FORTE ENERGY ORD NPV (LSE:FTE)

0.3100
Today's low: 0.3150
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0.3500
Today's high: 0.3439
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Last trade:
0.3300
Change:
 0.0200 (6.45%)
Volume:
3,564,963
Delayed price:
16:35:11
SETSqx
GBX

Forte stays strong amid investor speculation

Shares in Forte Energy (FTE) jumped more than 7% as investors speculated on the company's "advanced negotiations [that were] continuing on a number of different transactions".

The uranium-focused company, which has a portfolio of projects in the Republic of Guinea and Mauritania, on Friday requested a trading halt on the Australian Securities Exchange (ASX), announcing that it was working on the finalisation of "a potential asset acquisition and/or corporate transaction".

It added that shares would remain suspended on the ASX until after an announcement had been released, but would continue to trade on AIM.

Forte Energy has 10 100%-owned licences over 9,200 square kilometres in Mauritania; while in the Republic of Guinea, the Firawa Project consists of two 100%-owned licences totalling over 509 square kilometres.

Investor view

Interactive Investor discussion board user 'TRIFT' noted that Aura Energy, "also in Mauritania, also in uranium", was also in a trading halt.

While it was pointed out that Aura Energy had requested the halt pending the release of an announcement in relation to the Häggån Project in Sweden, 'TRIFT' stressed: "Significant news on Haggan may affect [Aura's] focus on Mauritania which may [affect Forte Energy]. The coincidence of locations resource type and timing firmly indicate a connection."

'Chestec' pointed out that there was "another tiny player called Alba Resources" which had licences in Mauritainia: "Looking at Alba, they don't appear to have the cash to see the exploration phase through."

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