SMALL CAP MOVERS: Best of the best slumps after profit warning
It’s been a tough week for Advanced Energy, which fell 86 percent to 0.625 pence after it warned of potential problems at its Buffalo-10 well, off the coast of East Timor.
The Buffalo-10 has intersected its primary target, the Elang Reservoir, with early data indicating the presence of hydrocarbons, but the project manager cautioned that “information to date indicates that the seismic processing techniques used in this project have the underlying seismicity speeds or imaging have not resolved. solving problems that play a role in this area.’
Industry partner Reabold Resources Its shares rose 51 percent after the investment company, which specializes in upstream oil and gas projects, released the first results of an independent analysis of the West Newton Extended Well Test (EWT) program in Ghana.
Best of the Best saw its shares fall 34% this week after warning of gains
The study indicated the potential for initial production rates of 35.6 million cubic feet of gas per day from a horizontally drilled well 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 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 sparked by reports that a protest group, the Center for Biological Diversity, had communications with the Bureau of Land Management regarding its permit to drill.
Shares, some of the most volatile in the small cap world, rose 42 percent this week.
Helium One Worldwide went up 48 percent this week after a multispectral satellite spectroscopy study revealed multiple additional surface helium anomalies in the explorer’s Rukwa, Eyasi and Balangida project areas.
A production update from blue rock diamonds sent the company’s stock 31 percent north.
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 last quarter of 2021, up 44 percent year on year, and sold 6,980 carats, up from 3 percent.
Thanks to a 64 percent increase in value per carat, fourth quarter revenues increased 68 percent to $3 million, from $1.8 million the year before.
Away from the resource sector, Brave Bison Group charged forward after a strong trading update.
The digital media and social video broadcaster said full-year results will exceed current market forecasts.
Shares rose 31 percent after the company said revenue and viewership across the company’s ad network were robust as Brave Bison’s agency gained several new clients in the last quarter of the year.
Diversified UK Entertainment Activities The Brighton Pier Group sparked some post-festive cheer with its trading update covering the 26 weeks to Boxing Day.
Trading over the period was described as ‘extremely robust’ and while there was some impact in December due to lockdown restrictions, the New Year bars saw the bars regain momentum, trading 9 percent more than in 2019.
Shares galloped 18 percent 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 are ahead of current market forecasts
ReNeuron Group shares halved after it released “undecided” 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 license its human retinal progenitor cell (hRPC) program.
In general, lately has been a good time to be a recruiter, but not so for Gattaca, the company formerly known as Matchtech.
The shares lost just over a third of their value after the recruiting firm, which focuses on the engineering and technology divisions, issued a profit warning on Tuesday.
The group said the recovery in its contract business was slower than expected. The contract side of the company typically generates three quarters of the group’s net commission income.
2020, when? The best of the best was one of the top performers of the year, seems a long time ago when the weekly online competition company saw its shares fall by 34 percent after warning that the cost of acquiring new players had risen sharply in November and December.
The cost of acquiring new players in those months was about 37 percent above the previous six-month average, although early indications are that costs are moving back to the average.
Another company that disappointed with its trading update was: Eve sleep, which describes itself as a ‘sleep wellness brand’.
The mattress vendor – sorry, sleep well-being brand – said high levels of Covid infection over the Christmas trading period put additional strain on the delivery network, resulting in ‘customer service challenges’, which presumably meant ‘sleep well-being products’ (mattresses) did not arrive at customers’ homes in time for Christmas.
“We believe these challenges will be short-lived and reflect the current spike in absenteeism in the delivery network, so we expect the customer experience to return to our usual high levels in the coming months,” the company said.
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