LITTLE CAP MOVERS: SIMEC Atlantis Energy is enjoying a good week, but Hurricane Energy is canceled
Simec Atlantis Energy’s shares rose Wednesday after the renewable energy company announced its business to investors.
SAE said it remains fully committed to the Uskmouth Power Plant remodeling project after the Welsh government decided to submit the planning application, which means it will no longer be determined by the local council.
In its tidal current technology segment, SAE continues to work with the UK government to ensure the necessary support mechanisms for the rollout, particularly for the next phase of the MeyGen project.
Tidal Current Technology: Simec Atlantis Energy continues to work with the UK Government to ensure the necessary support mechanisms for the rollout
MeyGen is expected to develop significant international opportunities for additional projects and further reduce the cost of energy generated in line with more established forms of renewable energy generation.
Stocks ended the week a third higher than they started.
In the world of old-school energy producers, UK Oil & Gas rose 136 percent this week after Turkey’s Department of Energy and Natural Resources gave UKOG Turkey and Aladdin Middle East formal approval to conduct the upcoming Basur 3 assessment well.
UKOG has a 50 percent interest in the license, which includes the potentially significant discovery of Basur Resan Oil.
As the saying goes, what goes up must go down, as 88 Energy shareholders found out this week.
Since the beginning of March, stocks had risen from approximately 0.48p to a high of 4.39p before exploration well results with potentially high impact were posted on the Merlin project on land in Alaska.
This week, stocks fell 62 percent to 1.525 pence after the company said drilling the Merlin-1 well at Project Peregrine in Alaska was encouraging, but an equipment failure still prevented hydrocarbon samples from being taken.
Several potential zones have been identified that are consistent with the shows and logs obtained from drilling.
The researcher said one of these zones is viewed as a new prospective horizon within the Nanushuk Formation that may be entirely within the Project Peregrine acreage and not a pre-drilling target.
The other zone is interpreted as being shared with one of the zones in Harrier Prospect north of Merlin.
Not so long ago, Hurricane Energy, an industry colleague of 88 Energy, was a stock market star, but this particular hurricane blew itself up.
The shares are down a fifth of their value this week after a summary of the Person in Charge (CPR) report on the company’s assets in the west of the Shetland Islands was released.
“The CPR summary released today is broadly in line with the estimates for Lancaster and Lincoln we released in September 2020,” said Antony Maris, the company’s chief executive officer.
Outside the energy sector, FireAngel Safety rose 76 percent this week after signing a partnership agreement with a German real estate energy and efficiency service provider to provide a fully funded research and development program for a new generation smoke alarm.
FireAngel has agreed to provide its German partner with a new 10-year smoke detector based on FireAngel’s Gen6 platform.
Both parties have the right to focus on intellectual property resulting from the development of the new smoke alarm.
Minds + Machines becomes part of the Go Daddy Internet Domain registration empire.
The new management team conducted a thorough review of the underlying profitability of the business and the contribution of each top-level domain asset, and concluded that the best solution was to sell all of the company’s assets to Registry Services, a Subsidiary of GoDaddy Inc, selling millions in cash.