Main share price risers and fallers in London at 4pm
RISERS
Independent Oil & Gas (LON:IOG) up 8.3%. The firm has now signed a rig contract with Transocean Drilling UK for the upcoming Skipper appraisal well.
Karelian Diamond Resources (LON:KDR) up 8.3%.The company held its annual general meeting today where chairman Richard Conroy said the company is very optimistic on the company’s future after a series of “encouraging results” from a number of its licence areas.
FALLERS
Orogen Gold (LON:ORE) down 20%. The firm said the drilling programme at the Mutsk gold project in Armenia has extended the gold mineralisation area at the site.
Rurelec (LON:RUR) down 19.6%. Chief executive Mark keegan has announced he is resigning with immediate effect.
Tertiary Minerals (LON:TYM) down 19.3%. The company is looking forward to results from the drilling, now in progress at its MB fluorpar project in Nevada, it told investors in its results for the year to end September. The firm said 2015 had seen a 132% increase in the contained fluorspar in the JORC estimate at the site.
RISERS
Proxama (LON:PROX) up 11% at 0.5p. Deal announced on Friday to supply North American bank with proximity marketing across US and Canada.
Old Mutual (LON:OMI) up 8% to 167.4p. Appointment of new South African finance minister restores some confidence in currency and country’s financial position.
LGO Energy (LON:LGO) up 7% to 0.31p. Has agreed to pay £120,000 in shares to settle another creditor debt.
FALLERS
Circle Oil (LON:COP) down 37% to 2.3p. Trading remains very challenging. Due to a weak oil price, reserve-based lending base to be reduced. Talks underway to find a solution
Amur Minerals (LON:AMC) down 17% to 9.2p. Signs off £12.5mln funding for Kun-manie study in Russia. Money will come through in five tranches spread 90 days apart.
Petroneft (LON:PTR) down 15% to 2p. Horizontal drill results on licences in Russia disappoint.
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Below are the main news-drive share price movements at 9.30am.
RISERS
88 Energy (LON:88E) up 16.4%. The company has halted trading on the Australian Securities Exchange as drilling at its Icewine #1 well reaches a critical juncture. Its share purchase plan was also well supported by investors, the group said.
Iofina (LON:IOF) up 10.8%. The firm assured investors it will hit its full-year guidance by producing 570 to 580 metric tonnes of crystalline iodine. Worries had surfaced that output would fall due to restrictions put in place following seismic activity in Oklahoma that affected salt water disposal.
Investec (LON:INVP) up 9.4%. Shares surged as South Africa appointed its third finance minister within a week. President Jacob Zuma replaced newly appointed finance minister David van Rooyen - who took over from the well-respected Nhlanhla Nene - with the more experienced Pravin Gordhan.
FALLERS
Tribal Group (LON:TRB) down 55%. The company plans to raise around £30mln in a rights issue next year to cut its debt and provide working capital. The firm is also looking for a move to London’s AIM market as it issued a profit warning due to slow sales and key contracts being pushed back to 2016.
Audioboom (LON:BOOM) down 18.2%. While revenue in the final quarter was double the other three quarters combined, the company will still fall short of market expectations, it said in an update.
CityFibre Infrastructure (LON:CFHL) down 18%. The firm is buying infrastructure asserts from KCOM Group for around £90mln, with an underwritten placement of 160mln shares at 50p each to raise £80mln. CityFibre currently has 105mln shares in issue.