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News & Tips: Lonmin, San Leon Energy, Providence Resources, Paternoster Resources, EastCoal, Circle Oil & Angel Biotechnology

Today's market overview

An early surge in equities faded away as traders digest the continued lack of agreement in Washington on the fiscal cliff.

IC TIP UPDATES:

Sell recommendation Lonmin (LMI) has announced the departure of chief executive Ian Farmer for health reasons. Chief financial officer Simon Scott steps in on an interim basis while the company searches for a replacement.

KEY STORIES:

Polish unconventional oil and gas explorer San Leon Energy (SLE) has issued a year end update on progress of its Nowa Sol exploration programme which the company says indicates that fracturing could allow it to produce oil in the short term while the company works on larger prospects.

Providence Resources (PVR) has announced further share purchases by key investor Blackrock, which takes its stake in the Irish oil explorer to more than 11 per cent.

OTHER COMPANY NEWS:

Investment company Paternoster Resources (PRS) is investing £200,000 into IPSO Ventures (IPS) which is part of a plan for IPSO to demerge its investment portfolio and form a natural resources investment company called Plutus Resources. The deal will give Paternoster 27.9 per cent of IPSO.

Aim has today welcomed another new entrant in the natural resources sector in the form of EastCoal Inc (ECX). The Canadian company owns an anthracite mine and a coking coal mine, both in eastern Ukraine.

Tunisian oil explorer Circle Oil (COP) has found indications of oil and gas flows in its exploration wells on the Grombalia permit but not enough to flow at commercial rates.

Angel Biotechnology’s (ABH) deal to form a joint venture with OOO NPF Materia Medica Holding should be concluded in mid-January.

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By Graeme Davies,
28 December 2012

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