Small cap round up

Indonesia-focused upstream oil, gas and power company Andalas Energy and Power announced its preliminary results for the year ending 30 April on Friday, a year in which it transitioned its focus towards Indonesia, targeting opportunities arising from the country’s electrification shortage.The AIM-traded firm said during the period, it made a loss of $4.67m, widening from $122,000 in the prior year.

Chinese content and services company BNN Technology announced on Friday it has begun the process to list on the US Nasdaq stock exchange.The company, which has been listed on AIM since 2014, said it had submitted an application to list its US depository shares on Nasdaq, and maintained that the process will not affect its shares on London Stock Exchange’s junior market.

AIM-listed Independent Oil & Gas has bought the shares of Oyster Petroleum, a subsidiary of Vereus Petroleum, which holds licences in the Southern North Sea for about £5m. The licences, which contain the Vulcan East, Vulcan North West and Vulcan South fields, collectively known as the Vulcan Satellites, are part of the company’s strategy to become a significant operator in the Southern North Sea.

Gold exploration company Orogen Gold announced on Friday that it has now received its shares in Georaid CJSC following successful completion of the $2.5m earn-in as announced on 31 August. The AIM-traded firm now has an 80% interest in Georaid, which holds the exploration licence covering the Mutsk gold project in southern Armenia.

Noida Toll Bridge Company Ltd announced on Friday it has filed an appeal before the Supreme Court of India against the judgement of the High Court of Allahabad, in the case of the Federation of Noida Resident Welfare Associations vs NTBCL.
The AIM-traded firm was ruled against by the High Court on 26 October, in the case which challenged the validity of the Concession Agreement entered into between FONRWA and Noida Toll Bridge Company.

Oil and gas company Mayan Energy announced on Friday that it has completed a placing of 7,246,376,812 new ordinary shares of no par value each, at a placing price of 0.01725p to raise gross proceeds of £1.25m. The AIM-traded firm said the funds raised will be used to start oil and gas production from four re-entry wells, including LM 19 and LM 13, as well as RC1 and RC2.