The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Tullow Oil PLC, up 9.3% at 23.89 pence, 12-month range 18.07p-40.32p. The International Chamber of Commerce on Thursday determined that branch profit remittance tax is not applicable to Tullow Ghana since it falls outside the tax regime provided for in the petroleum agreements. The verdict relates to Tullow’s operations under the Deepwater Tano and West Cape Three Points Petroleum Agreements, offshore Ghana, which include the Jubilee and TEN fields. As a result of the award, Tullow Ghana is not liable to pay the $320 million BPRT assessment issued by the Ghana Revenue Authority and will have no future exposure to BPRT in respect of its operations under the petroleum agreements. Chief Executive Officer Rahul Dhir comments: ‘We are delighted with the outcome and decision of the Tribunal, which affirms our assessment and removes a material overhang from our business. We have continuously had confidence in the sanctity of our petroleum agreements and the dispute resolution process, which has now brought certainty to all parties. I look forward to constructive discussions with the government of Ghana to resolve the remaining claims so that our collective focus remains on maximising value from the Jubilee and TEN fields.’
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SMALL-CAP - LOSERS
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DG Innovate PLC, down 11% at 0.023p, 12-month range 0.018p-0.26p. Shares resume a decline after perking up on Thursday. On Tuesday, the developer of sustainable mobility and energy storage technology hit out at listing rules in a parting shot.
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