SMALL-CAP MOVERS: Angola, the Falklands and deep-sea data centres
Chariot Resources Ltd (ASX:CC9, OTCQB:CHRTF, FRA:ZJ5) shares were off to the races this week, up 73% after the African energy player struck a deal that doubles its economic footprint in Angola.
The framework agreement, signed with local operator Etu Energias and Gabon-focused BW Energy, backs Etu’s swoop for extra stakes in the Chevron-operated Block 14 and neighbouring Block 14K offshore Angola.
In return, Chariot picks up economic exposure to roughly 4,000 additional barrels of oil a day, worth more than $100 million on the company’s own sums, assuming $60 oil.
It is also a vote of confidence in Etu Energias, which is lining up to take over as operator of Block 14 from Chevron, a licence that now runs all the way to 2038.
Chief executive Adonis Pouroulis called it an “excellent working partnership”, and investors seem to agree, judging by this week’s share price fireworks.
Shell Trading, handily, is picking up the funding tab for the acquisition itself.
Rocky road
Turning to the wider market, the AIM All-Share had a rocky week as investors went into temporary risk-off mode, leaving the index nursing a 1.4% loss.
Contrast this with the FTSE 100, which, after a bit of a mid-week rollercoaster ride, ended the week in positive territory, albeit marginally.
Huddled Group PLC (AIM:HUD, FRA:6XK) rose 38%, extending a 68% rise over the past month, as investors continue buying following a TikTok tie-up first announced on 24 August.
The deal saw Huddled enter a joint venture with Cipher, a UK TikTok agency, to launch Peeko Live Commerce channels on TikTok Live and TikTok Auctions.
It is Huddled’s second such auction platform deal in two weeks, reinforcing the technology’s role as a growth engine.
Gas bonanza
Sunda Energy PLC (AIM:SNDA, FRA:GHA0) shares rose 28% after partner Tetragon Energy sharply upgraded Prospective Resources at the Halcon gas prospect in the Philippines to 8.0 trillion cubic feet gross, with 3.0 trillion cubic feet net to Sunda’s 37.5% stake.
Sutton Harbour Holdings (AIM:SUH) shares fell 47% after the AIM-quoted marine operator published a circular detailing plans to cancel its stock market listing and re-register as a private company. Shareholders will vote on the proposals at a general meeting on 22 September, following the plans first announced on 28 August.
The Plymouth-based company runs Sutton Harbour Marina, King Point Marina and Plymouth Fisheries.
Red faces?
Futura Medical shares slid 35% after the sexual health group raised £1.6 million at a heavily discounted 0.2p, a sum close to its entire market capitalisation, while simultaneously launching a formal sale process for the whole business or its assets.
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