmission of shares to AIM.
Following management changes at the end of last week, ECR Minerals (LON: ECR) is raising £580,000 at 0.175p/share. The share price rose 17.4% to 0.27p. The cash will be invested in existing projects in Queensland and new opportunities. Andrew Haythorpe has stepped down as chief executive and Nick Tulloch has become managing director. Nick Tulloch is chief executive of Aquis-quoted cannabidiol products supplier Voyager Life (LON: VOY) and has experience in the cannabis and resources sectors.
FALLERS
Vast Resources (LON: VAST) says elections have delayed its receipt of a historic parcel of 129,400 carats of rough diamonds held by the Reserve Bank of Zimbabwe. The shares declined 16% to 0.21p.
Alba Mineral Resources (LON: ALBA) has failed to gain permission to remove greater amounts of water from the Clogau gold mine in Wales, although it has commenced emergency abstraction of water to safeguard the mine. Airborne geophysical survey plans are being delayed as CAA approval is sought. The share price slipped 12.8% to 0.085p.
Haydale Graphene Industries (LON: HAYD) has raised £5m from a placing and subscription at 0.5p/share and a retail offer could raise up to £1m more. The par value of the shares will have to be changed from 2p to 0.1p in order for the share issue to happen. The latest cash raising will fund working capital, while the company puts together partnerships to build up revenues, although more cash will be required before cash is generated from operations to fund the business. The share price had already fallen on Friday, and it has moved nearer to the placing price with a 12.5% fall to 0.525p.
Christie Group (LON: CTG) reported slightly lower interim revenues of £33.1m and this meant that the professional services provider moved into loss. Shore still expects a small full year pre-tax profit as transactional volumes are set to improve, although the net cash estimated is reduced to £2m from £5m. The interim dividend has been cut from 1.25p/share to 0.5p/share. The share price is 11.4% lower at 97.5p.
