The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Pantheon Resources PLC, up 28% at 36.16 pence, 12-month range 10.10p-45.50p. The oil and gas company announces that, alongside Alaska Gasline Development Corp, Great Bear Pantheon LLC, Pantheon’s subsidiary, has entered into a gas sales precedent deal with AGDC subsidiary, 8 Star Alaska LLC. According to the contract, Pantheon agrees to supply up to 500 million cubic feet per day of natural gas at a maximum base price of $1 per million British thermal unit in 2024 dollars. The US state of Alaska also has several options to reduce the natural gas unit price by working with Pantheon to reduce the cost of project financing.
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Empire Metals Ltd, up 14% at 11.84 pence, 12-month range 1.55p-14.50p. The exploration and resource development company, which is focused on the Pitfield titanium project in Western Australia, says that it has discovered a ‘highly significant, titanium dioxide mineral deposit’, comprised of rutile and anatase, at Pitfield. Explains that the deposit is within the ‘near-surface, strongly weathered ’saprolite‘ zone of bedrock’. Managing Director Shaun Bunn says: ‘This is a game changing development for Empire and one which is expected to accelerate timescales and further enhance the economics of Pitfield.’
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AIM - LOSERS
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Jersey Oil & Gas PLC, down 18% at 123.50p, 12-month range 116.00p-268.00p. The upstream oil and gas company, which is focused on the UK continental shelf region of the North Sea, says that the Buchan operator, NEO Energy, continues to make good progress on advancing the work programme required to enable project sanction. Explains that the necessary engineering work is on track and the first offshore survey was completed in May, getting the geophysical data necessary for the subsea and drilling rig contract tendering process. A second survey to obtain geotechnical data is scheduled to begin this month. Subject to approval, the major contract awards and capital commitments for the project are now expected in 2025, which leads to Buchan first production being targeted for late 2027.
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