The stock market loves a hard deadline, and in the case of Lansdowne Oil & Gas (LOGP) and Providence Resources (PVR), we have two for the price of one. In this instance, both exploration stocks are awaiting October 31, as Halloween is the expiry date of the term sheet for SpotOn Energy to conclude a binding farm-out agreement. In the anticipation we saw shares of Lansdowne up 12% and Providence nudging up 5%.
Speaking of deadlines, we had something in this vein relating to G3 Exploration (G3E), with the market looking to a winding up order against one of its subsidiaries being heard in the Grand Court of the Cayman Islands. Interestingly enough, with the shares rising 58% ahead of this event, it would appear that one or two parties in the market were attempting to anticipate the result.
While Orosur Mining (OMI) revealed their good news on Monday, the stock continued to enjoy the afterglow, celebrating with a 32% rise to leave the shares at 23p. The best closing high in over four years came off the back of the announcement this week that Orosur’s Colombian subsidiary Minera Anza had received $650,000 as first payment to fund exploration at the Anza project. These funds were in the kitty to commence Anza from 7 September 2020.
There was no share price afterglow for i3 Energy (I3E) with the stock unmoved at 4.55p, although off recent October lows near 3.6p. This was despite the revelation that small caps fund manager Premier Miton had lifted its stake to 15%. Slater Investments are also on board at the minnow.
Sound Energy (SOU) was attempting a rehabilitation of sorts, with a decent 20% share price rebound. This was in the wake of the latest update from the upstream Moroccan upstream gas company. The driver here was a 24 month extension to the initial permits of the Sidi Moktar Permits in Morocco, and was off the back of the recent COVID-19 disruption.
Energy and natural resources focused group Ascent Resources (AST) lived up to its name in terms of its share price, with a 19% rise. The apparent driver here were hopes among some that the company could win its multimillion lawsuit against the Slovenian Government, with optimists looking at a potential £50m pay out. Cynics were suggesting this could be somewhat wide of the mark, but the company itself at the time of the interim results was looking to a restructuring of its JV agreements in Slovenia.
Shares of Mobile Streams (MOS) flowed 15% higher ahead of today’s wider roll out of its e-commerce SaaS subscription service. According to the company its “Stream” service will provide a scalable solution for SME’s “built for anyone to create and use to gain attention,” so presumably this is a rather large target clientele.
There was further good news at Aquis listed Gold miner NQ Minerals (NQMI) as the company revealed a large increase in its Hellyer Mine’s Q3 2020 revenues to $19.1m and a gross profit of $10.7m. This was off the back of large rises in production.
Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.