- Metal Tiger’s investee Armada Exploration announced 14 conductive sites for the potential exploration of nickel copper sulphide in Gabon after processing results from its geophysics survey.
- San Leon Energy reported its re-entry into its Oza 1 well site in Nigeria, also adding it plans to commence oil production and exports from the site by mid-July.
Two stocks listed on the London Stock Exchange’s submarket, the Alternative Investment Market (AIM) from the varied sectors of energy and financial services, witnessed sharp price movements on 17 June.
Let us take a closer look at what caused these two FTSE-AIM listed stocks to trend:
- Metal Tiger PLC (LON: MTR)
FTSE AIM All Share index constituent, Metal Tiger operates in the investment banking and brokerage sector and is focused on investing in development and exploration stage mining companies, particularly in copper, gold, silver and zinc.
The company has reported a field update from Southern Gold Limited, where the company has a holding of around 19.1 per cent. Southern Gold has commenced drilling at the Deokon Project.
A day back, MTR announced on Thursday that its investee Armada Exploration, where it holds an 18.5 per cent direct investment, reported its airborne geophysics survey results identified 14 conductive bodies for nickel-copper sulphide exploration potential in Gabon.
The 14 anomalies are located across the Libonga-Matchiti Trend in Gabon, which is about 25 kms long.
MTR also holds an indirect investment of Armada Exploration, via its 16.62 per cent holding in copper and base metals exploration company Cobre. Moreover, Cobre also holds an 18.5 per cent interest in Armada Exploration.
(Image Source: Refinitiv)
MTR’s shares closed at GBX 27.90, down by 3.51 per cent on 17 June. While the FTSE AIM All Share index closed at 4,071.33, down by 0.42 per cent on 17 June.
The stock is currently trading at GBX 27.50 as of 10: 26 AM. MTR’s market cap stood at £42.88 million, while its year-to-date returns were at 20.43 per cent.
- San Leon Energy PLC (LON: SLE)
Another AIM listed stock and FTSE All Share index constituent, San Leon Energy, is an oil and gas company focused on operations in Nigeria. The firm announced on Thursday that its drilling rig is fully mobilized for re-entry at the Oza-1 well site at the Nigerian oil field.
The initial operations will involve functional rig testing, removing existing tubing from the well site and more.
SLE also reported, after re-entry, the company will begin initial oil production and exports by mid-July.
(Image Source: Refinitiv)
SLE’s shares closed at GBX 44.10, up by 1.15 per cent on 17 June. While the fossil fuel sectoral index closed at 5,294.24, down by 0.84 per cent on 17 June.
SLE’s stock is currently trading at GBX 44.00 as of 10:54 AM. The market cap stood at £198.41 million, while its year-to-date returns were at 81.86 per cent.