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Energy junior slides on well disappointment

12/31/2012 5:08:18 PM | Sean Mason

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This as a pending PEA boosted a rare earth project developer Monday

Stockhouse Canadian Small and Micro-cap Stock Report for Monday, December 31, 2012

TORONTO (SHfn) – Petromanas Energy (TSX: V.PMI, Stock Forum) shares sank 15% to 17.5 cents on volume of more than 3.8 million shares Monday after the oil and gas explorer/developer reported that the Juban-1 well in Albania was spud on November 23, 2012, and reached a depth of 1,716 metres on December 27, 2012. Information gathered through the logging program indicated negligible quantities of hydrocarbons were present and the company has decided to plug and abandon the well.

As well, shares of Great Western Minerals Group (TSX: V.GWG, Stock Forum) added 23% at 24 cents as the rare earth project developer announced that it would be releasing results of a Preliminary Economic Assessment for the Steenkampskraal Mine in South Africa in January 2013.

Afferro Mining (TSX: V.AFF, Stock Forum), meanwhile, confirmed that it has received an initial cash-and-stock takeover offer from International Mining and Infrastructure Corporation Plc (IMIC). Afferro, which also trades on London’s AIM exchange, said the price offered is between 115 and 140 pence per Afferro share. Afferro Mining added that it is also in talks with “one other party” about a possible offer, which precludes it from engaging in discussions with IMIC until January 13. Afferro stock moved up 40% to $2.10.

Top Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern)
NovaDX Ventures Corp. (V.NDX, Stock Forum)	100.00%
Guardian Exploration Inc. (V.GX, Stock Forum)	75.00%
Northcore Technologies Inc. (T.NTI, Stock Forum)	66.67%
Tranzeo Wireless Technologies Inc. (V.TZT, Stock Forum)	66.67%
Cantex Mine Development Corp. (V.CD, Stock Forum)	60.00%
Top Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern)
Takara Resources Inc. (V.TKK, Stock Forum)	-50.00%
First Potash Corp. (V.FSP, Stock Forum)	-33.33%
MGold Resources Inc. (V.MNI, Stock Forum)	-28.57%
Alberta Oilsands Inc. (V.AOS, Stock Forum)	-28.57%
Amex Exploration Inc. (V.AMX, Stock Forum)	-27.27%

ABOUT THE AUTHOR

Sean Mason

Sean Mason is a Stockhouse market reporter and editor.

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