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Vesting deals in the AIM market are back and that’s great news for two oil explorers in particular, whose short- and medium-term financial positions now look significantly brighter.
Challenger Energy Stock reacted immediately to the company’s new improved proposal, and the price doubled with the news that Chevron will now lead its offshore exploration project in Uruguay.
The US oil major is paying Challenger $12.5 million in cash and agreed to commit $35 million of investment to advance the project and drill a high-impact exploration well.
It leaves Challenger as a rare position at AIM: comparatively cash-rich, with an active and funded exploration program.
The stock saw a correction as the week progressed, but still closed up a healthy 24 percent.
Black gold: Challenger Energy shares doubled on news that Chevron will now lead its offshore Uruguay exploration project
Challenger was not alone: after a long wait, like a proverbial London bus, AIM market investors saw two major transfer deals arrive at once.
Eco Atlantic Oil and Gas expanded its joint venture with big-name additions, as French major TotalEnergies and Qatar Energy each bought a stake in an offshore project in South Africa.
Like Challenger, Eco will receive a vital injection of cash, up to $12 million in phases, with future costs covered by new partners. The shares initially rose 22 per cent to 11.9p in mid-week trading before correcting to 9.92p on Friday.
Investors across the sector will now look to their other small-cap exploration holdings, hoping this is more than a coincidence and that more industrial deals may follow.
It was a fairly flat week for the AIM All-Share index, which fell 0.24 per cent to 740p on Friday, roughly on par with the performance of the blue-chip FTSE 100 index.
Overall, the market responded well to Chancellor Jeremy Hunt’s spring budget, as evidenced by the rise in share prices mid-week, although with few surprises on offer, the impact of the budget was over before it began.
A curiosity came in the form of a tax on the import of nicotine-based vaping products. Details of the tax were not disclosed, but for unclear reasons, a prominent e-cigarette distributor listed on AIM supreme plc it shot up 18 percent after the announcement.
This week, delistings from the London Stock Exchange were filed by the AIM-listed professional services group. Mattioli Woods.
Mattioli agreed on Friday to be taken private by a private equity player Pollen Street Capital for £432 million.
Pollen Street is paying 804 pence per share in cash for Mattoli Woods; a 34 percent premium to last Thursday’s closing price.
The investors were kind enough to InmuPharma plc financial update in which the group said it “is in active discussions with a wide range of potential commercial partners with the aim of completing deals across the portfolio in 2024.”
Highlighting the untapped value within the business, it said its 10.8 per cent stake in Incanthera is worth £916,000, while it also has 7.3 million warrants that can be exercised at any time. Shares soared 54 percent.
active energy group plc jumped to the top of the AIM moving leagues following news of a deal with Player Design, resulting in a $1.65 million cash payout.
Recovers funds earmarked for the development of the Ashland Facility and includes the transfer of some non-essential production equipment. Shares soared 123 percent higher.
Tlou Energía Ltda was another major driver in the energy sector, adding 34 percent in a week that saw interim results from the Africa-focused developer.
“The company has made excellent progress in recent months and remains on track to add gas-fired power to Botswana’s grid later this year,” the group said.
itaconix plc continued to recover following last week’s trading update. The plant-based polymers group posted a record year of revenue and there were more share price gains in the tank, with it up 30 per cent this week.
Finally, Harland & Wolff Group Holdings plcoperator of the iconic Belfast Harbor shipyard, has been awarded preferred bidder status for the Falkland Islands Port Replacement Project issued by the Falkland Islands Government.
It was a welcome development for the shipbuilding and manufacturing company after its proposed bid for a contract from the Isles of Scilly Steamship Company was rejected in November.
H&W shares soared 26 percent on the news.