Cineworld shares rise 26.38% to 5.92p on continued volatility after warning of share dilution and possible Chapter 11 bankruptcy in US
Cineworld shares remained volatile after the company confirmed last month it was considering filing for Chapter 11 bankruptcy in the US. The group is struggling under the weight of a near £9bn debt pile built up in an ambitious global acquisition spree, and said that although its Cineworld and Regal chains were still trading, admissions since the post-pandemic reopening had been below expectations due to a "limited film slate".
As well as a possible bankruptcy, Cineworld said that it was evaluating "strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction".
Shares bottomed at 1.9p and have since recovered to 5.9p. However, they remain down 70% since the initial warning of restructuring and share dilution on 17 August.
Prospex Energy shares rise 7.14% to 6p as it raises £500,000 for Selva Field in Italy
Prospex Energy said it had successfully raised £500,000 via unsecured convertible loan notes to existing and new investors.
The notes are convertible at a price of 5.5p per share, the closing price on Friday, 2 September 2022. Interest at 15% is payable quarterly, compounded monthly.
Prospex said proceeds would complete the funding of its 37% share of development costs (totalling c. £2.3m) at the Selva gas discovery in Po Valley, Italy, as well as provide additional working capital for the company.
First gas at Selva field is targeted for Q2 2023.
Block Energy shares rise 27.87% to 1.95p as drilling starts at JSR-01DEEP well in Georgia
Block Energy said drilling had commenced on its JSR-01DEEP well in Georgia, representing the start of Project II in the company's three-project strategy.
JSR-01DEEP is targeting an undrained part of the Middle Eocene reservoir, with placement of the well path guided by 3D seismic data.
The well is self-funded using cash generated from existing operations, the company said.
Paul Haywood, CEO, commented:
"Drilling JSR-01DEEP represents the start of Project II and the first operation for the Company in the prolific Patardzeuli field, which aims to evaluate a prize of over 200 MMbbls of contingent resources. The result of drilling JSR-01DEEP will also guide us more widely in how we progress Project II, which represents the start of an exciting period for Block."
Upland Resources shares fall 15.38% to 0.28p on volatility after Friday's announcement of a Joint Technical Study in Malaysia
Upland Resources said on Friday it had signed a Joint Technical Study agreement with Petros, a Malaysian state-owned oil and gas exploration firm. The agreement covers Block SK334 in the northern region of Onshore Sarawak, Malaysia, an area of approximately 6,685 sq km.
Upland said the main objectives of the study would be to de-risk the petroleum system elements and upgrade the understanding on the prospectivity of Block SK334. The study is expected to complete by the end of 2023.
Shares jumped 20% on the news on Friday, but today erased all of that gain, falling to pre-announcement levels.