AIM Round-Up: TomCo Energy Jumps 39 Percent on Permit Approval

This week, the Alternative Investment Market (AIM) All-Share index (INDEXFTSE:AXX) rose slightly, gaining 0.94 percent, or 7 points, to close at 758.84 points. The index was up just under 1 percent on Friday.
Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was down roughly 70 points during Friday trading hours, while the S&P/TSX Composite index (INDEXTSI:OSPTX) fell 118 points. The drops came after the US Federal Reserve’s Wednesday announcement that it plans to slowly raise interest rates.
Independent Resources (LSE:IRG) was among the top gainers on the AIM this week, gaining 41 percent to finish at GBP0.834. The oil and gas exploration and production company is focused on acquiring assets in the Mediterranean Basin. Also on the gainers list is US oil shale developer TomCo Energy (LSE:TOM), which saw its share price rise 42 percent, to GBP0.181. The company’s share price gained 39 percent on Friday alone following the approval of a groundwater discharge and construction permit for its Holliday Block in Utah. The company now has all necessary major permits to move its project into development and production.
On the downside, New World Oil and Gas (LSE:NEW) fell 69 percent to close at GBP0.782 on Friday after beginning to trade on the AIM again. Shares of the company were suspended in May due to “delays in the settlement of transactions in the shares of New World Oil,” London South East reported. Also falling was LGO Energy (Leni Gas & Oil) (LSE:LGO), which lost nearly 30 percent last week to finish at GBP2.17. LGO provided an update on testing operations at Drilling Pad 4 at the Goudron Field in Trinidad.
 
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 
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