UK Oil and Gas (LON: UKOG) is the highest riser for the second week. its Dorset and Yorkshire underground hydrogen storage projects have received a letter of support from RWE, which is developing three hydrogen plants near to the storage projects. Other letters of support have come from Japanese trading house Sumitomo and pipeline provider SGN. The projects are at an early engineering design stage. The share price improved a further 207% to 0.086p.
Shares in investment company Argo Group (LON: ARGO) jumped 50% to 6p following yesterday evening’s interim results announcement. Revenues more than tripled to $4.6m and pre-tax profit jumped from $100,000 to $2.5m. NAV was $7.3m at the end of June 2024.
Keras Resources (LON: KRS) has started production of PhoSul granules at its joint venture processing facility in Utah. PhoSul helps to reduce phosphorous run-off and water contamination. Between 8,000 and 10,000 tons could be produced this year. The share price jumped 45.5% to 4p.
Mkango Resources (LON: MKA) has signed a writing agreement with the Malawi government for the Songwe Hill recycling project. There will be a royalty of 5% of gross revenues and a 30% corporate tax rate. The government will take a 10% non-diluting stake in the project. Resources Early Stage Opportunities has cut its shareholding from 6% to less than 3%. The share price rose 34.8% to 6.2p.
FALLERS
Following recent management changes, Nostra Terra Oil and Gas (LON: NTOG) has raised £462,000 at 0.03p/share. The share price slid 63.6% to 0.03p. Directors and management bought shares. This will be investing in a workover and development programme at the Pine Mills producing asset.
North Sea-focused Jersey Oil and Gas (LON: JOG) could be hampered by the rise in the energy profits level to 38% and the main investment allowance of 29% will be removed from November. A reduction in capital allowances will be announced in the October Budget. The levy will be extended until 2030. The Great Buchan Area joint venture will be impacted. Jersey Oil and Gas has a full carry on much of the development spending of the project and there are potential milestone payments. However, the final investment decision could be hampered by the tax changes. The share price slumped 30.7% to 61p.
RBG Holdings (LON: RBGP) is expecting interim revenues of £18.4m, down from £19.8m. Net debt was £24.4m at the end of June 2024 and the debt facility is fully drawn. Costs are being reduced, but most will come through next year. Earlier this year, RBG raised £3m at 9p/share. The share price slipped by one-fifth to 7.6p. A pre-tax profit of £1.2m is forecast for 2024 after the previous year’s loss.
Orosur Mining Inc (LON: OMI) continues to work on the deal to reacquire 100% ownership of the Anza gold project in Colombia. The details have been more complex than expected and this has caused delays. The share price declined 18.3% to 3.35p.