Shares in transport operator Stagecoach Group plc (LON:SGC) gained over 7% in early deals, and, by midday were up 7.5p or 4.84% at 162.3p, thanks to an upgraded earnings forecast triggered by a better-than-expected performance in its UK rail business.
Estate agent M Winkworth Plc (LON:WINK) advanced 8p or 7.62%, trading at 113p, on the news of a 5% rise in 2018 pre-tax profit as revenue was led higher by a strong performance in the rentals business.
AIM-oilers Chariot and Jersey Oil & Gas make big moves in early deals
A pair of AIM-quoted offshore oil explorers moved in opposite directions in early deals.
Chariot Oil & Gas Limited (LON:CHAR) saw its shares open Wednesday’s session some 20% higher after it revealed an impressive, low cost asset acquisition in Morocco.
Picking up a 75% interest in the Lixus licence gives Chariot a project with an existing discovery, development potential, follow-on growth potential and also blue-sky exploration for further in the future.
It marks something of a change of tack for the wildcat explorer, and, evidently investors approve of this approach.
At 9:15am, Chariot shares were up 0.41p or 18% at 2.63p.
Unfortunately for Jersey Oil & Gas plc (LON:JOG) shareholders there was less to be happy about, as the Equinor-operated Verbier appraisal well failed to deliver what had been hoped for – a sizeable upgrade to the discovery’s resource base.
Instead, the appraisal did not encounter the targeted reservoir which leaves the partners looking at the lower end of the pre-drill estimate (pitched at 25mln to 130mln barrels).
Jersey says it is still confident that Verbier can be a commercial project, and, it highlighted the possibility of resource upside in other aspects of the project area, but, this resolute positivity did little to soften the immediate blow in the market.
JOG shares were down 120p or 52.56% to 108.4p.
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