Seascape Energy Asia (LON: SEA) has been awarded a 28% participating interest in a production sharing contract over the DEWA complex cluster, offshore Sarawak, Malaysia. Enquest owns 42% and Petroleum Sarawak holds 30%. The area has 12 gas discoveries in shallow water near to the coast. Six will be focused on and these have 500bcf of gas in place. Seascape Energy Asia will commit $600,000 for a detailed resource assessment and field development plan.The share price soared 172% to 37.4p, which is the highest level for nearly one year.
EnergyPathways (LON: EPP) has been asked by the UK government to participate in the Hydrogen Storage Business Model. This will help to define the new investment support scheme. The first Hydrogen Storage Allocation Round should be in 2025. The share price jumped 138% to 8.2p, taking it above the level when the company floated on AIM.
Oil and gas company Deltic Energy (LON: DELT) has a 25% working interest in the Selene project, where drilling has reached target depth. There are gas shows throughout the Leman Sandstone reservoir. Final results of sampling and logging should be available at the end of October. Deltic Energy is reducing costs and seeking new opportunities, possibly in sub-Saharan Africa. The share price improved 41.3% to 6.5p.
Ariana Resources (LON: AAU) has reviewed the data for the Dokwe gold project in Zimbabwe. There are several zones of potential extensions to mineralisation. There are also gold-in-soil anomalies to follow up and drilling is planned. The in-pit resource is 1.2moz in two open pits at Dokwe Central and Dokwe North. Measured and indicated resources are 30Mt at 1.3g/t gold. Ariana Resources believes there could be annual production of up to 100,000 ounces of gold for up to 15 years. A revision of the pre-feasibility study is underway. The share price is 32.5% higher at 2.75p and it is one-fifth ahead of the level at the start of the year.
FALLERS
On Friday afternoon, Haydale Graphene Industries (LON: HAYD) announced it is raising up to £3.5m, including a placing and subscription raising £2.22m at 0.1325p/share. There is also a £500,000 convertible loan note raising. A retail offer could raise up to £500,000. The offer closes on 28 October. A reduction in the par value of the shares from 0.1p to 0.01p is also planned. This cash will fund a review and repositioning of the business. Generating cash is the priority. The share price dived 38.5% to 0.16p.
Ethernity Networks (LON: ENET) has received a £195,000 warrant exercise notice from New Technology Capital Group, which gives it 21.6% of the enlarged share capital. This led to the issue of 195 million new shares. There is a remaining balance of £170,000, although this varies if the exercise price is higher than 0.1p/share. The share price dipped 38.3% to 0.165p.
Information and data publisher Merit Group (LON: MRIT) has been hit by the ending of project work and the lack of replacement work. Sales resource is being added, but that will take time to boost revenues. Canaccord Genuity has changed its 2024-25 forecast from a £900,000 profit to a loss of £800,000 after a 11% reduction in expected revenues to £18.5m, which is lower than the 2022-23 figure. A return to profit is forecast for next year. There are management changes that are flagged for next year. The share price declined 37.2% to 38p.
At the end of the week, property developer and investor Caledonian Trust (LON: CNN), which has been on AIM for more than 29 years, announced its proposed departure. The direct annual cost of the quotation is £100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. There is already support from holders of 85.3% of the shares. The quotation could end on 26 November. NAV is 195.1p/share. The share price has been marked down 28.3% to 95p.