The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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United Oil & Gas PLC, up 26% at 1.51 pence, 12-month range 0.90p-2.90p. The oil and gas company says its net oil production from Abu Sennan for the first quarter of 2023 averaged 841 barrels of oil per day. United holds a 22% non-operating interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt. Also, United says the ASD-3 development well has now commenced drilling. Chief Executive Officer Brian Larkin says: ‘We are happy to report that the next well in our 2023 drilling campaign has spud at ASD-3, in an area of the field we believe contains extensive unrecovered resources. We are excited by the potential that this well is planned to test and the follow-on development drilling targets it could unlock in a success case.’
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AIM - LOSERS
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Light Science Technologies Holdings PLC, down 47% at 2.00p, 12-month range 1.03p-14.50p. The agricultural lighting and monitoring systems provider says it has conditionally raised £1.5 million through the issue of 150.0 million new shares priced at 1p each. The fundraising consists of a placing of 107.8 million shares, as well as a private subscription for 42.3 million shares. Light Science says the proceeds from that the funding will be predominantly used for product development and intellectual property protection.
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Physiomics PLC, down 25% at 2.80p, 12-month range 2.00p-6.60p. The London-based oncology consultancy says revenue over the year-to-date has come under pressure, as a result of ‘the ongoing squeeze in biotech funding which is causing companies of all sizes to conserve cash.’ Physiomics expects its total income for the current financial year to be about £750,000. In the financial year ended June 30, 2022, the company reported total income of £900,707. Chair & Chief Executive Officer Jim Millen says: ‘Despite the current challenges faced by biotech companies, there continues to be a strong demand for modelling and simulation services and our progress in diversifying our client base is mitigating the effects of a reduction in revenue from a single large client.
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