It was a tough week for Advance Energy, which slumped 86 per cent to 0.625p after it warned of potential problems at its Buffalo-10 well, offshore Timor-Leste.
The Buffalo-10 well intersected its primary target, the Elang reservoir, with early data indicating hydrocarbons are present but the project operator cautioned that ‘information to date indicates that the seismic processing techniques employed on this project have not resolved the underlying seismic velocities or imaging resolution issues that are present in this field.’
Sector peer Reabold Resources saw its shares leap 51 per cent after the investment company, which specialises in upstream oil and gas projects, announced the initial results of independent analysis of the West Newton Extended Well Test (EWT) programme in Ghana.
Best of the Best saw its shares slump 34% this week after it warned on profits
The study indicated the potential for initial production rates of 35.6million cubic feet of gas per day from a horizontally drilled well situated in the gas zone, based on the data from the West Newton A-2 well.
It also indicated potential initial production rates of 1,000 barrels of oil per day from a horizontally drilled well situated in the oil zone.
88 Energy Ltd was wanted after it said it is on track for a February spud at the Merlin-2 well on Alaska’s North Slope.
The announcement allayed fears raised by reports than a protest group, the Center for Biological Diversity, had communications with the Bureau of Land Management in relation to the permit to drill.
The shares, some of the most volatile in the small caps space, rose 42 per cent on the week.
Helium One Global headed 48 per cent higher this week after a multispectral satellite spectroscopy study identified multiple additional surface helium anomalies at the explorer’s Rukwa, Eyasi and Balangida project areas.
A production update from Bluerock Diamonds sent the company’s shares 31 per cent northwards.
The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, produced 6,866 carats in the final quarter of 2021, up 44 per cent year-on-year, and sold 6,980 carats, up 3 per cent.
Thanks to the value per carat soaring by 64 per cent, fourth-quarter revenues rose 68 per cent to $3million from $1.8million the year before.
Away from the resources sector, Brave Bison Group charged ahead following a strong trading update.
The digital media and social video broadcaster said full-year results will be ahead of current market forecasts.
The shares shot up 31 per cent after the company said revenues and viewing numbers across the company’s advertising network have been robust, while Brave Bison’s agency won several new customers during the final quarter of the year.
Diversified UK entertainment business The Brighton Pier Group provided some post-festive cheer with its trading update covering the 26 weeks to Boxing Day.
Trading in the period was described as ‘extremely robust’ and while there was some impact in December due to the lockdown restrictions, over New Year the bars recovered their momentum, trading 9 per cent up on 2019.
The shares galloped 18 per cent higher as management said the group is in a strong position to deliver a good result for the year, comfortably in line with market expectations.
Digital media and social video broadcaster Brave Bison said full-year results will be ahead of current market forecasts
ReNeuron Group shares halved after it released ‘inconclusive’ results from its hRPC phase IIa trial in people with a degenerative eye disease called retinitis pigmentosa.
The company said it would now focus on the commercial potential of its exosome technology and out-license its human retinal progenitor cells (hRPC) programme.
In general, it has been a good time of late to be a recruiter but not so for Gattaca, the company formerly known as Matchtech.
Its shares lost just over a third of their value after the recruitment firm, which concentrates on the engineering and technology sections, issued a profit warning on Tuesday.
The group said the recovery of its contract business had been slower than anticipated. The contract side of the business typically generates three-quarters of the group’s net fee income.
2020, when Best of the Best was one of the year’s best performers, seems a long time ago as the weekly online competitions firm saw its shares slump 34 per cent after it warned that cost of acquiring new players had risen sharply in November and December.
Costs of acquiring new players in those months were roughly 37 per cent above the preceding six-month average, although early indications are that costs are trending back towards the mean.
Another company disappointing with its trading update was Eve Sleep, which describes itself as a ‘sleep wellness brand’.
The mattress seller – sorry, sleep wellness brand – said in the Christmas trading period high levels of Covid infection placed additional strain on the delivery network resulting in ‘customer service challenges’, which presumably meant ‘sleep wellness products’ (mattresses) not arriving at customers’ houses in time for Christmas.
‘We believe these challenges will be short lived and reflect the current peak of absence due to illness across the delivery network, and hence foresee customer experience returning to our usual high levels over the next few months,’ the company said.
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