London’s AIM Index jumped higher at the open and managed to sustain gains through the session, reaching the bell more than five points higher at 816.45.
- Spectral MD +43%
- Block Energy +34%
- United Oil & Gas +21%
- Beacon Energy -29%
- Karelian Diamond -16%
Spectral MD [LON:SMD] topped the board adding 43% on the day in the wake of a Business Combination Agreement which was announced ahead of the open. The company is moving to a NASDAQ listing following a combination with an acquisition vehicle. An enterprise value of $170m is being applied, equivalent to 101p per share – well ahead of today’s closing price.
Block Energy [LON:BLOE] added 34% after an MoU was signed with the Georgian government. The deal supports long term gas offtake with the company noting that the agreement underlines the strength of official support for Block’s work in the country.
United Oil & Gas [LON:UOG] get the notable mention, adding 21% and extending the gains seen last week off the back of their Egyptian operations update. The stock now trades at levels last seen in November.
Beacon Energy [LON:BCE] was left propping up the table, sitting some 29% lower at the bell. The company was readmitted to AIM following the acquisition of Rhein Petroleum, with the listing having been suspended more than six months ago.
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Karelian Diamond Resources [LON:KDR] sat 16% lower at the close of trade, with news this morning that Morgan Stanley no longer has a notifiable interest in the company serving to hit sentiment. That does however need to be put in the context of strong gains seen last week and the limited transaction volumes reported today.