Ascent Resources (LON:AST) jumped 6% to 3.5pduring early trading after the company said it was notified on 12April 2012 that, on 11 April 2012, Henderson Global Investorsacquired 875,000 ordinary shares of 0.1 pence each in the sharecapital of the Company. This increases Henderson Global Investors'total holding to 102,844,321 Ordinary Shares, representing 10.02%of the issued share capital of the Company. The shares managed tobreak through the recent resistance at 3.3p, and if the volumecontinues in this fashion it would not be a surprise to see themove higher continue. We will be watching this one closely over thecoming weeks.
Lochard Energy (LON:LHD) temporarily suspendedtrading today just before the company gave the market the resultsof the General meeting. The company said a majority of shareholdersapproved a resolution to remove Haydn Gardner as chief executive,managing director and executive director of the company. Majorityshareholders also approved a resolution to remove Lincoln McCrabbas director of the company at the company's general meeting.Following the meeting, the current composition of the Lochardboard, consisting of Michael Rose as sole non-executive director,is not considered appropriate for the company's current needs as acompany admitted to trading on a U.K. public market. Accordingly,at the request of the Company, trading in the ordinary shares ofthe company has been suspended on the AIM Market, pending theappointment of additional board members.
Falkland Oil & Gas (LON:FOGL) jumped 5% to70.5p during afternoon trading after the company posted its FinalResults for the year ending 31st of December 2011. The company reported a significant year of activity in preparation for2012 exploration drilling programme. Loligo, the first well of acontracted two well programme, is expected to be spudded in June2012. Operatorship and remaining 51% equity in Northern LicenceArea was assigned back to FOGL by BHP Billiton, together with asignificant cash settlement. Completed five site surveys and afocused 2D seismic programme. Experienced drilling management teamestablished. Equity placings during and post-period end have raisedUS$127.4 million (before expenses) to support funding of theoptimal drilling programme. April 2011 placing raised US$51.8million before expenses. January 2012 placing raised US$75.6million before expenses. Current available funds approximately US$184 million.SacOil Holdings (LON:SAC) jumped 23% to 4.75pon just over 5 times the average daily volume. Holders here arestill awaiting the outcome of the cautionary statement that wasposted back on the 4th of April that said "In compliancewith JSE Limited ("JSE") Listings Requirement 3.9 and withreference to the cautionary announcement published on 2 September2011 and the further cautionary announcements published on 13October 2011, 24 November 2011, 10 January 2012 and 21 February2012 on the Stock Exchange News Service of the JSE and on theRegulatory News Service of the London Stock Exchange, SacOilshareholders ("Shareholders") are advised that the Company is stillin the process of considering various proposals and potentialtransactions, which if successfully concluded, may have a materialeffect on the price of SacOil ordinary shares ("Shares").Accordingly, Shareholders are advised to continue to exercisecaution when dealing in their Shares until a further announcementis made in this regard."
TXO Plc. (LON:TXO) jumped 12% to 0.65p on hugevolume after the company said it has completed a further investmentin the Grand Bahama Group Ltd. with the purchase of 40 Ordinaryshares at GBP200,000 under the extension of option announced Feb.13. Consideration to be settled through GBP100,000 in cash andGBP100,000 in TXO Ordinary shares at 0.75 pence per Ordinary Share.Consequentially, 13,333,333 Ordinary Shares have been issued andallotted to GBG. TXO now holds 183 Grand Bahama shares, or18.3%.
Bahamas Petroleum (LON:BPC) jumped 11% to 11.5pduring lunchtime trading after it said yesterday that the Companywas informed on 11 April 2012 that, on 11 April 2012, RossMcDonald, a non-executive director of Bahamas Petroleum, acquired250,000 ordinary shares in the Company ("Ordinary Shares") at aprice of 10.52 pence each (the "Acquisition"). Following theAcquisition, Mr McDonald is now interested in 250,000 OrdinaryShares, representing approximately 0.02 per cent. of the Company'sissued share capital.
Magnolia Petroleum (LON:MAGP) pushed another12% to 1.31p continuing its recent rebound. The company didannounce yesterday that it has bought higher-than-usual stakes inadditional acreage in Oklahoma as it seeks to become a significantonshore oil and gas company. The company said that in the secondquarter it has acquired 1,191 net mineral acres in the provenMississippi Formation in Oklahoma, with an average 31% workinginterest and a 24.8% net revenue interest. The acquisitions alsoinclude the opportunity to participate in six potential wells, itadded. It has also acquired an additional 245 net mineral acres inthe Woodford and Mississippi oil regions in Oklahoma as part ofon-going leasing activity.
Indus Gas (LON:INDU) continued its slide againtoday, falling another 10% to 865p, albeit on thin volume. Theshares have been out of favour since they touched a high of 1075pback on the 5th of April. Since then the shares havefallen nearly 20%. We will be watching the newswires closely to seeanything materialises as the driver behind the move.
Written by Steven Asfour, Sales Trader at Fox-Davies
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
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