Movers of Wednesday 29 June 2022

Victor Parker
Market Report
15:45, 29th June 2022

Windar Photonics (WPHO) shares plummet 43.6% to 8p on halved revenues and suspension of trading.

Windar Photonics shares plummeted after the Company published unaudited FY21 results today. In the report, Windar announced it will miss the July 1st deadline to publish audited results, and as a result its shares would be suspended for the time being. Additionally, the Company said it expects revenue to drop 50% YoY, primarily due to project delays in China.

Stock Chart | WPHO

Simec Atlantis Energy (SAE) shares plummet 42.6% on nearly quadrupled losses YoY in FY21.

Simec Atlantis Energy announced in a FY21 report that its losses widened to £74.1m compared to 19.4m in 2020. The significantly increased loss is "the result of recognition of impairment losses on assets and in particular the recognition of £32 million of impairment losses at Uskmouth Power station following the decision in April 2022 not to proceed with the power station conversion" the Company said. Group total equity on 31 December 2021 was £16.7m (2020: £81.8m)

Stock Chart | SAE

Bens Creek Group (BEN) shares drop 32.4% to 43.5p, Company statement says it cannot identify a reason for the movement.

Bens Creek Group shares dropped 32.4% today. The Company released a statement saying it "notes the share price fall today and can confirm that it knows of no Company specific reason for the share price movement. The Company confirms that there has been no material developments since the update released by the Company on 27 June 2022."

On 27 June 2022, the Company exercised an option for Mega Highwall Mining (MHW) to operate a second highwall miner on its behalf, doubling monthly production capacity.

Stock Chart | BEN

Strategic Minerals (SML) shares jump 27.27% to 0.35p on approval of operations at Leigh Creek Copper Mine, Australia.

Strategic Minerals said it has received authorisation to begin operations at its Leigh Creek Copper Mine (LCCM) in Australia. The authorisation is in line with expectations and relates to the mining and processing of copper oxide from LCCM's PN deposit.

The Company anticipates that it will take 12+ months after mining commences before the transitional sulphide ore is reached. LCCM is confident that, by the time the transitional ore is reached, LCCM will have submitted, and had approved by DEM, procedures for extracting and processing the ore.

John Peters, Managing Director of Strategic Minerals, said: "The approval, while having taken longer due to a number of factors, is welcomed, anticipated news. This provides a focal point by which to progress discussions currently underway with potential funders/joint venture partners.
...
While recent declines in the copper price, associated with fears of global recession, have impacted the forecasted profitability of the project, the associated drop in the Australian Dollar/US Dollar exchange rate has partially offset the impact on profitability ensuring that the project remains an extremely attractive one from an investors perspective."

Stock Chart | SML

Deltic Energy (DELT) shares rise 20.1% to 2.8p on new rig contract with Shell UK Ltd.

Deltic Energy announced a rig contract has been signed with Shell UK for the drilling of the Pensacola exploration well.

Drilling of Pensacola is scheduled to commence in the second half of September, with seabed operations set to begin towards the end of July. The Company remains funded for its 30% share of the project's cost.

Pensacola is located offshore in the North Sea. Deltic estimates the prospect to contain gross P50 Prospective Resources of 309 BCF, with a 55% geological chance of success, which would rank Pensacola as one of the highest-impact exploration targets to be drilled in the gas basin in recent years.

The Pensacola well development is also highly anticipated amid expectations that it will unlock a significant new source of gas to the UK from the Zechstein Reef play, which has been successfully produced in NW Europe from Poland to The Netherlands.

Stock Chart | DELT

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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