A look back at some of the more interesting stories from London's AIM market this week<\/p>\n
() saw its shares zoom126% higher this week to 3p after inking a deal that sets in stone the start of operations for an exploration project.<\/p>\n
The Perseverance-1 well, which is targeting 770mln barrels of oil offshore Bahamas, had been delayed as a result of the coronavirus pandemic. The group's chief executive Simon Potter announced in March that sticking to schedule could compromise the safety of operations.<\/p>\n
From an initial May\/June start date it was moved to back to October, and is now being finalised to kick off between December and February.<\/p>\n
The oiler said this week it has contracted Stena Drilling to provide a drilling rig and associated equipment and services, locking in the current low industry prices.<\/p>\n
The move knocks 15% off the estimated cost of the project, which will allow Bahamas Petroleum to fund expanded evaluation works without spending extra cash.<\/p>\n
Earlier this month, the explorer was approved for listing on the Bahamas International Stock Exchange and is expecting to receive US$900,000 in subscription funds.<\/p>\n
However, peer Attis Oil and Gas Ltd () had a worse week, having returned from a trading suspension on Wednesday 71% lower at 0.02p, then dropping another 30% to 0.01p in a day.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Looking at the wider market, the AIM All-Share index rose 3.3% to 871 over the week, outperforming the FTSE 100, which advanced 2.6% to 6,154.<\/p>\n
Among the few fallers, () tanked 33% to 2p on a share placing at a 38% discount, as the marble quarrying firmlooked to raise 800,000 to boost its strategy.<\/p>\n
In the risers, () rocketed 102% higher to 3p on news 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.<\/p>\n
Elsewhere, PLC () soared by 47% to 9p after sharing positive results on field trials for its PREtec peptide PHC279, part of the pest control firms products to be launched soon.<\/p>\n
() ventured 49% higher to 5p after a member of the Swedish Parliament pushed the government to decide on any mining activity in Kallak and Laver; Beowulfs 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.<\/p>\n
Remaining in the sector, () glittered 33% higher to 21p after restarting its wholly-owned gold mine near Omagh, Northern Ireland, following lockdown.<\/p>\n
And fellow miner () added 16% 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.<\/p>\n
Elsewhere, medical devices business () shot up 20% to 119p after its polymer Elast-Eon was granted a US patent, paving the way for product development.<\/p>\n
IT service manager () gained 36% to 64p after its FutureGov arm signed a significant digital transformation contract with a global philanthropic organisation, worth US$5.2mln over 14 months.<\/p>\n
Meanwhile, data collection firm () climbed 28% to 44p after revealing it has traded profitably in the four months to April.<\/p>\n
In the biotech space, () () added 14% 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.<\/p>\n
Digital marketing provider Eagle Eye Solutions PLC () advanced 14% to 162p after lifting earnings guidance as well as announcing contract extensions with Sainsbury's and Asda.<\/p>\n
Finally, bed maker () rose 12% to 1p after stating the lack of high street competition during the lockdown was beneficial to trading, although it admitted that next months store re-openings pose a risk.<\/p>\n
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Small Cap Movers: Bahamas Petroleum rockets after scheduling start of exploration well - Proactive Investors UK<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A look back at some of the more interesting stories from London's AIM market this week () saw its shares zoom126% higher this week 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 770mln barrels of oil offshore Bahamas, had been delayed as a result of the coronavirus pandemic. The group's chief executive Simon Potter announced in March that sticking to schedule could compromise the safety of operations Continue reading