AIM WINNERS & LOSERS: Hurricane Energy shares rise on swing to profit

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on ...

Alliance News 14 October, 2021 | 10:49AM
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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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AIM - WINNERS

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Oracle Power PLC, up 31% at 0.48 pence, 12-month range 0.3p-0.75p. Receives conversion notice in respect of the final GBP200,000 of GBP1.5 million share subscription announced in July. Following this conversion notice, share subscription agreement has been settled in full.

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Hurricane Energy PLC, up 13% at 4.65p, 12-month range 0.59p-5.43p. Swings to pretax profit of USD42.9 million for first half of 2021 from loss of USD258.5 million a year prior. Improvement driven by a USD49.1 million gain on revision of lease term, while it records no hit from oil and gas assets impairment after blow of USD238.9 million a year ago. Chief Executive Antony Maris says: "Recent stronger oil prices combined with the impact of the bond buyback, internal cost cutting, and other cost reduction measures, has brought the possibility of bridging the funding gap for the repayment of the bonds within reach. However, the challenge of funding investment in our assets remains."

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Tekcapital PLC, up 9.8% at 30.2p, 12-month range 8p-34p. Notes US Food & Drug Administration releases voluntary sodium reduction goals for the food industry, which it sees as a positive for Salarius's business-to-business sales of MicroSalt and retail sales of SaltMe! crisps. Tekcapital owns 97% of Salarius Ltd and 87% of MicroSalt Inc, its US subsidiary. MicroSalt's patented sodium microparticle creates a salt taste with around half the sodium. "MicroSalt as a brand could be viewed as a timely, nationwide solution, to help food companies meet these guidelines without sacrificing the full-flavour of their snack foods, which is key to their successful on-going sales," notes Tekcapital.

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AIM - LOSERS

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Reabold Resources, down 7.3% at 0.16p, 12-month range 0.15p-0.87p. Extends losses after 15% fall on Wednesday. On Wednesday says: "Gas and light oil/condensate were recovered to surface from the WNA-2 and WNB-1z wells, although sustained flow rates were not achieved, and multiple samples have been gathered for geochemical analysis which is currently underway." Reabold holds 56% interest in West Newton field and 16.7% direct licence interest in PEDL183 which contains West Newton A-1 discovery well and WNA-2 appraisal well. Shares in Union Jack, which has 16.7% interest in licence, falls 4.9% on Thursday after 6.4% decline on Wednesday.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tekcapital PLC 29.50 -
Reabold Resources PLC 0.14 -
Hurricane Energy PLC 4.10 -
Union Jack Oil PLC 12.50 -
Oracle Corp 88.94

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