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SMALL CAP MOVERS: Bahamas Petroleum rockets; Attis Oil and Gas lower


Bahamas Petroleum zoomed 126 per cent to 3p after inking a deal that sets in stone the start of operations for an exploration project.

The Perseverance-1 well, which is targeting 770million barrels of oil offshore Bahamas, was delayed as a result of the pandemic.

Chief executive Simon Potter announced in March that sticking to schedule could compromise the safety of operations.

Bahamas Petroleum was approved for listing on the Bahamas International Stock Exchange and is expecting to receive $900,000 in subscription funds

Bahamas Petroleum was approved for listing on the Bahamas International Stock Exchange and is expecting to receive $900,000 in subscription funds

From the May/June date it was moved to October, and is now finalised to kick off between December and February.

The oiler contracted Stena Drilling to provide a drilling rig and associated equipment and services, locking in the current low industry prices.

The move sheds 15 per cent off the estimated cost of the project, which will allow to fund expanded evaluation works without spending extra cash.

Earlier this month, the explorer was approved for listing on the Bahamas International Stock Exchange and is expecting to receive $900,000 in subscription funds.

Peer Attis Oil and Gas had a worse week, having returned from suspension 71 per cent lower at 0.02p, then dropping another 30 per cent to 0.01p in a day.

The firm, which focuses on boosting production in existing assets at lower costs, was meant to acquire a North America-focused peer but the takeover collapsed due to the weak oil price.

Instead, Attis raised £500,000 by placing shares at 0.0115p plus a further £420,000 through a bridging loan as it seeks to plough on alone.

Looking at the wider market, the AIM All-Share index rose 3.3 per cent to 871 over the past week, outperforming the FTSE 100, which advanced 2.6 per cent to 6,154.

Among few fallers, Fox Marble tanked 33 per cent to 2p on a share placing at a 38 per cent discount, as the marble quarrying firm is looking to raise £800,000 to boost its strategy.

In the risers, Catenae Innovation rocketed 102 per cent to 3p on the back of a partnership with wellness business Newcastle Premier Health, which will provide its know-how to the group’s Cov-ID project, a ‘digital passport’ to track and trace coronavirus cases.

Elsewhere, Plant Health Care soared 47 per cent to 9p after sharing positive results on field trials for its PREtec peptide PHC279, part of the pest control firm’s products to be launched soon.

Bed maker Eve Sleep rose 12 per cent after stating the lack of high street competition during the lockdown was beneficial to trading, but admitted next month’s re-openings pose a risk

Bed maker Eve Sleep rose 12 per cent after stating the lack of high street competition during the lockdown was beneficial to trading, but admitted next month’s re-openings pose a risk

Beowulf Mining ventured 49 per cent higher to 5p after a member of the Swedish Parliament pushed the government to decide on any mining activity in Kallak and Laver; Beowulf’s stalled iron ore project is in the Kallak region. The following day, the miner contracted Kati Oy to start working on a seismic model at the Kallak South project.

Remaining in the sector, Galantas Gold glittered 33 per cent to 21p after restarting its UK wholly-owned gold mine near Omagh, Northern Ireland, following lockdown.

Fellow miner Botswana Diamonds was up 16 per cent to 0.9p after announcing it has now recovered over 100 macro diamonds from bulk sampling operations at the Marsfontein development project in South Africa.

IT service manager The Panoply surged 36 per cent to 64p after its FutureGov arm signed a ‘significant digital transformation contract’ with a global philanthropic organisation, worth $5.2million over 14 months.

Meanwhile, data collection firm Touchstar climbed 28 per cent to 44p after revealing it has traded profitably in the four months to April.

Medical devices business AorTech shot up 20 per cent to 119p after its polymer Elast-Eon was granted a US patent, paving the way for product development.

In the biotech space, Tiziana Life Sciences added 14 per cent to 111p after it unveiled details about presentations at a top medical conference, which underline the potential of its technology in predicting the recurrence of breast cancer.

Digital marketing provider Eagle Eye Solutions advanced 14 per cent to 162p after lifting earnings guidance as well as announcing contract extensions with Sainsbury’s and Asda.

Finally, bed maker Eve Sleep rose 12 per cent to 1p after stating the lack of high street competition during the lockdown was beneficial to trading, but admitted next month’s re-openings pose a risk.

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