SMALL CAP MOVERS: Simec Atlantis Energy up; Hurricane Energy down

SMALL CAP MOVERS: SIMEC Atlantis Energy enjoys a good week but Hurricane Energy blows out

Shares in Simec Atlantis Energy surged on Wednesday after the renewable energy firm updated investors on its operations.

SAE said that it remains fully committed to the Uskmouth Power Station Conversion Project after the Welsh Government decided to ‘call in’ the planning application, meaning it will no longer be determined by the local council.

In its tidal stream technology segment, SAE said it continues to work with UK Government to secure the necessary support mechanisms for the rollout, especially the next phase of the MeyGen project.

Tidal stream technology: Simec Atlantis Energy said it continues to work with UK Government to secure the necessary support mechanisms for the rollout

It said it expects MeyGen will unlock significant international opportunity for further projects and continue cutting costs of the energy produced, in line with more established forms of renewable generation.

The shares ended the week one-third higher than they started it.

In the world of old-school energy producers, UK Oil & Gas shot up 136 per cent this week after the Turkish Ministry of Energy and Natural Resources granted UKOG Turkey and Aladdin Middle East formal consent to drill the forthcoming Basur-3 appraisal well.

UKOG has a 50 per cent interest in the licence, which contains the potentially significant Basur-Resan oil discovery.

As the adage has it, what goes up, must come down, as 88 Energy shareholders discovered this week.

Since the beginning of March, the shares had been chased higher from around 0.48p to a high point of 4.39p ahead of potentially high impact exploration well results at the Merlin project, onshore Alaska.

This week the shares subsided by 62 per cent to 1.525p after the company said drilling of the Merlin-1 well at Project Peregrine in Alaska provided encouragement but equipment failure had prevented hydrocarbon samples from being taken yet.

Multiple prospective zones were identified, consistent with the shows and logs obtained while drilling.

The explorer said one of these zones is considered to be a new prospective horizon within the Nanushuk Formation that may be wholly within the Project Peregrine acreage and was not one of the pre-drill targets.

The other zone is interpreted to be shared with one of the zones in the Harrier prospect, to the north of Merlin.

Not so long ago, 88 Energy’s sector peer, Hurricane Energy was a stock market star but that particular hurricane has blown itself out.

The shares lost a fifth of their value this week after the publication of a summary of the competent person’s report (CPR) on the company’s West of Shetland assets.

‘The summary of the CPR published today is broadly consistent with the estimates for Lancaster and Lincoln which we presented in September 2020,’ said Antony Maris, the company’s chief executive officer.

Away from the energy sector, FireAngel Safety leapt 76 per cent this week after it signed a partnership agreement with a German energy and efficiency service provider for the property sector to provide a fully-funded research and development programme for a new generation smoke alarm.

FireAngel has agreed to provide its German partner with a new 10-year connected smoke alarm based upon FireAngel’s Gen6 platform. 

Both parties will have the right to use any foreground intellectual property resulting from development of the new smoke alarm.

Minds + Machines is to become 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 the best solution was to sell all of the company’s assets to Registry Services, an affiliate of GoDaddy Inc, for $120million in cash.