Stock movers for the week of November 26, 2012
On Monday, Africa Oil (TSX: V.AOI, Stock Forum) shares fell 20% to $8.50 on volume of more than 2.8 million shares after the oil and gas producer/explorer announced what the company called “the second significant oil discovery” in Kenya at the Twiga South-1 well. The well has encountered 30 metres of net oil pay in Tertiary sandstone reservoirs so far, in addition to encountering a thick sequence of fractured rock section exhibiting oil and wet gas shows over a gross interval of 796 metres. Africa Oil holds a 50% interest in the Twiga South-1 well.
As well, shares of Western Wind Energy (TSX: V.WND, Stock Forum) moved up 14% to $2.78 as the renewable energy production company said Brookfield Renewable Energy Partners L.P. has made an offer to acquire all of the outstanding common shares of Western Wind for cash consideration of $2.50 per share. Western Wind CEO Jeff Ciachurski said he was “committed to obtaining a better price for the shareholders than presently offered by Brookfield.”
In Tuesday trading, GoldQuest Mining (TSX: V.GQC, Stock Forum) shares slid 37% to 49 cents on volume of more than 7.2 million shares after the micro cap explorer announced assay results from five additional holes from its ongoing drill program at its Romero gold/copper discovery in the Dominican Republic, which included 52.0 metres grading 1.31 grams per tonne (g/t) gold and 1.24% copper.
Also, shares of Intermap (TSX: T.IMP, Stock Forum) shot up 12% to 28 cents as the provider of location-based information solutions said it was awarded a US$2.3 million 3D Business Intelligence solutions contract.
Wednesday’s market action saw shares of Bearing Resources (TSX: V.BRZ, Stock Forum) climb 22% to 11 cents after the micro cap explorer said it has entered into a letter of intent whereby Patriot Minefinders may earn up to a 75% interest in its Kilometer 66 silver-gold-lead-zinc property in Mexico. The deal has a potential value of $9.075 million over a four-year period.
In addition, shares of Poseidon Concepts (TSX: T.PSN, Stock Forum) sank 23% to $4.06 on volume of more than 5.9 million shares after a proposed class action lawsuit against the oil and gas services firm and certain of its officers and directors has been filed in an Ontario court. It alleges false and misleading statements about the company's financial position.
On Thursday, Macro Enterprises (TSX: V.MCR, Stock Forum) shares surged 78% to $1.05 after the provider of pipeline construction and maintenance services reported third-quarter net income of $5.8 million, or 24 cents a share, compared with $2.9 million, or 11 cents a share, during the same period last year. Operating expenses were 68.2% of revenue in the quarter compared with 83.1% in the same quarter last year.
Encanto Potash (TSX: V.EPO, Stock Forum), meanwhile, announced the completion of an aggregate $2.5 million principal amount 5% secured convertible debenture, which can be exchanged for common shares of the company at a price of 25 cents per share until November 28, 2014. Encanto Potash stock gained 37% to 20.5 cents on volume of more than 3.5 million shares.
And, in Friday trading, Richmont Mines (TSX: T.RIC, Stock Forum) shares dropped 26% to $2.82 after the gold miner reported the immediate closure of the Francoeur Mine in Quebec and the suspension of exploration activities on the Wasamac gold property, citing low realized grades, difficult mining conditions, and a tight labour pool for experienced miners as reasons for its decision. Richmont will take a pre-tax write-off of approximately $11 million to $13 million.
Finally, shares of Border Petroleum (TSX: V.BOR, Stock Forum) rose 24% to 13 cents on volume of more than 2.1 million shares as the oil and gas explorer/developer announced the drilling of its first long-leg Slave Point horizontal well in the Red Earth area of northern Alberta. The well was drilled to a total depth of 3,250 meters, including a 1,630 meter horizontal leg. Logs indicated the presence of hydrocarbons in the Slave Point formation confirming what was seen in rock samples and recorded by the gas detector during drilling.