There was no shortage of volatile movers in the small cap market this week.
Trinity Exploration (LON:TRIN), up nearly 100%, was among the week’s big movers after landing a US$20mln deal to sell its onshore oil assets in Trinidad.
Although it loses the assets, core to the Trinity strategy not so long ago, the company is now able to repay outstanding debts, retain offshore projects and most importantly live to fight another day.
Things look less certain for South America power firm Rurelec (LON:RUR), down 40% in the week, as its difficulties were further complicated as Sterling Trust - majority shareholder with 53% - was placed in administration.
Mobile billings group Zamano (LON:ZMNO) revealed on Friday that talks to sell the company had ended, and it now plans to look for its own investment, acquisition and joint venture opportunities. The share was down 10% at 11p.
Internet domains group Minds + Machines (LON:MMX) updated on its roll-out of the ‘.law’ domain – with several leading law firms named as early adopters.
In the natural resources sector, the usual arena for AIM volatility, Falcon Oil & Gas (LON:FOG) gained more than 11% on Thursday after its second successful Australian shale well buoyed partners Origin and Sasol, which decided to fast-track to horizontal drilling in the coming weeks with fracking to follow in 2016.
Europa Oil & Gas (LON:EOG), one of three AIM firms in the UK’s Wressle oil discovery, rallied after it also got ‘fast track’ news.
Egdon (LON:EDR), the project operator, and partner Union Jack Oil (LON:UJO) were also boosted by the decision to press ahead with the field development.
Investors in 88 Energy (LON:88E) have some potentially exciting weeks ahead, as drilling has now begun at the Icewine well onshore Alaska. A success would be a very significant result for the group – formerly Tangiers Petroleum – which was relaunched last year.
Aureus Mining (LON:AUE) was on the back foot after it had to halt gold production at its New Liberty mine, in Liberia, after equipment failed. A mobile crusher is expected to be on site this week and operations will resume as soon possible, the company said.