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VSA Capital Market Movers - Sula Iron and Gold PLC and Independent Oil & Gas PLC

Published: 08:13 16 Dec 2016 GMT

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Sula Iron & Gold (LON:SULA)

Sula Iron & Gold (LON:SULA) has announced that it has raised a further £0.3m at 0.21p/sh. from the open offer which in conjunction with the prior placing, also at 0.21p/sh. brings total proceeds to £1.47m. Consequently a total of 702m shares will be issued. In addition, SULA has announced that in lieu of accrued fees SULA will pay certain directors of SULA and its wholly owned subsidiary a total of 8.8mn shares.

SULA is now in a strong position to commence its exploration programme focusing on the targets at Sanama Hill and the larger Eastern Target.

We reiterate our Speculative Buy recommendation and target price of 1.7p/sh. which was previously adjusted to reflect the full dilution of the share placing and open offer.
 

Independent Oil & Gas (LON:IOG)

Independent Oil & Gas (IOG)# has announced an increase to its internal management resources estimate for the Elgood and Harvey discoveries, in its Southern North Sea portfolio, after technical work was carried out across the licences. Therefore, the P50 resources at Harvey have increased to 113BCF (previously 16BCF) and at Elgood P50 resources have increased to 22BCF (previously 11BCF).

Further to this IOG has agreed both a three month extension to the Harvey licence and a two year extension to the Skipper licence.  We maintain our BUY recommendation on the stock.

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