They piled into the stock after it confirmed a new deal to sell two turbines to a new buyer for US$31 million.
Shares rose as much as 30% in early deals but levelled off to close 5% higher.
The independent power firm has already received a US$3.1 million deposit from Malaysian group Iris Eco Power, and the balance is due on or before November 5.
Once received, all proceeds will be paid into a trust account operated by creditors Standard Bank and TurboCare which take priority over the company’s other creditors. Thereafter the remaining creditors will be paid.
IPSA also confirmed the previously agreed sale was not completed because of extensive delays to the buyer’s, Lezayre Holdings, project. Also the deposit previously paid by Lezayre is non-refundable.
The company said that the 9/3b-7 and 7Z wells have now been suspended for future use as production wells in the next phase of the oilfield development.
The Rowan Norway drill rig has been demobilised, while the Scott Spirit and shuttle tanker are now off hire.
Assays have been received from 239 holes, which amount to 34,489 metres of drilling.
The latest numbers come from the Kopra deposit, with the best results including 27 metres at 5.56 grams per tonne gold, Blambangan with 3.1m at 49.76g/t, and Pajajaran deposits, with 13m at 9.44 g/t.
Dmitri Kalachev, at Canaccord Genuity, who rates the stock a 'buy' and has increased his target price to 75 pence a share from 67 pence, said:
“On top of continuing high-grade results from depth suitable for open pit mining at the existing deposits at Kopra, Pajajaran and Blambangan we are encouraged to see meaningful intersections at shallow depth at the adjacent Semut and Makassar prospects.”
The analyst also noted good results at deeper zones may provide potential for an underground project.
It was also good news for another gold company Aureus Mining (LON:AUE, TSE:AUE), which has taken a step closer to delivering Liberia’s first commercial gold mine after securing an environmental permit for the New Liberty Project.
It allows the group to look at placing orders for long-lead items, though it still requires approval for its relocation and community development plans, which are expected by the year-end.
With local leaders highly involved in the planning stages of the village relocation, Aureus said it “foresees no difficulties in this step”.
New Liberty has an indicated mineral resource of 1.143 million ounces grading 3.6 grams per tonne with the potential to support production of 120,000 ounces a year for the first four years.