Eleco (LON: ELCO) shares have risen 13% to 121.5p ahead of the construction and asset management software provider’s AGM on Tuesday. This is the highest level since 2021. The switch from software sales to a SaaS model is beginning to show through in improving profit momentum.
Power Metal Resources (LON: POW) has secured a £2m loan note investment from ACAM, which is also negotiating a uranium-focused joint venture, which would include all of Power Metal’s uranium licences. This would mean that the flotation of Uranium Energy Exploration will not happen – that has already cost £500,000 – and neither will previously proposed disposals. There would be a £10m investment in Power Metal Resources Canada so that ACAM would have a 70% stake. The loan notes bear interest of 10%/year and there will be 13.3 million warrants issued that are exercisable at 15p each. The share price increased 11.8% to 19p.
Deltic Energy (LON: DELT) has been granted an extension to 12 June to seek ways of funding its share of the costs of the North Sea Pensacola well, where it has a 30% working interest. This cost could be £15m. Deltic Energy would have to withdraw from the licence if not funding partner can be secured and discussions are ongoing. Canaccord Genuity has a NPV10 based target price of 110p, which includes 90p for the 25% working interest in the Selene target, where Deltic is fully funded for the well. The share price recovered 10.6% to 13p.
Mosman Oil & Gas (LON: MSMN) is paying $500,000 for a 10% interest in a US helium project in Las Animas County, Colorado. This is an area with known helium deposits. There are five helium prospects and a well will be drilled for each of them. The sale of oil and gas asset will help finance the move into helium. The share price improved 9.3% to 0.0235p.
FALLERS
Beacon Energy (LON: BCE) has not been able to produce a stabilised flow rate from the SCHB-2 sidetrack in the Erfelden field in Germany. Based on bottom hole pressures and flow rates obtained the initial response from the reservoir was poor. The well will be temporarily shut-in and data analysed. This well was expected to produce 9,000 barrel of oil equivalent/day. This cash would have funded further exploration and development. The share price slumped by four-fifths to 0.0115p.
CRISM Therapeutics Corporation (LON: CRTX) was formed when brain tumour treatment developer Extruded Pharmaceuticals reversed into Amur Minerals Corporation on Friday. The opening share price was 24p, but it ended the day at 11.5p and it has declined a further 21.7% to 9p. Some shareholders in the original mining company are probably not interested in healthcare and want to get out. This may hamper the share price in the short-term. CRISM has developed ChemoSeed, which is a treatment for glioblastoma and high-grade glioma, which are brain tumours where there is no current cure. It is an implantable, bioresorbable drug delivery platform.
Cameroon-focused oil and gas company Tower Resources (LON: TRP) reported a $450,000 loss for 2023. The rig to drill the NJOM-3 appraisal well on the Thali licence will not be delivered until the fourth quarter. This hole will cost $13.4m and the company is seeking a farm-in partner to cover some of that cost. The share price fell 19.4% to 0.0125p.
Bushveld Minerals (LON: BMN) has gained South African government approval for its sale of 64% of Mokopane, but it is still subject to due diligence and change of control for the mining and prospecting licence. Mokopane is a vanadium project. The share price slipped 14.2% to 0.7p.