Pantheon Resources (LON: PANR) says an independent expert report confirms gross 2C contingent resources of total marketable liquids of 963mmbbls at the Kodiak project in Alaska – roughly one-third oil and two-thirds natural gas liquids. That is well below the company’s own estimate of 1.7 billion barrels. An assessment of the resource of Alkaid at the Ahpun project should be finished before the end of the year. The share price improved 82.4% to 22.42p. Executive chair David Hobbs bought one million shares at 16.411p each. Canaccord Genuity has a NPV10 target price of 100p.
SailPoint Technologies UK is bidding 2.35p/share for Osirium Technologies LON: OSI), which may be nearly double the previous market price, which was an all-time low, but it is well below the share price peak of 201p during the 4 May 2016, less than one month after it joined AIM. The bid values the cyber security company at £3.11m. The share price jumped 79.2% to 2.15p. SailPoint Technologies believes that the business will fit well with the SailPoint Identity Security Platform. A unified platform will be developed for securing privileged and non-privileged identities for customers and there will be enhanced regional opportunities.
Physiomics (LON: PYC) announced two contract awards and the share price made a 61.5% gain to 1.575p. The mathematical modelling company has won a £125,000 with a UK biotech company for an immune-oncology project to be completed by the end of the year. A previous contract with Merck has been extended.
Robert Napier Keith has increased his stake in Gfinity (LON: GFIN) from 12% to 20.7% following the media group’s recent fundraising at 0.06p/share. The share price recovered 45.5% to 0.1075p.
Pharma IT systems supplier Instem (LON: INS) is recommending an 833p/share cash bid by Ichor Management, which is controlled by funds managed by Archimed SAS. The share price jumped 39.2% to 825p. The bid is still below the share price peak of 905p in September 2021. Instem is valued at £203m. The board believes that private ownership will provide greater access to capital to fund acquisitions and growth.
FALLERS
Summary results for the phase II dose ranging study assessing Orenetide for hypoactive sexual desire disorder were disappointing and that has hit the Ovoca Bio (LON: OVB) share price, which slumped 78.7% to an all-time low of 2.4p. The results of the study in Australia and New Zealand show that the treatment was not statistically significantly better than placebo. The company will have to decide how to move forward with the product and whether it should continue development. Ovoca Bio had €2.6m in the bank at the end of July.
Pelatro (LON: PTRO) will ask shareholders to vote to cancel the AIM quotation because of the cost and the inability to raise cash. The general meeting will be held on 21 September. Finance director Nic Hellyer is leaving the board. A matched bargain facility will be put in place. The share price slumped 69.2% to 1p.
Application specific integrated circuits designer Sondrel Holdings (LON: SND) has been hit by contract delays. Three major customers have delayed development for 6-12 months because of economic uncertainty and concerns about consumer confidence. Interim revenues will be 17% higher at £9.3m, but the full year forecast has been cut from £28.4m to £13m. Sondrel is likely to move into a net debt position by the end of 2023, but this should be temporary. The share price dived 64.3% to 20p.
Linear Generator technology developer Libertine Holdings (LON: LIB) says fees expected from Hyliion may not be recognised this year. This means that the loss would be higher than the £2.6m forecast. The first phase of development is complete and Hyliion has a six-month option period to negotiate IP rights. Work on the MAHLE powertrain was completed later than scheduled. There is £1.2m in the bank, which should last until May. The share price slumped 54.5% to 2.5p.
