Stocks of the Hour: Warrego Energy, Alpha HPA, Invictus Energy

Warrego Energy (ASX:WGO) advised that it has entered into a Scheme Implementation Deed with Beach Energy Limited (ASX:BPT) under which Beach will acquire all the issued shares in Warrego for $0.20 cash per share, plus any net proceeds received from the sale of Warrego’s Spanish assets. This represents a 36% premium to Warrego’s 1-month VWAP to 9 November 2022. The Warrego board of Directors have unanimously recommended that Warrego vote in favour of the scheme. The company is also currently subject to a merger proposal from Strike Energy which was only announced on November 10.  Shares are trading 16.7 per cent higher at 21 cents.

Alpha HPA (ASX:A4N) have announced the expansion of its strategic relationship with Orica, the key chemical element counter party to its HPA First Project currently under development in Queensland. Alpha and Orica have executed a Subscription agreement whereby Orica will acquire a 5 per cent equity interest in the company. In response, Alpha’s Managing Director stated, “Orica has a detailed understanding of our process technology, the advanced nature of our marketing activities, and a strong appreciation of our commitment to building a sustainable business to help decarbonise critical future-facing industries.” 
Shares are trading 9.6 per cent higher at 57 cents.

Invictus Energy (ASX:IVZ) provided a drilling update on their project in Zimbabwe’s Cabora Bassa Basin. The update shows that the total depth of 3,618m measured depth has been reached, and additional zones of elevated gas and fluorescence. Commenting on the news, Managing Director Scott Macmillan, stated, “The evidence of hydrocarbon charge throughout the Upper Angwa reservoir intervals provides further validation of our subsurface model and the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin. Shares are trading 56.3 per cent higher at 38 cents.
 
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Source: Finance News Network