AIM WINNERS & LOSERS: Falcon Oil rises on Velkerri-76 drill results

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

Alliance News 15 October, 2021 | 10:50AM
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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Falcon Oil & Gas Ltd, up 18% at 8.35 pence, 12-month range 4.9p-15p. Reports "very encouraging" preliminary evaluation of the Velkerri-76 well. Notes presence of four prospective intervals within the Amungee Member, the A, AB, B and C shales, as established in the Amungee NW-1 / 1H, Beetaloo W-1 and Kalala S-1 wells. "The preliminary drilling results at Velkerri 76, together with the revised normalised gas flow rate equivalent to 5 MMscf/d at Amungee NW-1H announced in September 2021, is really exciting news for Falcon shareholders as attention shifts to future activity in the Beetaloo," says Chief Executive Philip O'Quigley.

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Iofina PLC, up 6.8% at 16.16p, 12-month range 10.55p-17.79p. Produces 142.7 metric tonnes of crystalline iodine from its five operating IOsorb plants in Oklahoma and remains on track for second-half output target. Iodine demand remains "robust" and notes recent rise in spot prices, now touching USD40 per kilogram. "The company believes the outlook for demand of iodine will remain strong into 2022," it says.

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AIM - LOSERS

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Newmark Security PLC, down 8.7% at 0.8673p, 12-month range 0.80p-1.5p. The provider of electronic and physical security systems says it has not been immune to global supply chain issues. "These issues include material increases in freight costs and shipping timeframes, as well as increasing component costs and reduced availability," it says. Has bolstered stock to ensure delivery of orders, but this working capital coupled with the significantly higher freight costs and increased component costs, has hit margins and cashflows in first four months of financial year ended April 30. Remains confident it is well positioned to navigate market conditions for rest of financial year.

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ITM Power PLC, down 7.4% at 439.8p, 12-month range 220.5p-724p. The energy storage and clean fuel company raises GBP250 million via share placing, which was oversubscribed. Placing was priced at 400p per share. Fundraise will go towards expanding the company's operations, including the development of a second manufacturing facility in the UK and a new international factory.

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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
Iofina PLC 14.50 -
Newmark Security PLC 41.00 -
ITM Power PLC 414.00 -
Falcon Oil & Gas Ltd 7.83 -
Falcon Oil & Gas Ltd 0.14 -

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